Featured Accounts
Awarded Best Bank for Newcomers to Canada by MoneySense. No monthly fees for up to 3 years and $100 cash back when opening an account.
Unlimited transactions and no monthly fees. Plus eligible new account holders can earn up to $500.
Earn up to 3.75% interest on your savings. Plus, use the pre-paid Mastercard for everyday purchases and free ATM withdrawls.
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Chequing accounts are essential to everyday banking. Canadians use them to complete many (if not most) of their day-to-day financial transactions, including bill payments, point-of-sale purchases, ATM withdrawals and money transfers. Although chequing accounts have a reputation for being, well, boring, the ones at the top of our list offer low or no fees, cool rewards, high interest rates, and plenty of other reasons to get excited.
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The best chequing accounts by category
| Category | Chequing account |
|---|---|
| Best overall bank accounts | Wealthsimple Cash EQ Bank Personal Account |
| Best free chequing accounts | Simplii Chequing Account Tangerine No-Fee Daily Chequing Motive Chequing Account motusbank No-Fee Chequing Account |
| Best chequing account from a big bank | Scotiabank Ultimate Package |
| Best chequing account for newcomers | National Bank of Canada Chequing Account |
Best overall bank accounts
Wealthsimple Cash
At a glance: The Wealthsimple Cash account gives you the best of both worlds: zero fees (including no overdraft penalties and no foreign transaction fees) and the highest regular interest rate of any chequing account in Canada. Plus, this hybrid account is made with investors in mind, returning 1% back in cash, stock or crypto every time you spend with your Cash card. (Read our review of Wealthsimple Cash.)
Wealthsimple Cash
- Monthly fee: $0
- Welcome offer: No welcome offer at this time.
- Interac e-Transfers: Send up to $5,000 per day or $10,000 per week
- Extras: Up to $500,000 in CIDC coverage on all eligible deposits
- Service charges: None
Pros
- Earn at least 3.25% interest on all deposits in your account. “Premium” clients (those with $100,000 or more in assets with Wealthsimple) and “Generation” clients (those with $500,000 or more) get a respective 3.75% and 4.25% interest on their deposits, plus additional benefits.
Receive up to $500,000 in Canada Deposit Insurance Corporation coverage, which is five-times the amount of coverage offered by most financial institutions. - Earn an additional 0.5% interest (to a maximum of 5%) when you direct deposit more than $2,000 during a 30-day period.
- You won’t be charged foreign transaction fees on international purchases when using your Wealthsimple Cash card. Typically, forex fees add 2.5% to every purchase made in a foreign currency.
Cons
- The very best interest rates are reserved for customers who already hold a lot of assets with Wealthsimple. And although Wealthsimple’s high rates aren’t promotional or tied to opening additional accounts, they are subject to change based on fluctuations in the Bank of Canada’s benchmark interest rate.
EQ Bank Personal Account
At a glance: The EQ Bank Personal Account combines high interest with unlimited transactions and no monthly fees, making it a strong choice for those who want to maximize convenience, keep costs low, and earn cash back. Considered a hybrid chequing/savings account, the Personal Account comes with a Mastercard debit card you can use at any ATM in Canada and anywhere that accepts Mastercard—for free.
EQ Bank Personal Account
- Monthly fee: $0
- Welcome offer: No welcome offer at this time
- Interac e-Transfers: Unlimited
- Extras: International money transfers through Wise; U.S. dollar accounts. Plus earn up to 4% interest on your deposits
- Service charges: None
Pros
- Get up to 3.75% interest on your deposits, without having to maintain a minimum balance. You’ll earn 2.00% as an everyday rate, plus 1.75% bonus interest when you direct deposit your pay.
- Unlike accounts tied to a bank or network, the Personal Account eliminates all ATM fees. No matter which machine you use, EQ will reimburse you the charges.
- When you use the debit card to make purchases, you earn 0.5% cash back.
- There are no foreign exchange fees when you use the bank card.
Cons
- This account is not available to citizens in Quebec.
