Tangerine, Simplii Financial, and EQ Bank top the list for low-fee switches in Canada, offering truly no-fee chequing with unlimited transactions.
Comparison Table
| Bank | Monthly Fee | Transactions | e-Transfers | Interest on Chequing | ATM Access |
|---|---|---|---|---|---|
| Tangerine | $0 | Unlimited | Unlimited | None | 3,500+ free ATMs |
| Simplii Financial | $0 | Unlimited | Unlimited | None | CIBC network free |
| EQ Bank | $0 | Unlimited | Unlimited | Up to 4% promo | Reimburses all fees |
| Wealthsimple | $0 | Unlimited | Unlimited | 2-4.5% tiered | Any ATM reimbursed |
| Alterna Bank | $0 | Unlimited | Unlimited | 0.05% | 3,300+ free ATMs |
Tangerine (Scotiabank Subsidiary)
Easiest online switch with no minimum deposit, free cheques, and $400+ switch bonuses. Access Scotia ATMs fee-free nationwide; mobile deposit excels for frequent transfers. Ideal for digital-first users ditching Big 5 fees.
Simplii Financial (CIBC Subsidiary)
Zero fees forever, free cheques/wires, and strong apps. Leverages CIBC's 1,000+ branches/ATMs without costs. Users praise 20+ year reliability; switch promos hit $300. Perfect if you deposit cash occasionally.
EQ Bank
Highest interest (4%+ promo on chequing), worldwide ATM rebates, no foreign transaction fees. Pure digital with top-rated app; deposit $100 via referral for bonuses. Best for high balances earning compound growth.
Wealthsimple Cash
Modern alternative with tiered interest (4.5% under $100k), 1% cashback on bills, joint accounts. Seamless Questrade integration; no cheques yet but expanding. Suits investors managing service business inflows.
Traditional Big 5 Low-Fee Options
RBC's Day to Day (rebates with 3+ transactions) or seniors' no-fee account suit partial switches. Scotiabank basic at $3.95 offers 12 debits but unlimited e-transfers. Avoid unless loyalty perks matter.
National Bank waives fees 3 years for newcomers, strong in Quebec. Credit unions like Vancity/Innovation match no-fee unlimited but limit ATM networks.
Switch to these via Powerswitch tools—save $200+ yearly versus traditional $15-30 fees. Digital banks process fastest (1-2 days), with CDIC protection up to $100k