Background pattern

Compare Chequing Accounts in Canada and Find the Best Accounts for You

Find the best chequing accounts in Canada for your daily banking needs. Compare fees, features, and benefits to choose the perfect account.

Chequing Accounts
Trustpilot
Trustpilot

Published Apr 17, 2026

Fact Checked
Profile picture
Written By
Sara Skodak
Lead Writer
abid headshot photo
Edited By
Abid Salahi
Co-founder
Kevin Shahnazari
Reviewed By
Kevin Shahnazari
Co-founder

Above, we've broken down plenty of chequing accounts available to Canadians, as well as how they stack up against each other. Below, we've compiled a list of the top accounts from this page, showcasing key aspects that make them standout. Notable features include no fees, interest on balance, reward opportunities, and intro offers.


From Our Editors: The Full List of Best Chequing Accounts in Canada


The EQ Personal account offers several enticing features. For starters, account holders avoid monthly fees, minimum balance requirements, and foreign transaction fees. They also receive unlimited free transactions, including e-transfers, bill payments, and EFTs. The best part? Earn a high interest on your balance, that's 6x higher than the average savings account, morphing this valuable contender into a chequing and savings account hybrid. Card purchases also earn a small cash back, incentivizing spending even further. The account is complete with fully online banking, a strong mobile app, and CDIC protection.


Verdict: The EQ Personal Account is ideal for no fees, unlimited transactions, and high interest digital banking.


The Wealthsimple Chequing account welcomes account holders with a decent sign up bonus as soon as they fund their balance with at least $1. That balance can also earn up a high interest when you set up eligible direct deposits, otherwise rates start at a lower rate. The account also avoids monthly fees, minimums, overdraft penalties, foreign transaction and ATM fees. Third-party ATM fees are reimbursed, while transactions like e-Transfers, bill payments, and debits are also complimentary and unlimited. Whether you want to set aside money for a trip, renovations, or an emergency fund, you're also allowed up to eight individual and eight joint accounts to disperse and organize finances.


Verdict: The Wealthsimple Chequing account is best for those who set up eligible direct deposits to maximize interest, whilst avoiding tons of fees.


With the Scotiabank StartRight Program, newcomers, international students, and foreign workers can earn impressive first year value. To waive the monthly fee, account holders can simply open a Preferred Package. Transactions are unlimited and free, but expect ATM fees outside of the Scotiabank network. Debit and credit cards allow you to earn rewards on everyday purchases, plus you can leverage your credit history from home and apply for a higher credit limit on your Scotia credit card with Nova Credit.


Verdict: Designed for those new to, studying or working in Canada, with high first-year potential.


When you switch your payroll deposits to a no-fee Tangerine Chequing Account for 2 consecutive months, you'll receive a generous intro offer. This welcome bonus is accompanied by no monthly fees, no minimum balance, free Interac e-Transfers, and an unlimited number of daily transactions.


Verdict: The Tangerine No Fee Chequing Account is an affordable option that rewards you right away for depositing your paycheque.


The BMO Performance Chequing account comes with a welcome cash bonus for opening and funding the account, setting up a recurring direct deposit, opening and funding a Savings Amplifier Account, and for applying for 1 Goal and 1 Strategy in the My Financial Progress Plan. The account has an annual fee, but it's waived if you keep a specified balance. You can also have the whole family banking under one monthly fee with the BMO Family Bundle. Want to apply for a credit card? Account holders receive a rebate on the annual fee for eligible BMO credit cards. This account also sports unlimited transactions and no-fee Global Money Transfers to up to 50 countries.


Verdict: While the BMO Performance Chequing account comes with a monthly fee, there are ways to eliminate or maximize it, either by keeping a minimum balance or taking advantage of the BMO Family Bundle.


If the opportunity to put a brand new Apple Watch on your wrist doesn't tempt you, the RBC VIP Banking Account's unlimited transactions, no minimums, and no monthly fee for up to two additional Canadian and one USD account will. While the initial account comes with a cost, you can rebate the fee with the Value Program Rebate or the Seniors Rebate. Additional perks include Avion points on everyday purchases, free cross-border debits, free e-Transfers, and a refund of up to 3 months of monthly fees if you're not satisfied within the first 4 months or membership. Plus, save on fuel when you link your RBC Card to a Petro-Points account.


