Other financial institutions are being created as online-only institutions, allowing them to offer more of the no-fee bank account offers.
Chequing and Savings Accounts
You may notice that fees are generally linked to chequing accounts and not savings accounts. Savings accounts usually have an interest rate attached to them. Why is this? Well, savings accounts are meant for what they sound like: saving. Chequing accounts, on the other hand, are meant for everyday transactions and bill payments.
When you are deciding between savings and chequing accounts in Canada, it really just depends on what you intend to use the account for. If you just want to put some money away for a trip or a house or just, in general, don’t intend to spend the money, then a savings account is likely the best choice for you.
If you are looking to get your pay deposited, pay bills, withdraw money, set up pre-authorized transactions, or take advantage of any other daily banking features, then a chequing account will probably be the best option for you. The next step is then finding the chequing account that works for you, ideally with the lowest or no fees.
Bank Fees at Top 5 Banks
While bank fees are common for many Canadians, more are turning to free chequing accounts. But how much do you really save with a no-fee bank account? How much are you really spending per month on bank fees? Let’s take a look at the top five banks and see what their fees are. In general, though, the top 5 banks offer free E-transfers and mobile cheque deposits across all their account options, but they don’t offer free access to all their features.
TD
With TD Canada Trust, the amount you pay for monthly banking fees depends on the type of account that you choose. If you go with the TD Everyday Chequing account, then it is $11.95 per month. That being said, this type of account only allows 25 transactions per month, but it does include free, unlimited E-transfers. There are no fees if your daily balance is $3,000 or more.
If you go with the TD unlimited chequing account, you get unlimited transactions, unlimited E-transfers, and no ATM fees for $17.95 per month, unless you have a daily balance of $4,000 or more. Then there is also the TD all-inclusive banking plan. This plan has unlimited transactions and E-transfers, no ATM fees, free cheques, and plenty more, all for $29.95 or $0 if you have a daily balance of $5,000 or more.
If you are just looking for a savings account or a high-interest savings account, there are no monthly fees with TD. Only chequing accounts require a monthly fee.
Scotiabank
Scotiabank offers a variety of banking options with different fees. They have a basic account that is only $3.95 per month. Keep in mind, though, that this account only allows up to 12 transactions per month but allows for unlimited E-transfers. Then, they have the basic account plus, which costs $11.95 per month and includes 25 transactions per month and unlimited E-transfers.
The basic account requires $3,000, and the preferred account requires $ 4,000. Lastly, there is also the Scotiabank Ultimate Package at $30.95 per month. This account offers unlimited transactions and E-transfers, no overdraft fees, and many other perks, including free bank drafts. It can be free of account fees as well if you have a balance of at least $ 5,000 or a combined balance of $30,000 between your chequing and savings accounts. Plus, you can earn Scene+points.
RBC
The fees for RBC chequing accounts are similar to those of Scotia Bank. Their basic account also only for 12 traallowsnsactions per month and free E-transfers. It costs only $4 per month. The next choices are the RBC Advantage account at $12.95 per month, the RBC Signature no limit account at $16.95 per month, or the RBC VIP banking at $30 per month.
RBC has a Value Program that lets you avoid or reduce bank fees, depending on the type of account you have and how many transactions you make per month. Here’s how it works: if you do one transaction, you pay the listed fees; if you do two, you can save up to $6 per month in fees; and if you do three or more, you can save up to $11.95 per month. These transactions are regular banking transactions, such as making an eligible bill payment, a pre-authorized payment, or receiving a direct deposit. This rebate is applied per month based on your transactions.
So, even though RBC doesn’t actually have a no-fee bank account, you can end up having no account fees just by doing transactions that you would normally do anyway. In other cases, you may just get a reduced fee month-to-month. In some cases, RBC also offers reduced- or no-fee accounts for seniors and students, so make sure you look into that before you open an account.
CIBC
CIBC offers several chequing account options with fees that depend on your minimum account balance and age. If you are under 25, they have a Smart Start account with unlimited transactions for no monthly fee. They also have their CIBC Smart Account, which offers unlimited transactions and one ATM withdrawal per month. The fee for this ranges from $0 to $16.95 per month. BMO
If you bank with BMO, there are no account fees for students or seniors. They also have no-fee bank accounts for recent graduates, beneficiaries of an RDSP, and CDCB (Canadian Defence Community Banking) members. Others will have to pay banking fees depending on which chequing account they choose.
Their primary chequing account is the Plus chequing account, which costs $11.95 per month unless you maintain a minimum balance of $3,000. This plan includes 25 transactions per month and unlimited E-transfers. The next option is the primary chequing account with a performance plan. This includes unlimited transactions and e-transfers, as well as 1 free non-BMO ATM transaction per month.
