Best Chequing Accounts in Canada for 2025
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.
Why trust NerdWallet
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 30 data points on over 130 currently available chequing accounts examined to determine their eligibility for our roundup.
Best chequing accounts in Canada
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Product detailsSummary of the best chequing accounts
Best for Category | Chequing Account | Monthly Fees |
|---|---|---|
Best for cash bonus on a banking package | $17.95 | |
Best banking package with a generous intro offer | Scotiabank Preferred Package | $16.95 |
Best no-fee chequing account with cash-back | Simplii Financial™ No Fee Chequing Account | $0 |
Best no-fee chequing account with cash-back offer | Tangerine No-Fee Daily Chequing Account | $0 |
Best high-interest-earning hybrid account with bonus reward points | The PC Money Account | $0 |
Best high-interest-earning hybrid account | EQ Bank’s Personal Account | $0 |
Best student chequing account with cash-back offer | TD Student Chequing Account | $0 |
Best domestic and international students offers | CIBC Smart for Students | $0 |
Best seniors bank account with cash-back and a multi-product rebate | RBC Signature No Limit Banking for Seniors | $12.95 |
Best seniors chequing account with a generous intro offer | TD Unlimited Chequing Account for Seniors | $11.95 |
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 $3,000 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 $250. 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.
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.
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 are the different types of chequing accounts?
- Expand to see account types
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.
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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