Best Canadian Chequing Account 2024

How Did we Pick These Chequing Accounts?

There are many things we consider when determining the best chequing accounts available to Canadians. 

1. Fees: we look for chequing accounts with low or no-fees. Fees are often hidden – you may find a free chequing account, but are charged for withdrawals at ATMs or limited on the number of free transactions per month. There are so many options for free accounts that we don’t believe you should be paying for your account unless you require a premium account.
2. Interest: your money should be working for you! Most chequing accounts pay low or no interest, but there are options, especially with the rise of hybrid accounts. With an account paying interest you’ll come out ahead of the others over time.
3. Perks: we look for the chequing accounts with the best available perks and sign up promotions. These may apply to those who travel frequently, want to save on gas, or desire earning rewards on things they purchase regularly. These accounts sometimes charge a fee, so you have to determine if they’re worth it based on your spending habits.
4. Type of Account: you know we’re fans of new innovative ideas in the Canadian banking scene, and hybrid accounts are something we’ve been following closely. Hybrid accounts come out as our top picks because they pay interest on your balance close to what a high interest savings account may deliver, while allowing you to use the account for day-to-day needs. This makes hybrid accounts more attractive than regular chequing accounts. They’re often from the best online banks that don’t charge fees, and offer a superior app experience. In addition, these innovative digital banks are always offering new features to their accounts.
5. Safety and Security: we understand that you want to be sure your money is safe and secure. For your peace of mind we ensure that the banks we recommend have CDIC insurance which insures eligible deposits separately up to $100,000.
6. Accessibility: we look for convenient chequing accounts that have ATMs for cash withdrawal, intuitive easy-to-use mobile apps and online platforms, and proven customer service.

EQ Bank Personal Account – Best Overall, Best Hybrid Account

When we start looking at the best bank accounts in Canada, we’re always going to end up talking about online banks.

Many online banks offer a “hybrid solution” that combines the features of a high interest savings account and a basic chequing account. 

These hybrid accounts usually offer most (if not all) of the utility that you need in a modern day account (how many cheques do you really write these days?) combined with much higher interest rates than pure chequing accounts plus the ability to do most of your banking without worrying about shifting money between accounts.

The EQ Bank Personal Account is a perfect example of a hybrid bank account done right. That’s why it’s also our top pick for Best Free Canadian Bank Account and the best high interest savings account in Canada.  For the princely sum of $0 you get:

• Interest rate of 4% when you set up direct deposit of pay for the first 12 months (2.5% every day rate once the 12 months are up)
• Unlimited eTransfers and bill payments
• No overdraft fees
• The same CDIC Insurance that covers all of Canada’s large banks
• Excellent GIC options – which can be placed in a TFSA or RRSP if you so choose
• No minimum balance to worry about
• Ultralow Currency Transfer Fees

Plus, EQ now offers the EQ Bank Card, a prepaid card that works just like a debit card and gives you the same high interest rate as their Personal account – as well as cashback on every purchase. We loved this account before it had a card, so you know we love it even more now!

Neo Money Account

Neo Financial is a Canadian fintech company founded in 2019 that offers a variety of products. One of these products is a superb hybrid account called the Neo Money Account, formerly known as Neo Savings.

The Neo Money Account has an everyday interest rate of 4%. This high interest rate is not a promo or teaser rate, and their fee schedule is basically all zeros. No monthly account fees, no fees for bill payments, no Interac e-transfer fees, no pre-authorised debit fees, no NSF fees, and so on.

Being a hybrid account, you can use it for your day-to-day banking needs. Another of Neo’s primary products is the Neo Card – a no-fee cashback Mastercard which we have rated as the best credit card for the average Canadian.

Our main complaints about Neo Financial is that the account options are limited. It has limited joint accounts, no USD accounts, no GICs and is not available in Quebec. However, if those aren’t deal breakers for you, and you’re just looking for a good every day interest rate, Neo might be a great choice. In our Neo Money Account review you can read more about the available products from Neo Financial.

Scotiabank Ultimate Package – Best Premium Chequing Account

It takes a lot for a premium account to impress us, but Scotiabank’s Ultimate Package is so packed with value that it’s the only big bank to earn a place on this list, as well as our list of the Best Online Banks in Canada. 

The Ultimate Package comes with a hefty fee but also a hefty welcome bonus (a $350 value). For as long as the promotion is valid (currently due to end on July 31, 2024), the value you get from signing up to Scotiabank is actually greater than using a free chequing account, even if you do end up paying the monthly fees.

The best thing however, is that you don’t really have to pay those fees at all! As long as you keep a minimum balance $6,000 in your chequing account or $30,000 across your various Scotiabank accounts (including savings accounts) – the monthly fees are all waived. 

