Best Chequing Accounts in Canada for 2026
We analyzed Canada’s top chequing accounts based on fees, features, accessibility, and digital capabilities. Here are our top picks, along with a comprehensive comparison tool to help you choose the right account.
Our top selections strike the right balance between cost, transaction flexibility, and digital tools for everyday banking in Canada.
Earn up to $1,000 in value.
Spend, save & invest.
Zero fees. High interest.
Personal Account
High-interest everyday banking with no fees and powerful savings tools
Eligibility
To open an EQ Bank Personal Account, you must:
- Be the person opening the account (accounts cannot be opened on behalf of another individual)
- Be a resident of Canada
- Meet the minimum age requirement for your province or territory†
- Have a valid Social Insurance Number (SIN)
- Present valid government-issued photo ID for identity verification
†Age Requirements: Each province and territory has a minimum age requirement to open an account:
- Minimum Age 18: Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan
- Minimum Age 19: British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon
Features & Benefits
Tools and benefits included with your EQ Bank Personal Account:
- Earn More, Effortlessly: Earn up to 2.75% interest per annum when you set up and maintain qualifying recurring direct deposits of at least $2,000/month. *Rate subject to change. See provider for full terms.
- No Fees: $0 monthly fees with unlimited transactions and no minimum balance
- Interac e-Transfer®: Send and receive unlimited free e-Transfers
- ATM Access: Free withdrawals across Canada with ATM fee reimbursements
- EQ Bank Card: Prepaid Mastercard with cashback and no FX fees
- Bill Payments & Direct Deposit: Pay bills and receive payroll deposits
- Multiple Accounts: Open up to 8 accounts for budgeting and savings goals
- Automation Tools: Set up recurring transfers and savings rules
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | Electronic transactions – No charge |
| Branch / Assisted transactions – Not available | |
| Deposits | Cash deposits – Not available |
| Coin deposits – Not available | |
| Mobile cheque deposits – No charge | |
| Interac e-Transfer | Send – No charge |
| Receive – No charge | |
| Cancellation – No charge | |
| Money Request Fulfillment – No charge | |
| Statements & Extras | E-statements – No charge |
| Paper statements – Not available |
Pros & Cons
Is an ATB Business Self-Serve Account Right for You?
Why It Works for You
- Higher interest than most chequing accounts
- No monthly fees or transaction fees
- Reimburses ATM fees
- No foreign transaction fees
Why It Might Not Work
- No physical branches
- Not a traditional chequing account (more hybrid)
- Limited full banking services (no full credit/lending suite)
- May require direct deposit to unlock best rates
Choose the EQ Bank Personal Account if you want a high-interest, no-fee banking account with unlimited transactions, free Interac e-Transfers, and a simple digital banking experience.
No-fee daily Chequing Account
No-fee everyday banking with flexible tools and cashback perks
Eligibility
To open a Tangering No-fee daily Chequing Account, you must:
- Be a resident of Canada
- Be at least 16 years of age
- Have a valid Social Insurance Number (SIN)
Features & Benefits
Tools and benefits included with your Tangering No-fee daily Chequing Account:
- Welcome Offer: Earn $250 when you set up and maintain qualifying recurring direct deposits for 2 consecutive months in your Tangerine Chequing Account. Offer available to new Tangerine clients only. *Offer subject to change. See provider for full terms.
- No Monthly Fees: $0 account fees with no minimum balance required
- Unlimited Transactions: Free debit purchases, bill payments, and transfers
- Interac e-Transfer®: Send and receive free unlimited e-Transfers
- ATM Access: Free withdrawals at Scotiabank ATMs across Canada and the Global ATM Alliance
- Mobile Banking: Fully digital banking with award-winning app and online tools
- Goal & Savings Accounts: Create multiple savings accounts to organize and track goals
- Direct Deposit & Bill Pay: Easily set up payroll deposits and recurring bill payments
- Security Features: Built-in fraud monitoring and account alerts
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD per category
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – $1.00 each (after 100 included electronic debits and credits) |
| Branch / Assisted – $2.50 per transaction over the plan limit | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $2.50 per 100 deposited | |
| Cheque (ABM/Branch) – $1.00 per item | |
| Statements & Extras | E-statement – No charge |
| Paper statement (Single Account) – $4.00 | |
| Paper statement (Consolidated) – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – $5.00 | |
| Request Money – $1.50 |
Pros & Cons
Is an ATB Business Self-Serve Account Right for You?