The cost is $17.95 per month, but if you maintain a minimum balance of $ 4,000, there will be no fee. If you choose the primary chequing with the premium plan, it costs $30 unless you have a minimum balance of $6,000. This plan includes unlimited transactions and e-transfers, as well as unlimited non-BMO ATM withdrawals. These accounts also include no overdraft fees, no fees on global transfers, rebates on certain BMO credit card fees, preferred US exchange rates, safety deposit box discounts and free cheques and drafts.
No-Fee Chequing Accounts
As briefly mentioned, many financial institutions are competing with the top 5 banks for the best no-fee chequing accounts. Some of these are even strictly online, allowing them to cut costs significantly by avoiding the expense of physical banking space.
While they do not have physical locations, they still have advisors available online or by phone. With all this advanced technology, this new way of banking can allow lower fees for those who do more of their banking online. Even though most don’t offer cheques, they do have free mobile cheque deposits.
EQ Bank
EQ Bank is a subsidiary of Equitable Bank. This Schedule I bank has been around since 1970 and has more than $125 billion in assets under management. EQ Bank itself has a savings plus account, which acts as both a savings and a chequing account.
It allows unlimited transactions, no account fees, free international money transfers, CDIC deposit insurance up to $100,000, and no minimum account balance. The EQ personal bank account also offers free, unlimited E-transfers and electronic fund transfers, which seems to be standard for most financial institutions these days.
EQ Bank also offers these same perks with its joint account, the joint savings plus account. While all of the features are the same, they allow up to three account holders other than you to be attached to the account as well. The only real downside to this bank is that they don’t issue cheques, but if you do all your banking online, this online-only bank could be a great fit for you.
Simplii Financial
Simplii Financial also offers a no-fee daily chequing account, considered one of the best. You may know Simplii by its former name, PC Financial. Their no-fee chequing account gives users a lot of freedom. It has no monthly fee, unlimited transactions, unlimited pre-authorized payments, free E-transfers, free chequebooks, and access to over 3,400 ATMs through the CIBC network.
Along with its no-fee chequing account, Simplii Financial offers mortgages, credit cards, high-interest savings accounts, and other financial products. They are also the 2022 Ipsos Award winner in three categories:
- Mobile banking excellence
- Value for money
- Recommend to friends and family
PC Financial
While PC Financial did end up becoming Simplii Financial, they relaunched the PC Money Account as of July 1, 2026. You have access to your account through the mobile app, and you can get a welcome offer of PC Optimum points and an annual fee waiver for PC credit cards. You can also earn 2.2% interest on your savings.
Tangerine
While you may not have heard of Tangerine, have you heard of ING Direct? Well, that is its former name. It is a completely online bank that offers day-to-day banking,, including no-fee chequing accounts and high-interest savings accounts to help you save money faster. In fact, Tangerine is actually owned by Scotiabank.
A few things that come with a Tangerine no-fee account are:
- Your first chequebook of 50 cheques is free
- You have access to all of Scotia Bank’s ATMs
- Unlimited E-transfers
- Unlimited monthly transactions
- Up to 0.01% interest earned on account balances
There are many perks associated with this Tangerine account. The fact that you can use Scotiabank ATMs without worrying about extra fees is a plus as well. That being said, if you have this account and are inactive for at least 12 months, there will be a $10 per year fee.
Neo Financial
Another option for a no-fee account is Neo Money. You can also link Neo Money to your everyday banking account. On top of the no monthly fees, Neo Money offers unlimited transactions, and you can earn interest on every dollar.
With the Neo Money account, you also have access to the Neo card. This card allows you to earn money back on every dollar you spend. With Neo, you also have access to a pre-paid MasterCard and other credit cards.
As of October 1, 2026, some fees may apply to your account if you don’t have payroll deposits or wish to make withdrawals. Whether or not you will be charged fees is based on your individual situation.
KOHO
KOHO is similar to Neo Money in that it is a strictly online fintech company. Their account is a mix of a savings account and a chequing account; however, you can start with the no-fee core account. The other options are either $12($144 annually) or $14.75($177 annually).
With Koho, you earn cashback on most purchases and up to 4% interest on your balance. They also have an app that has budgeting functions. There are more premium features with KOHO that you can pay a monthly fee for.
The downside to KOHO is that there are no ATMs or cheques. This account would most likely be more beneficial to someone who banks strictly online. That being said, there are unlimited E-transfers, so if you had another account, you could always transfer money if you need it.
