Best Chequing Accounts in Canada
Nov 3, 2026
Written by Siddhi Bagwe
Editor & Content Strategist
Edited by Athena Cocoves
Managing Editor
Written by Siddhi Bagwe
Editor & Content Strategist
+ 1 more
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
If your chequing account mostly handles payday, rent and groceries, start with one that has no monthly fee. If you regularly need a branch, use several ATM networks or pay for more than one account in your household, compare what each plan would actually save you.
Partner Spotlight
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on RBC's websitePartner Spotlight
Scotiabank Preferred PackageSpecial offer: Earn up to $1,000 when you bundle a Preferred Package, registered account, and credit card. Click "APPLY NOW" for more details.
APPLY NOW
on Scotiabank's websiteCompare our top chequing account picks
| Account | NerdWallet rating | Choose for: | Apply Now |
|---|---|---|---|
| EQ Bank Personal Account | APPLY NOW on EQ Bank's website | ||
 APPLY NOW on EQ Bank's website | 4.4/5 | Interest when you deposit your pay | |
| Simplii Financial™ No Fee Chequing Account | APPLY NOW on Simplii Financial™'s website | ||
 APPLY NOW on Simplii Financial™'s website | 4.5/5 | Everyday banking with no monthly fee | |
| Coast Capital Unlimited Chequing Account for Seniors | APPLY NOW on Coast Capital's website | ||
 APPLY NOW on Coast Capital's website | 4.9/5 | No monthly fee starting at 59 | |
| Tangerine No-Fee Daily Chequing Account | APPLY NOW on Tangerine's website | ||
 APPLY NOW on Tangerine's website | 4.4/5 | No-fee banking with Scotiabank ATM access | |
| Scotiabank Preferred Package | APPLY NOW on Scotiabank's website | ||
 APPLY NOW on Scotiabank's website | 4.5/5 | Scene+ points on debit purchases | |
What’s the best chequing account for you?
Start with last month’s bank statement. How often did you withdraw cash, send an e-Transfer or visit a branch? If a no-monthly-fee account can handle a typical month without making it harder to get or deposit cash, start there.
Pay for something you’ll use. That could be a branch you visit regularly or a family plan that replaces two monthly fees. If you’re counting on a minimum balance to waive the fee, check what’s left right after rent comes out.
Use the welcome bonus as a tiebreaker. Pick the account you’d still want a year after switching.
Our top chequing account picks
Interest when you deposit your pay
EQ Bank Personal Account
NerdWallet's take
NerdWallet's take- EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
- The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs. Read our review of EQ Bank for more information.
Product details
Product details- Customers who add and maintain qualifying recurring direct deposits of at least $2000/month to a Personal Account or Joint Account are eligible to earn a bonus interest rate of 3.00% (the Base Rate plus an additional 1.50%) for the eligible accounts (the Personal Account, Joint Account, and the EQ Bank Card balance). Conditions apply. Please review the EQ Bank Bonus Interest Offer Terms and Conditions for details.
- 1.50% interest rate*.
- No monthly fee.
- This hybrid account gives you the benefits of savings with the flexibility of chequing.
- Mobile Cheque Deposit is available through the EQ Bank mobile app.
- Zero monthly banking fees.
- No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
- No minimum balance, but a $200,000 maximum balance.
- Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
- Eligible for CDIC deposit insurance.
- The Personal Account is available in Quebec. However, some features, such as EQ-to-EQ transfers, are not available in the province.
- *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
No-fee banking with Scotiabank ATM access
Tangerine No-Fee Daily Chequing Account
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.
Everyday banking with no monthly fee
Simplii Financial™ No Fee Chequing Account
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 September 30, 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.
More chequing accounts worth comparing
Cash back on everyday spending
KOHO Essential Plan
NerdWallet's take
NerdWallet's take- With Cashback on eligible purchases, the ability to earn interest on your balance and discounted rates for credit building add-ons, this is not your typically prepaid card.
- Pros:
- Low annual fee of $48 ($4 per month).
- Ability to earn 3.5% interest on your balance.
- Ability to earn between 1% and 5% cashback on eligible purchases.
- Cons:
- Credit-building option is not included for free.
- No insurance coverage.
Product details
Product details- Get KOHO Essential for $0 when you set up a recurring Direct Deposit
- Sign up for a KOHO account with code NERDWALLET and get $40 when you make your first purchase!*.
- Earn 1% cash back on groceries, eating & drinking, and transportation. Plus, up to 50% extra cashback from select merchants.
- Earn 2% interest on both your spending and savings account. Your funds will also be eligible for CDIC insurance. Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.
- Choose from one of four exciting card colours. Receive both a physical and virtual card.
- Start adding funds and shopping online while you wait for your physical card to arrive in the mail. No need to budge from your couch to make online purchases. Just use your virtual card!
- Card Security - KOHO provides a different card number to help protect your physical card number when you’re shopping or booking services online
- Add your KOHO card to Apple, Samsung or Google Pay
- Automate your savings with Goals and RoundUps. Rounding up every purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy
- Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance
- Create custom budgets and track your spending habits. Know where you're at in real time with instant notifications every time you spend.
No-fee credit union banking
Innovation Federal Credit Union No-Fee Chequing Account
4.4
NerdWallet rating
Bonus offer
N/A
Monthly fee
$0
Transactions
Unlimited
NerdWallet's take
NerdWallet's take- This no-fee chequing account has features similar to popular bank accounts and no hidden transaction fees.
- Innovation Federal Credit Union is a Saskatchewan-based co-operative financial institution that offers chequing, savings and investment options for individuals and businesses. Read our review of Innovation Federal Credit Union for more information.
Product details
Product details- $0 monthly maintenance fee helps save on everyday banking.