Why It Works for You
- No monthly fees
- Backed by Scotiabank
- Good mobile app + user-friendly interface
- Offers full banking products (loans, credit cards, investments)
Why It Might Not Work
- No physical branch access
- Lower interest on chequing balances
- Digital-only support channels
No Fee Chequing Account
Unlimited no-fee banking with free access to CIBC ABMs
Eligibility
To get started with a Simplii Financial No Fee Chequing Account, you must:
- Be a Canadian resident
- Be the age of majority in your province
- Have a valid Social Insurance Number (SIN)
- Provide government-issued ID for verification
- Complete identity verification and approval requirements
Features & Benefits
Tools and benefits included with your Simplii Chequing Account:
- Welcome Offer: Earn $300 + $50 Skip gift card when you set up and maintain qualifying recurring direct deposit of $100+ for 3 consecutive months in your Chequing Account. Offer available to new Simplii clients only. *Offer subject to change. See provider for full terms.
- Access: Clients get free access to the entire CIBC ATM network across Canada
- No Monthly Fees: $0 account fee with no minimum balance required
- Unlimited Transactions: Free debit purchases, bill payments, and withdrawals
- Interac e-Transfer®: Send and receive unlimited free e-Transfers
- Mobile Banking: Full-featured online and mobile banking app for everyday use
- Direct Deposit & Bill Pay: Easily set up payroll deposits and recurring payments
- Paperless Banking: Access e-statements and digital notifications
- Security Features: Built-in fraud protection and account alerts
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD per insured category
Fees & Charges
| Category | Fee / Description |
|---|---|
| Monthly Fee | $3.95 (waived at $1,500 minimum balance) |
| Transactions | $1.25 per transaction after included limit |
| Interac e-Transfer | $1.50 per transfer |
| ATM Withdrawals | Own: $1.25 / Other institutions: $2.00+ |
| Bill Payments | $1.25 per transaction after included limit |
| Debit Purchases | $1.25 per transaction after included limit |
| Overdraft Protection | $4/month + $5 per use (21% interest) |
| Non-Sufficient Funds (NSF) Fee | $48.00 |
| Deposits | Cheque & mobile deposits: Included |
| Statements | Digital: Included / Paper: $4–$5 |
Pros & Cons
Is a Simplii Financial No Fee Chequing Account Right for You?
Why It Works for You
- No monthly fees
- Unlimited free transactions
- Unlimited free Interac e-Transfers
- Access to CIBC ATM network
- Full-service banking features (wires, bill pay, etc.)
Why It Might Not Work
- No physical branch access
- Lower interest on chequing balances
- Digital-only support channels
High-Interest Chequing
Earn high interest on your balance with a seamless investing experience
Eligibility
To open a Wealthsimple Chequing Account, you must:
- Live in Canada as a Canadian citizen or with a valid Canadian visa
- Meet the minimum age requirement for your province or territory†
- Have a valid Social Insurance Number (SIN)
- Have a valid phone number
†Age Requirements: Each province and territory has a minimum age requirement to open an account:
- Minimum Age 18: Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan
- Minimum Age 19: British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon
Features & Benefits
- Client Tiers: This rate applies to Premium clients. Core clients ($1+ in assets) earn 1.50%, while Generation clients ($500K+ in assets) earn up to 2.50%.
- Free Everyday Banking: No monthly fees or minimum balance, with unlimited daily transactions and Interac e-Transfers®
- Free ATM Withdrawals: ATM fees reimbursed across Canada (up to $5 per withdrawal)
- No Foreign Exchange Fees: No FX transaction fees when spending abroad
- Bill Payments & Direct Deposits: Standard banking functions supported for everyday use
- Mobile Cheque Deposit: Easily deposit cheques in the app using your phone’s camera
- Instant Deposits: Get immediate access to funds, up to your personal instant deposit limit
- Wire Transfers (Domestic): Send wire transfers throughout Canada and the U.S. with low, flat-rate fees
- International Transfers via Wise: Enjoy quick, secure, and low-cost international money transfers powered by Wise integration
- Apple Pay® & Google Pay™ Compatible: Fully supports mobile and contactless payments.