Best free chequing accounts in Canada
Simplii Financial No Fee Chequing Account
At a glance: Simplii’s no-fee chequing account provides account holders with free unlimited transactions for everyday banking without having to keep a minimum balance. This includes bill payments, transfer, withdrawals and Interac e-transfers, and free personalized cheques. Although Simplii is an online-only bank, it offers 24/7 web and mobile access and telephone banking so you never have to wait until a branch opens to get help. And since Simplii is associated with the CIBC, account holders have access to their money through CIBC’s network of more than 3,400 ATMs across Canada. Plus, the Simplii Financial bank card now comes with Mastercard Debit, so you can shop online or in person anywhere Mastercard is accepted, at no additional charge.
Simplii Financial No Fee Chequing Account
- Monthly fee: $0
- Welcome offer: Earn $500 when you become a new client and make an eligible direct deposit of at least $100 for 3 straight months. Conditions apply. Offer ends Feb. 28, 2025.
- Interac e-Transfers: Free
- Extras: Mobile banking app for Apple and Android; pay-per-use overdraft protection
- Service charges: None
Pros
- Simplii’s Global Money Transfer tool lets you send international money transfers for free and without deductions.
- The bank’s website and mobile app are easy to use and offer access to your money 24/7.
- You can use any CIBC ATM in the country for free.
Cons
- If your account goes into overdraft, you’ll be charged $4.97 plus 19% interest on the amount you’ve gone over.
- You’ll earn low interest rates on the money in your account: 0.01% on up to $50,000 in the account, and 0.10% on any portion above $100,000).
- You’ll be charged up to $3 per transaction for using a non-CIBC ATM.
Tangerine No-Fee Daily Chequing Account
At a glance: Tangerine offers a no-fee chequing account with the similar advantage of Visa Debit. That means you can use your debit card like you would with a credit card, to shop online, for instance. But the money comes directly from your chequing account, instead of paying a monthly bill. You’ll also earn interest on every dollar in your account, up to 0.1%, which is calculated daily and paid out monthly. Withdrawing money is never an issue, since you’ll get free access to 3,500 Scotiabank ATMs nationwide and 44,000 ATMs worldwide through Scotiabank’s Global ATM Alliance. You can also use its customizable budgeting tool to help organize your spending and stay on track financially.
Tangerine No-Fee Daily Chequing Account
- Monthly fee: $0
- Welcome offer: Earn $250 when you direct deposit your pay for two consecutive months
- Interac e-Transfers: Free
- Extras: Zero-liability protection, pay-per-use overdraft protection
- Service fees: $1.50 for using a non-Scotiabank ATM in Canada, $12.50 for stop payments (you get 1 free per year), $45 for non-sufficient funds
Pros
- The Visa debit card is a useful perk, allowing you to use your debit card on Visa credit networks.
- Tangerine’s Left to Spend budgeting tool can help you create and stick to a budget.
- Unlike Simplii, Tangerine is available to account holders in Quebec.
Cons
- While Simplii issues unlimited complimentary personalized cheques, Tangerine only offers the first 50 for free. You’ll pay $50 for each additional chequebook.
- You’ll pay $45 in non-sufficient funds fees and $5 if you overdraw your account.
- While account holders have free access to Scotiabank ATMs, there’s a charge of between $1.50 and $3 to use other bank machines.
Motive Chequing Account
At a glance: This online-only bank touts itself for its simple but effective suite of products. The Motive Chequing Account grabs accolades in this category for its free, unlimited transactions and no daily banking fees, a strong interest rate on deposits, and access to more than 3,600 ATMs on the Exchange Network—all accessible with a physical debit card with no monthly fee. Sending Interac e-Transfers will set you back $1 each, although receiving them is free.
Motive Chequing Account
- Monthly fee: None
- Welcome offer: No welcome offer at this time
- Interac e-Transfers: $1 each to send; free to receive
- Extras: 50 cheques; free withdrawals from the Exchange Network’s surcharge-free ATMs
- Service charges: $1.50 for withdrawals from non-Exchange Network ATMs
Pros
- The 0.15% interest rate is higher than that of most other banks on this list, and you don’t need a minimum balance to receive it.
Cons
- There’s a $1 fee to send Interac e-transfers.
- There’s a fee for inactivity of $20 for two years.