Wealthsimple
Wealthsimple may be known for its investment opportunities, but did you know that it also offers no-fee savings and chequing accounts, known as the Wealthsimple cash account? Along with no account fees, a Wealthsimple account offers unlimited transactions, no minimum balance, and 1% cashback on purchases. In the savings account, you earn a minimum 1.5% interest on your balance.
Manulife
The Manulife no-fee account is a bit more flexible, as it is a combined chequing and savings account. That being said, you do need to have a minimum balance of $1000 too qualify for unlimited debit transactions and E-transfers. With this Manulife account,, though, you do have access to over 3,000 ATMs, high-interest rates on savings, 24/7 support, and a banking app. There is also a $20 fee that applies if the account is inactive for 2 years.
Alterna Bank
Alterna Bank is an online bank that Alterna Savings and Credit Union Limited owns. They have a no-fee chequing account with unlimited transactions and E-transfers. You have access to over 3,300 ATMs, and you can earn 0.05% on deposits. Alterna Bank also has CDIC (Canada Deposit Insurance Corporation) Insurance.
PC Money
Another great no-fee account is the PC Money Account. This account lets you earn PC points as you spend. With this account, you could earn the following:
- 10 points per dollar on groceries (participating stores)
- Up to 25 points per dollar spent at Shoppers Drug Mart
- 10 points per dollar on all other purchases
- Up to 5,000 points per month for bill payments
With a PC Money Account, you can deposit funds using E-Transfer. With this account, you are unable to get cheques, but you are provided with a debit card.
Opening a Bank Account Online
Whether you are dealing with one of the larger Canadian banks or a strictly online financial institution, opening a bank account online is becoming easier and easier these days. That being said, many of these banks will require an application to be completed before the account can be opened.
It is also required that you are at least 18 years of age; otherwise, a parent or guardian must accompany you. If the bank you are looking into has physical locations, you may be required to go in.
If you are looking to open a strictly online account,, an application is still required. That being said,, all they really ask for is a short application form and your SIN number. Because these companies are usually smaller and can afford to offer their customers no-fee accounts, account approvals can be much easier to obtain than at a larger bank.
Can You Open an Account Instantly Online?
In Canada, it isn’t common to be able to open a bank account online instantly; you need to wait for application approval before you can start using the account. That being said, it usually doesn’t take long for an approval to come in. Once that is done, you can start transferring to the account. You will have to wait for the debit card to come in the mail.
Best Banks for No Fees
If you take a look at the different banks above, you will notice that online banks tend to offer no-fee accounts. That said, you can get no-fee accounts at larger banks as long as you meet the requirements. Before you decide which bank is best for you, take a look at what you want in a chequing account.
There are plenty of no-fee accounts that are strictly online and not affiliated with a large bank. This can inhibit certain banking activities, such as cheques and drafts. Some do not even have debit cards. That may work well for you, though.
If you are looking for a no-fee account that allows you all of the same banking practices as traditional banks, you still have options, just not as many. Many people in these situations look to a credit union,, though, if they can’t find an online account that works for them.
The Overall Best Bank with No Fees
If you are still considering one of the traditional top 5 banks, they all offer different options for no-fee or reduced-fee accounts. The one that stands out, though, is RBC. Other larger banks base their fees and discounts on minimum account balances, while RBC offers rebates based on monthly transactions. Three or more transactions can get you the largest monthly rebate. That said, you may still have to pay a small fee depending on the account you choose.
However, if this doesn’t work for you, another option to consider is the top 6 banks in Canada: National Bank. That being said, you may still have to spend a small amount depending on the account you choose. However, if this doesn’t work for you, another option to consider is the top 6 banks in Canada’s National Banks. That said, you may still have to pay a small fee depending on the account you choose.
Credit Unions
A great alternative to a large bank is a credit union. Many credit unions in Canada offer no-fee chequing accounts. Your deposits are also protected by provincial deposit insurance. That being said, what each credit union offers will differ depending on the credit union and the province in Canada where it is located.
Valley First Credit Union
Like most credit unions, Valley First offers a free chequing account with unlimited transactions, unlimited E-transfers, access to thousands of ATMs,, and no minimum balance requirement.
Valley First is a credit union based in BC, but it is a division of Tru Cooperative Bank. They have different credit unions across Canada that offer accounts very similar to those of Valley First.
Innovation Credit Union
This credit union is headquartered in Saskatchewan but serves Canadians across the country (except Quebec). They also offer a no-fee chequing account with free unlimited transactions and e-transfers, no minimum balance requirements, and access to thousands of ATMs all over the country.
To avoid the surcharge on the ATM, if there is a ding-free sticker on it, you can use it without incurring fees. They also have an app that will tell you, as an Innovation Credit Union customer, what ATMs you can use without paying a fee.
