The Best Banks in Canada for Chequing Accounts

When you’re looking for a chequing account, though, it’s important to remember that you don’t have to do all of your banking in one place. You can choose to split up your accounts and leave your investments where they are. This can simplify the process since you won’t have to worry about any fund transfers. 

Popular Chequing Account Options

Picking a chequing account is pretty important. This account is where you get paid, process your daily banking transactions and even send and receive money between friends and family. That account has to accommodate all of these transactions at an affordable rate. Here are a few different accounts that fit these criteria for many Canadians when looking to open a chequing account and sign an account agreement.

Tangerines No-Fee Daily Chequing Account

Tangerine’s chequing account is a very popular online bank account. This is because there are no monthly account fees and an earning interest rate of 0.10%. If you sign up right now, you can get up to $250 to move your pay. Once you sign up online, open your account, and switch your payroll. Once your pay has been deposited for 2 months in a row, you’ll get your $250 deposited. 

Some features that draw people to this basic chequing account include:

• No  minimum account balance is required
• Free access to Scotiabank ABMs
• Free interac e-transfers

With this account, account holders can earn interest on their balance and perform all of their daily banking transactions for no fee. You even have a Visa Debit card that you can use in lieu of a credit card for online shopping. 

BMO Performance Chequing Account

One of BMO’s most popular chequing accounts is the BMO Performance Chequing Account. This account includes identity theft support, up to $40 rebate annual fees for eligible credit cards, unlimited transactions, unlimited e-transfers, and one monthly fee for the whole family with the BMO Family Bundle. 

Right now, you can earn up to $700 when you sign up for your account. To earn the first $500, you have to open your account and deposit any amount by September 30, 2025. You then have to complete 2 qualifying transactions by November 28, 2025. These transactions include:

• A recurring direct deposit of $500 or more
• 2 eligible online bill payments of at least $50 or more
• 2 eligible pre-authorized debits of $50 or more for different bills

If you open a Savings Amplifier Account by September 30, 2025 and deposit any amount by October 31, 2025, you can get a $50 Walmart Canada eGift Card. You can earn another $150 if you deposit $10,000 within 30 days of opening and maintaining this balance for an additional 90 days. Inviting a family member as part of the BMO Family Bundle will earn you another $50. 

This account is only $17.95 per month. You also get a Mastercard Debit card with this account, and can access overdraft protection for $5. You can open this chequing account online or in a branch.

Scotiabank Preferred Package

The Scotiabank Preferred Package offers a variety of features including unlimited debit transactions, unlimited interac e-transfers, and the ability to send money globally for $1.99. The monthly fees for this account range from $0 to $16.95. If you maintain a closing balance of $4,000 for the entire month, then the monthly account fee is $0. You can also pay no fees if you have a Scotiabank mortgage that’s being paid by recurring payments. 

Other convenient features included with this account are:

• Mobile and online banking
• Mobile cheque deposit
• Free credit score
• Visa debit
• Apple Pay, Google Pay, and Samsung Pay
• An additional 0.05% on your Momentum Savings Account
• Preferred rate on select GICs
• No account fees on a Scotia US Dollar Daily Interest Account 
• Trade 1 Get 1 Free Trade with Scotia iTrade
• One waived fee on a non-Scotiabank ABM withdrawal
• First-year annual fee credit card rebate up to $150
• Scene+ Program

If you sign up now, you can also earn up to $700. To get the first $500, you need to open this account before October 30, 2025. Once that’s done, then you have 60 days to complete 2 qualifying transactions. These are:

• Setting up and receiving one direct deposit of $500 or more
• Setting up and making two pre-authorized transactions of $50 or more
• Making one eligible payment of $50 or more using online or mobile banking

To earn another $100, you must open a Money Master Savings Account within 60 days and before October 30, 2025. You then need to set up Pay Yourself First or the Savings Finder Tool and keep it active for 90 days. For another $100, you must open an eligible registered savings account within 60 days and by October 30, 2025. Then you must deposit $5,000 or more within 60 days of opening and hold it there for at least 90 days. 

