The first step to finding the best chequing account for your individual needs comes down to identifying which features matter the most to you. We compared factors like account minimums, fees, interest rates, ATM access and other unique features to bring you the best Canadian chequing accounts by feature.
For some, the best chequing account will be one with no fees, while for others it will be one that offers interest on the money in your account. But for everyone, a chequing account is an all-purpose, multi-tasking financial management tool. Read on to find the best bank account in Canada by feature.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
| Min. Age | 16 |
|---|---|
| Account Fee | $16.95 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $5 |
| Min. Age | 18 |
|---|---|
| Min. Age Teen Account | 13 |
| Account Fee | $17.95 |
| Youth Account Fee | $0 |
| # of Accounts Included | 20 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $5 |
| International ATM Fee | $5 |
| Min. Age | 19 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $10 |
| U.S. ATM Fee | $2.50 |
| International ATM Fee | $5 |
| Dormancy Fee | $1.50 |
| Min. Age | 18 |
|---|---|
| Min. Age Teen Account | 12 |
| Account Fee | $0 |
| Overdraft Fee | $4.97 |
| ATM Out-of-Network Fee | $1.50 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $3 |
| Min. Age | N/A |
|---|---|
| Account Fee | $16.95 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $5 |
| ATM Out-of-Network Fee | $2 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $5 |
| Dormancy Fee | $20 |
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
| U.S. ATM Fee | $0 |
| International ATM Fee | $0 |
| Dormancy Fee | $0 |
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $10 |
| ATM Out-of-Network Fee | $1.50 |
| International ATM Fee | $3 |
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Transaction Fee | $0 |
| Interac e-Transfer Fee | $0 |
| NSF Fee | $0 |
| International ATM Fee | $0 |
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | unlimited |
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
| Free account | Monthly fee | Bonus offer | Transactions |
|---|---|---|---|
| EQ Bank Personal Account | $0 | Earn 3.50% | unlimited |
| Scotiabank Preferred Package | $16.95 | Earn $800 | unlimited |
| BMO Performance Chequing Account | $17.95 | Earn $700 | unlimited |
| Coast Capital Free Chequing, Free Debit, and More Account | $0 | N/A | unlimited |
| Simplii No Fee Chequing Account | $0 | Earn $300 | unlimited |
| RBC Signature No Limit Banking Account | $16.95 | Get $450 | unlimited |
| Scotiabank Student Banking Advantage Plan | $0 | Earn $100 | unlimited |
| Wealthsimple Cash | $0 | N/A | unlimited |
| Tangerine No-Fee Daily Chequing Account | $0 | Earn $250 | unlimited |
| Neo Everyday Account | $0 | N/A | $0 |
| PC Money Account | $0 | Earn 150,000 bonus PC Optimum points | unlimited |
| National Bank Newcomer Bank Account | $0 | N/A | Unlimited |
To determine this best list, Finder Canada analyzed 70+ chequing accounts across 22 financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 12.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
No single chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
As people rely more and more on online banking for their everyday money management, choosing an account that comes with a well-designed mobile app is a must. The Bank of Canada’s 2022 Methods-of-Payment Survey Report stated that bank mobile apps had the highest adoption rate, at 21%, compared to other financial apps.
You can easily compare app ratings for providers of each of the best bank accounts in Canada below.
Of the big banks on our list of best chequing accounts, the Scotiabank and National Bank mobile apps are rated the best according to customer reviews, with the highest user ratings across both iOS and Android.