No-Fee Savings Accounts in Canada
When it comes to savings accounts in Canada, most banks don’t charge fees. This is because you normally store money in these accounts and don’t use them for daily transactions. Even the top 5 banks, like RBC Royal Bank and TD, don’t offer fee-free savings accounts.
Free Chequing Accounts in Canada
Free chequing accounts are the same as no-fee banking accounts. With these accounts, you can get unlimited transactions and no fees on daily banking transactions. These no-fee banking accounts include:
- EQ Bank Personal Account
- Tangerine Bank Account
- Simplii Financial Account
- PC Money Account
- Neo Financial Account
These banks and others offer premium chequing accounts with no monthly account or maintenance fee. Plus, like a basic chequing account that you would get anywhere else, these free chequing accounts allow you to deposit money through your chequing account online, set up recurring direct deposits and add joint account holders.
The main reason these banks can offer free chequing accounts and free transactions is that they offer only digital banking services. They don’t have the fees that traditional banks that offer in-person services charge. However, they still offer other services, such as eligible credit card accounts, foreign currency transactions, and paper statements. That said, one of the banking services that many of these accounts don’t offer is the ability to write cheques.
Easiest Bank Account to Open Online in Canada
If you’re looking for one of the easiest bank accounts to open in Canada, then this would be Tangerine. This account offers free unlimited transactions, there’s no minimum opening deposit amount, and you can set up eligible direct deposits like employment and pension direct deposits.
Since this account has no monthly fee, you don’t have to worry about a monthly fee rebate or getting it waived. You can also get cheques with this account and get access to your direct deposit info using the online cheque image viewing feature.
Free Banking for Seniors in Canada
In Canada, there are a few different bank account options available through the Canadian banking program that are free for seniors. Let’s take a look.
Coast Capital Unlimited Chequing Account for Seniors
With the Coast Capital Unlimited Chequing Account, the monthly fee is $8.50. However, this fee is waived for seniors. This account includes unlimited day-to-day transactions, a free book of 25 cheques per year, free paper or e-statements, and ID Assist identity theft protection.
RBC Day-to-Day Banking for Seniors
Instead of the RBC Value Program, RBC Royal Bank offers its Day-to-Day Banking Account with no monthly fee for seniors. With this account, there’s no minimum balance required, you can earn Avion points for every purchase, free interac e-transfers, and you can save 3 cents per litre at Petro Canada locations.
Scotiabank Basic Account for Seniors
With Scotiabank, seniors get a discount on all their bank accounts. The bank account that works out to $0 with the discount is the Basic Bank Account. It includes free interac e-transfers and 12 free transactions per month.
CIBC Smart for Seniors
The CIBC Smart chequing account for seniors can have a $0 fee. This account includes 12 transactions per month, free interac e-transfers and one free non-CIBC ATM Withdrawal. Plus, as a special offer, you can get a cash reward of up to $850 for opening an eligible CIBC account.
Banks in Canada, like KOHO
KOHO is a unique account in Canada because it acts as both a prepaid credit card and a low-fee bank account. You can also improve your credit score with this account and get a partial or full rebate on credit building with a KOHO account. No-fee bank accounts can offer features similar to KOHO, but secured credit cards are pretty much the only accounts that offer credit-building features.
Those looking to build their credit, have low monthly fees and avoid getting a credit card are offered a unique service with KOHO. It offers the convenience of a bank account, the cash-back features of a rewards credit card, and the credit-building features of a secured credit card.
The Overall Best Bank Account in 2026
While there are many great bank accounts out there, the one that is considered to be the best is the EQ Bank Personal Account. Not only is this a no-fee account, but you also earn interest on your funds. There’s:
- No minimum balance
- Unlimited everyday transactions
- Free interac e-transfer
- CDIC deposit protection (CDIC coverage)
The $10,000 Bank Rule in Canada
When someone refers to the $10,000 bank rule in Canada, what they’re referring to is the mandatory reporting rule that large financial transactions (usually $10,000 or over) must be reported to FINTRAC. This doesn’t refer to how much money you’re able to own, deposit or even carry.
What Are Low-Cost and No-Cost Bank Accounts?
Low-cost and no-cost bank accounts are bank accounts that are designed to help people manage their money with minimal or zero monthly maintenance fees. Before you sign up for any of these accounts, though, it’s important to verify that the account fits your needs. Even if it is a low or no-cost account, there are usually some restrictions that allow those costs to stay low.
Who Qualifies for No-Cost Accounts?
