Canadian banks usually perform a credit check to verify your identity when opening an account. But there’s no minimum credit score, so you can open a bank account even with bad or no credit.
Yes, regardless of whether you have bad credit, no credit history or a good credit score, you can still open a bank account in Canada. Banks in Canada do not require hard credit checks in order to open a bank account.
In fact, the Government of Canada has mandated that every Canadian has the right to open a bank account — including chequing and savings accounts — even if you have been in bankruptcy.
The following bank accounts — including some free options — allow people with bad credit to sign up and do not do hard credit checks when opening an account:
| Account | Monthly fee | Open an Account | |
|---|---|---|---|
 | Simplii No Fee Chequing Account | Free | |
 | EQ Bank Personal Account | Free | |
 | BMO Performance Chequing Account | $17.95 | |
 | RBC Signature No Limit Banking Account | $16.95 | |
 | Scotiabank Preferred Package | $16.95 | |
 | KOHO Earn Interest | $0 | |
 | Coast Capital Free Chequing, Free Debit, and More Account | Free |
Simplii No Fee Chequing Account
Earn $300
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance—plus a debit card.
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
EQ Bank Personal Account
Earn 3.50%
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
If you're looking to save and spend, the EQ Bank Personal Account is a powerful hybrid savings and chequing account option. Earn interest on your savings and grow your money faster.
Min. Age
18
Account Fee
$0
Overdraft Fee
$0
BMO Performance Chequing Account
Earn $700
Bonus Offer
$17.95
Monthly Account Fee
unlimited
Free Transactions
The BMO Performance Chequing Account comes with unlimited free transactions and Interac e-Transfers. Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until March 3, 2025. Also earn a 4.75% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
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
RBC Signature No Limit Banking Account
Get $450
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The RBC Signature No Limit Banking Account comes with unlimited transactions and $0 Interac e-Transfers. Save 3¢/L on gas by linking your RBC debit card with your Petro-Points card. Get $450 when you open an RBC Signature No Limit Banking Account. Apply by February 10, 2025. The monthly account fee is $16.95, but this can be waived if you meet the requirements.
Min. Age
N/A
Account Fee
$16.95
Overdraft Fee
$5
ATM Out-of-Network Fee
$2
Scotiabank Preferred Package
Earn $800
Bonus Offer
$16.95
Monthly Account Fee
unlimited
Free Transactions
The Scotiabank Preferred Package comes with $0 transactions, $0 Interac e-Transfers and a generous welcome bonus. The monthly account fee is $16.95, but this is waived with a minimum balance of $4,000+. Earn up to 5.20% interest for 3 months on your MomentumPLUS Savings Account.
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
KOHO Earn Interest
Up to 5.00%
Interest Rate
$0 - $19
Account Fee
$0
Transaction Fee
KOHO Earn Interest, a spending and savings account, has one of the highest interest rate offerings on the market in Canada. You can also get a prepaid card and earn cashback on your purchases. Opt into earning interest and earn up to 5.00% on your balance.
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
Coast Capital Free Chequing, Free Debit, and More Account
N/A
Bonus Offer
$0
Monthly Account Fee
unlimited
Free Transactions
The Coast Capital Free Chequing, Free Debit, and More Account comes with a $0 monthly fee, no minimum balance requirement and unlimited transactions. But Interac e-Transfers cost $1.50 each.
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
Banks will typically run a soft credit check when you open an account, but only to verify your identity. Your credit score will not impact the results of a soft credit check. And unlike a hard credit check, a soft credit check will not hurt your credit score.
After you’ve opened an account, some banks will run a hard credit check to see if you qualify for overdraft protection, reduce the holding period on your deposits and other reasons for which a risk assessment may be required. If you don’t consent to this, you probably won’t get overdraft protection. Explore new bank account offers and promotions.
The main reason banks run a credit check when opening an account is to verify your identity, not check your credit score. But your credit score and debt history will be checked if you want to add overdraft protection to your account.
Whether you have good or bad credit, here are your chequing account options in Canada:
If you’re more into old school banking and prefer to manage your funds in-person at a branch or via desktop app, a chequing account offered by a major, established bank might be what you need.
Traditional banks typically run a soft credit check when you apply to open an account. The reason these banks run a soft credit check is to simply verify your identity. It does not negatively impact your credit score.
Banks offer basic and upgraded (or premium) chequing accounts. Basic accounts come with the lowest monthly fees and usually include little else than a debit card and a few free transactions a month as well as with access to online and mobile banking.
Designed for active spenders, premium chequing accounts typically include unlimited free transactions and extra perks like free cheques, waived monthly fees on additional accounts, free withdrawals from out-of-network ATMs and discounted safety deposit boxes. But all these benefits come with a higher monthly fee.
Digital banks with well-designed apps and low fees are becoming more common in Canada. A notable perk of online banks is that they tend to offer free accounts whether or not you have bad credit or no credit history at all.
EQ Bank and Neo Financial are popular options, and both are federally regulated just like the Big Banks. Backed by CIBC, Simplii Financial is another great option if you need to send international money transfers, as it comes with $0 transfer fees.
The benefits of opening an account with a digital bank include:
You can’t go to a branch for in-person service. But many online banks partner with major banks for some tasks, like depositing cash via ATM. Scotiabank, which owns Tangerine, lets Tangerine customers use Scotiabank ATMs at no extra cost. Similarly, CIBC owns Simplii Financial, so Simplii customers can use CIBC ATMs for free.
To make comparing even easier we came up with the Finder Score. Interest rates, account fees and features across 50+ savings 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.
Some financial institutions like KOHO and Mydoh compete with digital banks, but aren’t technically banks. These companies offer prepaid cards and accounts for everyday spending. Often, you can get rewards like cashback on your purchases. You can’t go to a branch for in person service, but you can manage your funds via mobile app.
Digital bank accounts and prepaid cards often come with no monthly fees. Chequing accounts offered by major banks usually come with monthly fees ranging from around $4 to $30, but this may be waivable if you keep minimum monthly balance or if you qualify for a discount (often available for seniors, students and newcomers to Canada).
Almost 3 out of 4 Canadians (73%) spend more than they save each month, according to survey data from the Finder: Consumer Sentiment Survey Q2 2023.
Additionally, Canadians are increasingly turning to online institutions for their banking needs. The same survey showed that 7.18% of respondents planned on opening a digital bank account between April and June 2023—up from 3.59% of respondents who planned to open a digital bank account between January and March 2023.
In Canada, there’s no credit score requirement for opening a bank account, so you can open a bank account with bad credit or no credit history. But most banks conduct a soft credit check to verify your identity when opening an account, so it’s difficult to avoid a credit check altogether.
Your chequing account options are the same whether you have bad or good credit. Traditional banks offer basic and premium chequing accounts, while digital banks and prepaid cards usually offer low fees and easy-to-use apps.
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