Best Chequing Accounts in Canada
| Account | NerdWallet rating | Bonus offer | Monthly fee | Apply Now |
|---|---|---|---|---|
| BMO Performance Chequing Account | APPLY NOW on BMO's website | |||
 APPLY NOW on BMO's website | 4.5/5 | Up to $800* | $17.95 Waived with minimum balance | |
| Scotiabank Preferred Package | APPLY NOW on Scotiabank's website | |||
 APPLY NOW on Scotiabank's website | 4.5/5 | Up to $700* | $16.95 Waived with minimum balance | |
| Simplii Financial™ No Fee Chequing Account | APPLY NOW on Simplii Financial™'s website | |||
 APPLY NOW on Simplii Financial™'s website | 4.5/5 | $300 + $50 Skip Gift Card | $0 | |
| Tangerine No-Fee Daily Chequing Account | APPLY NOW on Tangerine's website | |||
 APPLY NOW on Tangerine's website | 4.4/5 | Up to $250 | $0 | |
| RBC VIP Banking for Seniors | APPLY NOW on RBC's website | |||
 APPLY NOW on RBC's website | 4.6/5 | Get Apple Watch | $22.50 Rebates available | |
Get a new Apple Watch when you open an RBC Signature No Limit Banking account by June 1, 2026, and completely qualifying criteria by August 10, 2026. Conditions apply. Tap the 'Apply Now' button for details.
Learn more about our top picks
NerdWallet's take
NerdWallet's take- Enjoy unlimited everyday banking transactions, a family bundle that helps waive monthly fees for loved ones, and an annual fee rebate on eligible BMO credit cards with the Performance Chequing Account.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- (a) Earn $500 when you: Open and fund a new BMO Performance or Premium Plan Chequing Account by June 1, 2026. And complete 2 qualifying criteria by July 31, 2026. (b) Earn $100 when you: Set up a recurring direct deposit of $500 or more by July 31, 2026 and maintain it for one year. (c) Earn a Walmart Delivery Pass Subscription for up to 12 months when you: Open a Savings Amplifier Account by June 1, 2026, deposit any amount by June 30, 2026, and sign up for or update your existing Walmart Delivery Pass by July 31, 2026. (d) Earn $150 when you: Open a Savings Amplifier Account by June 1, 2026, and deposit $10,000 or more within 30 days of opening and maintain that balance for 3 months. (e) Earn $50 when you: Apply 1 Goal and 1 Strategy in My Financial Progress Plan by July 31, 2026. (f) *Terms and conditions apply. Visit bmo.com/cash.
- Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
- Add an account and subtract the fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
- Enjoy unlimited transactions when visiting a BMO branch or ATM and when using BMO Online, Mobile, and Telephone Banking.
- Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account. Enjoy all the perks of a BMO credit card, with lower fees.
- Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
- Enjoy all these benefits for $17.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000.
- The Performance Plan chequing account is eligible for CDIC insurance.
- *T&Cs apply.
💡 Why you'll like it: Premium perks if you use BMO’s full banking ecosystem
✅ Unlimited everyday transactions (branch/ATM + online/mobile/telephone) and BMO Family Bundle that can help waive monthly fees for loved ones with separate accounts.
✅ If you carry a BMO credit card, there’s also an annual rebate up to $40 on eligible annual fees, and the plan includes OnGuard Identity Theft protection at no charge (BMO says that’s a value of over $150/year).
💰 Fees: $17.95/month or $0 with $4,000 min balance.
NerdWallet's take
NerdWallet's take- You can enjoy unlimited transactions, e-transfers and a first-year annual fee waiver of up to $150 on select credit cards with the Scotiabank Preferred Package.
- Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product details
Product details- Earn up to $700 when you open a new chequing account between March 3, 2026 and July 2, 2026 and complete the qualifying tasks.
- Get $500 when you complete two of the tasks within 60 days of account opening. (1) Set up and receive one monthly eligible automated recurring direct deposit (for payroll or pension) for a minimum of six consecutive months. (2) Set up and make a minimum of one monthly eligible recurring pre-authorized transaction (for your mortgage, insurance or rent) of at least $50 for a minimum of 6 consecutive months. (3) Make one eligible bill payment (like a phone or utility bill) of at least $50 with online or mobile banking.
- Get an additional $100 when you open a new Money Master Savings Account, and set up either Pay Yourself First or the Savings Finder tool and maintain it for at least 90 days.
- Get another $100 when you open your eligible registered account within 60 days of account opening and before July 2, 2026.
- Earn an additional 0.05% on your Momentum Plus Savings Account
- Unlimited debit transactions and Interac e-transfer transactions
- First year annual fee rebate on select credit cards (up to $150)
- Earn points on every day purchases with the Scene+™ program
- Rates, fees and other information are effective as of Oct. 28, 2025. Subject to change.
- Terms and Conditions Apply. Click 'Apply Now' for complete details.
💡 Why you'll like it: Unlimited everyday banking plus credit card/points tie-ins
✅ Unlimited debit transactions and unlimited Interac e-Transfers, plus first-year credit card annual fee rebate up to $150 on select cards.