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – No charge |
| Branch / Assisted – $2.50 per transaction | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $5 per $100 deposited | |
| Cheque (in-branch) – $0.22 per cheque | |
| Statements & Extras | Electronic statement – No charge |
| Paper statement without images – $4.00 | |
| Paper statement with images – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – No charge | |
| Fulfill Interac Money Request – $1.50 per transaction |
Pros & Cons
Is a Wealthsimple Chequing Account Right for You?
Why It Works for You
- No monthly fees
- Unlimited free transactions
- Unlimited free Interac e-Transfers
- Earn interest on your balance
- Seamless integration with Wealthsimple investing
Why It Might Not Work
- No ability to write or deposit physical paper cheques
- No dedicated ATM network for cash deposits
- Best interest rates require high account balances
- Not ideal for users who need full-service banking
Everyday Growth Account
Spend, save, and earn interest from one account
Eligibility
To open a Haventree Everyday Growth Account, you must:
- Be a Canadian resident who has reached the age of majority in your province or territory
- Provide a valid government-issued photo ID
- Complete Haventree’s identity verification requirements
- Open the account for personal banking purposes
Features & Benefits
Tools and benefits included with your Haventree Everyday Growth Account:
- Earn Interest on Every Dollar: Earn up to 2.50% interest on your entire account balance while keeping your money accessible
- No Monthly Fees: Enjoy everyday banking with no monthly account fees and no minimum balance requirements
- Unlimited Transactions: Make unlimited eligible transactions without worrying about monthly limits
- Unlimited Interac e-Transfers®: Send and receive Interac e-Transfers at no additional cost
- Free Bill Payments: Pay bills directly from your account through online and mobile banking
- Multiple Accounts: Open up to 8 Everyday Growth Accounts to organize spending, bills, savings, and financial goals
- Joint Account Option: Manage money together with a joint account and shared visibility
- External Account Linking: Connect accounts from other financial institutions to move money in and out easily
- Digital Banking: Access your account anytime through Haventree’s secure online and mobile banking platforms
- Payroll Direct Deposit: Deposit your paycheque directly into your account for convenient everyday banking
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD through the Canada Deposit Insurance Corporation
Fees & Charges
| Category | Fee / Description |
|---|---|
| Monthly Fee | No charge |
| Transactions | Unlimited eligible transactions – No charge |
| Interac e-Transfer | Send – No charge |
| Receive – No charge | |
| Bill Payments | No charge |
| Account Transfers | Electronic transfers between linked accounts – No charge |
| Minimum Balance | No minimum balance required |
| Statements | E-statements – No charge |
| ATM Withdrawals | Not available |
| Debit Card | Not available |
Pros & Cons
Is the Haventree Everyday Growth Account Right for You?
Why It Works for You
- Earn 2.50% interest on your entire balance
- No monthly fees and no minimum balance requirements
- Unlimited free Interac e-Transfers and bill payments
- Open up to 8 accounts to organize spending and savings goals
- Joint account functionality with shared visibility and access
- Easily link external bank accounts for transfers and funding
Why It Might Not Work
- No debit card or ATM access currently available
- No physical branch network for in-person banking
- Cash withdrawals require transferring funds to another financial institution
- Limited product lineup compared to larger banks
- New digital banking platform with a shorter operating history than established competitors
Choose the Haventree Everyday Growth Account if you want a high-interest, no-fee everyday account with unlimited transactions, free transfers, and flexible tools to manage your money and savings goals.
Money Account
Earn PC points on every purchase + no monthly fees
Eligibility
To get started with a PC Financial Money Account, you must:
- Be a Canadian resident
- Be at least 16 years old
- Have a valid Social Insurance Number (SIN)
- Provide employment or personal information for verification
Optional Information:
- Have your PC Optimum™ number (to link and earn rewards)
Features & Benefits
Tools and benefits included with your PC Financial Money Account:
- Welcome Offer: Earn 150,000 bonus PC Optimum™ points by setting up a min. $1,500 payroll or pension direct deposit for 3 consecutive months. *Offer subject to change. See provider for full terms.
