Compare the top chequing accounts in Canada to find the perfect fit for your everyday banking needs
If you want to manage your chequing account much more effectively, having the right chequing account can make all the difference. But with so many banks and credit unions offering similar services, it can be hard to know where to start.
That’s why we’ve rounded up the top chequing account options available right now, so no matter your situation, there is an option for you.
In today’s article, we’re going to highlight some of the best chequing accounts in Canada, including benefits, so you can make an informed decision. Let’s get to it!
When choosing the best chequing account, it really depends on what matters most to you, but there are a few key things to look for. The first thing you’ll want to look for is low or no monthly fees. Why pay just to access your own money? If the fees are low or non-existent, that’s more money in your pocket.
You should also check how many free transactions you get each month. Some accounts cap your usage, and those fees can add up quickly. You’ll also want an account that plays nice with tech. For example, an account that offers the ability to use mobile cheque deposits, intuitive apps, and e-transfer capabilities. Most accounts nowadays offer this, but it’s always good to double-check before you officially sign up for an account.
Bonuses like cash-back offers or interest on your balance can also “sweeten the deal” in a way, but they aren’t extremely important overall.
These are just some of the many features to be on the hunt for, but we’ll go over more qualities down below.
Are you tired of monthly bank fees? You’re not alone. Some of the best no-fee chequing accounts in Canada offer all the essentials, such as direct deposit, unlimited transactions, Interac e-Transfers, and more, without costing you a dime.
Some of these include digital banks like Tangerine, Simplii Financial, and EQ Bank, which offer no-fee banking with certain perks like cashback, high-interest savings integration, and free bill payments. Even KOHO and Neo Financial step up with hybrid chequing-style prepaid accounts that include budgeting tools and credit-building options.
You should note that banks like Simplii Financial don’t have a customer service team available 24/7, so if you have a problem with your account, it may not be as easy to get the help you need, and you may not have access to as many as the perks you’d have if you were with TD for example.
But if you’re set on a no-fee account, switching to a no-fee option could save you hundreds each year. Most of these accounts can be opened online in minutes, so no need to step into a branch. All you’ll need to do is verify your ID and set up your direct deposit or bill payments, and you’re good to go.
Finding the right chequing account can feel like a nightmare, especially if you’re a student trying to save on fees, a senior looking for convenience, or a newcomer just getting set up in Canada. But it may not be as difficult as you think. Some banks offer specific chequing accounts tailored to your circumstances.
With most banks, students usually get no-fee accounts with unlimited transactions, perfect if you’re juggling tuition, part-time work, and daily spending. Some even throw in perks like free Interac e-transfers, overdraft protection, or discounts on credit cards. It’s worth asking about student-specific offers when you visit the branch. Banks know students are future long-term customers, so they’re often more flexible. It’s also a good idea to manage your money through a good chequing account early on so you can build smart financial habits for the future.
Seniors can benefit from low or no-fee accounts, too, and are offered on occasion. This often comes with added perks like free paper statements or discounts on safety deposit boxes. Some banks also include unlimited transactions, free cheques, or even better interest rates on savings linked to the account. It’s always a good idea to mention your age when signing up because many of these perks aren’t advertised front and center. Banks value long-standing relationships, and these accounts are a great way to reduce fees while keeping your day-to-day banking simple.
Newcomers to Canada often have access to specialized banking packages designed to make settling in easier. A newcomer has many options when it comes to chequing accounts, and usually comes with no monthly fees for the first year, unlimited transactions, and sometimes even perks like free international money transfers or help with building credit. Some banks also throw in bonuses like gift cards or cash offers just for signing up. It’s worth shopping around and asking questions, though.
Looking for the right chequing account? We got you! Now that we’ve identified a few options and what you might be looking for, let’s take a look at 5 of the best chequing accounts in Canada.
Simplii’s Financial No Fee Chequing Account is a great option for anyone looking to keep their banking simple and affordable. It offers unlimited transactions, free Interac e-Transfers, and no monthly fees, so it’s perfect for students, newcomers, or anyone tired of hidden charges. Since Simplii is owned by CIBC, you also get access to over 3,400 CIBC ATMs across Canada without extra charges. There’s no minimum balance requirement, so you don’t have to worry about penalties.
The TD Student Chequing Account is a good choice if you’re in school and need a reliable place to manage your money. It comes with no monthly fee as long as you’re a full-time student, and you get 25 free transactions per month, which is usually enough if you’re just covering everyday spending. You get unlimited Interac e-Transfers, which is super handy for splitting rent or paying friends back. TD also has one of the largest branch and ATM networks in Canada, so in-person help is easy to find if needed.
BMO’s NewStart Program is an excellent option for newcomers to Canada who want to hit the ground running with their finances. It offers a no-monthly-fee chequing account for the first year, along with unlimited transactions and free Interac e-Transfers. But what really makes it stand out is how newcomer-friendly it is; you don’t need a credit history to open an account, and BMO offers help with getting your first credit card and even a mortgage down the line. You’ll also get access to support in multiple languages.
The Scotiabank Basic Plus Bank Account is a solid choice for seniors who need a simple, reliable account without too many “bells and whistles,” for example. It offers 25 free transactions a month and unlimited Interac e-Transfers, which is perfect for day-to-day banking. Also, seniors aged 60 and up can qualify for a monthly fee discount, making it even more budget-friendly. What makes it appealing is the balance between cost and convenience. You get what you need without paying for features you don’t use.
The TD Unlimited Chequing Account is a solid all-around choice if you want a chequing account that does it all. It comes with unlimited transactions, free Interac e-Transfers, and even free ATM access across Canada, which is super handy if you’re always on the go. Sure, there’s a monthly fee, but it’s waived if you keep a minimum balance ($4,000), so it can still be totally free. On top of that, TD’s customer service is top-notch, and their mobile banking app makes managing your money easy.
Finding the best chequing account in Canada isn’t as difficult as you might think, but it’s definitely subjective based on your needs. There are hundreds of chequing accounts available within the country, it’s just about finding one that suits your needs. It’s best to take the time to do your research thoroughly and choose an account that’s best for YOU.
