Best no-fee chequing accounts in Canada
No fee chequing accounts have been around for decades in Canada, but there has never been more choice than there is today.
As the competition heats up, banks are sweetening the deal even more when it comes to no fee chequing. Many of these accounts now offer cash back on purchases, high interest on balances and other perks that used to be exclusive to premium accounts.
If you’re looking to ditch your monthly banking fee, these are the best no fee chequing accounts in Canada.
Best no fee chequing account in Canada: EQ Bank Personal Account
The EQ Bank Personal Account (formerly the Savings Plus Account) is the best no fee chequing account in Canada. This account comes with unlimited transactions, unlimited Interac e-Transfers and unlimited bill payments.
With a linked EQ Bank card, you can make purchases at stores and online. Plus, you can get truly free ATM withdrawals from any machine in the country as EQ Bank promises to reimburse any fees you pay. Additionally, you’ll earn 0.5% cash back on all purchases made using the card.
A downside to this account is that the EQ Bank card is separate from the chequing account. You’ll have to transfer funds to the card manually before making daily purchases and ATM withdrawals. Fortunately, this can be done quickly and easily using the EQ Bank app.
Pros
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No monthly fees or transaction fees
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Free withdrawals from any ATM in Canada
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Earn 0.5% cash back on all purchases
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Up to 3.75% interest rate on savings
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No foreign exchange fees on international purchases
Cons
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Debit card must be reloaded manually
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No cheque writing privileges
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No in-person customer service
Best free bank account in Canada: Tangerine No-fee Daily Chequing Account
The Tangerine No-fee Daily Chequing Account lives up to its name. This account boasts unlimited monthly transactions with no fees, free Interac e-Transfers and free access to over 3,500 Scotiabank ATMs across Canada. The linked Visa Debit card can be used online anywhere Visa cards are accepted.
With this account, you get a comprehensive suite of features to manage your finances, effortlessly. You can write cheques, make online bill payments and issue money orders. The account is also eligible for overdraft protection for those times you don’t quite have enough to cover your expenses.
For the rest of your banking needs, Tangerine has you covered. The bank also offers high-interest savings accounts, the award-winning Tangerine Money Back Credit Card and Tangerine World Mastercard, mortgages, personal loans and lines of credit and investments, like mutual funds and GICs.
Pros
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Get a $250 bonus when you move your payroll deposits to Tangerine by October 31st, 2024
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No monthly fees or transaction fees
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Free access to over 3,500 Scotiabank ATMs in Canada
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Shop online with Visa Debit card
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Overdraft protection available for a fee, OAC
Cons
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Additional fees for out-of-network ATM withdrawals
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Very low interest rate of 0.01% on balances under $50,000
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No in-person customer service
Best no fee chequing account for sending money overseas: Simplii Financial No Fee Chequing Account
The Simplii Financial No Fee Bank Account isn’t just one of the best no fee chequing accounts in Canada, it’s one of the best bank accounts, period. This account has no monthly fee, unlimited free transactions including Interac e-Transfers, and a linked Debit Mastercard that can be used in stores, online and at any of CIBC’s 3,400 ATMs in Canada.
As a fully featured chequing account, the Simplii Financial No Fee Chequing Account lets you write cheques, make online bill payments and write money orders, when you need them. The account is also eligible for overdraft protection, so you can occasionally let your balance fall below $0 without paying a hefty fee
For sending money to family and friends overseas, Simplii includes free Global Money Transfers. You can send up to $75,000 worldwide to 130+ countries with no fees and favourable exchange rates.
Simplii Financial also offers a variety of other products for the rest of your banking needs. The bank offers savings accounts in multiple currencies, the Simplii Financial Cash Back Visa Card, mortgages, personal loans and lines of credit and a variety of investment products, including mutual funds and GICs.
Pros
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No monthly fees or transaction fees
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Free access to over 3,400 CIBC ATMs in Canada
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Shop online with Debit Mastercard
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Free Global Money Transfer
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Overdraft protection available for a fee, OAC
Cons
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Additional fees for out-of-network ATM withdrawals
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Very low interest rate of 0.01% on balances under $50,000
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No in-person customer service
Best no fee chequing account for cash back: Neo Money Card
The Neo Money card isn’t exactly a chequing account, but it has enough of the features needed to make this list – and plenty of perks to make it worth a look.
With the Neo Money card, you get unlimited transactions, including Interac e-Transfers, with no monthly fee. You can have your paycheque deposited to the account and make bill payments, but the account can’t be used to write cheques.
The key feature of the Neo Money Card is its generous cash back rewards. You can earn up to 5% cash back at restaurants, 3% on apps and 1% on gas and groceries. For a fee, you can upgrade to a premium plan that includes higher cash back rewards, credit monitoring, priority support and other additional benefits.
Pros
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No monthly fees or transaction fees
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Earn up to 5% cash back on select purchases
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Prepaid Mastercard can be used in stores and online
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Earn 1% interest on every dollar deposited
Cons
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Freemium model requires a monthly fee to unlock top reward tiers
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No free ATM access included
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No cheque writing privileges
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No in-person customer service
Best no fee chequing account for free groceries: PC Money Account
For those who like free groceries, the PC Money Account combines no-fee daily banking with the juggernaut PC Optimum rewards program, promising up to $400 in average annual value. This account has no monthly fee, no minimum balance and no transaction fees. It includes free Interac e-Transfers and bill payments, but no cheque writing privileges.
With the PC Money account, you can earn PC Optimum points for just about everything you do. You’ll earn 25 points per dollar spent at Shoppers Drug Mart, 10 points per dollar spent at Loblaws and other grocery stores that carry PC products, and 5 points per dollar spent everywhere else. Plus you can earn up to 5,000 points per month by making bill payments, and up to 5,000 points per month with direct deposits.
As a special welcome offer, you can earn up to 125,000 bonus PC Optimum points when you set up direct deposit and perform at least five bill payments within 60 days of opening an account.
Pros
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Get up to 125,000 bonus points when you set up direct deposit and make at least five bill payments within 60 days of opening an account
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Earn up to 25 points per dollar spent in stores
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Earn up to 10,000 points per month with bill payments and direct deposit
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No monthly fees or transaction fees
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Prepaid Mastercard can be used in stores and online
Cons
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Free ATM access limited to PC Financial machines, mostly found in grocery stores
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No cheque writing privileges
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No in-person customer service
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No interest paid on balances
What to watch out for in a no fee monthly fee account with the big six banks
Most of Canada’s big banks offer free chequing when you maintain a minimum balance. BMO, CIBC, Scotiabank and TD all offer a monthly fee rebate on their basic unlimited chequing account when you maintain a minimum balance of $4,000. While this may seem like a good deal, you may be better off with a no-fee bank account that doesn’t require any minimum balance.
The catch with these accounts is that you need to maintain that balance every day of the month. If your balance falls below the threshold even one day, you’ll be charged the full fee for that month.
What’s more, there’s an opportunity cost to keeping that money in a chequing account. If you could earn a 6% return on a $4,000 investment, you would earn more money than you would save on fees keeping it in chequing.
No fee chequing account FAQs
Jordan Lavin is a freelance writer with over a decade of experience, specializing in personal finance for platforms like Money.ca and other leading financial publications.
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