Verdict: This account caters to Avion collectors, additional account holders, and cautious committers who take comfort in a money-back guarantee.


This no-fee contender comes with a commendable welcome bonus of extra cash and a Skip gift card. Top features include unlimited transactions, no minimum balance, free access to over 3,400 CIBC ATMs across Canada, and interest earned on every dollar.


Verdict: The Simplii Financial No Fee Chequing Account is recognized for free daily banking, incentivized by a generous welcome bonus.


The Scotiabank Ultimate Package Chequing account is the most premium banking package offered by Scotiabank. The account comes with unlimited debit transactions, no-fee Scotia International Money Transfers, Unlimited Interac e-Transfers, and no Overdraft Protection fee. You can avoid the monthly account fee if you have a Basic Plus Bank Account, hold a balance of $6,000 for the entire month in your Ultimate Package account, or a minimum daily closing Total Relationship Balance of $100,000 for the entire month in your Eligible Accounts (excluding iTrade accounts). Fees can also be waived for up to a year when you set up recurring payments to a new or renewed Scotiabank eligible mortgage. Account holders also earn an additional 0.10% interest on Momentum Savings Account balances, no monthly account fees on a Scotia U.S. Dollar Daily Interest Account, and 10 free equity trades at Scotia iTrade in your first year. In addition to savings at Shell fuel, expect access to the Scene+ Program, plus an ongoing annual fee rebate on select credit cards.


Verdict: For the most comprehensive banking package from Scotiabank, opt for the Scotiabank Ultimate Package Chequing account.


Maybe you're interested in banking with Scotiabank, but prefer something with a lower monthly fee. In that case, check out the Scotiabank Preferred Package Chequing Account. This banking package also includes unlimited debit transactions and e-transfers, but requires a small fee for Scotia International Money Transfers. An additional 0.05% interest is tacked on to your Momentum Savings Account, plus account holders receive preferred rates on select GICs, 20 free trades (stock or ETF) on the mobile app in your first year, and, of course, access to the Scene+ program.


Verdict: Even though the Scotiabank Preferred Package Chequing Account provides less perks than the Ultimate package alternative, it offers a more affordable way to tap into the Scene+ program and Scotiabank landscape.


The RBC Advantage Banking Account for Students caters to those still in school. For no annual fee, full-time students are initially drawn in by the account's lucrative and charitable intro offer. This welcome bonus is backed by unlimited transactions, free e-Transfers in Canada, credit card rebates, Avion points on debit purchases, and complimentary International Money Transfers.


Verdict: The RBC Advantage Banking Account for Students is admired for its affordability and flexibility for full-time students who are just starting to build a foundation for their finances.


Canadian Chequing Account Requirements


As per information pulled from the Government of Canada official website, to apply for a chequing account in Canada, you must provide the following documentation:


  • one document indicating your name and address
  • another document indicating your name and date of birth

These identification documents must be original, not photocopies. Acceptable forms include:


  • identification issued by the Government of Canada or the government of a province
  • recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality
  • recent statements of benefits from the Government of Canada or the government of a province
  • recent Canadian public utility bills
  • recent bank account or credit card statements
  • foreign passports

You can also provide any document from a reliable source that includes your name and date of birth. However, your identity must be confirmed by either a customer in good standing with the bank or someone in good standing within the community in which you are opening the chequing account.


How to Choose the Right Bank in Canada


Before you choose a Canadian bank, you'll want to consider which type of account you want to open. In this case, if you're opening a chequing account, you may want to go with a digital bank rather than a big bank, especially if you're interested in collecting some interest on your balance.


That said, many digital banks don't provide in-person service. If physically visiting your bank is important to you, you'll want to stick with a big bank.


Regardless, be sure to review the fees, features, and perks of each bank's products before submitting an application.


How to Select the Right Chequing Account in Canada


Selecting the right chequing account in Canada for you depends heavily on your financial habits and needs. For example, if you're tight on cash, you'd of course want to consider a no-fee account. If you intend on transferring money internationally and often, you'd perhaps like to pick an account with no-fee international money transfers. Those who wish to passively grow their money will also appreciate the convenience of chequing accounts that earn interest on your balance.


