Best Chequing Accounts in Canada for 2024
Nov 14, 2024To choose the best chequing account for your needs, compare the fees, features and conveniences.
ALSO CONSIDER: Best no-fee chequing accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts | Best Senior 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.
Welcome offer: Earn $500 — and ditch the monthly fees when you become a new Simplii Financial™ client and open a No Fee Chequing Account. Add an eligible direct deposit of at least $100 a month for 3 straight months. Terms apply. Offer ends on February 28th, 2025.
Best Bank Accounts from Our Partners
| Interest rate | Monthly fee | Transactions | ||
|---|---|---|---|---|
| BMO Performance Chequing Account | ||||
 | Interest rateN/A | Monthly fee$17.95Waived with minimum balance | TransactionsUnlimited | APPLY NOW on BMO's website |
| Simplii Financial™ No Fee Chequing Account | ||||
 | Interest rateN/A | Monthly fee$0 | TransactionsUnlimited | APPLY NOW on Simplii Financial™'s website |
| RBC Signature No Limit Banking | ||||
 | Interest rateN/A | Monthly fee$16.95Rebates available | TransactionsUnlimited | APPLY NOW on RBC's website |
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.
Summary of the best chequing accounts
Best for Category | Chequing Account | Monthly Fees |
|---|---|---|
Best banking package with a generous intro offer | Scotiabank Preferred Package | $17 |
Best tiered banking package with a generous cash-back offer | CIBC Smart Account | $6.95-$16.95 |
Best chequing account with a generous intro offer | TD Unlimited Chequing Account | $17 |
Best for cash-back and international students offer | Simplii Financial No Fee Chequing Account with Student Banking Offer | $0.00 |
Best seniors bank account with cash-back and a multi-product rebate | RBC Signature No Limit Banking for Seniors | $12.95 |
Best no-fee chequing account with cash-back offer | Tangerine No-Fee Daily Chequing Account | $0.00 |
Best seniors chequing account with a generous cash-back offer | Coast Capital Unlimited Chequing Account for Seniors | $0.00 |
Best high-interest-earning hybrid account with bonus reward points | The PC Money Account | $0 |
Best student chequing account with cash-back offer | TD Student Chequing Account | $0 |
Best for student banking perks | RBC Advantage Banking for students | $0 |
Best high-interest-earning hybrid account | EQ Bank’s Personal Account | $0 |
Best no-fee seniors chequing account with premium perks | Canadian Western Bank Gold Leaf PLUS Account | $0 |
Best chequing accounts in Canada
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Product detailsWelcome offer: Earn $500 — and ditch the monthly fees when you become a new Simplii Financial™ client and open a No Fee Chequing Account. Add an eligible direct deposit of at least $100 a month for 3 straight months. Terms apply. Offer ends on February 28th, 2025.
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.
Beginner’s guide to chequing accounts
What is a chequing account?
Chequing accounts are transactional accounts for day-to-day use. They typically come with a debit card for shopping and ATM access. Unlike savings accounts, deposited money doesn’t usually earn interest.
Chequing account definition
A chequing account is an account for everyday spending. With it, you can pay bills, make online or in-store purchases, deposit and withdraw cash and more. Chequing accounts also come with cheque-writing privileges. Many chequing accounts have monthly fees, which may be waived by maintaining a minimum balance, and offer a limited number of free transactions.
Chequing vs savings account: What is the difference?
Chequing and savings accounts are both designed for everyday banking. Lots of people use both to cover their banking needs. But these accounts are intended for different purposes, and what separates them can help you decide how to use these accounts to your benefit.
Chequing account | Savings account |
|---|---|
Designed for spending. | Designed for saving. |
Rarely earns interest. | Earns interest. |
Comes with a debit card and cheques. | Monthly transactions are limited. |
Monthly fees are common. | Typically free to use. |
What are the types of chequing accounts?
Chequing accounts come in all shapes and sizes for varying life circumstances and banking needs.
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 no different from 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 are designed for students and 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 enrolment to qualify.
Youth chequing account
Youth chequing accounts are accounts for children, teens and young adults. They offer many of the same perks as student chequing accounts, except you don’t need to be a student to qualify. The age cutoff for youth chequing accounts is typically set at the age of majority, though 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.
How to compare chequing accounts in Canada
Before you open a chequing account, consider the following questions.
How do you plan to use your chequing account?
How do you want to access your chequing account?
How can you save on bank fees?
What rewards and special features matter to you?
How do you plan to use your chequing account?
There are numerous ways to deposit, withdraw and transact, so take stock of your banking habits as you compare chequing accounts.
Deposit cash and cheques
Cash and cheques can be deposited at an ATM or bank branch during business hours. You may also be able to deposit a cheque using a bank’s mobile app.
Withdrawals
Like cash deposits, withdrawals can be made at an ATM or bank branch during business hours. You may also be able to withdraw cash when conducting a transaction in a store by requesting cash back.
You may be charged a fee for withdrawing money if you exceed your monthly transaction limit or use an out-of-network ATM.
Pre-authorized payments
Set up pre-authorized payments through your chequing account so you never miss a payment deadline. Money is automatically withdrawn from the account at a predetermined amount and frequency.
Pre-authorized payments can also move money from a chequing account into a savings account — a simple way to automate a savings habit.