✅ Earn up to $700 when you bundle an eligible banking package + savings account + registered account, and get an extra 0.05% on a MomentumPLUS Savings Account (rates/fees effective Oct. 28, 2025, subject to change; T&Cs apply).
💰 Fees: $16.95/month, but monthly fees may be waived by maintaining a minimum daily closing balance of $4,000 for the entire month.
NerdWallet's take
NerdWallet's take- With no monthly fee, unlimited debit purchases and free access to more than 3,400 ATM machines across Canada, Simplii Financial’s No Fee Chequing Account is a low-cost way to handle your day-to-day banking.
- Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.
Product details
Product details- Welcome Offer: Earn $300 and a $50 Skip gift card when you become a new client and open a No-fee Chequing Account and add an eligible direct deposit of at least $100 for 3 straight months. Offer end date is March 31, 2026.
- No monthly fees.
- No minimum balance.
- Unlimited debit purchases, bill payments and withdrawals.
- Free access to over 3,400 CIBC ATMs across Canada.
- Shop online and in-store with the Simplii Financial Debit Mastercard, which can be used anywhere Mastercard is accepted.
- Direct payroll and pension deposit.
- Optional overdraft protection for $4.97 a month.
- Pre-authorized bill payments.
- Account-to-account transfers, including automatic transfers.
- Send personalized gift cards.
- Earn $50 by referring a friend who opens a No Fee Chequing Account or other eligible account.
- Interest rate: 0.01% on all balances.
- CDIC protection for eligible deposits.
💡 Why you'll like it: A true no-cost chequing account for online banking fans
✅ No minimum balance, with unlimited debit purchases, bill payments and withdrawals, plus free access to 3,400+ CIBC ATMs in Canada.
✅ $300 + $50 Skip gift card when you open the account and add an eligible $100+ direct deposit for 3 straight months (ends March 31, 2026).
💰 No monthly fee; optional overdraft coverage is $4.97/month.
NerdWallet's take
NerdWallet's take- Tangerine’s No-Fee Daily Chequing Account offers free access to thousands of Scotiabank ABMs in Canada and worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
- Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
Product details
Product details- No monthly fee.
- Interest rate: up to 0.1%.
- Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
- ABM withdrawals with other banks in Canada: $1.50.
- ABM withdrawals on other networks worldwide: $3.00.
- Free first cheque book (50 cheques). $50 for each additional cheque book.
- Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
- Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
- Access to tools and alerts that help monitor spending activity.
- CDIC protection for all eligible deposits.
💡 Why you'll like it: A big ATM footprint and strong digital tools
✅ Free daily online banking including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers, and ABM transactions on Scotiabank’s ABM network.
✅ Debit card works anywhere Visa is accepted and can be added to Apple Pay/Google Pay/Samsung Pay, with Zero Liability protection.
💰No monthly fee; $1.50 per ATM withdrawal at other Canadian banks and $3.00 on other worldwide networks.
NerdWallet's take
NerdWallet's take- Despite its somewhat high monthly cost, the RBC VIP Banking account provides solid value, including rebates on annual credit card fees and the waiving of RBC Direct Investing maintenance charges.
- Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.
Product details
Product details- Open an eligible RBC chequing account, and get the new Apple Watch. Offer ends by June 1, 2026. Conditions apply.
- Unlimited tap, swipe and debit transactions worldwide.
- Free Interac e-transfer transactions.
- $22.50/month after the Seniors Rebate.
- No minimum balance requirement.
- No monthly fee for up to two additional CAD accounts and one USD account.
- Free cross-border debits.
- Save up to $120 on the annual fee of an eligible credit card.
- Earn Avion points on everyday purchases.
- Save 3c/L on gas at Petro-Canada.
- If you're not satisfied within the first four months, we'll refund up to three months of monthly fees.
- CDIC cover on eligible deposits.
💡 Why you'll like it: Great perks without a minimum balance
✅ Unlimited debit transactions worldwide + free Interac e-Transfers, and no monthly fee for up to two additional CAD accounts and one USD account.
✅ Get an Apple Watch when you open an eligible RBC chequing account (ends June 1, 2026, conditions apply).
💰 Fees: $22.50/month after Seniors Rebate, with up to $120 savings on eligible credit card annual fees. Get a fee refund promise if not satisfied within 4 months (refund up to 3 months).
Start the New Year off right with up to $800 cash + Walmart Delivery Pass Subscription. Plus, enjoy no-fee daily banking for anyone in your household when they join your Everyday Banking Account. New to Canada? Enjoy no monthly fees for two years when you open a Performance chequing account. Tap 'Apply Now' to get started.
How to open a new a chequing account
To open a new chequing account, you’ll need at least one form of government-issued photo ID.
Next, you'll want to fund your new account with cash or money from another account. This is especially important if you need to keep a minimum account balance to avoid fees or earn perks.
You also might:
Set up direct deposit with your employer.
Set a reminder to close your old chequing account. Just wait until you’ve verified your new account works and your debit card is activated.
Check if additional identification is required, especially if you’re setting up a student account or an account for a child.
Update payment information for bills you pay through your chequing account.
Order cheques. Your bank might provide them for free.
What are the different types of chequing accounts?
Expand to see account types
Types of accounts | |
|---|---|
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. |
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