Skip to main content
Ratehub logo
Ratehub logo

Best Chequing Accounts in Canada

Compare the best chequing accounts in Canada

A few things we're proud of

  • 1,200,000

    monthly users

  • 11 years

    young

  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

Best Chequing Accounts by Type

Rates updated:

  • No Results
Viewing
with a balance of
with
monthly
  1. $0.00estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  2. Featured

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

    $0.00estimated monthly cost2.50% purchase interest rate
    Monthly fee
    $0.00
    Transaction fees
    $0.00
    E-transfer
    $0.00
  4. Featured

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

    $6.45estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $3.95
    Transaction fees
    $2.50
    E-transfer
    $1.00
  6. Featured

    $6.50estimated monthly cost0.00% purchase interest rate
    Monthly fee
    $4.00
    Transaction fees
    $2.50
    E-transfer
    $1.25
advertisement
advertisement

Compare the best chequing accounts - by type

Ratehub logo

Best Chequing Accounts in Canada for 2022

A chequing account is the most basic transactional bank account that should typically be used for everyday expenses. Your chequing account is designed for day-to-day transactions, paying bills, transferring and managing your money in the short term. 

We have rounded up the best chequing accounts in Canada taking into consideration the monthly fees, key features and rewards programs.  Each bank account offers its own advantages and disadvantages, so be sure to assess your requirements and choose the best personal chequing account for your lifestyle and financial habits.

Best no fee chequing account: Simplii Financial No Fee Chequing Account or EQ Bank Savings Plus Hybrid Account

Best basic chequing account from a big bank: Scotiabank Basic Bank Account

Best student chequing account: Scotiabank Student Banking Advantage Plan

Best premium chequing account: Scotiabank Ultimate Package

 

Simplii Financial No-Fee Chequing Account

Simplii Financial’s No-Fee Chequing Account is a no-fee bank account that comes with unlimited monthly transactions, unlimited self-serve transactions, and unlimited Interac e-transfers. For this reason, it is considered to be one of the best no fee chequing accounts in Canada. Simplii Financial™ is a digital bank, which means in-person teller service or physical branches are not available. However, Simplii Financial™ customers bank online and through the Simplii Financial™ app, or use any CIBC ATM at no additional cost.

Simplii Financial™ customers can also send money to many places around the world at no additional cost. The bank also allows customers to order foreign currency, which can be picked up at designated Canada Post outlets.

Simplii Financial™ is not available to residents of Quebec.

  • Monthly fee: none
  • # of transactions: unlimited
  • Interac e-Transfers: unlimited
  • Extras: direct payroll and pension deposit, pre-authorized bill payments, optional overdraft protection, account-to-account transfers, digital gift cards
  • Service charges: none

 

EQ Bank Savings Plus Hybrid Account

EQ Bank's Savings Plus Hybrid Account is the digital-fist bank's flexible hybrid chequing and savings account. It offers an interest rate of 2.50% on deposits with no monthly fees, and free and unlimited transfers. They also offer free bill payment and  and affordable worldwide money transfers through TransferWise. 

  • Monthly fee: none
  • # of transactions: unlimited, in Canada 
  • Interac e-Transfers: unlimited
  • Extras: 2.50% interest, free bill payment, free EQ to EQ transfers 
  • Service charges: none

 

Scotiabank Basic Banking Chequing Account

Scotiabank’s Basic Banking chequing account is one of the best chequing accounts in Canada as it combines the advantages of a big bank with the allure of a rewards plan for everyday transactions. At $3.95 a month, the Scotia Basic Bank Account handles your day-to-day banking. To add icing on the cake, Scotiabank offers a rewards program for its chequing account, an option seldom offered by financial institutions. Customers have the ability to earn either SCENE or Scotia Rewards, which can be redeemed for free movies, meals, travel or much more. 