Transfer funds
An electronic funds transfer (ETF) sends money from one bank account to another. You can move funds between two accounts in your name at the same institution or send money from your account to an external account.
E-transfers
An Interac e-transfer is an online money transfer. The only information you need to send an e-transfer is the recipient’s email address or phone number. Transfers are made safe with security questions and passwords agreed upon by sender and recipient. You can also set up auto-deposit, which waives the security question and password in favour of automatically depositing e-transfer funds to your account.
Other transactions
Additional transactions you can perform with a chequing account include money orders, bank drafts and wire transfers. Fees for these services are common.
How do you want to access your chequing account?
Consider your account access options as you compare chequing accounts.
In-person banking
If you prefer to bank face-to-face, opt for a financial institution or credit union with a well-established branch network. The Big Six Banks are among the largest in Canada and offer locations and ATMs across the country.
Some teller-assisted transactions come with a fee.
Over the phone
You can conduct numerous account transactions over the phone, like paying bills, checking your account balance and transferring funds between accounts. Some providers have automated phone services to complete these transactions, while others offer the assistance of live bank representatives during business hours.
Online banking
With the rise of digital banking, online account access has become nearly ubiquitous. Many banks offer online banking portals for customers to manage their accounts from a computer, tablet or mobile device. If available, you may also be able to access your account through a provider’s mobile app.
How can you save on bank fees?
Canadian bank fees are common, but there are ways to avoid being nickel and dimed.
Monthly account fee
Choose a no-fee account. Narrow your search by restricting your account options to those without monthly fees.
Meet minimum account balance requirements. Some chequing accounts rebate monthly fees if you keep your daily account balance above a certain threshold.
Transaction fees
Avoid out-of-network ATMs. Fees for using out-of-network ATMs are common, so stick with ATMs in your bank’s network when possible.
Consider the features you’ll use most. Some accounts have fees for services like paper statements, cash withdrawals and Interac e-transfers — others don’t. Identify the features you’ll use most and find an account that offers that feature for free.
Watch your account balance. Non-sufficient funds (NSF), or insufficient funds fees, are charged when there isn’t enough money in your account to cover an outgoing payment or transaction. Keep an eye on your account balance to avoid bounced payments and NSF fees.
Review the fine print. Scan the terms of conditions of your account for account fees triggered by certain events or transactions. The more you know about these fees, the better you’ll be able to keep them off your monthly account statement.
Look for discounts or rebates. If you’re a student, a senior or new to Canada, discounts and promotional offers may be available for you.
What rewards and special features matter to you?
Banks offer bonuses, promotions and perks to incentivize customers to sign up for new accounts.
Sign-up bonuses
Cash bonuses, merchandise and waived fees are common sign-up bonuses for chequing account applicants. To access these rewards, you typically need to complete a few qualifying activities within a certain period following your account activation. Some of these may include making an initial account deposit, paying a bill and setting up recurring direct deposits or pre-authorized debit transactions.
Rewards programs
Similar to credit card rewards, some chequing accounts earn points you can redeem for gift cards, merchandise, travel rewards and more. In fact, some chequing account rewards pair with credit card programs from the same provider so that customers can increase their point earning potential.
Chequing account interest rates on hybrid accounts
Chequing accounts that earn interest are uncommon. But you may be able to find an account that accumulates interest and functions like a chequing account by opening a hybrid account.
Hybrid accounts function like a chequing and savings account in one, combining interest-earning capabilities with flexible deposits and withdrawals. Digital banks typically offer these accounts.
Bundled banking packages
Some banks and credit unions offer account bundles that package chequing and savings accounts. You may be able to open these accounts with a single application, and some bundles combine two or more sets of monthly fees into a single (potentially reduced) monthly payment.
How to open a personal chequing account
Check eligibility. Eligibility criteria vary by account and provider. Make sure you qualify for an account before you begin its application process.
Gather documentation. Account applications typically require that you provide your full name, residential address, contact information and social insurance number alongside at least one piece of government-issued photo ID.
Review application options. Some providers prefer for new customers to apply in-person at a branch — other applications, like those for digital bank accounts, are only available online. Find out if there is a preferred application method for the account you’d like to open.
Apply. Whether in-person, by telephone or online, the chequing account application process can often be completed in just a few minutes.
Frequently asked questions
Which is the best bank to open an account with in Canada?
Which is the best bank to open an account with in Canada?
If you want to save on monthly fees, consider an online bank that offers no-fee chequing or hybrid accounts, which combine chequing and savings benefits in one account. However, you may find one of the Big Six banks more convenient if you prefer in-person banking options, and a substantial ATM network. Keep in mind you don’t have to choose just one bank. Some people open multiple accounts with different providers to take advantage of rewards programs or account features that accommodate their lifestyle and spending needs.
What services are provided by a chequing account in Canada?
What services are provided by a chequing account in Canada?
A chequing account usually includes services to help you with everyday banking transactions, like:
Debit card payments.
ATM withdrawals and deposits.
Branch withdrawals and deposits.
Interac e-transfers.
Money transfers.
How many chequing accounts can I have?
How many chequing accounts can I have?
As many as you want. You can even hold multiple chequing accounts with the same provider. That said, monthly fees for multiple accounts could hurt your finances.
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