- Not available to residents of Quebec.
motusbank No-Fee Chequing Account
At a glance: Owned and operated by Meridian Credit Union, motusbank doesn’t have any brick-and-mortar locations. The no-fee account includes unlimited transactions and Interac e-Transfers, 25 free cheques, and an interest rate of 0.15%. With motusbank, you’ll get only 25 free cheques, but sending money by Interac e-Transfer is free, so how you prefer to pay will factor into your choice. For those who want to do their day-to-day banking through a credit union, the motusbank No-Fee Chequing Account is an excellent choice.
motusbank No-Fee Chequing Account
- Monthly fee: $0
- Welcome offer: No welcome offer at this time
- Interac e-Transfers: Unlimited
- Extras: Mobile cheque deposits; Apple and Android mobile apps
- Service charges: $30 for an inactive account
Pros
- Offers the same 0.15% high interest rate as Motive.
Cons
- You only receive 25 free paper cheques. The next book of 25 costs $40.56 plus tax.
- There’s a $30 inactive account fee.
Best chequing account from a Big Six bank
At a glance: If you’re looking to bundle up on services to get a better deal, check out the Scotiabank Ultimate Package. The biggest advantage of this account is that you can receive an annual fee waiver of up to $150 on select credit cards from Scotiabank, like the Scotiabank Gold American Express or Scotiabank Momentum Visa Infinite. The Scene+ points you earn on everyday expenses and purchases at Cineplex are good, too. Or, you might like the unlimited free global non-Scotiabank ABM withdrawals, the free safety deposit box, the 10 free equity trades at Scotia iTrade in your first year or the interest rate boost on your Momentum Plus Savings Account. You get the idea: This is a valuable bundle with perks that easily pay off the fees of $30.95 per month.
Scotiabank Ultimate Package
- Monthly fee: $0 or $30.95 (monthly fees waived by maintaining at least $5,000 in your account)
- Welcome offer: Earn up to $800 when you open an account. Conditions apply. Offer ends March 1, 2025.
- Interac e-Transfers: Unlimited
- Rewards: Earn 1 Scene+ point for every $5 spent on everyday purchases and 1 Scene+ point for every $1 spent at Cineplex.
- Extras: Up to $150 ongoing annual fee waiver on select Scotia credit cards; 10 free equity trades at Scotia iTrade in the first year, free access to a safety deposit box; and earn 1 Scene+ point per $5 spent on everyday purchases and 1 point per $1 spent at Cineplex.
- Service charges: Some, including $2.25 for paper statement
Pros
- If you can maintain $5,000 in your account, you’ll get a premium account with perks for free.
- The account includes 10 free Scotia iTrade transactions in the first year.
Cons
- The $5,000 threshold for an account waiver is a lot to hold in a low-interest chequing account, and the regular account fee is significant.
- There are charges for some services, such as $2.25 per paper statement.
- Out-of-network ATM use will incur charges.
Best chequing account for newcomers
At a glance: The newcomers package by the National Bank of Canada is designed to help those who just moved to Canada set themselves up financially, while also offering broader support services. The offer is available to newcomers for up to five years after their arrival, and it includes zero account fees for up to three years. The account comes with unlimited Interac e-Transfer and digital transactions. With this package, newcomers can apply for a National Bank Mastercard without having a Canadian credit history, so they can start building their credit score right away. And, account holders get one year of free access to National Bank’s Assistance for Newcomers support telephone line, so they can get answers to questions related to immigration, housing, finances, legal issues and other aspects related to life in Canada.
The Chequing Account For Newcomers to Canada
- Monthly fee: $0 for up to three years ($15.95 thereafter)
- Welcome offer: Until February 4th, 2025, earn $100 cash back when opening an account. Conditions apply.
- Interac e-Transfers: Unlimited
- Extras: Assistance to Newcomers line; mobile cheque deposit; eligibility for a National Bank Mastercard without having a Canadian credit history
- Service charges: In-branch transactions and paper statements ($2.50/month/account)
Pros
- The Assistance to Newcomers Line provides information on broad topics including housing and legal issues.
