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The Best Personal Chequing Accounts in Canada for 2024

Get the most out of your chequing account - whether you're looking to save on fees, earn rewards or access more perks.

Compare the Best Personal Chequing Accounts

Rates updated:

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  1. 1% cash back rewards

    $0.00estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  2. Earn $400† when you become a new client. Just set up minimum of 3 direct deposits (payroll, government payments). Limits apply. Offer ends October 31, 2024.

    Featured

    $0.00estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  3. Earn 4% interest (2.50% everyday rate + 1.50% bonus interest for 12 months when you direct deposit your pay).

    Featured

    $0.00estimated monthly cost4.00% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  4. Open an account with no fixed monthly fee for up to 3 years and $100 cashback when you open a chequing account*..

    Featured

    $0.00estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  5. The right account for the minimalist in you. A few key transactions included at a small monthly fee.

    Featured

    $6.45estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $3.95
    Transaction fees
    $2.50
    E-transfer
    $0.00
  6. A simple account for everything in moderation. Just the right number of transactions at the right price.

    Featured

    $10.95estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $10.95
    Transaction fees
    $0.00
    E-transfer
    $1.25

Our guide to personal chequing accounts 

What is a personal chequing account?

A personal chequing account is the most basic bank account type designed for individual personal use, unlike business bank accounts, which are designed for corporations or the self-employed. There are different kinds of personal chequing accounts, such as:

The right type of personal chequing account for you depends on your life stage and financial goals. If you are on a tight budget and are looking to minimize fees, consider a no-fee chequing account like Simplii Financial’s No Fee Chequing Account. If you want to earn interest on your deposits while being able to easily access your funds, consider a hybrid account like Wealthsimple Cash, or a banking bundle like the Scotiabank Ultimate Package.

How to use a personal chequing account

A personal chequing account may have relatively basic features, but it is a key element of your financial plan. It is designed to be used as a sort of “hub” for your paycheque and other income, bill payments and transfers to other bank accounts like savings accounts.

Many people set up automatic transfers from their chequing account to pay off their credit card or use preauthorized payments to pay for utility bills, gym memberships, and so on. Pre-authorized deposits are usually set up for your payroll. Keep in mind that some chequing accounts charge fees for electronic transfers and transactions like e-transfers. So if you are going to be making a lot of transfers and don’t want to pay for them, consider a no-fee chequing account like the options we list in the table above.

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