Best No-Fee Chequing Accounts in Canada for November 2024

Although a chequing account is not necessarily going to make or break you when it comes to your finances, in this day and age, if you’re paying fees to have one, you need to seriously reconsider your options.

But that is very likely why you’re reading this post, so you’re on the right path.

No-fee chequing accounts offer a practical option for individuals who want to avoid the monthly costs associated with maintaining their bank accounts.

Many believe you need to sacrifice basic functionality to get no fees. However, this couldn’t be farther from the truth, as you can now pay no fees without sacrificing essential features like unlimited transactions or e-Transfers.

In Canada, several financial institutions, primarily digital banks, provide no-fee chequing accounts that promise to cut fees and put more money in your pocket.

These accounts can also offer various incentives, such as rewards, interest on balances, and free access to extensive ATM networks.

Sure, most brick-and-mortar institutions will waive your fees if you maintain a minimum balance. However, these balances are often in the thousands of dollars. There are plenty of banks worthy of your time that have rid themselves of minimum balance restrictions.

By switching to one of the no-fee chequing accounts below (Equitable Bank), I noticed a more than $240+ swing in fees. I went from paying $120 a year to earning more than $120 a year in interest.

There’s next to no reason not to consider switching today.

What are the best no-fee chequing accounts in Canada today?

No-fee accounts are an attractive option for individuals looking to minimize banking costs while enjoying the convenience of a chequing account. However, many of these accounts have their pros and cons. I’ll go over each of them below.

EQ Bank Personal Account

Currently, EQ Bank stands out with its Personal Account (previously known as the Savings Plus Account), offering an attractive 4.00% interest rate for those who opt for automatic transfers (3.5% for those who don’t), with the interest being calculated daily.

Interest Rate: 4.00%
Monthly Fee: None
Transaction Fees: None
Interac E-Transfer: Free
ATM Withdrawals: Free across Canada. Refunded once charged
Insurance: Covered by CDIC

In my opinion, this is the best account in the country for those who want no-fee banking. I now bank entirely with Equitable Bank, and this Personal Account is my main account.

Is it a chequing account? Not necessarily. However, it operates exactly like one while offering the interest rate of a HISA.

This hybrid account remains CDIC-insured, merging convenience with confidence.

Since swapping to Equitable Bank, I’ve encountered zero issues. The Equitable Bank Card allows for complimentary withdrawals across the country, as any ATM fees are reimbursed.

Additionally, I benefit from no foreign transaction fees when converting CAD to USD, alongside earning a competitive interest rate on my USD holdings, as it has one of the best USD accounts in Canada. I truly believe it is one of the best banks in Canada in a number of categories.

For those interested in opening an account with Equitable, click here. It only takes about ten minutes.

Neo Money Account

The Neo Money Account has a similar structure to the Equitable Bank Personal Account. It is a savings account that functions almost identically to a chequing account, so many Canadians consider it such.

Unlike EQ Bank and Wealthsimple Cash, which offer a standard amount of cash back on purchases, Neo offers a wide variety of possible rates depending on where you purchase. For example, you could earn 1% on gasoline and groceries, 5% on restaurants and bars, and 3% on streaming services, ride shares, and food delivery.

Neo Financial also offers promotional offers on first-time accounts that could earn you up to 15% cashback.

The only caveat is it does have a Premium version that charges fees to increase your cash back. To see if this is worth it, you’d have to figure out if your spending is earning you more than the fee. At just $4.99 a month, however, it wouldn’t take much to do so.

Interest Rate: 2.25%
Monthly Fee: None
Transaction Fees: None
Interac E-Transfer: Free
Insurance: Protected by CDIC

Overall, it’s a very solid account. If you open a high-interest savings account to complement it, you could earn up to 4% on your deposits.

Click here to open up a Neo Money account.

Wealthsimple Cash Account

Many reading this may tell me that Wealthsimple Cash is not a chequing account. Which is accurate. However, it provides the functionality of one with virtually no fees and outstanding rates of interest on your money.

Interest Rate: Has a base rate and typically increases by 0.5% depending on your assets
Monthly Fee: None
Transaction Fees: None
Interac E-Transfer: Free
ATM Withdrawals: Normal charges
Insurance: Protected by CDIC at 3 different institutions, tripling your coverage to $300,000

While Wealthsimple Cash may not offer the breadth of services provided by Equitable Bank, it is a compelling choice for those focused on maximizing interest rates, particularly if you have many assets.

Wealthsimple offers among the highest rates available, with the specific rate you receive being influenced by the total value of your assets held with their platform. For example, you will earn more interest if you have $125,000 than you would having $25,000. This includes assets within Wealthsimple Trade, their brokerage platform.