- The ability to apply for a National Bank Mastercard without a credit check helps newcomers overcome the challenge of having no local credit history.
Cons
- Account holders have to sign up for a credit card, online bank statements, and payroll deposit in the second year in order to keep receiving the account free. Without signing up, you will receive a discount on the monthly fee.
- In-person assistance costs extra.
- International money transfers are $5.95 each.
How we determine the best chequing accounts
The MoneySense editorial team selects the best chequing accounts by assessing the value they provide to Canadians across various categories. Our evaluation is based on an extensive list of account details and features, including fees, service charges, number of transactions and cheques, ATM access and welcome offers. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
How to use a chequing account
Most Canadians open up a savings account when they’re young, to stash away allowances and birthday money. As they get older, however, banking needs change and they require something that allows them to move money in and out of their account easily. Often savings accounts will have higher interest rates and fewer free transactions while chequing accounts accrue less interest but have more free transactions, allowing them to use their chequing account as the main hub of activity for finances.
For your chequing account, you may choose to have one that allows recurring payments, such as phone and utility bills, to come out of your account. You may also want to have repeat deposits, such as payroll and GST rebates, set up to go into your account. When you look at your monthly cash withdrawals from ATMs, Interac e-Transfers and cheque deposits, the transactions can really add up, hence why having a large number of free transactions (or unlimited transactions) can be advantageous. Most people have at least two accounts (say, a savings and a chequing account), so they can reap the rewards of high interest as well as flexibility with multiple transactions.
How to choose the right chequing account
Given that nearly Canadian needs a chequing account, regardless of income level and financial goals, financial institutions offer a huge range of options. Different people use their accounts in different ways, so it’s important to consider what your individual needs are. If you will never write cheques, for example, then you shouldn’t pay monthly service fees on an account that includes them. We’ve broken down the various aspects you should consider before signing up for an account.
Fees
- Banks have traditionally charged monthly service fees for chequing accounts. Higher fee accounts generally include more features, while lower-fee accounts offer those same services on a pay-per-use basis. With the advent of online-only banking services that don’t have to cover the costs of operating physical branches, some banks pass on those savings by offering no-fee chequing accounts. Many of these no-fee accounts even come with great features like unlimited transactions. If you don’t need to do your banking in person, these options are worth looking into.
Features
- Interac e-Transfers allow you to send money easily to anyone with an email address or cell number. Some chequing accounts provide these transfers for free; others allow you to receive them for free, but charge a fee to send them.
- Transactions generally include debit purchases, deposits, withdrawals, bill payments and transfers. You’ll want to consider whether there are charges for transactions after you’ve made a certain number per month.
- Some banks may offer loyalty debit cards that accrue rewards for programs like Scene+, Air Miles or PC Optimum.
Accessibility
- Banks with more ATMs will provide easier access to cash withdrawals or ATM transactions. Note that using ATMs outside your own bank’s network usually results in additional fees.
- Branch access may be important for people who prefer to conduct banking in person or need assistance with transactions.
- Access to foreign currency may be important to newcomers, frequent travellers or those who do business abroad. Some banks also provide foreign currency or borderless accounts, which offer favourable exchange rates.
Promotions
- Student accounts are usually no-fee accounts with no transaction limits.
- Seniors can often qualify for discounts on existing accounts or low-fee senior accounts.
- Small-business owners can find business accounts that cater to their needs.
- Banks are always looking to lure new customers. Look for cash signing bonuses or giveaways such as TVs or iPads.
Types of chequing accounts
There’s a wide range of chequing accounts, each with their own features. Here we look at some of the most common ones.
A personal chequing account is held by one person. This is likely the most common kind of chequing account. You can have any variety of personal chequing account, such as online only, hybrid, student, no-fee etc. Its features will depend on your bank and the package you choose.
An online-only chequing account doesn’t offer any in-person services. The major benefit is that since the providers save on overhead, they can offer their accounts with low or no fees. As technology has evolved you will likely find an online-only account can easily meet your needs. You can deposit a paper cheque through your phone app, take out cash through an ATM (for example, Simplii customers have access to CIBC’s ATM network, and Tangerine’s customers can use Scotiabank machines), sign up for direct deposit with your employer and pay bills with a few clicks of a button.