As for online-only banks, the Neo Financial app has the highest user rating in both app stores followed by Tangerine and Wealthsimple.
| Chequing account provider | Apple App Store rating | Google Play rating |
|---|---|---|
| BMO | 4.6 – ★★★★★ (111K reviews) | 4.2 – ★★★★★ (80K reviews) |
| Simplii Financial | 4.2 – ★★★★★ (16K reviews) | 4.4 – ★★★★★ (16K reviews) |
| EQ Bank | 4.8 – ★★★★★ (40K reviews) | 4.2 – ★★★★★ (8K reviews) |
| RBC | 4.8 – ★★★★★ (209K reviews) | 2.4 – ★★★★★ (43K reviews) |
| Scotiabank | 4.7 – ★★★★★ (767K reviews) | 4.6 – ★★★★★ (177K reviews) |
| Neo Financial | 4.8 – ★★★★★ (38K reviews) | 4.6 – ★★★★★ (9K reviews) |
| National Bank | 4.8 – ★★★★★ (214K reviews) | 4.7 – ★★★★★ (46K reviews) |
| Coast Capital | 4.4 – ★★★★★ (5.6K reviews) | 3.9 – ★★★★★ (4K reviews) |
| Tangerine | 4.7 – ★★★★★ (68K reviews) | 4.6 – ★★★★★ (39K reviews) |
| Wealthsimple | 4.6 – ★★★★★ (125K reviews) | 4.5 – ★★★★★ (77K reviews) |
| PC Financial | 4.7 – ★★★★★ (291K reviews) | 4.4 – ★★★★★ (46K reviews) |
Ratings last verified on November 13, 2024.
A chequing account in Canada, also called a transactional account, is a day-to-day bank account where you can deposit your paycheques, transfer money, pay bills from, deposit cash into and withdraw cash from via an ATM. These accounts don’t typically offer options to earn interest, but instead focus on offering features to help you manage your expenses.
What’s the difference between chequing and savings accounts in Canada?The main difference between chequing accounts and savings accounts in Canada is that savings accounts are designed to help you save money and earn interest on your balance, whereas chequing accounts are designed to help you spend money efficiently. Besides the odd hybrid product on the market, most chequing accounts don’t offer interest on your balance.
There are a several types of chequing accounts Canadians can choose from. It’s always a good idea to compare all of your options to make sure you’re choosing the best bank account for your needs.
This is the most common type of chequing account in Canada, and comes with a pre-determined number of free monthly transactions (or unlimited transactions) and a variety of other features, like free money transfers. You will likely face a monthly fee for this type of account.
Digital banks in Canada offer online-only chequing accounts. Without a brick-and-mortar building, these banks have less overhead costs, which allows them to pass on those savings to their customers with no-fee banking and well-developed online account management platforms.
No-fee chequing accounts are typically only offered by digital banks, and come with many of the same everyday-banking features as other accounts. While you may not find some premium account features with no-fee accounts, they tend to be more than adequate for standard day-to-day chequing account needs.
Most chequing accounts in Canada don’t offer interest, however, there are a few accounts that do. Keep in mind the interest will likely be a lot lower than the interest offered on a savings account and you may face certain restrictions. Still, these can be a good idea if you’re looking for a hybrid chequing and savings account.
These chequing accounts are designed for students who are looking for low-cost everyday banking solutions. You will usually need to meet specific eligibility criteria, including age and education requirements. Many of the best student chequing accounts allow you to benefit from the account perks until around age 25 or older by providing proof of enrollment.
Kids and teens under 18 or 19 years old have several chequing account options designed specifically for them. These accounts typically come with lower fees, and sometimes feature tools designed to keep parents connected and help your teen learn money management and budgeting.
Many banks offer discounted chequing account fees for senior citizens aged 60 to 65 years old. That might mean getting access to chequing accounts for a $0 monthly fee or premium accounts for several dollars less a month.
Joint chequing accounts are way for multiple people to share access to one account, including deposits, bill payments, money transfers and withdrawals. This type of account is typically used by couples looking to simplify financial management together.
Certain chequing accounts are designed for newcomers to Canada. These bank accounts come with extra features designed to help immigrants get financially established in Canada, like waived fees for a few years, bonus rewards, discounts on other financial products from the bank (e.g. car loans and international money transfers) and access to associated credit cards without credit history.