What to Look for in a Canadian Chequing Account


Some chequing accounts incentivize applicants with sign up or transfer bonuses, gift cards, and products. While these intro offers give account holders a generous head start, it's important that you ensure the account still benefits you beyond the promotion.


Budget-conscious account holders should also be a on the look out for fee-free or relatively low-fee chequing accounts. The most obvious upfront fees are monthly account fees, but there are also many hidden fees like transaction fees, ATM fees, non sufficient funds fees, and more.


A tempting all-time benefit that some digital banks offer is interest on your balance, effectively growing the money you keep stored in your account. While chequing account interest rates aren't generally as high as savings accounts, they still provide a passive way to increase your wealth, even slightly.


With a Canadian chequing account, accessing money and banking assistance should be easy. With this in mind, you'll want to ensure your bank has accessible in-network ATMs, low or no-fee transactions, and, in some cases, in-person support. If in-person support isn't available, make sure you review the institution's customer service according to current clients.


There are many banks that provide extra features like:

  • Mobile cheque deposit
  • Real-time alerts for transactions, balance status, and suspicious activity
  • Spending insights
  • Budgeting tools
  • Scheduled payments
  • Card controls (think locking your card)
  • Credit score tracking and more

While these features may seem secondary, they can make everyday banking a breeze.


What to Watch out for in a Chequing Account


There are various potential fees packed inside Canadian chequing accounts, some more apparent than others:

Type of Fee

Details

Monthly account (maintenance) fees

  • A flat monthly fee for having the account
  • May have tiered options that offer additional perks for a higher cost
  • Some account fees are waived if you keep a minimum balance in your account

Transaction fees

  • Debit purchases
  • Bill payments
  • e-Transfers
  • Transfers between accounts

ATM fees

When you use an ATM from another institution, you may be charged:

  • Your bank's fee
  • The ATM operator's fee

NSF (non-sufficient funds fees)

A fee incurred when a payment is trying to be pulled from your account but you don't have enough money to cover the cost

Overdraft fees

If your account goes negative and you have overdraft protection, the bank may charge:

  • a flat overdraft fee
  • interest on the negative balance

Read More: What is an Overdraft Fee in Canada?

Special service fees

Learn More: Different Types of Bank Fees in Canada


To avoid monthly fees altogether, some banks require you to keep a minimum balance in your account. This is common of big banks in Canada, most mandating that you maintain the minimum amount in your account at the end of each day.


Chequing accounts are supposed to promote seamless banking and transactions. This means that money and support should always be extremely accessible. Some factors that might threaten accessibility is how accessible your bank's in-network ATMs are, since withdrawing money from ATMs outside of your network can be costly and inconvenient. Account holders may also experience transaction limits, dictating the amount of free transactions available per month. Additionally, some digital banks are inaccessible in-person.


While collecting interest on your chequing account balance sounds exciting, note that your earning can be taxed in Canada. Any interest earned on a regular, non-registered chequing account is deemed taxable income by the CRA. That said, since earned interest rat on chequing account balances are typically very low, the tax owed is often insignificant.

Read More: Will I get taxed on my bank interest in Canada?


Current Chequing Account Interest Rates in Canada


Overall, Canadian chequing account interest rates sit rather low, especially at big banks who often avoid accumulating interest on balance altogether. In fact, to extract any kind of interest with a big bank, you'll need to open a savings account as well, which occasionally pocket notable promotional rates. Ultimately, for the best possible interest on your chequing account balance, choose a digital bank instead.


Chequing Accounts vs Savings Accounts in Canada


Chequing accounts are generally best for the ease of use and flow of your cash, whereas savings accounts are places in which you stash your money so that it may grow overtime, especially with a high-interest savings account. Essentially, you would use a chequing account for everyday spending and a savings account to build wealth or anticipate the unexpected (think emergency fund).


To learn more about the difference between these two account types, check out our previous post on Savings vs Chequing Accounts in Canada.


Pros and Cons of Chequing Accounts in Canada


In this section, we've gone ahead and highlighted some of the pros and cons of chequing accounts in Canada.

