What is the best free chequing account in Canada?

The best free chequing accounts in Canada in 2026 are Simplii Financial's No-Fee Chequing Account and Tangerine's No-Fee Daily Chequing Account. Both offer $0 monthly fee, unlimited transactions, free Interac e-Transfers, and free access to large ATM networks (CIBC and Scotiabank respectively). EQ Bank also offers a no-fee account with ATM fee reimbursement.

How much does a chequing account cost at a Big 5 bank?

Big 5 chequing account monthly fees range from $4–$30 in 2026. Basic plans (limited transactions) run $4–$10/month. Mid-tier plans run $11–$16/month with 25–unlimited transactions. Premium plans run $25–$30/month with perks. Most Big 5 banks waive fees if you maintain a $2,000–$6,000 minimum daily balance.

Can newcomers to Canada open a chequing account?

Yes. All major Canadian banks offer newcomer banking packages. RBC, TD, CIBC, Scotiabank, and BMO have dedicated newcomer plans, often with free chequing for 6–12 months and no credit history required. Tangerine and Simplii can often be opened online with valid government ID, making them accessible to newcomers as well.

What is the difference between a chequing account and a savings account?

A chequing account is designed for everyday spending: unlimited transactions, debit card access, e-Transfers, and bill payments, usually with little to no interest. A savings account is designed for storing money and earns higher interest (0.50%–5%+), but often limits withdrawals or charges for excess transactions. Most Canadians use both together.

Do Canadian chequing accounts pay interest?

Most Canadian chequing accounts pay little to no interest — typically 0.00%–0.01% on daily balances. EQ Bank's personal account functions as a combined chequing-savings account and pays a competitive everyday rate (currently around 2.50%+). For meaningful interest, pair a no-fee chequing account with a HISA or TFSA savings account.

Best Chequing Accounts Canada 2026 — Free and Low-Fee Options Compared

Canada’s best no-fee chequing accounts in 2026 are Simplii Financial and Tangerine — both offer $0 monthly fees, unlimited transactions, and free e-Transfers. Big 5 banks charge $4–$30/month but waive fees with a minimum balance.

Best Chequing Accounts Canada 2026

Bank	Monthly Fee	Waiver Threshold	Free e-Transfers	Free ATMs
Simplii	$0	N/A	✓ Unlimited	CIBC ~3,400
Tangerine	$0	N/A	✓ Unlimited	Scotia ~3,500
EQ Bank	$0	N/A	✓ Unlimited	All Interac
RBC Signature	$16.95	$4,000	✓ Unlimited	RBC 4,400+
TD Unlimited	$16.95	$4,000	✓ Unlimited	TD 2,700+
Scotiabank Preferred	$16.95	$4,000	✓ Unlimited	Scotia 3,500
CIBC Smart	$16.95	$4,000	✓ Unlimited	CIBC 3,400
BMO Performance	$15.95	$4,000	✓ Unlimited	BMO 2,800+

Always verify current fees directly with each bank.

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Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

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