Simplii Financial No-Fee Chequing Account

The Simplii Financial No-Fee Chequing Account is another online bank account. With this account, you can get free daily banking, no monthly fees and free access to all CIBC ATMs. The bank card that they offer is also a Debit Mastercard. They offer a monthly overdraft for a fee of $4.97. There’s also a fixed interest rate of 19% on all overdraft balances. The annual earning rate on your balance is 0.01%. 

If you decide to sign up for this account now, you can earn $300. This offer is available up until October 31, 2025. To qualify, you must open a new account, then set up recurring direct deposits of $100 or more. Only one is required. After you’ve been receiving deposits for at least 3 months, you’ll receive your $300. 

EQ Bank Personal Account

The EQ Bank Personal Account is different from other online bank accounts. This account allows you to earn 3.50% on your everyday banking balance and includes other benefits like:

• No monthly fees
• No minimum balance requirements
• Free withdrawals from any ATM in Canada
• Cash back on every purchase
• No foreign exchange fees

What makes this chequing account different from other accounts is that it’s both a chequing account and a savings account. It even has a higher savings rate than most High-Interest Savings Accounts. 

The PC Money Account

The PC Money Account is a bank account that allows you to earn points when you’re making everyday purchases. There are no monthly fees, no minimum balance requirements, free unlimited transactions, and unlimited earning potential. 

If you sign up now, you can earn 100,000 bonus points. You will get this when you set up a minimum direct deposit of $1,500 for 3 months consecutively. Once that’s done, you’ll receive your points. You also have access to a savings account that will allow you to earn 3.1% on your balance. 

TD Unlimited Chequing Account

The TD Unlimited Chequing Account offers a variety of features for $17.95 per month. If you maintain a minimum daily closing balance of $4,000, then you’ll get your monthly fee rebated. The features included in this account are:

• Unlimited transactions
• No ATM fees with TD ATMs
• Free Interac e-Transfers
• First-year credit card annual fee rebates for primary cardholders
• TD Fraud Alerts
• 50% more stars on Starbucks purchases

Other fees included with this account are:

• Monthly account fee for seniors - $11.95
• Non-TD ATM Fees - $0
• US and Mexico Foreign ATM Fees - $3
• Foreign ATM Fees in all other countries -$5
• Paper Statements - $2

Some other unique features are mobile deposit, overdraft protection and Visa Debit. You can also earn up to $700 if you register for an account now. When you open this account before November 5, 2025, and complete 2 qualifying transactions, you get the first $450. After that, you can earn another $50 when you open an eligible savings account and complete an automated activity within 30 days. You’ll get another $200+ when you put $10,000 or more into this account within 30 days and hold it for 120 days. 

National Bank Minimalist Chequing Account

Another one of the best chequing accounts in Canada is the National Bank Minimalist Chequing Account. This is for primary account holders who may have multiple accounts or accounts with other financial institutions or need to perform limited transactions per month. While you do get unlimited e-transfer transactions, you only get 12 bank or self-serve transactions per month. The monthly banking fees for this account are based on your age. 

If you need to make more transactions per month, say to pay bills or deposit money, or even make more transactions with your debit card, National Bank has many other bank account options. This Canadian financial institution also has The Connected Chequing Account and The Total Chequing Account. If you don’t want to save or perform transactions in Canadian dollars, like other accounts, they also have a US dollar account, which may incur other fees. 

With National Bank, you can also register for online banking and use their mobile app. You can even choose to save in registered accounts such as the Registered Disability Savings Plan. 

CIBC Smart Account

With the CIBC Smart Account, your monthly fee ranges from $0 to $16.95, depending on your monthly account balance. With this account, you can get unlimited transactions, free interac e-transfers, account alerts, Visa Debit, and a 12-month Free Skip Trial. You can also save up to 10 cents per litre with Journie Rewards. 