Pros ✅

Cons ❌

  • Essential for everyday life: Most employees require a chequing account for direct deposit. Likewise, many landlords or utility companies require them for pre-authorized payments or e-Transfers.
  • Easy access: Whether it be through a mobile app, in-network ATM, or in-person support, chequing accounts were created for seamless transactions and hassle-free banking.
  • Sign-up incentives: Some chequing accounts provide extra cash, products, or services simply for signing up, funding your account, or opening an accompanying account or credit card.
  • Interest earned on balance: There are a handful of digital banks that provide some interest on you balance, blurring the line between a savings and chequing account.
  • Monthly fee waivers: Some accounts waive the monthly account fee if you maintain a minimum balance.
  • Fee-free transactions: The best chequing accounts boast affordable or no-fee transactions so you can withdraw, transfer, and send money without a second thought.
  • Security: Most Canadian banks are backed by the Canada Deposit Insurance Corporation (CDIC). The CDIC protects your money if you bank goes out of business.
  • Lower interest rates: Compared to savings accounts, Canadian chequing accounts tend to earn lower interest on balance than savings accounts
  • High fees: Some accounts have high monthly or feature fees (maintenance, overdraft, out-of-network ATM, foreign transaction etc.) Read More: How to Save on Chequing Account Fees in Canada
  • Hidden taxes: Interest earned on balance is consider taxable income by the CRA, although the amount you owe is typically quite low.
  • Minimum Balances: To waive the monthly account fee, some banks will require that you keep a minimum balance, some of these balances are quite high and challenging to maintain.
  • Transaction limits: Some basic accounts limit how many complimentary transactions you can make per month. Once you hit that threshold, you'll be charged a fee for each transaction that follows.
  • Limited branch access: Digital banks tend to operate solely online. If you open an account with a digital bank, you'll likely have to forfeit in-person banking and rely on online customer service.
  • Limited ATM access: Some banks may have limited in-network ATMs in your area. When you withdraw money from an out-of-network ATM, you often have to pay extra.

Opening Multiple Chequing Accounts in Canada


Whether or not you have more than one chequing account is entirely up to you. There is no federal rule on how many chequing accounts you can open in Canada. You might consider having multiple chequing accounts for the following reasons:

  • organizing specific expenses
  • separating business vs personal banking
  • adding a joint account
  • accessing foreign currency
  • or to take advantage of banking promotions

Read More: How Many Chequing Accounts Can I Have in Canada?


Chequing Account Alternatives in Canada


Some common alternatives to chequing accounts are:

  • Savings accounts. Best for earning interest on your money, but less flexible.
  • Prepaid debit cards. Allow you to load money onto the card before spending it. Avoids threat of overdraft and debt, but can have fees.
  • Lines of credit. Can be used like a bank account to deposit, withdraw or pay bills, but it's easy to overspend and accumulate debt on what you've borrowed.
  • Cash-based budgeting. Less common these days and a bit impractical. Relies on withdrawing money from physical envelopes or organized binders to cover bills, groceries, or rent.

How we Rate Chequing Accounts in Canada


At FinlyWealth, our editorial team rates chequing accounts based on their objective performance, potential value, and how they compare against other chequing accounts in Canada. Our scoring methodology considers account fees, interest rates, product features, and terms that impact our users.

Frequently Asked Questions

A chequing account is a standard bank account for everyday money transactions. Some accounts have monthly fees and minimum balance requirements, but others are relatively fee-free and boast perks like earned interest, sign-up offers, and rewards.

Yes, you can absolutely earn interest on certain chequing account balances. That said, the interest you earn on your chequing account balance is typically much lower than the interest you could be earning on a savings account balance, especially when you open a high-interest savings account.

It depends. In certain areas, digital bank chequing accounts are more valuable than big bank accounts, specifically when it comes to lower account fees and interest earned on balance. However, digital bank accounts have drawbacks too. For example, they're less likely to provide in-person branch access.


Find out More: Online vs Traditional Banks in Canada: Which is best?

Sometimes, the amount of money you keep in a chequing account is guided by a minimum balance requirement. For example, to waive your account's monthly fee, you may need to have at least $5,000 in your chequing account at all times. Generally, you may also want to keep a buffer of about 1-2 months of essential expenses.

Yes. Most Canadian banks are covered by the Canada Deposit Insurance Corporation (CDIC). The CDIC protects your money if you bank goes out of business.