  • Monthly fee: $3.95
  • # of transactions: 12 per month, of which 4 can be at a teller; additional transactions are $1.25
  • Interac e-Transfers: free
  • Extras: Free paperless and paper statements; earn Scene rewards for entertainment purchases or Scotia Rewards for travel and merchandise; Apple and Android mobile banking apps
  • Service charges: Many, including $1.50 for each Interac withdrawals

 

Scotiabank Student Banking Advantage Plan

A student chequing account should have many unique features that cater to a low budget, with no monthly fees and, hopefully, some rewards, too. The Scotiabank Student Banking Advantage Plan is an attractive no-fee account for students that sweetens the pot by earning you your choice of SCENE or Scotia Rewards points on your debit purchases.  This is a great extra to have, especially on a no-fee student chequing account. 

The nuts and bolts of the plan will make many students happy: no monthly fee, unlimited debit transactions and Interac e-Transfers, overdraft protection, access to a massive network of over 4,000 ATMs. The Scotiabank Student Banking Advantage Plan offers up a lot of perks–all for free, making it one of the best student chequing accounts in Canada. 

  • Monthly fee: None, as long as you’re enrolled in a post-secondary institution
  • # of transactions: Unlimited
  • Interac e-Transfers: Unlimited
  • Extras: Earn SCENE or Scotia Rewards points on debit purchases; free paperless or paper statements; Apple and Android mobile banking apps
  • Service charges: None

Compare your chequing account options

From the big banks to credit unions, and online-first institutions, we list the best chequing accounts from all types of providers.

compare all accounts
advertisement

What is a chequing account?

A chequing account is the most basic transactional bank account offered by banks, credit unions and small lenders. Chequing accounts are typically meant to serve as a transactions account. For example, most people have their paycheques from work deposited into a chequing account, then pay for purchases, services and their credit card bills with the money that's in there.

The money in your chequing account is usually your most liquid asset, as it can be withdrawn at anytime without penalty1 . In exchange for that liquidity, chequing accounts usually offer little-to-no deposit interest. In Canada, any amount you deposit up to $100,000 is protected by CDIC insurance.

Types of chequing accounts

There are a number of different types of chequing accounts available to Canadians, each with a different intended purpose. A few different types of chequing accounts are:

Personal chequing accounts

Personal chequing accounts are designed to meet the diverse banking needs of any individual. These accounts can have monthly fees of between $0 and $30, depending on the transactions and services included in the account offering. Typically, the higher the monthly fee, the more services and transactions that are included in the account. Comparing personal chequing accounts will help you find the right account for your banking needs.

Student chequing accounts

Student chequing accounts are bank accounts designed to help post-secondary students save money on fees, for as long as they're in school. While each bank has its own specific requirements to open a student account, you will always need to be enrolled (usually full-time) in a post-secondary program at a recognized educational institution such as a university, community college, or CEGEP, to open an account. You must also be within a defined age range, typically 18-25 years old, though this can vary.

Youth chequing accounts

Youth chequing accounts are accounts designed for individuals under the age of majority in a province or territory. Typically, these accounts offer the functionality of a chequing account and the ability to earn interest on deposits similar to a savings account.

Senior chequing accounts

Seniors' chequing accounts are accounts designed for seniors. Some providers also offer senior discounts rather than a specialized account. These discounts are applied to the monthly fees of that provider's chequing account offering. Typically, the discount makes at least one account available to seniors at no cost and reduces other monthly account fees significantly.

Choosing the best chequing account

Before you even start using our chequing account comparison tool, it's important that you identify your current banking habits and the number of transactions you know you'll make each month. Ask yourself these questions:

  • How do you conduct your banking? Mostly online or in-person? If you know you'll need to go in-person, you may want to consider the bank's business hours (some are better than others). If you do mostly online banking, you may also be concerned about whether or not your lender has a mobile app.
  • How often do you withdraw out cash from an ATM? If you do this regularly, you'll want to find a lender who has ATMs close to your home, office, etc.
  • How many transactions do you make in a typical month? If you rarely use your chequing account, you could go with a basic chequing account. However, if you need an unlimited chequing account look into a no fee chequing account. Remember that if you got the basic account and performed more than the specified number of transactions it includes, you'd be charged for every transaction you go over.

FAQ

What is the difference between a chequing and savings account?


How many chequing accounts can I have?


Do I need to pay for a chequing account?


Do chequing accounts earn interest?


advertisement

The knowledge bank

A wealth of knowledge delivered right to your inbox.

By submitting your email address, you acknowledge and agree to Ratehub.ca’s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

read more about us
advertisement