Best Chequing Accounts in Canada
ALSO CONSIDER: Best no-fee chequing accounts | Best new bank account offers | Best online bank accounts
A chequing account is an all-purpose bank account for everyday expenses. Use it to pay bills, access cash with your debit card, handle day-to-day transactions and manage your money in the short to medium term.
The best chequing account makes it easy for you to tackle most financial tasks.
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NerdWallet follows strict editorial guidelines to remain objective in our evaluations and ensure accuracy for our readers. Evaluations are based on a proprietary formula that factors in the overall value and benefits of each savings account.
Nearly 25 financial institutions, including traditional banks, credit unions and online banks reviewed by our banking specialists.
Close to 20 data points on over 130 currently available chequing accounts examined to determine their eligibility for our roundup.
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Best chequing accounts in Canada
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.
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.
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.
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 2.75% (the Base Rate plus an additional 1.75%) 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.
- 1.00% 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.
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.
NerdWallet's take
NerdWallet's take- The PC Money Account with the optional savings feature makes it an attractive high-interest paying no-fee hybrid account. Aside from the chequing and savings account features, it has a unique rewards program.
- President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.
Product details
Product details- Option to earn a high rate of interest with the savings feature.
- The savings feature is not available in Quebec. Residents can still open a PC Money Account and start earning points.
- No monthly fee.
- No minimum balance required.
- Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
- Free Interac e-transfer services.
- The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
- PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
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- Earn up to a $175 welcome bonus when you open a new Preferred Package for Students and Youth. To qualify, certain conditions must be met. Offer runs between January 2 and July 1, 2026.
- No monthly account fee for unlimited debit and Interac e-transfer transactions.
- Earn points on everyday purchases with the Scene+™ program.
- Earn an additional 0.05% on your Momentum Plus Savings Account.
- Free trades for students and youth with Scotia iTRADE.
- CDIC protection for all eligible deposits.
- 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.
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 $100 when you open an RBC Advantage Banking account for students before August 10, 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.
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.
NerdWallet's take
NerdWallet's take- As the name suggests, the Coast Capital Unlimited Chequing Account offers unlimited transactions as well as a full rebate on monthly fees for seniors.
- Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
Product details- No monthly fees.
- Unlimited transactions, including Interac e-transfers.
- Free access to identity theft protection with ID Assist.
- Free cheques and paper statements.
- Free Coast Capital and The Exchange Network ATM Transactions. Pay $2.50 for Interac Network ATM Transactions nationwide.
- Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.
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. Apply now to get started.
Summary of the best chequing accounts
Best for Category | Chequing Account | Monthly Fees |
|---|---|---|
Best cash bonus on a banking package | $17.95 | |
Best cash bonus on a banking package | TD Unlimited Chequing Account | $16.95 |
Best cash-back and student offers | Simplii Financial™ No Fee Chequing Account | $0 |
Best bonus interest rate | EQ Bank’s Personal Account | $0 |
Best cash-back and modest interest rate | Tangerine No-Fee Daily Chequing Account | $0 |
Best regular interest rate and bonus reward points | The PC Money Account | $0 |
Best domestic and international students offers | Scotiabank Preferred Package for Students and Youth | $0 |
Best domestic and international student banking perks | RBC Advantage Banking for students | $0 |
Best seniors bank account with cash bonus and perks | CIBC Smart™ for Seniors | $0 |
Best seniors chequing account with cash bonus and perks | Coast Capital Unlimited Chequing Account for Seniors | $0 |
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.
Benefits to look for in a chequing account
Chequing accounts are transactional accounts for day-to-day use. Key features are a debit card, ATM access and the ability to transfer money online.
We give our highest star ratings to chequing accounts with:
No monthly fees. Some chequing accounts waive monthly fees if you maintain a minimum account balance or make monthly direct deposits. We award our highest ratings to accounts with account balance minimums of no more than $4,000 and direct-deposit minimums of no more than $500.
Unlimited ATM transactions and a big ATM network in Canada. The best chequing accounts offer free ATM withdrawals or reimburse fees if you use ATMs outside their network.
Free Interac e-transfers. Ideally, you get unlimited free electronic transfers to other people and businesses.
A good mobile app. We check app ratings on Google and Apple and look for helpful features such as mobile cheque deposit.
A sign-up bonus of at least $175. It’s great to pad your new account with a little extra. But don’t chase a sign-up bonus if the account costs you a monthly fee. That fee will erode your additional cash.
Downsides to be aware of in chequing accounts
Think twice if a chequing account has:
Unavoidable monthly fees. An account that waives monthly fees is only worth it if you can meet the account balance or direct deposit minimum.
Few in-network ATMs. Out-of-network cash withdrawals can be costly. You’ll want access to in-network ATMs where you’ll use them. Going out of network can be especially problematic if your account charges high fees for out-of-network ATM withdrawals in addition to the fee the ATM charges.
Limited Interac e-transfers. Some accounts include few free e-transfers per month. Others charge a fee for each transfer. You may not need unlimited free transfers, but avoid accounts that don’t allow any free transfers.
Clunky digital tools. Apps that lack features and websites that are hard to navigate get lower ratings.
Limited or no in-person access. In-person banking isn’t a must-have for everyone, but double check to make sure the services you expect are available.
🔔 As of March 12, 2026, federally regulated financial institutions must cap non-sufficient funds (NSF) fees at $10 for personal accounts. Even with the new rules, NSF fees can still add up. Choose a chequing account with reasonable overdraft fees and balance alerts to avoid surprise charges.
How to find the best chequing account for you
The best chequing accounts don’t charge monthly fees. They do allow you to transact online and at ATMs easily and at no cost.
There may be cases where the accounts that work best for most people don’t fit your needs. For example:
It’s common for banks to waive monthly fees if you set up a recurring direct deposit. But you may not receive income via direct deposit. In that case, a chequing account with a star rating above four stars, which is a good rating, may not be a good fit for you if you don’t meet that requirement.
There may be an online-only account that has great features and no fees. But if you have regular in-person banking needs it may not be the best option for you.
To choose a chequing account that's a good fit for your needs, ask yourself the following questions, and make sure the account features align with your answers.
What do I expect my average balance will be?
How much will I direct deposit into my account each month?
Where do I typically use ATMs, and how frequently do I use them?
How often do I use e-transfers?
What type of banking do I want to do online vs. in-person?
What intro offers are currently available? Do I qualify for them?
What to expect when opening a chequing account
When you open a new chequing account, you’ll need at least one government-issued photo ID.
You also might:
Set up direct deposit with your employer.
Fund your new account with money from a pre-existing account. This is especially important if you need to meet an average monthly minimum account balance.
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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