A hybrid account is an option at some newer financial institutions. It combines elements of a savings account and a chequing account. Hybrid accounts usually pay high interest compared to chequing accounts, while also allowing you to complete daily transactions. They are a great option if you are trying to simplify your life, as long as you are disciplined enough to not spend the “savings” portion of your money. Depending on the account, you may also only have limited access to ATMs and cash withdrawals.
Joint chequing accounts are held by two or more people, who each have full access to the account and its privileges. Typically held between spouses, or a parent and child, these accounts are great when you are trying to combine funds or pay household bills. You can hold both a personal and a joint chequing account.
A student chequing account is an option at some banks. Students receive a discount on account fees as long as they are enrolled in a post-secondary institution. Some banks offer promotions like cash or gift cards to encourage students to open an account, as they know many Canadians stick with the same banks or financial institutions throughout their lives.
Some banks have started offering accounts designed specifically for newcomers to Canada. These accounts often offer reduced fees for a limited time, provide services in a variety of languages, and boast some free high-value perks, such as international wire transfers. Like with student accounts, you will often receive a promotional offer for opening this kind of account.
Many Canadians earn income in U.S. currency, live in the U.S. for part of the year, invest in American stocks or like to do cross-border shopping. Having a USD account makes all these options much easier. Many financial institutions offer USD chequing accounts where you can withdraw and deposit U.S. dollars.
Canada used to have limited competition for banks, which meant consumers paid high prices in monthly fees—and many still do. But now there are plenty of no-fee or low-fee chequing account options, some of which give you unlimited transactions without a monthly fee; others come with certain restrictions, such as fewer monthly transactions. No-fee chequing accounts are often offered by online-only banks, so if you’re comfortable receiving service over phone or chat, you could save hundreds of dollars per year.
How to close a chequing account
Closing a chequing account is simple. But before you do that, it’s best practice to open a new chequing account. First, transfer any funds in your old chequing account, or set up an online link between the accounts. You can also get your old bank to transfer your balance to another institution but they may charge a fee.
Next, set up all your pre-authorized deposits and withdrawals, including government benefits, employment paycheques or mortgage payments. The last thing you want is to be dinged with an exorbitant non-sufficient funds (NSF) fee or miss out on wages.
Finally, contact your bank, either by phone or in-person at a local branch, and inform them that you want to close the account. It should only take a few minutes to do.
Chequing vs. savings vs. hybrid accounts
A chequing account is meant for transactions, while a savings account is meant for accumulating funds. With a chequing account you can pay bills, accept deposits, withdraw cash or make purchases with your debit card. You rarely earn interest with a chequing account.
In contrast, a savings account is meant for stashing away money to pay for short or long-term goals, such as a car, vacation or a down payment. You always earn interest in a savings account—though the interest rate can be modest, depending on the account.
Some newer Canadian financial institutions now offer a hybrid account, which give you both the transactional features of a chequing account with the high interest of a savings account.
| Chequing | Savings | Hybrid |
|---|---|---|
| May charge a monthly fee | Often free | Often free |
| Rarely pays interest | Pays interest | Pays interest |
| Multiple features available like bill payments, automated transfers, e-Transfers, deposits and withdrawals, debit card purchases, cash withdrawals | Limited features, usually just transfers to and from a chequing account, debit card purchases and cash withdrawal | Features of a chequing account and savings account |
| Designed for daily transactions | Designed to accumulate funds | Designed for both transactions and accumulation |
Frequently asked questions
Some chequing accounts do earn interest, especially at online banks and credit unions. It’s rare, however, and the interest rate is almost always lower than that of a savings account.
Yes, you likely need a chequing account, both to earn money and pay bills. Most landlords and mortgage lenders don’t accept cash, so you would need a chequing account to pay for housing. And legitimate employers and the Canada Revenue Agency (CRA) will either write a cheque or do a direct deposit into your chequing account to pay wages or distribute government benefits.
Read more about banking:
- The best high-interest savings accounts in Canada
- The best savings accounts in Canada
- Is your chequing account working hard enough?
- Video: Why open a high-interest savings account?
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