A multi-currency chequing account can be a convenient option for people who consistently rely on several different currencies. These accounts allow you to send, receive, hold and spend funds in multiple foreign currencies at the same time. They typically come with discounted foreign exchange fees or international transfer fees.
If you frequently travel to the US, you can save a lot of money on fees and conversion rates with a US chequing account. These accounts can usually be linked to your Canadian savings or chequing account, which gives you easy access to your funds no matter where you are.
Cash back chequing accounts are more rare in the Canadian marketplace, but not impossible to find. The best bank accounts offering this feature can help you earn back some of the fees associated with a chequing account by providing you with cash back when you use your linked debit card.
Premium chequing accounts are typically offered by the bigger banks in Canada. They offer loads of extra features like access to a financial advisor, higher credit card rebates, preferred exchange rates, discounted international transfers and travel perks. Of course, those premium features typically comes with a higher monthly fee. Some example premium chequing accounts include BMO Premium, National Bank The Total, Scotiabank Ultimate and TD All-Inclusive.
Business chequing accounts in Canada offer a suite of features to help you run your business – like paying staff and contractors and comprehensive reporting tools to keep track of your revenue and expenses. These accounts come with other perks too, like giving you access to an associated business credit card at a discounted fee.
Finding the best checquing account for you will depend on how you need to use the account. As your primary day-to-day account, you’ll need to depend on your chequing account to keep up with your lifestyle and financial habits. When you’re shopping around, compare chequing accounts based on the following key features.
The most upfront fee you’ll come across with any chequing account is the monthly fee. Although you’ll find some accounts with $0 monthly fees from many digital banks, premium chequing accounts from the big banks in Canada can easily cost around $30 per month.
Since it’s always smart to minimize paying paying extra fees whenever possible, consider what features you’re looking for when comparing the best chequing accounts to make sure you’re not overpaying for what you use.
Chequing accounts with $0 monthly fees, like the Simplii No Fee Chequing Account, typically have everything you’d need for daily banking tasks. If you decide to pay the higher monthly fee for a premium chequing account, ensure you’ll actually use the additional account features to justify the cost.
Another thing to consider is that most big banks waive fees if you meet certain direct deposit or minimum balance requirements.
Canadians are ditching chequing accounts feesAccording to the Bank of Canada, 37% of Canadians don’t pay an account fee for their bank account with another 31% able to get the account fee waived. In fact, between 2017 and 2022 alone, the number of people who were paying an account fee for their bank account dropped by 10% percentage points.
Check out our top pick for the best no-fee chequing account in Canada to learn more.
The fees you should pay attention to when browsing through the best chequing accounts include the following:
Remember to always review the fine print. While it can be tedious to scan the legal agreements, these documents can help you understand when expensive account fees are triggered and whether or not you can avoid those costs.
When comparing options for the best chequing accounts, consider what options will be available to get cash in hand. Accounts usually come with the option to withdraw funds from a teller at a bank branch or from ATMs. Some chequing accounts, like the Neo Financial Money Account, allow you to transfer your account funds to a prepaid card you can then use at ATMs.
Look for bank accounts that have a large ATM network and offer unlimited ATM transactions, or find an account that will reimburse fees for out-of-network ATM use. It’s also worth noting that some online-only banks partner with bigger banks for access to their ATM network. For example, Tangerine is owned by Scotiabank, which means Tangerine customers get full access to Scotiabank’s Global ATM Alliance.
All of the best chequing accounts in Canada offer free and unlimited Interac e-transfers. Transfers between multiple accounts within your bank and bill payees are also free. Electronics funds transfers (ETFs) from your bank to another bank will typically cost money.
Most chequing accounts include free cheque deposits through the bank’s mobile app, which come with instant access to the funds. Digital banks typically allow you to deposit cash into your account through a partner ATM network. But if you prefer to visit a branch to make deposits, opt for an account from a big bank, since they have locations across most of Canada.
