The best no-fee chequing accounts in Canada for 2025

Compare the best no-fee chequing accounts in Canada

EQ Bank Personal Account

The EQ Bank Personal Account acts like a chequing account but earns like a savings account, with up to 3.30% interest when you set up direct deposit. You’ll get unlimited everyday banking with no monthly fees or minimum balance, free e-transfers, and even free withdrawals at any ATM in Canada. 

Wealthsimple Chequing

Wealthsimple’s chequing account comes with no monthly or everyday fees, plus up to 2.75% interest on your balance from day one. You’ll earn 1% cash back on purchases, enjoy free e-transfers, and even get ATM fee reimbursements across Canada, CDIC coverage up to $1 million and the ability to link directly to your investing accounts.

Simplii Financial No-Fee Chequing Account

Simplii’s No-Fee Chequing Account may not stand out for its interest rate (balances earn 0.01%), but it offers some other great perks. New clients can earn a $300 welcome bonus (until October 31, 2025), and there’s a generous referral program that pays you $125 each time a friend signs up (earning them $50 too). You can also add overdraft protection with limits up to $5,000, giving you a safety net as life gets more and more expensive.

EQ Bank US Dollar Account

The EQ Bank US Dollar Account is a smart option if you regularly earn, spend, or invest in USD. It pays 3.00% interest on every US dollar, offers low exchange rates when converting from Canadian funds, and lets you make free USD-to-USD transfers within Canada. Backed by CDIC protection, it’s especially useful for investors funding US trading accounts, or travellers who want to keep US cash handy without losing money to high exchange fees.

Neo Everyday Account

The Neo Everyday Account only earns 0.1% interest, but its cashback program is what really makes it stand out. With $3,000 in your account, you can earn 2% on gas and groceries plus 0.5% on all other spending, with rewards tracked in your Neo Rewards Wallet and redeemable back to your account. Add in no monthly fees, CDIC protection, and app features like real-time alerts and card controls, and it’s a chequing account built for people who want their everyday spending to pay them back.

Best no-fee chequing accounts in Canada by category

Not all no-fee chequing accounts are built the same – each one shines in a different area. Here’s how the top picks stack up when ranked by what they do best, from interest to cashback to ATM access.

No-fee chequing accounts can help you cut everyday banking costs without losing the features you rely on. Here’s what you need to know before choosing one.

What is a no-fee chequing account?

A no-fee chequing account is an everyday bank account that doesn’t charge monthly maintenance fees. You can deposit your paycheque, pay bills, shop with debit, and send e-transfers without worrying about a recurring charge eating away at your balance.

Some traditional banks, like Canada’s Big Five, offer low-cost or conditional free chequing accounts if you meet certain criteria (like being a student or maintaining a high minimum balance) as complimentary offerings to their savings accounts. But no-fee chequing accounts skip the conditions altogether. They’re available to anyone, with unlimited transactions and no minimum balance requirements.

In fact, the Canadian federal government worked with banks to introduce the Commitment on Low-Cost and No-Cost Accounts, which will take effect December 1, 2025. This ensures Canadians have access to affordable banking options, such as accounts with capped fees and basic features like debit purchases, bill payments, and cheque writing. Digital banks, however, have pushed things further by offering fully no-fee chequing accounts that deliver the same (sometimes more) with no monthly cost.

How much can you save with a no-fee chequing account?

Monthly fees on traditional chequing accounts typically range from $4 for “basic” plans to $15 (or more) for unlimited ones. That works out to $48–180 a year in fixed costs. If your account charges extra for transactions beyond a set limit, those fees add up quickly, too.

Switching to a no-fee chequing account means you keep that money. Over five years, you could easily save $1,000 or more. That’s cash you can put toward savings, investments, or simply everyday expenses, rather than bank fees.

Who can open a no-fee chequing account in Canada?

Most Canadians over the age of majority (18 or 19, depending on your province) can open a no-fee chequing account. All you need is government-issued ID, a Canadian address, and a Social Insurance Number. Students, newcomers, and permanent residents are generally eligible as well, with some offering tailored newcomer programs with features like multilingual support.

What to consider when choosing a no-fee chequing account

Every no-fee chequing account is different. Here are a few things to think about when trying to decide which is best for you:

• Interest or rewards: Some accounts pay interest on your balance, offer cash back, or have a tempting welcome bonus – all things to think about when weighing the pros and cons of an account.
• ATM access: Check whether the provider is partnered with a major network for convenient cash withdrawals.
• Extra services: If you need cheques, foreign currency access, or overdraft protection, make sure the account supports it.
• Digital experience: Since many no-fee accounts are online-only, you’ll want a solid app and responsive customer service.

Do free chequing accounts have fewer features than paid accounts?

Most no-fee chequing accounts come with the same everyday features you’d expect: debit purchases, bill payments, e-transfers, and mobile cheque deposits. Many even throw in perks like high interest rates or cash back that you rarely find with traditional paid accounts.

The main trade-offs are usually around branch access and, in some cases, ATM networks. If you’re someone who likes to bank in person, a digital-first account may feel limiting. But if you’re already comfortable doing most of your banking online, you’ll likely find these accounts just as functional.

How to open a no-fee chequing account

Because many no-fee chequing accounts are offered by digital banks, the process is almost always online. You’ll typically:

1. Fill out an application with your personal details.
2. Upload photo ID for verification.
3. Fund your account by transferring from an existing bank account.

The process usually takes just a few minutes, and you can do it from your phone or laptop without setting foot in a branch.

What are the downsides of a no-fee chequing account?

The main drawbacks come down to access and services:

• Branch access: Most providers are digital-only, so there’s no in-person banking.
• ATM networks: Access may be smaller than with the big banks, though some providers partner with large networks to help cover this.
• Limited extras: Features like certified cheques, money orders, or in-branch advice may not be available.

For most people, these aren’t deal-breakers, but it’s worth considering if you rely on those services.

The bottom line

Monthly bank fees might seem small, but they add up fast. The good news is you now have options that weren’t around a few years ago. With a growing range of no-fee chequing accounts in Canada, you can find a no-fee account that matches your needs, whether you’re looking for higher interest, cash back rewards, broad ATM access, or a strong welcome bonus. The right account keeps your money working for you instead of charging you fees that chip away at your balance.