- Free Everyday Banking: No monthly fees and no minimum balance required
- Earn PC Optimum™ Points: Earn points on every dollar you spend and redeem them at over 4,500 stores nationwide
- Fund Instantly: Add money with Interac e-Transfer® deposits or set up payroll direct deposit
- Bill Payments & Pre-Authorized Debits: Pay bills or set up recurring withdrawals directly from your account
- ATM Withdrawals: Free at PC Financial ATMs; $1.50 per transaction at non-PC Financial ATMs
- Worldwide Purchases: Make purchases anywhere in the world with no foreign exchange transaction fees
- Savings Feature: Transfer funds to Savings and start earning 2.2% daily interest on your balance
- Apple Pay® & Google Pay™ Compatible: Make secure, contactless payments from your mobile device
- CDIC Coverage: Eligible deposits protected up to $100,000 CAD
Fees & Charges
| Category | Fee / Description |
|---|---|
| Non-sufficient funds (NSF) fees | $10.00 per occurrence |
| ATM Withdrawals | Own: Free / Other institutions: $1.50 (Canada) / $3.00 (International) |
| Foreign Transactions | May include FX conversion fees |
| Statements | Digital: Included / Paper: $4–$5 |
Pros & Cons
Is a PC Financial Money Account Right for You?
Why It Works for You
- No monthly fees or transaction fees
- Earn PC Optimum™ points on everyday spending
- Competitive interest
- Unlimited free Interac e-Transfers
- No foreign transaction fees
Why It Might Not Work
- Not a true full chequing account (more “hybrid/prepaid”)
- Limited banking services (no loans, mortgages, etc.)
- Limited ATM access + fees for withdrawals
- Split between spending & savings balances
Chequing Account
No-fee digital banking with interest and cashback rewards.
Eligibility
To open a Neo Chequing Account, you must:
- Be a Canadian resident
- Be at least 13 years old if you live outside Quebec, or at least 14 years old if you live in Quebec
- Provide the personal information and identification required to complete Neo’s identity verification process
- Open the account for personal banking purposes
Features & Benefits
Tools and benefits included with your Neo Chequing Account:
- No Monthly Fee: Pay $0 in monthly account fees with no minimum balance requirement
- Unlimited Everyday Banking: Pay bills, make electronic transfers, set up pre-authorized debits, and manage everyday transactions without account transaction fees
- Free Interac e-Transfers®: Send and schedule Interac e-Transfer® payments at no additional charge
- Earn Interest: Earn 0.10% interest on your account balance, calculated daily and paid monthly
- Cashback on Essentials: Earn 1% cashback on eligible gas and grocery purchases when you add and use the Neo Money™ card
- No NSF Fees: Pay $0 in non-sufficient funds fees
- Neo Money™ Card: Use a prepaid Mastercard® linked directly to your chequing account for purchases in-store and online
- ATM Access: Withdraw cash at ATMs across Canada and internationally without a Neo withdrawal fee, although ATM operator fees may apply
- Bill Payments: Pay bills and set up recurring or pre-authorized payments directly from your account
- Direct Deposit: Deposit payroll and other eligible payments directly into your account
- Joint Account Option: Share an account with another owner, receive two Neo Money™ cards, and view transactions in real time
- Spending Insights: Track and categorize purchases using real-time spending information and budgeting tools in the Neo app
- Instant Neo Credit Card Payments: Make immediate payments from your chequing account to eligible Neo credit cards
- Digital Banking: Open and manage your account through Neo’s mobile app without visiting a branch
- Security Features: Access biometric login, real-time alerts, fraud monitoring, encryption, and instant card freezing
- CDIC Coverage: Eligible deposits are protected for up to $100,000 through Peoples Bank of Canada, a CDIC member institution
Fees & Charges
| Category | Fee / Description |
|---|---|
| Monthly Fee | No charge |
| Transactions | Unlimited eligible transactions – No charge |
| Interac e-Transfer | Send – No charge |
| Receive – No charge | |
| Bill Payments | No charge |
| Account Transfers | Electronic transfers between linked accounts – No charge |
| Minimum Balance | No minimum balance required |
| Statements | E-statements – No charge |
| ATM Withdrawals | Not available |
| Debit Card | Not available |
Pros & Cons
Is the Neo Chequing Account Right for You?
