Most Canadians pay $10–$30 per month for their chequing account — that’s $120–$360 per year for a service that’s available for free. No-fee online banks offer the same features with zero monthly fees.
Quick answer: Simplii Financial and Tangerine are the best no-fee chequing accounts. Both offer unlimited transactions, free e-Transfers, and free ATM access at major bank networks (CIBC and Scotiabank respectively). EQ Bank also offers a solid no-fee chequing alternative.
Best Chequing Accounts Compared
| Account | Monthly Fee | Transactions | e-Transfers | ATM Network | Interest |
|---|---|---|---|---|---|
| Simplii Financial | $0 | Unlimited | Free | CIBC (3,400+) | 0.01% |
| Tangerine | $0 | Unlimited | Free | Scotiabank (3,500+) | 0.01% |
| EQ Bank | $0 | Unlimited | Free | None (digital only) | 0.00% |
| Neo Financial | $0 | Unlimited | Free | THE EXCHANGE (2,000+) | 0.00% |
| Wealthsimple Cash | $0 | Unlimited | Free | None (digital only) | 3.50%+ |
| TD Minimum Chequing | $3.95 | 12/month | $1.50 each | TD (3,000+) | 0% |
| TD All-Inclusive | $29.95 | Unlimited | Free | TD (3,000+) | 0% |
| BMO Performance | $16.95 | Unlimited | Free | BMO (1,200+) | 0% |
| RBC Day to Day | $4.00 | 12/month | $1.50 each | RBC (4,000+) | 0% |
| Scotiabank Basic | $3.95 | 12/month | $1.50 each | Scotiabank (3,500+) | 0% |
How Much You Save With a Free Account
| Big 5 Plan | Monthly Fee | Annual Cost | Fee Waiver Minimum |
|---|---|---|---|
| TD All-Inclusive | $29.95 | $359/year | $5,000 balance |
| BMO Performance | $16.95 | $203/year | $4,000 balance |
| RBC Signature No Limit | $15.95 | $191/year | $4,000 balance |
| Scotiabank Preferred | $16.95 | $203/year | $4,000 balance |
| CIBC Smart Plus | $14.95 | $179/year | $4,000 balance |
| Simplii / Tangerine | $0 | $0 | $0 |
Best Chequing Account by Situation
| Situation | Best Account | Why |
|---|---|---|
| Most Canadians | Simplii or Tangerine | Free everything, big ATM network |
| Need branch access | Big 5 (with fee waiver) | Physically going to a bank still needed |
| Want interest on balance | Wealthsimple Cash | Earns 3.5%+ on cash balance |
| Couple / joint account | Tangerine or Simplii | No-fee joint chequing |
| Student (under 25) | Big 5 student account | Usually free until 25 |
| Business use | EQ Bank or Simplii | No-fee with good limits |
| New to Canada | Big 5 newcomer plan | Free for first 1–2 years |
Features Comparison
| Feature | Simplii | Tangerine | EQ Bank | Big 5 (Typical Free) |
|---|---|---|---|---|
| Monthly fee | $0 | $0 | $0 | $4–$30 |
| Unlimited transactions | ✓ | ✓ | ✓ | Often limited |
| Free e-Transfers | ✓ | ✓ | ✓ | Often $1.50 |
| Cheques | Free first 50 | Free first order | No cheques | Extra cost |
| Mobile deposit | ✓ | ✓ | ✓ | ✓ |
| Bill payments | ✓ | ✓ | ✓ | ✓ |
| Joint account | ✓ | ✓ | ✓ | ✓ |
| USD account | ✓ | No | ✓ | ✓ |
| Physical branches | No (uses CIBC for ATMs) | No (uses Scotiabank for ATMs) | No | Yes |
Bottom Line
Switch to a free chequing account and save $150–$360/year. Simplii Financial (CIBC ATMs) and Tangerine (Scotiabank ATMs) are the top choices — both offer unlimited free transactions, e-Transfers, and ATM access. There’s no reason to pay for chequing in 2026.
For related guides, see best savings accounts and best GIC rates.
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