Best No-fee Chequing Accounts in Canada
Nov 5, 2024Canada’s best no-fee bank accounts are free bank accounts that can help you save money, earn rewards and manage your day-to-day expenses.
ALSO CONSIDER: Best chequing accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts | Best Senior Bank Accounts
No-fee chequing accounts, sometimes known as free chequing accounts, are bank accounts designed for day-to-day spending. There’s no monthly account fee to pay, and customers typically aren’t required to maintain a minimum balance.
While these accounts don’t usually pay much in interest, the best no-fee chequing accounts earn their value by allowing you to spend and move your money freely.
Join Simplii Financial™ and earn $500 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Offer expires February 28, 2025.
Best no-fee chequing accounts
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BACK TO TOPNerdWallet Canada selects the best chequing accounts based on several criteria. Factors in our evaluation methodology include monthly fees, minimum balance requirements, included services, savings on transaction fees and more. The accounts considered for this list are available to Canadians in more than one province.
Summary of the best no-fee chequing accounts
Account | Intro Offer |
|---|---|
Simplii Financial™ No Fee Chequing Account | $500 |
Tangerine No-Fee Daily Chequing Account | $250 |
EQ Bank’s Personal Account | N/A |
The PC Money™ Account | 150,000 bonus PC Optimum points.* |
Neo Everyday Account | N/A |
Wealthsimple Cash Account | N/A |
motusbank Chequing Account | N/A |
CWB Prestige Account | N/A |
Innovation Federal Credit Union No-Fee Chequing Account | $1,000 Giveaway Prize |
Alterna Bank No Fee eChequing Account | N/A |
Why should you choose a no-fee chequing account?
Opting for a no-fee chequing account is one of the least expensive ways to manage your money through a bank. You’ll pay no monthly fee, and in many cases, you’ll be able to make unlimited withdrawals, purchases, transfers and bill payments without incurring any other charges.
You won’t earn much interest, but you can always open a savings account — or a high-interest tax-free savings account — if you’re looking for a way to boost your savings.
Benefits of a no-fee chequing account
There’s no monthly fee and unlimited eligible transactions.
Typically comes with a debit card that you can use wherever major credit card brands are accepted or add to a digital wallet.
Some no-fee chequing accounts also offer online tools for budget management and tracking your savings goals.
Who should consider a no-fee chequing account?
A no-fee chequing account can be helpful for Canadians wanting a simple, free way to manage their day-to-day banking. There’s no need to worry about overusing one of these free or no-fee bank accounts or maintaining a minimum balance.
How to open a no-fee chequing account
Some financial institutions require you to be a Canadian resident and be the age of majority in the province you live in before you can apply for a no-fee chequing account, but some only need you to be 16 years old. Some banks will ask for your Social Insurance Number, but that step will be optional with others.
If you meet those criteria, opening a no-fee chequing account is generally fairly straightforward. Many financial institutions allow for quick online applications that don’t require more than your name, address, contact details and, in some cases, employment status.
» MORE: How to switch to a new bank or credit union in Canada
How to find the best no-fee chequing account for you
No-fee chequing accounts can sometimes appear very similar, so finding the right one often means looking at the details to discover where the extra charges might be hiding.
For example, you might have two debit cards that seem identical on the surface, but one might provide free access to a major bank’s ATM network, while the other doesn’t. Depending on your debit usage, location or spending habits, a difference like that can completely change the value of a no-fee chequing account.
Considerations for a no-fee chequing account
What types of customer service options will be available? If you choose a no-fee chequing account offered by an online-only bank, you won’t be able to access a physical branch.
Will there be free access to a convenient, nationwide ATM network, or will ATM transactions cost you money each time?
Are there any rewards offered, like points or cash back?
A no-fee chequing account is designed to save you money on banking fees, but certain transactions might trigger additional charges. Make sure that whatever account you choose aligns with your spending habits and doesn’t impose any limits that you can’t realistically follow.
Alternative bank accounts to consider
If a no-fee chequing account isn’t for you, plenty of other options are available. Here are a few alternative bank accounts to consider:
Type of bank account | Pros | Cons |
|---|---|---|
Usually no fees. Some accounts offer bonuses, especially for students. | Education and/or age restrictions apply. Some online-only accounts may offer limited ATM access. | |
Spend freely until your limit is reached. No interest fees or credit checks to worry about. | Limited features. May charge extra transaction fees. | |
Hybrid bank accounts | Can be used as a savings and chequing account. Competitive interest rates. | Limited availability in Canada, and typically only offered by online banks. Frequent ATM use could result in many added charges. |
High interest savings accounts (HISAs) | Earn a high rate of interest to help your money grow. Usually no fees. | Some HISAs require you to keep a minimum account balance. The highest rates are typically only found at online banks. |
Frequently asked questions
How can I avoid bank fees in Canada?
How can I avoid bank fees in Canada?
To avoid the most bank fees, sign up for a no-fee chequing account that provides free access to a major bank’s ATM network. If you can, avoid transactions that trigger additional costs, like overdrafts or purchases in foreign currencies, and any banking that puts you in the non-sufficient fund territory.
Which banks offer free chequing accounts in Canada?
Which banks offer free chequing accounts in Canada?
Many online-only banks offer free chequing accounts. Although, you can find no-fee options available for students and youth, or ways to save on monthly fees by maintaining a minimum balance in your account or investments.
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