Why It Works for You
- No monthly account fee or minimum balance requirement
- Unlimited free everyday transactions and Interac e-Transfers®
- Earn interest on your everyday account balance
- Earn cashback on eligible gas and grocery purchases with the Neo Money™ card
- No NSF fees
- Free domestic and international ATM withdrawals from Neo
- Joint account option with two cards and shared transaction visibility
- Modern spending insights, budgeting tools, and real-time notifications
Why It Might Not Work
- No physical branch network for in-person banking
- The Neo Money™ card is a prepaid Mastercard®, not an Interac debit card
- ATM operators may charge additional withdrawal fees
- A 2.50% foreign exchange conversion fee applies to foreign-currency transactions
- The 0.10% interest rate is lower than rates offered by many high-interest savings accounts
- Cashback rates are subject to eligibility requirements and monthly spending limits
- Printed statements and documents may cost $5 each outside Quebec
- Some advertised features, including overdraft and mobile cheque deposit, are not yet available
Choose the Neo Chequing Account if you want a no-fee digital chequing account that earns interest, offers unlimited everyday banking, and lets you earn cashback on eligible purchases with the Neo Money™ card.
Basic Account
Low-cost account with 15 monthly debit transactions
Eligibility
To open an ATB Personal Account, you must:
- Be a resident of Alberta and at least 18 years old
- Open the account for your own personal use
- Provide a valid government-issued photo ID
- Provide proof of address if using a passport or Permanent Resident card as identification
- Meet ATB’s identity verification and approval requirements
Features & Benefits
Tools and benefits included with your ATB Basic Account:
- 15 Included Transactions: Includes up to 15 outgoing debit transactions per month
- Low Monthly Fee: Pay just $3.95 per month for everyday banking
- Government Program Fee Waiver: Monthly fee waived for eligible recipients of programs such as AISH, GIS, RDSP, and the Canada Disability Benefit
- Unlimited Interac e-Transfers®: Send and receive Interac e-Transfers at no additional charge
- Unlimited Request Money: Request funds from friends and family through Interac e-Transfer®
- Digital Banking: Access your account through ATB’s online banking, mobile app, telephone banking, and ATB automated banking machines (ABMs)
- Global Transfers: Send money internationally with reduced or waived fees depending on the transfer amount
- ATM Access: Withdraw cash across Canada and internationally through the Cirrus® network
- Overdraft Protection: Available upon approval with charges based on the greater of a $4 minimum fee or overdraft interest
- Paper Statements: Receive paper account statements at no additional cost
- Deposit Protection: Deposits are fully guaranteed by the Government of Alberta
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | 15 outgoing transactions included per month |
| Electronic withdrawal or transfer – $1.00 each (over limit) | |
| In-branch withdrawal or transfer – $1.25 each (over limit) | |
| In-branch bill payment – $2.50 each (over limit) | |
| Cheques | $1.00 per cheque |
| Interac e-Transfer | Send – Unlimited, no charge |
| Request Money – Unlimited, no charge | |
| Global Transfers | $50–$999.99 – $5.00 |
| $1,000–$10,000 – No charge | |
| Special Countries – $15.00 | |
| ATM Withdrawals | ATB ABMs – Included within transaction limits |
| Non-ATB ABMs – Third-party fees may apply | |
| International Cirrus® ABMs – $5.00 per withdrawal (plus operator fees, if applicable) | |
| Statements | E-statements – No charge |
| Paper statements – No charge |
Pros & Cons
Is the ATB Basic Account Right for You?
Why It Works for You
- Low monthly fee with 15 included transactions
- Unlimited free Interac e-Transfers
- Fee waiver available for eligible government program participants
- Access to online, mobile, telephone, and branch banking
- ATM access across Canada and internationally through the Cirrus® network
Why It Might Not Work
- Transaction limits may not suit frequent banking activity
- Additional transactions incur pay-per-use fees
- No interest earned on account balances
- Non-ATB ATM fees may apply depending on location
- Higher-cost accounts may offer better value for heavy users
Choose the ATB Basic Account if you want a low-cost everyday account with 15 included monthly transactions and convenient access to digital banking for your daily needs.