In order to qualify for a no-cost account in Canada, you need to meet at least one of the following requirements. These include:
- Anyone aged 18 (or the age of majority in your province) or younger
- Those enrolled in a recognized educational institution
- Those who receive GIS
- RDSP beneficiaries
- Newcomers to Canada
That said, with banks that offer no-fee accounts to everyone, you can qualify without meeting these requirements.
No-Fee Chequing Accounts and If They’re Really Free
In Canada, no-fee chequing accounts are accounts that don’t charge any monthly maintenance fees. This doesn’t mean that there aren’t any fees at all, though, because there are still some fees that you can incur. These include:
- Overdraft fees
- Foreign transaction fees
- ATM fees (for ATM access outside of the ATM Network)
- Service fees for extras like money orders
- NSF fees (non-sufficient funds fees)
- Inactivity fees
- Fees for international transfers
The cost of these fees varies from bank to bank.
How the CDIC Protects Deposits in No-Fee Accounts
In Canada, the Canada Deposit Insurance Corporation protects eligible deposits in all types of chequing accounts and other accounts, including no-fee accounts. This protection is applied immediately and does not require registration.
All CDIC-eligible deposits are insured for up to $100,000 per insured category and member financial institution. Types of deposits that aren’t eligible are non-cash assets, such as:
- Stocks
- Bonds
- Mutual funds
- ETFs
- Cryptocurrencies
Which No-Fee Accounts Pay the Highest Interest?
When you’re looking into different accounts, one of the things you should consider is the interest rates. While these rates can change due to the Bank of Canada policy rate, the current rate that is advertised is where you will start.
For starters EQ Bank is a hybrid chequing account that also doubles as a savings account. For both this account and their USD accounts, you can earn an interest rate of 2.75% with deposits of at least $2,000 per month, which includes features like:
- Free withdrawals
- Unlimited Interac e-Transfers
- Unlimited debit card purchases
However, it’s important to note that this is a digital-first bank and there are no physical branches. That said, it’s also considered to be one of the best free Canadian chequing accounts.
Another bank that allows you to earn daily interest on your balance is the Simplii Financial No-Fee account. While the rate may only be 0.01%, there are no transaction limits, you can set up automated transfers like bank-to-bank transfers, unlimited ATM withdrawals, and no minimum daily closing balance is required.
Finally, Wealthsimple Chequing also allows you to earn a regular interest rate of up to 2.75%. You can also earn cash back, withdraw cash, activate optional savings features, set up automatic payroll deposits and more.
How the ATM Networks Work at Different Banks
Depending on which bank you use, you’re going to have access to different ATM networks. Here’s a look at which ATM network corresponds with each online bank.
| Bank | Network | Access Count | Cost |
| Tangerine | Scotiabank ATM Network | 3,500+ | Free at designated machines |
| Simplii Financial | CIBC ATMs | 3,400+ | Free at CIBC machines |
| Wealthsimple | No proprietary ATM network | Any that accepts Interac/plus | Free |
| Neo Financial (Neo Chequing) | Standard networks | Any that supports the network | $1.50 to $3.00 per withdrawal |
| KOHO | Standard networks | Any that supports the network | $1.50 to $3.00 per withdrawal |
Switching to a No-Fee Chequing Account
Whether you’re currently enrolled in a post-secondary program and have a student chequing account, have a youth account, or are looking for joint chequing accounts, you can switch at anytime to a no-fee account. To get started, the first thing that you need to do is pick the account you want to apply for.
Once you’ve decided, you fill out the digital application online. You’re going to need a government-issued photo ID, your Canadian address and your SIN number. While you don’t need to be a Canadian citizen, you do need to be a Canadian resident so foreign workers and international students are eligible. Many even offer cross-border accounts.
Different No-Fee Credit Unions by Province
Alternatively to no-fee bank accounts, you can go with no-fee credit unions. While credit checks are required for these accounts, they often come with welcome offers like major Canadian banks offer.
| Province | Credit Unions |
| British Columbia | Coast Capital Savings, Innovation Federal Credit Union |
| Alberta | Servus Credit Union |
| Saskatchewan | Innovation Federal Credit Union, TCU Financial Group, Conexus Credit Union, Accent Credit Union, Affinity Credit Union, Unity Credit Union |
| Manitoba | Cambrian Credit Union, Steinbach Credit Union |
| Ontario | Northern Birch Credit Union, FirstOntario Credit Union |
| New Brunswick | N/A |
| Prince Edward Island | N/A |
| Nova Scotia | N/A |
| Newfoundland and Labrador | Newfoundland and Labrador Credit Union, Atlantic Edge Credit Union |
| Quebec | N/A |
