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 2.25%. Pay $0.
Earn interest on your balance with $0 monthly fees. Rates vary based on balance and eligibility.
Earn 150,000 PC points
Get a $150 value in PC Optimum™ points when you open an account.
Earn up to 2.75%. Pay $0.
Enjoy one of Canada’s highest everyday interest rates with $0 monthly fees.
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)
Additional Features
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
Fee Breakdown
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
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
Additional Features
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
Fee Breakdown
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
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)
Additional Features
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
Fee Breakdown
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
Additional Features
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
Fee Breakdown
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
Additional Features
Tools and benefits included with your Chequing Account:
- Free Everyday Banking: No monthly fees or minimum balance, with unlimited daily transactions
- Earn Interest: Earn up to 2.25% interest on your balance. *Rate subject to change. See provider for full terms.
- Free ATM Withdrawals: ATM fees reimbursed across Canada (up to $5 per withdrawal)
- Interac e-Transfer®: Send, receive & request unlimited free e-Transfers
- No Foreign Exchange Fees: No FX transaction fees when spending abroad
- Bill Payments: Pay bills and set up pre-authorized payments
- Mobile Cheque Deposit: Easily deposit cheques in the app using your phone’s camera
- Wire Transfers: Send wire transfers throughout Canada and the U.S. with low, flat-rate fees
- CDIC Coverage: Eligible deposits protected up to $1M – 10× the standard CDIC limit
Fee Breakdown
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
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
Additional Features
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
Fee Breakdown
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)
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.