If you choose to open a CIBC Smart Account, you can earn a cash bonus of up to $500. To earn this, you must set up recurring deposits of $500 or more per month and then complete 1 qualifying transaction within the same month of account opening. These transactions include:

• 2 recurring pre-authorized debits
• 2 online bill payments of $50 or more
• 5 Visa Debit purchases

Once these are completed, you’ll receive the $500 in your new chequing account. 

RBC Signature No Limit Banking

The RBC Signature No Limit Banking account includes:

• No minimum balance
• Avion Points on everyday purchases
• Free Interac e-Transfers
• Saving 3 cents per litre with Petro Canada
• Unlimited transactions
• Overdraft Protection
• 3 non-RBC ATM transactions per month
• A rebate of up to $48 on annual credit card fees
• Right account guarantee
• Security guarantee

If you apply before November 3, 2025, you could also get the new iPad if you meet the qualifying conditions. After your account is opened, you must complete 2 qualifying conditions in the first 90 days. These are setting up your pay as direct deposit, 2 pre-authorized payments, and 2 bill payments made to two separate service providers. The monthly fee is $16.95.

Comparing the Best Bank Accounts

With so many accounts, it can be challenging to determine which is best for you. Let’s compare each account from these different financial institutions and how they differ from each other. 

Best Business Chequing Accounts

If you own a business, you may be in search of a business chequing account instead of a personal chequing account. Many of the banks that we mentioned above also offer some great business chequing accounts. Let’s take a look. 

TD Basic Business Plan

While TD offers many different business chequing accounts, the TD Basic Business Plan is the base version. It includes deposits using TD Mobile Deposit, point of sale terminal deposits, and free online statements. There’s a monthly fee of $5.00 with 5 transactions included per month. Every additional transaction is $1.25. You also get 5 additional deposits, and each additional deposit is $0.22. The cash deposit fee is $2.50 per every $1,000. 

BMO Business Start

Just like TD, BMO offers a variety of different business accounts. The ones that they offer are:

• eBusiness Plan
• Business Start
• Business Builder 1
• Business Builder 2
• Business Builder 3
• Business Builder 4

That said, the most popular account is the Business Start account. There’s no minimum balance required, and you can have unlimited Moneris transactions. The monthly fee is $6, and 7 transactions per month are included along with 2 interac e-transfers. If you need the ability to make more transactions per month, then you can upgrade. 

CIBC Everyday Business Operating Account

Another cost-effective business chequing account is the CIBC Everyday Business Operating Account. The monthly account fee can be $0, or $20 for self-service access and $25 for full-service access. A minimum daily balance of $20,000 gets you a fee of $0 per month. 

This account includes 30 transactions, including Interac e-transfers. The cost is $1.00 for each additional self-service transaction and $1.25 for each additional full-service transaction. The deposit package includes $3,000 in cash, $300 in coins, and 25 cheques. There’s no charge for business estatements, and printed statements are $5. 

Coast Capital Savings Business Essential Chequing Account

While Coast Capital Savings offers a few different business chequing accounts, the account that offers the best value for business owners is the Business Essential Chequing account. The monthly account fee is $28, but it lowers to $14 with a minimum daily account balance of $4,500. It includes:

• Unlimited ATM and in-branch deposits
• 15 free withdrawals per month ($1.25 each after)
• 5 free interac e-transfer sends ($1.50 each after)
• First-year rebate of $25 on a Coast Capital Mastercard
• Rebates for Wagepoint payroll services and PaymentStream ATF

Other business account options are the Business Core Chequing account, which is $6 per month, and the Business Premium Chequing account, which is $65 per month. The Business Premium Chequing account is $0 with a minimum daily balance of $75,000. 

RBC Ultimate Business Account

With RBC Royal Bank of Canada, you can get the RBC Ultimate Business Account if you need an account for your high-volume business. There’s a $100 monthly fee with this account, but that fee is waived if you have a minimum daily balance of $75,000. Included in this account are:

• Unlimited debit and credit transactions
• 500 Interac e-transfers
• 100 paper transactions per month
• Unlimited electronic cheque and Moneris deposits
• $25,000 in free cash deposits
• $50 fee waiver on the RBC Express Core Services set-up fee
• 100,000 Avion points with a business visa
• Instant fuel savings with Petro Canada

Scotiabank Select Account for Business 

With the Scotiabank Select Account for Business, there are four different plans to choose from: Plan A, Plan B, Plan C, and Unlimited. Depending on your business and its needs, there are options for everyone. Let’s take a look at each. 

