We analyzed over 70 chequing accounts to find the best chequing accounts in Canada whether you're looking for Big Banks, digital banks, rewards, no fees or other features.
With so many options banking options on the Canadian market — from digital banks to traditional banks and credit unions to fintechs — it can feel overwhelming deciding on the best chequing account option for you
That’s why we did the hard work for you. We compared factors like account fees, interest rates, ATM access, mobile app ratings, customer support and loads of other features to bring you this ultimate list of the 12 best chequing accounts in Canada.
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.
Keep reading to learn more about our picks for the best bank accounts in Canada by feature.
EQ Bank offers the overall best chequing account in Canada — the Personal Account. Ironically, this pick for the best chequing account also offers one of the highest promotional savings account interest rates on the market.
So whether you’re looking for the best chequing account or best savings account, it’s worth considering the EQ Bank Personal account. You can also sign up and fund your account entirely online within minutes.
This account offers all the perks you would expect with the top chequing account pick — like unlimited transactions and e-transfers — all with a $0 monthly fee.
The EQ Bank Personal Account — a hybrid savings and chequing account — is our top pick for the best chequing account in Canada. This interest-earning chequing account pays up to 4% interest. There are no fees on everyday banking and no minimum balance requirements. Plus, you can apply for a Joint account with your partner or family.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 4% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No minimum balance requirement
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria). Plus, when you open this account, you could get an impressive sign up bonus. Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account, $200 (plus a 4.80% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Valid until July 2, 2025.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account, $200 (plus a 4.80% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Valid until July 2, 2025.
Monthly fee of $17.95
You won't earn any interest on the money in your account.
With one of the highest welcome bonus offers on the market, you'll earn up to $500 with the Scotiabank Preferred Package. Enjoy unlimited transactions and free Interac e-Transfers, and get a rebate on select credit cards. Scotiabank has one of the largest international ATM networks of the Big Five Banks, with access to over 3,500 ATMs in Canada alone through the Global ATM Alliance.
The Coast Capital Free Chequing, Free Debit, and More Account is one of the best chequing accounts because it comes with no monthly account fees, no minimum balance requirements and unlimited free transactions. Just be aware that you'll have to pay fees for basic services such as paper statements and Interac e-Transfers.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada.
The fully-digital 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, and a debit card. Plus, you can pair this best chequing account pick with the no-fee Simplii High Interest Savings Account to earn more on your savings.
Earn a welcome bonus of up to $300
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
Learning to spend wisely and save habitually are critical skills, but for students who want to take the step towards investing, this account is ideal. The account also offers debit transactions and $0 Interac e-Transfers. Students will also get a chance to earn a competitive welcome bonus for opening a new account. Earn up to $100 as a welcome cash bonus and up to 6,250 Scene+ points when you open an account. Apply by May 25, 2025.
Free Transactions: Unlimited (including debit, Interac e-transfers, bill payments)
Bonus Offer: Earn up to $100 as a welcome cash bonus and up to 6,250 Scene+ points when you open an account. Apply by May 25, 2025.
Earned SCENE points can be redeemed at various restaurants and movie theatre
Access to more than 3,400 Scotiabank ATMs (at no charge)
Fee-free cash withdrawals at ATMs worldwide using Global ATM Alliance machines
Mobile banking
Get 20 free trades (stock or ETF) on the mobile app in your first year and 10 free trades every year after
Works with Apple Pay, Google Pay and Samsung Pay
Only available to full-time post-secondary students
Need to reconfirm your status as a full-time post-secondary student every year (before November 30)
Need to pay for overdraft protection (either $5 per month or per use)
The RBC Signature No Limit Banking Account is one of RBC's most popular chequing accounts and makes for a powerful day-to-day account. It comes with unlimited transactions and free Interac e-Transfers, as well as other perks for a monthly fee. Other unique benefits include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You'll also get reimbursements for non-RBC ATM fees (up to a monthly limit).
Wealthsimple offers a no-fee chequing account with all the benefits of a high interest savings account. Perks include earning 2.75% to 3.75% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $500,000, and the ability to earn 1% cashback in stock, crypto or cash when you make a purchase with your card. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.
The Tangerine No-Fee Daily Chequing Account comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Easily manage your money 24/7 with Tangerine's highly-rated mobile app. Plus, earn up to 0.1% interest on every dollar.
A combined spending and saving account, the Neo Everyday Account pays 0.1% interest on your balance and lets you earn cash back from 0.5% to 4% at popular retailers. Partner retailers include: Shell, Swoop, Structube, Earls, Herschel, Clearly, Avis, Second Cup, Boston Pizza, Avis, Budget, Curves, among many others.Enjoy a $0 monthly account fee, no minimum balance, free transactions and free e-Transfers. The cash back rate varies between stores.
