Best Chequing Accounts in Canada

Basic chequing account

This no-frills account is one of the most common and popular chequing account options. It comes with all the essentials, including a debit card, ATM access and cheque-writing privileges.

No-fee chequing account

A no-fee chequing account, also known as a free chequing account, is a chequing account that doesn’t have any monthly fees. No fee isn’t entirely accurate, though — you may still pay one-time fees per use for things like using out-of-network ATMs or overdrawing your account.

Online-only chequing account

Online banks offer online-only chequing accounts. These accounts are similar to traditional chequing accounts. You still get a debit card and ATM access — you just can’t visit a physical branch. Account management occurs through the provider’s online banking portal or mobile app.

Student chequing account

These chequing accounts typically offer unlimited debit transactions with no monthly fees. Many student accounts are limited to post-secondary students, and you usually need to provide proof of enrollment to qualify.

Youth chequing account

Youth chequing accounts are accounts for children, teens and young adults. They offer similar perks as student chequing accounts. The age cutoff for youth chequing accounts is typically set at the age of majority. Some youth accounts accept applicants up to 24 years old.

Seniors chequing account

Some banks offer dedicated senior chequing accounts for those 60 to 65 years old and older. Others provide senior discounts on standard chequing accounts. Typical account offerings include personal cheques, free monthly paper bank statements and unlimited transactions for low or no monthly fees.

Newcomer bank account

Newcomer accounts are for those new to Canada, including landed immigrants, permanent residents and foreign workers. Some banks offer newcomer accounts, while others waive fees on standard accounts for those of newcomer status.

Premium chequing account

Premium chequing accounts come with top-tier benefits like unlimited out-of-network ATM withdrawals, free global money transfers, preferred exchange rates, free personalized cheques and more. Expect to pay a higher monthly fee unless you can meet minimum daily balance requirements.

Joint chequing account

A joint chequing account is shared between two or more people. All account holders share equal responsibility for the account and can make transactions, deposits and withdrawals.

Foreign currency and USD accounts

Foreign currency chequing accounts are designed to send, hold and receive payments in foreign currencies. These can be USD-specific or multi-currency accounts. These accounts help cut back on foreign exchange fees and may include free wire transfers, too. You can convert your money back into Canadian dollars whenever you want.

Business chequing account

A business account is geared to serve business needs. There are bank accounts for businesses of all sizes, offering tiered monthly transactions and fee options.