Many or all of the products on this page may be from partners who compensate us when you click links on this page. This does not influence our editorial assessments. Our opinions are our own.
A chequing account is an all-purpose bank account for everyday expenses. Use it to pay bills, access cash with your debit card, handle day-to-day transactions and manage your money in the short to medium term. The best chequing account makes it easy to tackle most financial tasks — ideally at no monthly cost, with unlimited transactions and free Interac e-Transfers.
- Open by November 2, 2026 and get the new iPad¹. Qualifying criteria and other conditions apply
- Unlimited debit transactions and free Interac e-Transfers in Canada
- Get 6 free bank drafts per year
- Up to $48 off the annual fee of an eligible credit card
- Value program can reduce monthly fee to as a low as $4/month
Best chequing accounts in Canada
Simplii Financial No Fee Chequing Account
Scotiabank Basic Bank Account
TD Bank Every Day Chequing Account
BMO Performance Plan
Verify current offers directly with each bank before applying.
Summary of best chequing accounts
| Best for | Account | Monthly fee |
|---|---|---|
| Best no-fee with welcome bonus | Simplii Financial No Fee Chequing Account | $0 |
| Best low-cost Big 5 account | Scotiabank Basic Bank Account | $3.95 |
| Best account for seniors | TD Bank Every Day Chequing Account | $10.95 |
| Best cash bonus with unlimited transactions | BMO Performance Plan | $17.95 |
Methodology
WealthVieu selects the best chequing accounts based on several criteria. Factors in our evaluation include monthly fees, minimum balance requirements to waive fees, included transactions and e-Transfer limits, ATM network size, savings rates or interest offered, sign-up bonuses, and mobile banking quality. The accounts considered are available to Canadians in more than one province.
Benefits to look for in a chequing account
Chequing accounts are transactional accounts for day-to-day use. Key features are a debit card, ATM access and the ability to transfer money online. We give our highest ratings to chequing accounts with:
No monthly fees. Some chequing accounts waive monthly fees if you maintain a minimum account balance or set up a recurring direct deposit. We favour accounts with balance minimums of $4,000 or less and no-fee accounts that anyone can open.
Unlimited ATM access. The best chequing accounts offer free withdrawals within a large ATM network or reimburse fees when you use ATMs outside their network (EQ Bank does this for all Interac ATMs).
Free Interac e-Transfers. Ideally you get unlimited free electronic transfers. Avoid accounts that limit free e-Transfers to a small number per month or charge per transfer.
A good mobile app. Look for mobile cheque deposit, account alerts, and a clean interface. Check app ratings on the Google Play and Apple App stores.
A sign-up bonus of at least $100. Welcome offers add real value but avoid chasing a bonus if the account comes with a monthly fee you cannot waive — the fee will erode the extra cash over time.
As of March 12, 2026, federally regulated financial institutions must cap non-sufficient funds (NSF) fees at $10 for personal accounts. Even with the new cap, NSF fees can add up. Choose an account with overdraft protection or balance alerts to avoid surprise charges.
Downsides to watch for in chequing accounts
Think twice if a chequing account has:
Unavoidable monthly fees. A fee waiver is only worthwhile if you can realistically maintain the minimum balance or direct deposit requirement every month.
Few in-network ATMs. Out-of-network withdrawals cost you at both ends — the ATM fee and your bank’s own surcharge. Confirm the network covers where you actually bank.
Limited Interac e-Transfers. Some accounts include only a handful of free e-Transfers per month. If you pay rent, split bills, or run a side business, this adds up fast.
Clunky digital tools. An app that lacks mobile deposit, real-time notifications, or basic budgeting features is a meaningful downside for most Canadians who bank primarily online.
No in-person access. Online-only banks offer great rates but no branches. If you regularly deposit cash or need in-person help, a Big 5 or credit union account is worth the fee.
How to find the best chequing account for you
The best chequing accounts charge no monthly fees and let you transact online and at ATMs easily and at no cost. But the right account depends on your situation:
- If you keep a high balance: A Big 5 bank account with a $4,000 fee waiver may cost you nothing while giving you full branch access.
- If you prefer online-only banking: Simplii, EQ Bank, or Tangerine are the strongest no-fee options, each with a large ATM network.
- If you’re a student or newcomer: RBC Advantage Banking for Students and Simplii offer free accounts with no credit history required.
- If you want interest on your chequing balance: EQ Bank (2.75% with direct deposit) and the PC Money Account (2.20%) are the top picks.
- If you chase sign-up bonuses: BMO Performance ($900) and Scotiabank Preferred ($1,000) lead in welcome offers.
Ask yourself these questions before choosing:
- What will my average balance be?
- Do I receive income via direct deposit?
- How often do I use ATMs, and which networks are near me?
- How many e-Transfers do I send per month?
- Do I need in-person branch access?
- What intro offers am I currently eligible for?
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy