The best chequing accounts in Canada for 2025

Managing your money is essential and having a reliable chequing account is crucial. Your chequing account is designed to be your financial “hub” for paying bills, transferring and holding your money in the short term. With so many options available, it can be overwhelming to choose the right chequing account for your needs.

We’ve rounded up the best chequing accounts in Canada with the most features, best welcome offers, and the least fees.

The best no-fee chequing account

Simplii Financial No Fee Chequing Account

The best no fee chequing account in Canada is the Simplii Financial No Fee Chequing Account. Although this is an online bank, it is associated with the Canadian Imperial Bank of Commerce (CIBC). Account holders have access to the following features:

• No monthly fees
• Unlimited online transactions, Interac e-transfers, and telephone banking
• No minimum balance requirement 
• Includes a welcome bonus upon sign-up
• Access to CIBC ATMs all across Canada without any additional fees

Simplii Financial™ is not available to residents of Quebec.

Best newcomer chequing account

National Bank The Chequing Account For Newcomers to Canada

National Bank has an extremely valuable newcomer bank account offer for those who have arrived in the past five years, providing a valuable three-year annual account fee waiver with their Newcomer Chequing Account. This saves newcomers a lot of money as they settle into Canada. Plus, there are unlimited electronic transactions (including e-transfers) with the account, and international transfers are offered for a small fee. Plus, with the newcomer plan you can get free access to legal information and support from a lawyer for one year.

• No account fees for first 3 years
• Unlimited free electronic transactions and e-transfers
• Access to 2,800 ABMs across Canada

Best chequing account welcome offers

CIBC Smart Account

The CIBC Smart Account is CIBC’s most popular chequing account. The $400 Costco card welcome offer is promising and is available when you set up eligible recurring direct deposits and make a certain number of transactions. Keep in mind, though, that this account is only free if you maintain a balance of $4,000 or more. Otherwise, you’ll pay more for more transactions.

• No monthly fee with at least $4,000 balance
• Up to 12 monthly transactions for $6.95
• 13 to 20 monthly transactions for additional $1.25 each
• Unlimited transactions for $16.95 per month

Scotiabank Preferred Package

You can get a juicy cash bonus when you open a Scotiabank Preferred Package chequing account. All you have to do to be eligible is set up a direct deposit, plus a pre-authorized transaction that recur for six months, and then make one single bill payment with the account - so be sure to use this account regularly to benefit from the welcome offer. Keep in mind the monthly fee of $16.95 is fairly high, unless you have at least $4,000 in your account at all times, in which case you won’t pay a monthly fee.

• Unlimited debit and e-transfer transactions
• Earn Scene points on your purchases
• $0 monthly fee with at least $4,000 minimum balance (otherwise, $16.95 monthly)
• Get preferred rates on Scotiabank GICs and extra interest on a Momentum PLUS Savings Account

Best hybrid bank account

EQ Bank Personal Account

EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and high-interest savings account. It offers a competitive interest rate on deposits with no monthly fees, and plus, it comes packed with other perks, including:

• No monthly fees
• Unlimited transactions in Canada and unlimited e-transfers 
• Free bill payment
• Affordable worldwide money transfers through Wise

Also consider

Wealthsimple Cash

Wealthsimple offers a compelling interest rate that increases with your account balance. You also get the opportunity to open several savings accounts under your Cash account and give them each a distinct nickname (i.e. “trip fund”, “rainy day fund” etc.) so you can reach your financial goals faster. You can also order a free card with the account and you won’t be charged foreign transaction fees if you use it abroad.

• No monthly fees or account minimums
• No overdraft penalties
• Free e-transfers

Best student chequing account

Scotiabank Student Banking Advantage Plan

This student chequing account offers a number of exclusive perks - all with no annual fee (as long as you’re a student.) You can earn valuable and flexible Scene+ points with the account, get unlimited e-transfers (useful if you frequently split bills with roommates), and discounts on investing fees with Scotia iTrade if you are looking to dive into the world of investing. You can also earn Scene points for bundling this account with other options like their savings account.

