No-fee chequing accounts have become essential for Canadians seeking to eliminate monthly banking costs while enjoying unlimited transactions and modern perks like high interest or cash back. In 2026, digital banks and fintechs lead with competitive features, often surpassing traditional big banks.
Top Picks Overview
EQ Bank Personal Account stands out as the best overall due to its 2.75% interest on balances, unlimited transactions, free Interac e-Transfers, and no minimum balance requirement. Wealthsimple Chequing offers 1% cash back on purchases, up to 2.75% interest, and nationwide ATM reimbursements with CDIC coverage up to $1 million.
Simplii Financial No Fee Chequing Account provides access to CIBC ATMs, a potential $300 signup bonus for new clients, and unlimited debit purchases or e-Transfers—ideal for those needing physical ATM networks. Tangerine No-Fee Daily Chequing Account matches this with free transactions and broad accessibility.
Detailed Account Comparison
| Account Provider | Interest Rate | Key Perks | ATM Access | Bonus Offer | Availability Notes |
|---|---|---|---|---|---|
| EQ Bank Personal Account | Up to 2.75% | Unlimited transactions, free e-Transfers, 0.5% cashback option | EQ ATMs free; reimburses others | None listed | Online-only, nationwide |
| Wealthsimple Chequing | Up to 2.75% | 1% cash back, free global ATMs, $1M CDIC | Reimburses all fees | N/A | Nationwide, app-based |
| Simplii No Fee Chequing | Up to 0.15% | Unlimited transactions, mobile deposits | CIBC ATMs free | Up to $300 | Excludes Quebec |
| Tangerine No-Fee Daily | Low/none | Free cheques, e-Transfers | Scotiabank ATMs free | Varies | Nationwide |
| PC Money Account | Varies with PC Optimum | Rewards points, unlimited transactions | Any in Canada | N/A | Nationwide, grocery-linked |
| Alterna Bank eChequing | Low | No minimums, nationwide including Quebec | Credit union network | N/A | Full Canada coverage |
Credit unions like Coast Capital Free Chequing or Innovation Federal No-Fee add regional value with free debit and no envelopes for deposits.
Why Choose No-Fee Accounts?
These accounts waive the typical $4–$30 monthly fees charged by big-five banks like RBC or TD, provided you meet simple criteria like direct deposits or e-statements—often none at all. Users save $48–$360 annually, redirecting funds to savings or investments.
High-interest options like EQ or Wealthsimple treat chequing as hybrid savings, earning competitive rates without transfers. Fintechs excel in apps for budgeting, bill splitting, and crypto links, appealing to tech-savvy users.
Additional Features to Consider
Look for NSF fee waivers (typically $45 otherwise), free bill payments, and deposit insurance up to $100,000 per account via CDIC. Joint accounts suit couples, while bonuses from Simplii reward switches—up to $400 with conditions.
ATM perks vary: Simplii leverages CIBC's 7,000+ machines; Wealthsimple refunds everything. Regional players like ATB Financial or Vancity suit locals with tailored support.
Switching Tips
Opening is online in minutes; use bank switch services for seamless transfers. Verify Quebec restrictions, as some like Simplii exclude it. Compare based on lifestyle—interest-focused for savers, rewards for spenders
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