Plan A

With Plan A, the monthly fee is $20, which will be rebated with a minimum balance of $20,000. It includes 25 transactions, 50 deposit items, and $6,000 in cash deposits. The additional cost for each transaction is $1.50, and each deposit is $0.25, with a fee of $2.60 for each additional $1,000 in cash deposits. 

Plan B

With Plan B, the monthly account fee is $40. This $40 fee is rebated with a minimum balance of $35,000. It includes 70 transactions, 60 deposit items, and $8,000 in cash deposits. The fee for each additional transaction is $1.50, and each additional deposit is $0.25. The fee for every $1,000 in deposits above $8,000 is $2.60. 

Plan C

For Plan C, the monthly account fee is $75. This $75 fee is rebated with a minimum balance of $45,000. It includes 125 transactions, 85 deposits, and cash deposits of $10,000. The fee for each additional transaction is $1.50, and $0.25 for each deposit. The fee for deposits is $2.60 for every $1,000 above the $10,000 limit. 

Unlimited

As for the Unlimited Plan, the monthly plan fee is $120. The fee is rebated with a minimum balance of $75,000. It includes unlimited transactions and deposits, and $30,000 in cash deposits. There are no additional transaction and deposit fees with this account. For every additional cash deposit of $1,000 above the $30,000, the fee is $2.60. 

Best Chequing Savings Account

In Canada, there are a few accounts that act as both a chequing and savings account at the same time. While there are quite a few different ones to choose from, the best by far is the EQ Personal Account. This is mostly because you can do your daily transactions and save your funds with the rate of a High-Interest Savings Account. 

The one thing to consider with the EQ Personal Account, though, is that it is a strictly online bank. Your funds are protected by CDIC insurance, and you can make as many or as few transactions as you’d like per month. There are also no monthly fees. With the Personal Account, you don’t have to worry about transaction fees that would typically occur with a HISA. 

Best Chequing Account Rates

Depending on the chequing account that you choose, there may be a fee that occurs. Looking at the accounts that we’ve mentioned, the fees are either $0 or $16.95 at a minimum. The accounts that charge no fee have the best rates, but it’s important to consider that these account allow for mainly online banking. The accounts with the higher rates, allow for in branch visits as well. 

The no-fee accounts are great for those who prefer to do 90% or more of their banking online. However, there are some downsides, such as the difficulty of taking out large amounts of cash and performing more complicated transactions. However, to perform daily transactions, they’re a great choice. 

If you’re a student in Canada, you can also find specific student chequing accounts that offer reduced fees and features. Or you can stick with the no-fee chequing accounts that also offer some great features. Most banks also offer youth chequing accounts and business chequing accounts as well. 

Best No-Fee Chequing Account in Canada

When it comes to no-fee chequing accounts, there are a few great ones to consider. That said, the best one is the Tangerine No-Fee Daily Chequing Account. This is because they offer more than just a no-fee account. You have access to credit cards, loans, lines of credit and credit cards. It’s essentially a full-service bank, but all online. 

Other Great Bank Account Options to Consider

While the list above included some of the best bank account options, there are other eligible accounts that also have some great features. 

Neo Money Account

The Neo Money Account is different from other chequing accounts. This is because you can earn cash back with this account. You can earn up to 3% back on gas and groceries, and you can get up to 1% back on all other purchases. This account also has no monthly fees, no minimum balances, and free everyday monthly transactions. 

For those looking to save their money, there is the Neo Savings Account. With this account, you earn 2.5% on your balance. You can even set personalized goals and balances that you wish to meet. You can even perform instant transactions. In fact, you can even open up to 10 different savings accounts. 