• Unlimited debit transactions and e-transfers
• No monthly account fees so long as you are a student
• Earn and redeem Scene+ points

Best USD chequing account

EQ Bank US Dollar Account

The EQ Bank U.S. Dollar Chequing Account is a strong option for Canadians who get paid in USD or need to hold the currency for any reason. There are no fees for deposits, transfers between EQ Bank accounts, or transfers between your EQ Bank account and another Canadian financial institution. However, like with most bank accounts, you will be charged a fee for international money transfers. There is a $7100 USD maximum per international funds transfer made. Keep in mind that you will have to open an EQ Bank Personal savings account to open their USD account.

• Earn 3% interest on your balance
• No transaction fees (besides international transfers)
• No minimum balance

Best premium chequing account bundle

Scotiabank Ultimate Package

While there is a fee to use this Scotiabank chequing account bundle (unless you maintain the minimum balance), the perks arguably outweigh the cost - especially if you have multiple financial accounts or products with Scotiabank. With this bundle, you’ll get no account fees on a USD account, 10 free trades with the Scotia iTrade investing platform, Scene+ points on your spending, unlimited transactions and more.

• Unlimited e-transfers and electronic transactions
• Cash bonus for new customers when you set up recurring deposits into the account
• Additional interest on a Momentum Savings Account and better rates on GICs
• Annual fee waiver on select Scotiabank credit cards

What is a chequing account?

A chequing account is a type of bank account that allows you to deposit and withdraw money for everyday transactions. It is designed for frequent transactions such as paying bills, making purchases, and receiving direct deposits.

Because chequing accounts are meant for everyday use, they’ll include features such as: 

• Electronic transfers
• Interac e-transfers 
• Pre-authorized debits
• ATM withdrawals and transactions
• A debit card
• Photo or mobile cheque deposits

Unlike savings accounts, chequing accounts typically do not offer interest on the deposited funds.

Types of chequing accounts in Canada

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:

Chequing vs. savings accounts

The difference between chequing and savings accounts is that the accounts are designed for different purposes, and thus have different features. Chequing accounts are designed as a short-term holding tank for your cash. Savings accounts, however, are designed for holding your cash in the medium to long-term. Compare their features below:

What to consider when choosing a chequing account

When choosing the best chequing account for your needs, it's important to identify your current banking habits. Ask yourself these questions:

• How many transactions do you make each month?  If you rarely use your chequing account, you could go with a basic chequing account. However, if you need to make frequent transfers, withdrawals, and other transactions, consider a no fee chequing account or one that offers higher transaction limits.
• 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 cash from an ATM? If you do this regularly, you'll want to find a financial institution that has ATMs near you, or offers free withdrawals even from out-of-network ATMs.
• What are the bank fees associated with this account? Apart from monthly fees and transaction fees, you should also look at additional fees like overdraft or non-sufficient funds (NSF) fees, inactive account fees. The fewer miscellaneous fees charged, the better.
• Do you hold other accounts with this financial institution? It can be beneficial to have all your banking needs in one place. Some banks offer easier access to credit cards, personal loans, or lines of credit if you already hold chequing and savings accounts with them. You may also get exclusive access to investment products and services.

How to open a chequing account

Once you’ve chosen the best chequing account for yourself, you can sign up at a physical branch of your chosen financial institution, or online. 

1. Have on hand at least one government-issued photo ID as proof of your identity. If you’re signing up online, you can usually take a photo of your ID using your phone and upload it.
2. Provide the details requested by the bank, credit union, or financial institution.
3. Fund your new account with cash or money from a pre-existing bank account. This is important if you need an average monthly minimum account balance to avoid any chequing account fees.
4. Set up direct deposits if they’re required as part of the account’s welcome offer or promotion.
5. Start using the account: Order cheques, use the debit card for ATM withdrawals, and switch any existing pre-authorized debits to your new chequing account.