Best No-Fee Chequing Accounts in Canada
ALSO CONSIDER: Best chequing accounts | Best chequing account offers and promotions | Best online bank accounts
🏆 Summary of the best no-fee chequing accounts
Best cash-back and modest interest rate: Tangerine No-Fee Daily Chequing Account
Best cash-back and student offers: Simplii Financial No Fee Chequing Account
Best credit union member perks: Innovation Federal Credit Union No-Fee Chequing Account
Best tiered cash-back: Neo Everyday Account
Best bonus interest rate: EQ Bank Personal Account
Best regular interest rate and bonus reward points: The PC Money Account
Best regular interest rate: Wealthsimple chequing account
Best interest-bearing chequing account: Alterna Bank No Fee eChequing Account
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 20 data points on over 130 currently available chequing accounts examined to determine their eligibility for our roundup.
The Basic Plus Bank Account is right for you if you could benefit from up to 25 free debit transactions per month, free Interac e-Transfer transactions and want an account to use for everyday banking such as purchases, ABM transactions and payroll deposits. Click "Apply Now" for details.
Best no-fee chequing accounts
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- 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- 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.
NerdWallet's take
NerdWallet's take- Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
- Comes with a prepaid Neo Money™ Card that links to your account and earns instant, unlimited cashback at over 10,000 partners.
Product details
Product details- No monthly fees.
- Instant access to your virtual Neo Money™ card, accepted anywhere Mastercard is.
- Free everyday transactions so you can spend, pay bills, and move money with no added costs.
- Earn up to 15% cashback¹ when you shop with Neo partners.
- Interac e-Transfer® for easy money movement, anytime.
- ATM access across Canada to withdraw cash wherever you are.
- Get paid and manage income seamlessly with direct deposits.
- Mobile-first money management to track spending and manage your account in the Neo app.
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- 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 Wealthsimple chequing account provides a no-fee way to handle your everyday spending needs when you pay with your Wealthsimple card.
- Wealthsimple is a Canadian online investment management service that offers stocks, ETFs, crypto and managed investing, spending and saving accounts, tax services and a peer-to-peer money transfer Cash App.
Product details
Product details- No monthly fees.
- No foreign exchange fees.
- No ATM fees.
- No minimum balance required.
- Manage your rewards, spending, and send and receive money from friends using the mobile Wealthsimple App.
- Use your Wealthsimple chequing account to pay bills, make e-transfers and directly deposit your paycheque.
- The Wealthsimple prepaid Mastercard can be used anywhere Mastercard is accepted, in store or online.
- Digital and physical Wealthsimple prepaid Mastercard provided.
- Card can be added to Apple Pay and Google Pay digital wallets and used at ATMs Canada-wide. Standard ATM fees will apply.
- Up to $1 million of CDIC protection for all eligible deposits.
NerdWallet's take
NerdWallet's take- The Alterna Bank No Fee eChequing Account has no monthly fees or minimum balance requirements. Plus, transactions are free and unlimited, including Interac e-transfers.
- Alterna refers to Alterna Savings and Credit Union Limited (“Alterna Savings”) and its wholly owned subsidiary CSAlterna Bank (“Alterna Bank”). Together, Alterna Savings and Alterna Bank form the Alterna Financial Group.
Product details
Product details- No monthly fee or minimum balance requirements.
- Unlimited transactions.
- Free, unlimited day-to-day transactions.
- Free, unlimited Interac e-transfers.
- Cash deposits earn 0.05% interest.
- Access to over 3,300 ATMs across Canada in THE EXCHANGE® Network - Canada's largest ATM network, surcharge-free.
- In the United States, access to 40,000 surcharge-free ATM’s through the Allpoint Network.
- Online and mobile banking services available.
- Add overdraft protection for $2.50 monthly.
- Deposits eligible for insurance from CDIC.
Methodology
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.
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 you 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.
Benefits to look for in a no-fee chequing account
A no-fee chequing account is the least expensive way to manage your cash through a bank.
NerdWallet awards the highest star ratings to chequing accounts that have:
No monthly fees. We specifically look for accounts that don’t have conditions, like account balance minimums, in order to avoid a flat monthly fee.
No fees for basic transactions. That means unlimited withdrawals, debit purchases, Interac e-transfers and bill payments without incurring any additional charges. Some chequing account options offer free transactions (debit, digital, ATM, etc.) per month, up to a limit. That’s as good as free — if you never exceed those limits.
Robust digital tools. We look for an app with good ratings and helpful features, such as mobile cheque deposit, and a website that’s easy to navigate.
ATMs that are free. The best chequing accounts don’t charge for withdrawals. We also prefer banks using an ATM network with many locations, which helps you avoid out-of-network fees.
Perks (free money). You could snag a sign-up promotion of a few hundred dollars or a debit card that earns cash back for certain spending categories.
Downsides to be aware of in no-fee chequing accounts
If you find an account with the following, keep looking:
Fees you can’t avoid. Steer clear of any account that charges extra fees for using it the way you intend to.
Apps and websites that are hard to navigate. For example, if a website makes it hard to find info on rates and fees, or if the app has a low rating, we don’t rank it as highly.
Small number of in-network ATMs. Getting cash from out-of-network ATMs is costly.
🔔 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 no-fee chequing account for you
In addition to no monthly fees, the best no-fee chequing accounts won’t charge for typical banking services.
In practice, that could mean finding an account with unlimited free transactions of every type. It could also mean finding an account with enough free transactions that you will rarely, if ever, encounter fees.
An account offering unlimited free debit card transactions and 20 free monthly online transfers would work well for someone who uses their debit card almost daily but only makes a few online transfers each month, for example.
To personalize your search even more, answer the following questions:
Where will you get cash? We look at the total number of branch locations and in-network ATMs, but you could personalize your search further by looking for locations near the places you live and work.
Are you eligible for another type of no-fee account? No-fee accounts are widely available. Seniors and students have access to accounts that are unique to them. In some cases, they have qualifications that are easier to meet. If you are 60 or older or are in school, include these accounts in your search.
How do you transact? Review recent bank statements to tally up the number of debit purchases, ATM withdrawals and online transfers you made each month. Use the highest figure as a stand-in to estimate what you’d pay in transaction fees.
If you’re able to keep the balance of your account above $3,000 on average or direct deposit at least $500 per month, consider expanding your search to include premium chequing accounts that waive monthly fees. These accounts usually offer more and better features, including more fee-free transactions. Exact minimum requirements vary by account.
What to expect when opening a no-fee chequing account
Many financial institutions have quick online applications that don’t require more than your name, address, contact details and, in some cases, employment status.
Some financial institutions require you to be a Canadian resident and be the age of majority in the province you live. For others, the minimum age is 16.
Some banks ask for your Social Insurance Number.
Alternatives to consider
If a no-fee chequing account isn't right for you, other options are available.
Tap here to see alternatives
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. |
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. |
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