Add to that the assortment of great perks and one of the best rewards programs in Canada, and you’ll see why Scotiabank is currently our #1 overall pick for a premium chequing account in Canada.

You can read our Scotiabank review to get more details about the promotion’s terms and conditions, as well as a breakdown of everything that’s included in the package.

Simplii Financial No Fee Chequing Account – Best Welcome Bonus

PC Financial used to be one of the leading contenders when it came to Canadian no-fee chequing accounts.

Then PC Financial changed to Simplii Financial, and other accounts took the lead. There hasn’t been much improvement to Simplii’s accounts since then.

That being said, the Simplii Financial no-fee chequing account is not at all a bad product! It just didn’t evolve in any meaningful way after the name change. It’s still on our list, but other banks are catching up fast. 

Simplii has access to the CIBC ATMs and offers a very competitive product offering. On top of that, they currently have one of the best new accounts promos in Canada – with $400 offered if you sign up before October 31, 2024. 

The final verdict on Simplii is that it’s good enough to make our list but not good enough to beat EQ Bank or Neo Financial. The online platform needs an update, and the app could use a refresh as well. You can read our full Simplii Financial review here, and see exactly what’s good or bad about it.

Tangerine No-Fee Daily Chequing Account

Tangerine’s roots in the Canadian banking scene date back to the 90s when it started out as ING Direct. In 2012 ING Direct was acquired by Scotiabank, and renamed Tangerine, at which point it became Scotiabank’s digital-only, lower-fee banking subsidiary. 

Tangerine Bank offers just about any product you can imagine from an online bank, but they’re not necessarily leaders in any particular domain. 

As for their no-fee daily chequing account, clients have unlimited free transactions including Interac purchases, e-transfers, and ATM withdrawals using Scotiabank’s network. 

However, you’re not going to profit from a high interest rate on your chequing account, like you would with many of the available hybrid chequing/savings accounts. The Tangerine no-fee daily chequing account has an interest rate of just 0.01% – 0.10% depending on your account balance.

If you’re looking for a one stop shop for your banking needs Tangerine might be a great option. To read about more of Tangerine Bank’s diverse product offerings check out our 2024 Tangerine Bank review.

motusbank No-Fee Chequing Account

motusbank is yet another solid competitor on the Canadian banking scene.  Just like these other excellent no-fee chequing account options, motusbank offers free unlimited e-transfers, purchases, payments, and withdrawals. They also offer 0.15% interest on account balances, plus 25 free cheques. 

Motusbank chequing account holders have access to the Exchange ATM network in Canada and the Allpoint ATM network in the US. This means that there are 43,000 ATMs available for use throughout North America. Many online-only banks have struggled with ATM access in the past, so this is great to see. 

The downsides to motusbank are their platform, which is clunky and unimpressive, and their fees. You may not be paying a monthly fee, but their website has a long list of fees you could end up paying, from US ATM transaction fees to bank record searches. 

But they still make our list because in spite of these downsides, their chequing account is really quite good. 

Motive Financial No-Fee Cha-Ching Chequing Account

The Motive Financial Cha-Ching Chequing account is relatively new to the Canadian no-fee chequing account scene, but it has certainly made a big splash! They are a substantial step up from the majority of chequing accounts out there, and offer the same great no-fee options that better known online banks like Simplii and Motus bring to the table.

The Motive Cha-Ching! Chequing Account offers unlimited free transactions and transfers, 50 personalized cheques (almost unheard of these days), and 0.25% interest on chequing account balances. They used to ding clients with a number of fees, but they’ve been phasing them out.

One fee remaining is for withdrawals at non-EXCHANGE Network ATMs ($1.50 after your first 2 free monthly withdrawals). However, given that Motive Financial has the second largest ATM network in Canada those fees should be avoidable.

There are some domains in which we’re hoping to see Motive Financial (owned by Canada Western Bank) improve. Their app and web interface need some upgrades, and their customer service is on par with a lot of budget online banks (which is to say, not great). However, Motive is still young – so we’re excited to see where it goes. You can read our Motive Financial review here.

PC Money Account

Three years after selling their online no-fee banking operation to CIBC (and it subsequently becoming Simplii Financial) PC Financial came back with the PC Money Account.

The PC Money Account combines most of the features of a no-fee chequing account with a rewards program. You can send etransfers, use PC Financial ATMs, pay bills online, and all of the other transactions that fall under the umbrella of a chequing account – you just can’t send actual cheques.

The PC Money Account comes with a prepaid Mastercard that functions like a debit/credit card hybrid. When you pay with the PC Money Account and/or use it to pay bills online, you earn PC Optimum points that can be used to make purchases at Loblaws grocery stores or Shoppers Drug Mart. It will essentially act as 1% cash back – just redeemable only at those stores.

