Most Canadians pay $10–$30 per month for their chequing account — that’s $120–$370 per year for a service that’s available for free. No-fee online banks offer the same features with zero monthly fees.
Quick answer: Simplii Financial and Tangerine are the best no-fee chequing accounts. Both offer unlimited transactions, free e-Transfers, and free ATM access at major bank networks (CIBC and Scotiabank respectively). EQ Bank also offers a solid no-fee chequing alternative.
Best Chequing Accounts Compared
| Account | Monthly Fee | Transactions | e-Transfers | ATM Network | Interest |
|---|---|---|---|---|---|
| Simplii Financial | $0 | Unlimited | Free | CIBC (3,400+) | ~0.01%–0.30% (confirm current tier) |
| Tangerine | $0 | Unlimited | Free | Scotiabank (3,500+) | ~0.01%–0.30% (confirm current tier) |
| EQ Bank Personal Account | $0 | Unlimited | Free | None (digital only) | 1.00% base / up to 2.75% with qualifying direct deposit |
| Neo Financial | $0 | Unlimited | Free | THE EXCHANGE (2,000+) | Confirm current rate |
| Wealthsimple Cash | $0 | Unlimited | Free | None (digital only) | Up to 2.25% (tiered) |
| TD Minimum Chequing | $3.95 | 12/month | $1.50 each | TD (3,000+) | 0% |
| TD All-Inclusive | $30.95 | Unlimited | Free | TD (3,000+) | 0% |
| BMO Performance | $17.95 | Unlimited | Free | BMO (1,200+) | 0% |
| RBC Day to Day | $4.00 | 12/month | $1.50 each | RBC (4,000+) | 0% |
| Scotiabank Basic | $3.95 | 12/month | $1.50 each | Scotiabank (3,500+) | 0% |
Fees confirmed via bank websites and aggregator cross-checks in September 2026.
How Much You Save With a Free Account
| Big 5 Plan | Monthly Fee | Annual Cost | Fee Waiver Minimum |
|---|---|---|---|
| TD All-Inclusive | $30.95 | $371/year | $6,000 balance |
| BMO Premium Plan | $30.95 | $371/year | $6,000 balance |
| RBC Signature No Limit | $16.95 | $203/year | $4,000 balance |
| Scotiabank Preferred | $16.95 | $203/year | $4,000 balance |
| CIBC Smart Plus | $29.95 | $359/year | $6,000 balance |
| Simplii / Tangerine | $0 | $0 | $0 |
Best Chequing Account by Situation
| Situation | Best Account | Why |
|---|---|---|
| Most Canadians | Simplii or Tangerine | Free everything, big ATM network |
| Need branch access | Big 5 (with fee waiver) | Physically going to a bank still needed |
| Want interest on balance | EQ Bank Personal Account or Wealthsimple Cash | Earns interest on everyday balance — confirm current rate |
| Couple / joint account | Tangerine or Simplii | No-fee joint chequing |
| Student (under 25) | Big 5 student account | Usually free until 25 |
| Business use | EQ Bank or Simplii | No-fee with good limits |
| New to Canada | Big 5 newcomer plan | Free for first 1–2 years |
Features Comparison
| Feature | Simplii | Tangerine | EQ Bank | Big 5 (Typical Free) |
|---|---|---|---|---|
| Monthly fee | $0 | $0 | $0 | $4–$30.95 |
| Unlimited transactions | ✓ | ✓ | ✓ | Often limited |
| Free e-Transfers | ✓ | ✓ | ✓ | Often $1.50 |
| Cheques | Free first 50 | Free first order | No cheques | Extra cost |
| Mobile deposit | ✓ | ✓ | ✓ | ✓ |
| Bill payments | ✓ | ✓ | ✓ | ✓ |
| Joint account | ✓ | ✓ | ✓ | ✓ |
| USD account | ✓ | No | ✓ | ✓ |
| Physical branches | No (uses CIBC for ATMs) | No (uses Scotiabank for ATMs) | No | Yes |
Bottom Line
Switch to a free chequing account and save $150–$370/year. Simplii Financial (CIBC ATMs) and Tangerine (Scotiabank ATMs) are the top choices — both offer unlimited free transactions, e-Transfers, and ATM access. There’s no reason to pay for chequing in 2026.
For related guides, see best savings accounts and best GIC rates.
See all Canadian banking guides at Canadian Banking Guides.
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