Most larger banking institutions, and some credit unions, offer credit card annual fee rebates if you are signed up for an eligible chequing account. In fact, one of the best ways to reduce or eliminate annual credit card fees is to open a day-to-day bank account attached to your favourite credit card.
That said, not all banking packages are created equal. Since exclusions, fees and perks can vary widely, select the chequing account and corresponding credit card that fits your spending habits and budget.
The key to cutting costs is to consider how to bundle and save, not just penny-pinch. Several of the best chequing accounts we’ve listed come with the option to bundle the account with family members or other bank products to get discounted fees and/or added convenience.
Big banks give you access to in-person support at branch locations, which is not an option for digital bank chequing accounts. That said, both online banks and big banks offer support over the phone, and sometimes through an online chat system on their websites.
Getting access to customer support, and feeling like you can communicate with your bank when you need to, is really important when deciding which is the best bank account for you.
Banks with the highest customer service satisfactionAccording to the recent 2024 survey from J.D. Power, RBC ranked highest in customer satisfaction among the Big 5 Banks. Within the mid-size bank category, Tangerine ranked first in customer satisfaction for the 13th consecutive year, followed by ATB Financial and Simplii.
A 2024 study from Statista Research Department found that, among Canada’s Big 5 Banks, RBC had the highest customer satisfaction score, followed by Scotiabank in second, BMO in third and TD in fourth, with CIBC having the lowest customer satisfaction score.
In order to stay competitive, banks in Canada offer chequing accounts with extra perks alongside standard features. Consider if any of these perks are a worth switching accounts for.
For example, if you want your account to make you money, look for a chequing account that earns interest, like the EQ Bank Personal Account. If you want it to help you stay on top of your spending, look for chequing accounts that come with budgeting tools.
Consider if you want an account that rewards your spending, either with reward points or cash back. Some of the best chequing accounts in Canada that come with these perks are the RBC Signature No Limit Banking Account, which offers Avion rewards with your debit purchases, or the Neo Financial Money Account, which offers cash back with your purchases.
In January 2023, Finder asked more than 1,840 Canadians about their financial plans in 2023. When asked what type of bank accounts and banking products respondents planned to open in the first three months of 2023, almost 1 in 5 Canadians (17%) said they planned to open a chequing account.
However, as interest rates remained high and overall living costs continued to erode Canadian budgets, there appeared to be a renewed focus on how to save on fees and reduce ongoing costs. As a result, the number of Canadians that plan to open a chequing account rose from the Q1 2023, to Q2 2023. According to results from the Finder: Consumer Sentiment Survey Q2, 22% of respondents plan to open a chequing account — overall a 29% increase in how many Canadians planning to open a chequing account.
Multiple times each year, almost every banking institution – including banks, credit unions, digital money accounts and fintech disruptors – will offer new clients enticing promotions and sign-up bonuses to new customers. And while a promotion shouldn’t dictate what account you open, a good switching offer can be a key factor when deciding on the best bank account for you.
Because these switching offers are meant to incentivize people to go through all of the trouble of switching over their finances to a new bank, they’re typically pretty impressive — sometimes savings of hundreds of dollars.
You can browse some of the best chequing account promotions on now from the big Canadian banks and digital banks.
Yes, but while switching chequing accounts to opt for a sign-up offer can be good way to get some extra cash, it can be a very involved process. In order to qualify for many promotional offers, you’ll need to first set up automatic deposits into your new account for several months.
The whole process can take some time and effort on your part.
That said, with 21% of Canadians willing to change their primary banks (according to the Statista Consumer Insights report for Q2 2024), looking into the best chequing accounts and offers available can ensure making the switch is worth it.
Follow these steps to open a chequing account:
If this is your primary chequing account, make a list of all places linked to any previous chequing account (e.g. bill payments, online shopping accounts like Amazon, etc.) and update those instances with your new account details.
To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, with a 99% confidence level.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, with a 99% confidence level.
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