Essential Spending Account
Earn cash back on everyday essentials
Eligibility
To get started with a KOHO Essential Account, you must:
- Be a Canadian resident
- Be the age of majority in your province
- Have a valid phone number and email address
- Provide identity verification (government-issued ID)
- Complete account approval requirements
Features & Benefits
Tools and benefits included with your KOHO Essential Plan:
- No Monthly Fees: Enjoy a $0 monthly fee when you set up a direct deposit or load at least $1,000 into your account each month. *Offer subject to change. See provider for full terms.
- Earn Interest: Earn ~2% interest on your balance with CDIC-eligible deposits
- Cashback Rewards: Earn 1% cash back on groceries, dining, and transportation, plus up to 6.5% with select partners
- Interac e-Transfer®: Send and receive free e-Transfers
- International Transfers: Send money to 190+ countries with competitive FX rates
- Prepaid Mastercard: Get instant access to a virtual and physical card
- Budgeting Tools: Track spending and set savings goals in-app
- Credit Tools: Access free credit score and optional credit-building features
- Partner Perks: Earn additional cashback with select merchant partners
- Upgradeable Plans: Upgrade to Extra or Everything Plan for higher rewards and added features
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – $1.00 each (after 100 included electronic debits and credits) |
| Branch / Assisted – $2.50 per transaction over the Plan limit | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $2.50 per 100 deposited | |
| Cheque (ABM/Branch) – $1.00 per item | |
| Statements & Extras | E-statement – No charge |
| Paper statement – Single account – $4.00 | |
| Paper statement – Consolidated – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – $5.00 | |
| Request Money – $1.50 |
Pros & Cons
Is a KOHO Essential Spending Account Right for You?
Why It Works for You
- No monthly fees (with simple requirements)
- Unlimited free transactions and e-Transfers
- Earn 1% cashback on everyday essentials
- Earn interest on your balance (~2%)
- Built-in budgeting and spending insights
Why It Might Not Work
- Requires direct deposit or $1,000 monthly funding to stay free
- No full-service banking features (e.g., wires, bank drafts)
- No in-branch support
- Lower rewards vs paid plans (Extra/Everything)
Essential Plus Chequing
Unlimited banking with a low balance fee waiver option
Eligibility
To open a Vancity Total Chequing Account, you must:
- Be a resident of British Columbia
- Meet Vancity’s membership and account opening requirements
- Provide valid government-issued identification and verification information
- Be the age of majority in your province or territory, or otherwise meet Vancity’s eligibility requirements
- Open the account for personal banking purposes
Features & Benefits
Tools and benefits included with your Vancity Total Chequing Account:
- Welcome Offer: Earn up to $500 cash bonus—including $150 for opening a new account and completing qualifying transactions, $250 for setting up direct deposits, and an additional $100 for opening and funding a High Interest Savings Account. *Offer subject to change. See provider for full terms.
- Unlimited Transactions: Enjoy unlimited debit, online, mobile, ATM, and in-branch transactions
- Unlimited Interac e-Transfers®: Send and receive Interac e-Transfers at no additional charge
- Annual Credit Card Fee Rebate: Receive a rebate on an eligible Vancity Visa annual fee every year
- Worldwide ATM Access: No Vancity ATM fees when using ATMs across all networks worldwide
- Free Personal Cheques: Includes free cheque orders
- Monthly Fee Waiver: Pay $0 when you maintain a minimum daily balance of $6,000
- Digital Banking: Access Vancity online and mobile banking services
- Mobile Wallet Support: Compatible with major mobile payment platforms
- Overdraft Protection: Optional overdraft protection available upon approval
- Member Ownership: Bank with one of Canada’s largest credit unions
- Deposit Protection: Deposits are 100% protected through British Columbia’s credit union deposit insurance framework
Fees & Charges
| Category | Fee / Description |
|---|---|
| Transactions | Electronic – $1.00 each (after 100 included electronic debits and credits) |
| Branch / Assisted – $2.50 per transaction over the Plan limit | |
| Deposits | Cash (notes) – $2.50 per $1,000 deposited |
| Coin – $2.50 per 100 deposited | |
| Cheque (ABM/Branch) – $1.00 per item | |
| Statements & Extras | E-statement – No charge |
| Paper statement – Single account – $4.00 | |
| Paper statement – Consolidated – $5.00 | |
| Interac e-Transfer | Send – $1.50 per transaction after limit |
| Receive – No charge | |
| Cancellation – $5.00 | |
| Request Money – $1.50 |
Pros & Cons
Is the Vancity Total Chequing Account Right for You?