The downside of the PC Money Account is that the only ATMs you can access for free are PC Financial branded ATMs. In other words, the ATMs in Loblaws stores. This was one upside of the old PC Financial -their partnership with CIBC meant that users had far more free ATM options. 

What is a Chequing Account?

A chequing account is a bank account that’s intended to keep your money safe but accessible for daily spending. You can use it to pay bills, make purchases, withdraw cash, or deposit paycheques. 

A typical chequing account comes with both a debit card and a chequebook (or at least the option to order cheques if needed). 

When Should You Use a Chequing Account?

Use a chequing account for day to day transactions like paying bills and getting paid. Chequing accounts allow you to access your money regularly. 

If you’re buying groceries, paying a parking ticket, getting paid, or going out to dinner, you should use your chequing account. 

Chequing Account Types

When it comes to chequing accounts, it may seem at first that there is only one type: one that allows you to easily access and spend your money as needed! While it’s not quite as simple as that, it’s not super complicated either. 

Every kind of chequing account lets you access and spend your money – but there are still minor differences. Here are the main types of chequing accounts offered:

Personal Chequing Account

This is your everyday, basic chequing account, usually from a big bank, and what you get is a no-frills chequing account that may come with a monthly fee and a limited number of transactions. You can expect to pay anywhere from $4 to $30 depending on what services you require.

RBC’s Royal Bank Day to Day Banking Account is a relatively low-cost option at only $4 per month. For that $4, you get 12 free transactions. That’s not a lot of transactions for the money, which is why it doesn’t feature on our list, but it demonstrates what a typical chequing account offer looks like.

No Fee Chequing Accounts

These accounts are as cheap as they come, as in free! No-fee chequing accounts are usually offered by digital banks with no in-person branches. These banks don’t have to pay for rent, upkeep, utilities, tellers- you get the idea. And that savings can be passed on to you. 

The catch is that some accounts are quite limited in what they offer, or might add fees elsewhere to make up for offering their chequing service for free. Make sure to read the fine print or go with one of our top recommended accounts. 

Many of the accounts on our list are no-fee chequing accounts because they offer such great value. For example, Simplii Financial offers unlimited, free chequing, so it’s a solid choice when it comes to no fee accounts.

Hybrid Chequing Accounts

This new breed of chequing accounts come to you courtesy of virtual banks like EQ Bank and Neo Financial. Instead of simply offering no-fee versions of traditional bank accounts, these banks are breaking the mold and pioneering new ways to bank.

Hybrid accounts combine the characteristics of chequing and savings accounts, although they can also include other features as well. One example is the EQ Savings account, which gives you the best features of a high-interest savings account (hello, amazing interest rate!) plus the unlimited withdrawals of a chequing account. 

Add the EQ Bank Card, which pays interest like a savings account and gives cashback like a credit card, and it’s a “best of all worlds” situation.

Hybrid accounts are the most exciting to watch because companies are constantly introducing new features. As the competition heats up, who knows what they’ll come up with next! 

Premium Rewards Chequing Accounts

These accounts offer customers perks similar to how credit cards offer perks and benefits when they spend. Premium rewards chequing accounts usually come with a monthly fee and minimum balance requirement.

For example, accounts such as Scotia’s Preferred Package Account or Ultimate Package Account offer SCENE rewards, which means you’ll earn points on shopping, travel, entertainment, dining and more. It’s an easy way for banks to add value to a premium account.

Student or Youth Chequing Accounts

There are many student and youth accounts available out there, and there is no better way to start teaching financial responsibility than by learning to manage your money with a chequing account.

Youth accounts are usually free, and some even earn interest, but come with quite a few restrictions. RBC’s Leo’s Young Savings Account is a hybrid youth account aimed at ages 0-12 and currently has a $25 sign up bonus. It is integrated with the Mydoh money app and Smart Cash Card so that kids and teens can get real-life experience managing their money.

Student accounts, aimed at university students, may or may not have fees, and some come with rewards. Right now, the CIBC Smart Start for Students Chequing Account is offering a $180 sign up promo and no monthly fees until age 25.

Senior Chequing Accounts

Banks don’t just have the young ones covered, some also offer senior chequing accounts for those in their golden years. After all those hard years of work, seniors certainly deserve to save on fees!

Senior Accounts often feature discounted fees or are completely free, and they are sometimes tailored to the specific needs of seniors. The Big 5 Canadian Banks: TD, BMO, RBC, CIBC, and Scotiabank, all offer senior discounts on their regular chequing accounts. You can read more in our list of the Best Senior Bank Accounts in Canada.

Joint Chequing Accounts

Joint chequing accounts are held by two or more people. They’re often used by couples with joint expenses or business partners who require access to the same account. 