- $0 Interac e-transfers offer easy transfer of funds to friends and family.
- Transactions are free and unlimited. These include Interac e-transfers, POS (debit card purchases), deposits, and ATM withdrawals.
- Free ATM transactions across Canada via thousands of surcharge-free ATMs.
- Earn cash dividends as you do everyday banking with Innovation.
- Deposits eligible for insurance from CDIC.
» MORE: Compare the best no-fee chequing accounts in Canada
Chequing accounts for students and people under 25
No monthly fee for students and people under 25
Scotiabank Preferred Package for Students and Youth
NerdWallet's take
NerdWallet's take- The Scotiabank Preferred Package for Students and Youth is a no-monthly-fee, low-maintenance student account that offers unlimited transactions and Scene+ points for attractive rewards.
- 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- Student Bundle Offer: Earn up to $400 in value* with the Scene+™ Student Banking Bundle.
- Earn up to $175 welcome bonus when you open a new Preferred Package for Students and Youth
- No monthly account fee for unlimited debit and Interac e-transfer transactions.
- Earn points on everyday purchases with the Scene+™ program.
- Free trades for students and youth with Scotia iTRADE.
- CDIC protection for all eligible deposits.
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
- Terms and Conditions Apply. Click 'Apply Now' for complete details.
Avion points for full-time students
RBC Advantage Banking Account for Students
NerdWallet's take
NerdWallet's take- The RBC Advantage Banking for students account is a simple, inexpensive way for students aged 13 and up to manage their money — and earn Avion points on debit purchases.
- 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- Get AirPods 4 when you open an RBC Advantage Banking account for students before November 2, 2026. To qualify, certain conditions must be met.
- Complete two qualifying activities: set up and receive a recurring direct deposit; set up and make one pre-authorized payment; complete one bill payment; register for Interac Autodeposit and send or receive one Interac e-transfer; sign up for an RBC Virtual Visa Debit and make one purchase.
- $0 monthly fee for full-time students.
- Unlimited debit transactions.
- Free Interac e-transfer transactions in Canada.
- One of the largest combined ATM and branch networks in Canada.
- Up to a $48 rebate on the annual fee of an eligible credit card.
- Earn Avion Points on debit purchases, even with your Virtual Visa Debit.
- Save 3¢/L on gas at Petro-Canada.
- CDIC cover on eligible deposits.
» MORE: Compare student bank accounts
Another no-fee option for seniors
No monthly fee with branch access at 65+
CIBC Smart™ for Seniors
4.8
NerdWallet rating
Bonus offer
Up to $950
Monthly fee
$0
Transactions
Unlimited
NerdWallet's take
NerdWallet's take- Canadians aged 65 and older can enjoy sweet savings and helpful perks with this specialized version of the popular CIBC Smart™ Account.
- Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada.
Product details
Product details- Earn up to a $950 cash bonus when you open your first CIBC Smart Account and complete the qualifying actions.
- Scale up the three account tiers for benefits as your eligible balances grow.
- Get unlimited transactions, including Interac e-transfers.
- $0 monthly fee.
- Use online and mobile banking to transfer money, pay bills, make purchases and manage your money anywhere, anytime.
- Apply online and access your bank account instantly. You can also add your debit card to your mobile wallet and start shopping on the first day.
- Take advantage of the annual fee rebates on an eligible credit card.
- Manage your daily spending and grow your savings with help from CIBC Insights and the CIBC Smart Planner.
- Pay no transfer fee to send money internationally with CIBC Global Money Transfer.
- Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
- Bank in-person, online or in the mobile app.
- Only available to Canadians aged 65 and older.
- Deposits are eligible for insurance from CDIC.
» MORE: Compare more senior bank accounts
Partner Spotlight
BMO Performance Chequing AccountBMO Performance Chequing Account gives customers unlimited transactions, unlimited Interac e-Transfers and no-fee daily banking for household members through the BMO Family Bundle. New eligible customers can earn up to $800 in cash, plus a Walmart+ membership for up to 12 months, when they open a new Performance Chequing Account and complete qualifying actions by the offer deadlines. Customers can also get the $17.95 monthly fee waived by maintaining a minimum balance of $4,000. Click APPLY NOW for more details.
APPLY NOW
on BMO's websiteHow to choose a chequing account
Start with the fee you’ll actually pay. A $17.95 monthly fee adds up to $215.40 a year. If the bank waives it with a minimum daily balance, check what your balance looks like just after rent or other large bills come out.
Check where you can get and deposit cash. Look up the ATMs you already use. If you deposit cash, check where the account lets you do that. An ATM you can withdraw from may handle deposits differently.
Compare bonuses you can actually earn. Check the chequing-only payout first. The full advertised amount may require opening a savings account, getting approved for a credit card or moving money you’d rather keep elsewhere.
Move your payments before closing your old account. Wait until your first paycheque or direct deposit lands and your recurring bills come out of the new account. Leave enough in the old account to cover anything still pending.
» MORE: How to open a chequing account
Methodology
BACK TO TOPNerdWallet Canada selects the best chequing accounts based on several criteria. Factors in our evaluation methodology include monthly fees, minimum balances, included services, savings on transaction fees, and more. The accounts considered for this list are available to Canadians in more than one province.
What’s the best chequing account for you?
Start with last month’s bank statement. How often did you withdraw cash, send an e-Transfer or visit a branch? If a no-monthly-fee account can handle a typical month without making it harder to get or deposit cash, start there.
Pay for something you’ll use. That could be a branch you visit regularly or a family plan that replaces two monthly fees. If you’re counting on a minimum balance to waive the fee, check what’s left right after rent comes out.
Use the welcome bonus as a tiebreaker. Pick the account you’d still want a year after switching.
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