It has a Wealthsimple Cash Card, which gives you liquidity when it comes to accessing the funds, but the major downfall here is that Wealthsimple Cash doesn’t refund or offer free ATM withdrawals, at least not yet.

While the Equitable Bank card gives you 0.5% cash back on purchases, Wealthsimple ramps this up and offers 1% cash back.

They also spread deposits across three CDIC member institutions, which means your insurance coverage also triples. However, this won’t matter for many, as a single coverage of $100,000 is often more than enough.

Although Wealthsimple Cash does offer better rates of interest than Equitable, it doesn’t quite offer the full functionality I’d need in terms of a chequing account, which is why I utilize Equitable Bank.

However, for some people, this platform may be all they need, and if it is, they can access some of the best rates of interest in the country.

You can open up a Wealthsimple Cash account here.

Tangerine No-Fee Daily Chequing Account

Tangerine offers a No-Fee Daily Chequing Account that stands out with its high rate of interest on deposits. It is an outstanding account. However, I don’t like it as much as Equitable Bank Or Wealthsimple Cash for a few reasons:

EQ Bank refunds all ATM withdrawals in Canada. Tangerine charges $1.50 per withdrawal if it isn’t a Scotiabank ATM
Tangerine rate of interest is exceptionally high. However, it is a promotional rate that will run out after 5 months. After this, you earn relatively little. With Wealthsimple and Equitable, this isn’t the situation

The company’s inability to keep up with Equitable and Wealthsimple Cash in terms of offerings forces it to introduce a lot of one-time bonuses and temporary rates.

Interest Rate: Promotional rates for 5 months, then typically anywhere between 0.1%-0.5% depending on the balance
Monthly Fee: None
Transaction Fees: None
Interac E-Transfer: Free
ATM Withdrawals: Free at Scotia ATMs, $1.50 otherwise
Insurance: Covered by CDIC

Tangerine offers, as mentioned, that promotional interest rate for five months, cash bonuses when you open accounts and set up automatic transfers, as well as offering massive cashback bonuses of up to 20% on its Visa Debit card if it issues you with the account.

So, why is it on the list? Well, it is still an outstanding account, and if you’re interested in these cash bonuses, it can certainly be more attractive than any of these other no-fee chequing accounts.

In addition to this, if you’re a stickler for banking with major institutions, Tangerine is a subsidiary of Scotiabank, one of the largest banks in the country.

I much prefer the permanent features and functionality of Equitable Bank over the temporary ones of Tangerine Bank. Once the promotions run out, this becomes pretty much a normal chequing account besides the fees.

But for someone who likes raking in cash bonuses and high rates of interest? It’s certainly worth a look.

Simplii Financial No-Fee Chequing Account

Simplii Financial has made a mark with its No-Fee Chequing Account, which is known for its no monthly fees and comprehensive online banking experience.

Much like Tangerine, however, this one falls short because most of its interest rates and cashback amounts are temporary.

Interest Rate: Promotional rates for 5 months, then pays very little on balances
Monthly Fee: None
Transaction Fees: None
Interac E-Transfer: Free
ATM Withdrawals: Free at CIBC ATMs
Insurance: Covered by CDIC

Once this promotional period ends, the interest rate drops to its standard rate, which doesn’t hold up against the others unless your account balance exceeds one million dollars.

In addition to the interest rate promotion, the company also offers cash promotions. For example, you can earn up to a particular amount of cash by opening an account and maintaining direct deposits for a particular amount of time.

I’m not stating specifics primarily because the cash back rates and timelines tend to change, or the promotion may not be active.

Their cash back Visa card typically has an introductory promotion as well, but I find it inferior to Tangerine Banks in most situations.

Simplii Financial’s appeal lies in the opportunity to chase higher temporary yields and bonuses by moving funds around, a task that has become increasingly simple in today’s digital banking environment.

Ultimately, the decision to pursue these temporary boosts depends on your personal valuation of the effort involved.

RBC Day-to-Day Chequing Account (On their Value Program)

I felt the need to include a brick-and-mortar institution as many Canadian consumers have not yet become comfortable enough to trust digital banks, even though a few of them are subsidiaries of Scotia and CIBC.

RBC is the only major financial institution I could find that offers a no-fee chequing account that isn’t dependent on a minimum balance. And there is a major caveat here: in order to qualify for zero fees, you have to be approved for their Value Program, which will usually require you to hold additional products at the bank.

For example, if you own a combination of a mortgage, line of credit, or even a brokerage account at Royal Bank, you could have your fees waived. It’s a relatively tough hurdle to overcome, if I’m being honest. But the potential is there, so I included it.

The bank account itself is relatively simple. However, it does have a nice touch, enabling you to earn points that you can redeem for travel, gift cards, or even paying down card balances.

