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The monthly checking fees charged by the big banks are largely avoidable, which is why I’m discussing the best free checking accounts available to Canadians this year.
Which Bank Has Free Checking Account
Similar to investment fees (think mutual funds), Canadians pay some of the highest banking fees in the world. According to CBC News, Canadians pay more than $200 in annual bank fees.
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Canadians have free options when it comes to where they open personal bank accounts – whether checking or savings.
While loyalty can be a good virtue, you don’t need to stay “married” to your traditional bank, paying monthly bank fees month after month, unless there are clear and added benefits.
Here are five of the best free checking accounts you can sign up for to save on fees. These are discussed in more detail below with additional free banking options at other online banks and credit unions.
A checking account is a bank account designed for day-to-day transactions, including bill payments, pre-authorized debits, electronic funds transfers, wire transfers and deposits.
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Your checking account provides access to a debit card and checks, making it easy to access your money on demand. Checking accounts are also known as transaction accounts or demand accounts. In the US, the bill is written as “cheque”.
There are different types of checking accounts, including student, senior, youth, business, joint, premium, basic, and US dollar.
The best no-fee bank account for you will depend on your needs. In general, you need to provide access to the account from:
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If you notice, I didn’t mention access to personal banking because it’s either unavailable or limited if you use a no-fee bank account.
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Free checking accounts are made possible when banks save on the operating costs required to maintain physical branches by operating only online or maintaining only a few branches.
Savvy New Canadians ranks the best free chequing accounts in Canada based on their monthly and service fees, transaction limits, minimum balance requirements, convenience, savings rates, promotions, mobile apps, branch and ATM coverage, personal experience and many more features . According to our research, these are some of the best bank accounts. Visit each bank’s website to learn more about their services.
Our first pick for the best free chequing accounts in Canada is the EQ Bank Savings Plus Account. Although this account is more of a hybrid between checking and savings, it works great if you’re looking to cut your bank fees.
EQ Bank is the direct banking arm of Equitable Bank, a Schedule I Canadian bank founded in 1970 with over $42 billion under management.
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Although this account does not provide access to checks, you can make all online bill payments, pre-authorized debits and Interac wire transfers for free. You can also deposit mobile checks.
The interest you earn on your balance is calculated daily on your total ending balance and is paid monthly.
Customers can also open a TFSA or RSP account and invest with Guaranteed Investment Certificates (earn up to 5.00%*) or save cash.
Simplii Financial (formerly known as PC Financial) is owned by CIBC. It offers a no-fee checking account, high-interest savings, mortgages, and more.
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When you open a new free Simplii Chequing account and qualify, you get a $400 cash bonus.
You can also open a free Simplii Savings Account and earn 5.25% interest for a limited time (the standard rate is 0.40%).
One fee to watch out for is an inactive account fee of $20 per year if you don’t make any transactions for two years or more. Other service fees may apply.
Tangerine (formerly known as ING Direct) is an online bank owned by Scotiabank. They offer a free checking account and access to a high-interest savings account.
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One fee to watch out for is the $10/year inactive account fee. An account is considered “inactive” if you do not make any transactions for 12 months.
Neo Money is a spending and savings account that earns you interest on your account balance. As of this update, Neo’s interest rate is 2.25%, which is 225 times the amount of interest you earn at some banks.
To fund your account, you can send an Interac wire transfer, link existing accounts, or set up a direct deposit into your Neo Money account.
While it has no everyday banking fees, there is a $5 fee for requesting a paper statement. It should be noted that Neo does not have a debit card, although you can apply for its credit card (Neo Card) and use it for in-store and online transactions.
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KOHO is not your typical bank account. This hybrid account combines savings and checking in one place and comes with a prepaid (or debit) card that can be used for online and in-person payments.
KOHO does not have its own ATMs and does not issue checks. Although it is not a bank, it works with the Peoples Trust Company, where your deposits are held.
Fees to look out for: There are service levels, and you can pay a small monthly fee to get higher cash back rates on purchases and interest on your balance. Building credit also includes a monthly fee.
Motusbank is Canada’s newest online bank. They are owned by the popular Meridian Credit Union and offer a free checking account, high interest savings account, mortgages, personal loans, investments and more.
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Please note that there is a $30 inactive account fee if you do not use your account for 12 months.
Motive Financial (formerly known as Canadian Direct Financial) is a division of Canadian Western Bank. They offer two free checking accounts (Motive Chequing and Motive Cha-Ching Chequing), savings accounts, investments, and more.
Fees to look out for include a $1 Interac wire transfer fee and a $20 inactive account fee that is charged after two years of no transactions.
When you combine a Wealthsimple cash account with its savings account, you get the benefits of savings and checking accounts and pay no monthly fees.
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In addition to its Cash and Save accounts, Wealthsimple also offers an online investment service that’s worth checking out.
Alterna Bank is owned by Alterna Savings and Credit Union Limited. This online bank’s free checking account includes unlimited debit and wire transfers with access to over 3,300 ATMs in THE EXCHANGE® network across Canada.
Note. Fees: Overdraft protection costs $2.50 per month and a $20-$40 inactivity fee starting in Year 2. Other service fees may apply.
The PC Money account is an everyday spending account that earns you PC Optimum points on all purchases. With no monthly commission, you earn:
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To use your PC Money account, top up with free Interac e-Transfer services and use anywhere in store and online. There are no account opening fees, no minimum balance requirements, and you get free unlimited daily transactions.
Several credit unions offer a great checking account package for free. Your deposits with them are also protected by provincial deposit insurance.
This credit union is located in British Columbia. Their Simply Free Checking Account offers unlimited transactions, unlimited Interac wire transfers, no minimum balance requirement and free access to thousands of ATMs across Canada.
They are located in Manitoba and offer a free chequing account (The Unfee Account) if you set up at least one regular direct deposit (such as a pay slip) to your account.
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This credit union, also located in Manitoba, offers a free checking account (Standard Pack Chequing) and you get one free debit per month for every $500 balance.
My picks for the best no-fee bank accounts in Canada don’t include any of the biggest banks popularly known as the “Big Five.” This is not surprising. With monthly fees ranging from $5 to $35, these banks make a lot of money for their shareholders, as they should.
That being said, there are several ways to open a free or “cheaper” checking account at a major bank if you don’t want to close your account with them. They include:
1. Maintain a minimum balance in your account of $1,000 to $6,000. This can be tricky because if you drop below this balance at any point during the month, a fee will apply. Also note that your account balance does not accrue interest while your money is just sitting there.
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You can waive fees on your Scotiabank chequing account by maintaining a minimum balance and earn up to $350 cash bonus by opening one of these accounts below:
Scotiabank’s Preferred Package is its most popular chequing account. This account is free as long as you have a minimum daily closing balance of $4,000. Otherwise, you pay $16.95 per month. Key features include:
With the Scotiabank Preferred Package, you earn Scene+ points with every purchase. Earn 1 Scene+ point for every $5 spent daily
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