Why It Works for You
- Unlimited transactions and free Interac e-Transfers®
- Annual credit card fee rebate every year
- No Vancity ATM fees worldwide
- Free cheque orders included
- Strong welcome offer
- Member-owned credit union focused on community impact
Why It Might Not Work
- $25.75 monthly fee if waiver requirements are not met
- Requires a $6,000 balance to avoid monthly fees
- Branch network is concentrated in British Columbia
- No interest earned on everyday balances
- Digital-only alternatives may have lower overall costs
Choose the Vancity Total Chequing Account if you want premium unlimited banking, annual credit card fee rebates, worldwide ATM access, and the ability to waive your monthly fee by maintaining the required account balance.
Got Questions ?
1. What is a chequing account?
A chequing account is a bank account designed for everyday transactions such as debit purchases, bill payments, ATM withdrawals, direct deposits, and Interac e-Transfers. Unlike savings accounts, chequing accounts typically offer easier access to your money but may pay little or no interest.
2. What is the best chequing account in Canada?
The best chequing account depends on your banking habits. Some Canadians prioritize no monthly fees, while others value branch access, premium banking benefits, unlimited transactions, or integrated savings features. Comparing fees, transaction limits, and available features can help determine the best fit.
3. Are there truly no-fee chequing accounts in Canada?
Yes. Several Canadian financial institutions offer no-fee chequing accounts with no monthly maintenance charges. Many also include unlimited transactions and free Interac e-Transfers, although account features may vary by provider.
4. Which Canadian banks offer unlimited transactions?
Many major banks and digital banking providers offer accounts with unlimited debit transactions. Some include unlimited transactions by default, while others require a minimum monthly balance or charge a higher monthly fee.
5. Are Interac e-Transfers free with chequing accounts?
Many Canadian chequing accounts now include unlimited Interac e-Transfers at no additional cost. However, some accounts may still charge per transfer or limit the number of included transactions each month.
6. What is the difference between a chequing account and a savings account?
A chequing account is intended for daily spending and transactions, while a savings account is designed for storing money and earning interest. Savings accounts may limit transactions but generally offer higher interest rates than chequing accounts.
7. Are chequing accounts insured in Canada?
Eligible deposits held at member institutions are protected by Canada Deposit Insurance Corporation (CDIC) up to applicable coverage limits and categories. Provincial credit unions may be protected by separate provincial deposit insurance programs.
8. Can I open a chequing account online?
Yes. Many Canadian banks and credit unions allow customers to open chequing accounts online using digital identity verification. Some institutions may require additional documentation depending on the applicant’s circumstances.
9. What is a minimum balance requirement?
Some chequing accounts require customers to maintain a minimum balance to waive monthly fees. Falling below this balance may trigger monthly account charges.
10. Are online banks safe in Canada?
Online banks operating in Canada are regulated financial institutions and are generally subject to the same consumer protection and deposit insurance requirements as traditional banks.
11. Can newcomers to Canada open a chequing account?
Yes. Most major Canadian banks offer newcomer banking packages that include chequing accounts, fee waivers, credit-building products, and other settlement services.
12. Can students get free chequing accounts?
Many Canadian financial institutions offer student banking packages with waived monthly fees and unlimited transactions while enrolled in qualifying educational programs.
13. How many chequing accounts can I have?
There is generally no limit to the number of chequing accounts an individual may hold. Many Canadians maintain multiple accounts for budgeting, joint banking, business activities, or separating recurring expenses.
14. What should I consider when comparing chequing accounts?
Important factors include monthly fees, transaction limits, Interac e-Transfer availability, ATM access, branch network, minimum balance requirements, mobile banking features, and any promotional offers.