There isn’t much more to say about this one. If you’re a stickler for banking at one of the largest banks in Canada, this may be the only no-fee chequing account you find that doesn’t require a high minimum balance to waive those fees.

However, you’ll likely need to be an RBC client to even be able to meet the waivable conditions.

How to get no fees at most traditional brick-and-mortar banks

Although you’ll be hard-pressed as a normal Canadian to get a no-fee account at a major financial institution unless you carry a large minimum balance, often in excess of $4000-$6000, if you meet certain criteria, you may be able to get the bank to waive your fees.

Student chequing accounts

Student chequing accounts are structured to support individuals in post-secondary education. They often come with no monthly fees and could include additional perks like free transactions, which cater well to the budget-conscious student.

Minimum balances are often waived along with fees, and it certainly doesn’t hurt to ask your bank if they offer this type of account.

Senior accounts

Seniors may enjoy chequing accounts with features that consider their retirement status and potentially fixed income.

Banks can provide accounts with no monthly fees, easy-to-meet minimum balance requirements, or even interest-earning potential to benefit the daily banking needs of seniors.

This is likely a strategy angle the banks take because seniors typically have higher net worth and enjoy the convenience of banking in one place rather than having their assets spread out.

No-fees for new Canadians

Canada’s financial institutions provide no-fee options for newcomers to ease their transition into the Canadian economy. These accounts are designed to help newcomers who might not have a financial history in the country.

They often include unlimited transactions and sometimes a waiver on maintenance fees for a certain period post-arrival.

Check with the bank to see if they offer this type of account.

Benefits of utilizing no-fee accounts

The main benefit is consumers avoid the monthly fees typically associated with traditional bank accounts, which can sum up to significant yearly savings.

As mentioned, I noticed an immediate $240+ annual swing in money when swapping to Equitable Bank from my traditional bank. Many may believe this comes at the cost of convenience. But to be honest, I find Equitable Bank more convenient than my traditional brick-and-mortar bank despite being exclusively online.

Additionally, many no-fee accounts offer unlimited debit transactions. This allows for access to your funds without the worry of incurring extra charges for each transaction.

If you see a no-fee account at a traditional bank, it often comes with significant limitations when it comes to debit transactions, and they become costly when you exceed your limits.

The elimination of these transaction fees ensures more money remains in your pocket.

No-fee accounts also often include free Interac e-Transfers, permitting users to send and receive money without costs. My old bank used to charge me $1.50 per transfer!

Finally, some digital banks that offer no-fee accounts are also offering outstanding interest rates on balances, like Equitable Bank and Wealthsimple Cash. Tangerine and Simplii do offer them, but promotional rates make them relatively short-term.

What you may not get with a free chequing account

Many of the most basic no-fee chequing accounts in Canada are nice for basic functionality. However, for the most part, they’ll lack the following extra features:

Cheques: Customers can typically order and use cheques with their chequing accounts. However, many digital institutions don’t offer them, and if they do, they are typically expensive.
Bank Drafts: For secure payment methods, customers can purchase bank drafts. For some digital institutions, much like cheques, they don’t have bank drafts. If they do, they’re often pricey.
Overdraft Protection: This service provides a safety net if the account balance dips below zero, preventing NSF (Non-Sufficient Funds) fees. I know a bank like Tangerine does offer this, but they do charge a fee for it.

Why no-fee digital banks are taking Canada by storm

In Canada, leading online banks offer comprehensive digital banking features that make banking much more convenient and easy. For this reason, they’re gaining massive amounts of customers and I can’t see this slowing down anytime soon.

Mobile Apps: Customers expect mobile apps that provide full access to banking services. Although many of the major institutions offer them, I find most are inferior to digital banks.

Mobile Cheque Deposit: Mobile cheque deposit is an essential feature in today’s digital banking landscape. Customers can simply take a picture of their cheque using their mobile device and deposit it through the bank’s app, eliminating the need to visit a branch or ATM. Most major institutions offer this, yes, but not all of them.

Contactless Payments: Integration with contactless payment systems like Google Pay and Apple Pay is another functionality that digital institutions are adopting.

This feature allows customers to make payments directly from their smartphones, providing a fast and secure way to shop without physical cards. Brick-and-mortar banks are catching up in this area as well, but I find many credit unions are still far behind.

How much do I have to keep in my account to avoid fees?

For many major financial institutions, they require balances of anywhere from $4000-$6000 to avoid the monthly account fees.

Choosing a no-fee chequing account in Canada, however, often means account holders don’t have to maintain any minimum balance to avoid fees.

Several financial institutions offer accounts that eliminate monthly maintenance fees without any condition on the account balance.

It’s important for consumers to read the terms and conditions of their banking agreements carefully. Some institutions may offer limited-time promotions or conditions that could impact the fee structure in the future.