You’ll generally find that most chequing accounts on offer can be opened by two people, but it’s wise to double-check before beginning the process. Larger groups have more limited options and may need to apply in person at a big bank branch. You can read more in our list of the Best Joint Bank Accounts in Canada.

USD Chequing Accounts

As the name suggests, a USD chequing account is an account holding US dollars. In this case, we’re talking about Canadian bank accounts holding US currency as opposed to American bank accounts.

USD chequing accounts can be useful for people who frequently move money across the border and/or want to avoid foreign transaction fees. You can learn more in our list of the Best USD Bank Accounts in Canada.

Chequing, Savings, and Hybrid Accounts Compared

The best account for you will be the one that’s designed to fit your needs, while giving you the best possible value. 

If you’re not sure which kind of account you need, here’s a quick rule of thumb:

Use a chequing account for regular transactions. 

Use a savings account to save (not spend). 

Use a hybrid account for whatever you need—you’ll get good interest rates but also be able to access your money. 

We’ve laid the basics out in a chart for easy reference: 

	Chequing	Savings	Hybrid
Purpose	Daily spending and deposits (paycheques, bills, groceries, etc)	Keep money safe and accessible without spending it regularly (emergency fund, small/short-term savings goals)	Saving and spending
Cost	Often has a fee attached, especially from big banks	Often free, especially for existing chequing account holders	Often free (read the fine print)
Interest Paid?	None to minimal	Yes (amount varies)	Yes (amount varies)
Features	Automated bill payments, e-transfers, deposits, ATM access, point of sale purchases, cheques	Interest paid. Limited withdrawals (often with a fee associated). Limited ATM, e-transfer and point of sale access.	Combines savings account interest with chequing account usability.

How to Open a Canadian Chequing Account

So, how do you go about opening a chequing account? We’ve broken down the process into a straightforward 10 steps:

1. Research and Choose a Bank:

Choose a bank that suits your needs in terms of fees, features, and accessibility. Fortunately for you, we’ve helped make this decision easier for you by laying out all the best chequing accounts in this article.

2. Gather Required Documents:

Typically you need to provide personal identification such as a driver’s license or passport, proof of address, and your Social Insurance Number (SIN).

3. Apply for the Account:

Account applications can generally be completed online or over the phone. In the case of brick-and-mortar banks, you can apply at the branch location.

4. Fill Out the Application Form:

Complete the application form provided by the bank. It will include personal information such as name, contact details, employment info, financial details, etc.

5. Submit Documentation:

Provide the required documents along with your application form.

6. Review Terms and Conditions:

Carefully review the terms and conditions for any fees, transaction limits, and features. While we strive to provide you with the most up-to-date information, things can, and do change.

7. Deposit Funds:

Some banks require an initial deposit to open the account. This is done by cash, cheque, or electronic transfer from another bank. Pay attention to if a deposit is required in order to receive the sign up/promotional bonus – don’t miss out on that!

8. Receive Account Information:

You’ll receive your account information once your application is approved and the account is opened.

9. Activate Account:

If required, activate your account by following the bank’s instructions. You may need to set up online access, activate your debit card, select a PIN, etc.

10. Start Using Your Account:

Once your chequing account is open and active you can start using it for day-to-day transactions such as deposits, withdrawals, bill payments, and purchases. Again, if there are any requirements to receiving your sign up/promotional bonus, such as setting up payroll direct deposit, make sure to complete it.

Chequing Accounts in Canada: Frequently Asked Questions

Which Chequing Account in Canada is Best For You?

Regardless of your financial objectives, age, or spending habits, a chequing account serves as the backbone for your day-to-day transactions. Yet, not all chequing accounts are crafted equally.

The best banks are reputable, insured, and hold a steadfast commitment to providing value to their clients. Innovative digital banks are at the forefront, introducing hybrid accounts that blend the prime features of chequing accounts with the interest rates typically associated with the best high interest savings accounts. 

Our top selection for the premier chequing account in Canada hails from EQ Bank, offering one of these groundbreaking hybrid accounts. The EQ Personal Account not only presents an impressively high interest rate but also ensures unlimited free transfers. With EQ Bank Card, you can effortlessly complete withdrawals and point-of-sale transactions, all while accruing interest on your balance and receiving cashback on your purchases.

Alternatively, for a more traditional banking experience that includes brick-and-mortar locations, Scotiabank offers a premium banking package filled with value. The Neo Money Account is a great option for an ongoing interest rate of 4% and a great cashback card, although account options are limited. Simplii is another solid no-fee option, although it doesn’t match the innovation of some other online banks.

Now, equipped with our 2024 best chequing account in Canada recommendations, you’re ready to make a well-informed choice that promises enhanced convenience and, ideally, greater savings.