KOHO

With KOHO, there are different plans that you can choose for your chequing account, which also acts as a prepaid credit card.  The three different plans are Essential, Extra, and Everything. The Essential Plan starts at just $0 per month, and you earn 1% back on groceries, transportation, food and drinks. The interest you earn on your balance is 2.5% and there’s 0% unlimited cash back on everything else. 

With the Extra Plan, the cost is $12 per month. You can earn 1.5% unlimited cash back on groceries, transportation, food and drink and 0.25% on all other purchases. You can also earn 3% cash back on your balance. The Everything Plan is $14.75 per month. This account allows for unlimited cash back on groceries, transportation, food and drinks, and 0.5% back on everything else. You earn 4% interest on your balance. 

Innovation Federal Credit Union No-Fee Chequing Account

This credit union also offers a no-fee chequing account called the Innovation Federal Credit Union No-Fee Chequing Account. It offers free Interac e-Transfer transactions, free ATM use, and free unlimited transactions. All you need to qualify is to be a Canadian Resident, at least 18 years of age, have a SIN number, an ID and a $5 membership fee. 

Wealthsimple High-Interest Chequing Account

Wealthsimple High-Interest Chequing Account is a relatively new online account that allows you to earn up to 2.75% on your balance. There are no monthly fees, foreign exchange fees, ATM fees or even Interac e-Transfer fees. There are also no minimum deposit amounts, and you can get CDIC coverage on your balances. 

Even though it’s technically an online bank, you can still perform most of your daily transactions. These include mobile cheque deposits, wire transfers, paycheque deposits and automated investments. You can also get bank drafts, if needed, delivered to you. 

If you’re a core or premium client with Wealthsimple, you can get 0.5% more interest if you have your pay of $2,000 or more per month deposited into your chequing account. Plus, you can open up to 8 individual and joint accounts using this platform alone. If you also choose to get a Wealthsimple credit card, you can earn up to 2% cash back on your purchases. 

Alterna Bank No-Fee eChequing Account

Alterna Bank is another online bank that offers a variety of ways to save and invest your money. However, for everyday banking, they offer the Alterna Bank No-Fee eChequing Account. This account includes:

• No monthly fee
• No minimum balance requirement
• Unlimited day-to-day transactions
• Unlimited Interac e-Transfers
• Access to over 3,300 ATMs in the Exchange Network

Since they offer online banking, you can bank 24/7 and check your account balances at any time. You can also get overdraft protection for a low monthly fee of $2.50. The annual interest rate is 19.99% and the credit limits range from $500 to $5,000. The interest earned on this account is 0.05% and the interest with a High Interest e-Savings Account is 1.25%.

Which Bank is the Safest? 

While the top 5 banks in Canada are considered to be the safest, banks work differently in Canada than they do in other countries. This is because of strict banking regulations and the fact that the top 5 banks are well capitalized. That said, many of the other banks in Canada are safe as well because your fund amounts are insured up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). 

If there were a bank run in Canada, this Federal Crown Corporation, your insured deposits will be paid out. While not all deposits with the banks are insured, most of them are. These amounts are paid out quite quickly and can reduce a lot of stress from a bank run. Even with that, there have only been 43 incidents in Canada since 1967. 

Even though your funds are relatively safe in Canada, as we mentioned, the CDIC does insure most funds. However, the safest banks are the top 5. These banks are the Royal Bank of Canada (RBC), TD Canada Trust(TD), Bank of Montreal(BMO), Scotiabank, and Canadian Imperial Bank of Commerce(CIBC). 

Final Thoughts

In Canada, there are so many different chequing accounts to choose from. Especially in this new age of online banking, choosing a new account is right at your fingertips. Even if you are choosing a traditional branch bank, everything can still be done online. However, in those rare instances where you may need to perform large cash transactions, having a bank branch is nice. 

When you’re choosing a chequing account, you’ll notice that there are many enticing offers out there. However, it’s still important that you pay attention to the account details once the offer’s over. You might find that your fees are too high or you aren’t getting the features that you hoped for. That said, no matter which account you decide is best for you, these accounts are a great way to streamline your financing and take control of your financial health.