The Top 5 Chequing Accounts in Canada For Free Banking 2019

Ratehub.ca
by Ratehub.ca May 14, 2019 / No Comments

A chequing account is something almost every Canadian citizen uses throughout their entire life. That said, a product with everyday use can rack up a significant amount of unnecessary fees — if the bank or credit union you do business with charges you for owning a chequing account, that is.

Fortunately, several alternative options for daily banking are available in Canada. Many chequing accounts offer no monthly costs. Among the best chequing accounts in Canada, a handful exist that have little to no monthly costs.

To make that deal even sweeter, most of the accounts on this list offer free e-transfers, unlimited transactions, and exceptional customer service. 

Below are Ratehub.ca’s choices for the best free chequing accounts in Canada.


 

The Best Free Chequing Accounts in Canada (View All)
Chequing Account Features Monthly Fee
Simplii Financial™ No Fee Chequing Account – $200 sign-up bonus until July 31st, 2019.

– Interac e-transfers: unlimited.

– Mobile banking app.

None.
Alterna Bank No Fee eChequing Account – Interac e-transfers: unlimited.

– Mobile banking app.

None.
Manulife Bank of Canada Advantage Account – Interac e-transfers: unlimited.

– Minimum balance of $1,000 required for free banking and interest rate.

– Interest rate of 3.15% for the first six months, 1.25% thereafter.

– Mobile banking app.

None.
EQ Bank Savings Plus Account – Interest rate of 2.30%

– Mobile banking app.

None.
Tangerine No Fee Daily Chequing Account – Interac e-transfers: $1.25

– Mobile banking app.

None.

 


Want to compare all of the chequing accounts in Canada? Compare Best Chequing Accounts

 


Simplii Financial Chequing Account

It’s no surprise that the Simplii Financial No Fee Chequing Account is considered one of the best chequing accounts in Canada. Simplii Financial offers unlimited Interact e-transfers, unlimited debit transactions, and no monthly fees. New customers that register today through Ratehub.ca can receive a $200 sign-up bonus until July 31, 2019.

Since Simplii Financial is an online-only bank, no physical branches currently exist. In place of the overhead of owning physical branches, Simplii offers banking services at no-fee to its customers.

Simplii customers can use CIBC ATMs, one of Canada’s most accessible ATM networks, at no additional charge for their banking needs. Customers can also do their daily banking online. Simplii also offers an excellent mobile banking app, or customer service via telephone.

Formerly President’s Choice Financial, Simplii Financial has proven itself to be one of the best chequing accounts in Canada.

Simplii Financial is not available to residents living in Quebec. However, Simplii Financial works with CIBC ATMs located in the Province of Quebec.

  • $200 sign-up bonus until July 31, 2019.
  • Unlimited withdrawals and Interac e-transfers.
  • Simplii Financial Mobile Banking app available.

Alterna Bank No Fee eChequing Account

Alterna Bank No-Fee eChequing Account is another free-bank account for Canadians that want a cost-effective option for their everyday banking.

Alterna Bank is a subsidiary of Alterna Savings, one of Canada’s most reputable credit unions. Alterna Bank customers can take advantage of unlimited monthly transactions, unlimited e-transfers, and unlimited self-serve transactions when withdrawing from The Exchange Network ABMs.

Though a lesser-known option, the Alterna Bank No-Fee eChequing Account is one of the best chequing accounts in Canada. Customers using it can also enjoy no monthly fees and no ATM fees in the United States. Deposits into an Alterna Chequing Account come with a purchase interest rate of 0.05%. Online banking and mobile banking are available. Alterna Bank is a digital bank.

The Alterna Bank No Fee eChequing Account is available to all Canadian citizens.

  • No monthly or annual fees.
  • Unlimited withdrawals and Interac e-transfers.
  • Mobile banking and online banking available.

Manulife Bank of Canada Advantage Account

The Manulife Financial Chequing Account is a unique chequing account for a few reasons. The independent bank offers interest – like a savings account – on the balance of the chequing account. However, a minimum balance of $1,000 is required to reap the benefits of this high-interest chequing account.

After six months, interest on the free chequing account drops to 1.25% per month. The minimum balance is also required to enjoy the benefits of unlimited e-transfers, free bank-to-bank transfers, and no monthly fees. Customers can withdraw cash from 3,300 ATMs in the ATM Exchange network.

Manulife Financial is available to all Canadian citizens.

  • 3.25% interest rate for the first six months; 1.25% after term.
  • Free chequing account features with a minimum account balance of $1,000.
  • Mobile banking and online banking available.

EQ Bank Savings Plus Account

Though EQ Bank only offers various savings account options, using this online-only bank comes with no monthly fees, no minimum balance, and excellent interest rates, meaning you can save your money and take advantage of the exceptional interest rates.

Some Canadians might be hesitant to open a savings account with no debit card. However, EQ Bank offers unlimited Interact e-transfers. Customers can hold another no-fee banking account and transfer their funds as needed, no matter where they are using EQ Bank’s mobile app.

If you’re looking to save more of your money and get more mileage out of interest rates, EQ Bank might be an excellent option for your daily banking needs.

EQ Bank is not available in the Province of Quebec.

  • Interest Rate: 2.30%
  • No monthly fees and unlimited transfers.
  • No minimum balance required.

Tangerine No Fee Daily Chequing Account

The Tangerine No Fee Daily Chequing Account is quite similar to the Simplii Financial Chequing Account. There isn’t a monthly fee, there’s no minimum balance required, and the account pays interest. The account also has a tiered rate, so you get a higher rate if you have a larger balance. However, Interac e-transfers cost a mere $1.50. Tangerine customers can use ATMs in Scotiabank’s ATM Network at no additional charge. 

You also get free, unlimited debit transactions, pre-authorized payments, bill payments, and access to 3,500 Scotiabank ATMs. Your first book of 50 cheques are free but additional books cost $20 each.

The Tangerine No Fee Daily Chequing Account is available to all Canadians.


The Bottom Line: What is the Best Chequing Account In Canada? 

The Simplii Financial No-Fee Chequing Account is the best chequing account in Canada for Canadians who are willing to exchange the luxury of using tellers or branches for an online-bank with no monthly or annual fees, free e-transfers, and unlimited debit transactions. Personalized cheques are free as well.

Simplii Financial customers also have the advantage of earning a purchase interest rate of 0.05% on deposits into their Simplii Financial Chequing Account.

Since Simplii Financial’s parent company is CIBC, customers can withdraw funds from over 3,300 ATMs across Canada in CIBC’s ATM network. Though there may be no tellers or branches, Simplii customers can enjoy online, mobile, and telephone banking.

Depending on what your banking needs are, Simplii Financial is an excellent choice for people who have minimum in-person banking needs.


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