Earn cash back of up to Up to 4% cash back at over 10,000 retail partners
Earn 0.10% interest rate on your entire balance
Free unlimited transactions
No minimum balance
No account fee
Online only with no physical branches
The Neo Money Card is a prepaid Mastercard, which works slightly differently than a debit card
Functioning as both a spending and saving account, the PC Money Account has been revamped to offer one of the highest on-going interest rates in Canada. With no monthly fee and unlimited free transactions, you can earn PC Optimum points every time you spend, and earn a high interest rate of 3.5% on your savings.
Enjoy no fixed monthly fees for up to 3 years when you open a National Bank Newcomer Bank Account and get access to a Mastercard credit card to help you get settled and started in Canada. Plus, you can affordably send international money transfers should you need to.
Exclusive phone assistance for newcomers
Monthly fee waived for up to three years
Get a Canadian credit card without credit history
Need to sign up for additional products or services to have monthly fee waived
Methodology: How we selected the best chequing accounts in Canada
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.
What is the best chequing account for mobile banking in Canada?
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 National Bank mobile app is rated the best according to customer reviews, with the highest user ratings across both iOS and Android, followed closely by Scotiabank.
As for online-only banks, the Neo Financial app has the highest user rating in both app stores followed by Tangerine and PC Financial.
There are several types of chequing accounts — like no-fee accounts, interest-earning accounts and student accounts — to choose from.
Choosing the best chequing account for you requires you to consider several key features like account fees, access to cash, banking support and account perks.
What is a chequing account?
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. Besidesthe odd hybrid producton the market, most chequing accounts don’t offer interest on your balance.
Types of chequing accounts in Canada
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.
Personal chequing accounts
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
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 account
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.
Compare features of the best bank accounts in Canada
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.
Monthly account fee
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 fees
According 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.
The fees you should pay attention to when browsing through the best chequing accounts include the following:
Out-of-network ATM fee: Typically $2-$5, this fee is charged for using an ATM that is not part of your bank’s network.
Non-sufficient funds (NSF) fee: Typically $40-$50, NSF fees are charged when your bank declines a transaction or or rejects a cheque due to insufficient money in your account.
Overdraft fees: Typically $5 per item, day, or month, overdraft fees in Canada are charged when your bank covers the difference for insufficient funds in your account. You’ll also be charged an interest rate of around 21% on the overdrawn amount. You can add overdraft protection to any of the best chequing accounts for around $5/month.
Transfer fee: Any of the best bank accounts come with free Interac e-transfers. That said, you’ll still typically have to pay a fee for wire transfers and international transfers. If you send a lot of international money transfers, it may be worth opting for a chequing account with a higher monthly fee if is comes with lower currency conversion rates and discounted foreign transaction fees.
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.
Withdrawal options
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.
ATM access
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.
Transfer options
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.
Cash and cheque deposits
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.
Credit card rebates
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.
To help you compare options, here’s a summary of the current credit card rebate offers from our list of the best chequing accounts in Canada:
$40 rebate: BMO AIR MILES World Elite Mastercard, BMO CashBack World Elite Mastercard, BMO Ascend World Elite Mastercard, BMO AIR MILES World Mastercard, BMO CashBack World Mastercard BMO Affinity AIR MILES World Mastercard, BMO Affinity CashBack World Mastercard or BMO eclipse Visa Infinite Card
$48 rebate: RBC ION+ Visa and WestJet RBC Mastercard
$35 rebate: RBC Avion Visa Infinite Privilege, RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard
$120 partial rebate (for the primary cardholder) and $50 rebate (for the co-applicant): RBC Avion Visa Infinite Privilege card
Full rebate (for primary and additional cardholders): RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC ION+TM Visa ($4 applied monthly), RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard
Up to $50 one-time first year rebate (on eligible credit cards issued by Collabria): World Mastercard, Cash Back World Elite Mastercard, and Centra Gold Mastercard
CIBC Smart Plus Account
Full rebate: CIBC Aventura Visa Infinite, CIBC Aventura Gold Visa, CIBC Dividend Visa Infinite, CIBC Dividend Platinum Visa or CIBC Aeroplan Visa Infinite
$139 rebate (for the primary cardholder) and $50 rebate (for up to 3 authorized users): CIBC Aventura Visa Infinite Privilege or CIBC Aeroplan Visa Infinite Privilege
Bundled financial products
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.
Banking and support access
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 satisfaction
According 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.
Additional chequing account perks
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.
Chequing account statistics: Are Canadians actually opening accounts?
In our latest Finder: Consumer Sentiment Survey January 2025, we found that chequing accounts are the most popular type of bank in account in Canada.
Nearly all Canadians (96.90%) have a chequing account, with almost two thirds (61.94%) currently using only one chequing account and 34.96% using two or more chequing accounts. We also found that 15.88% plan to open a chequing account at some point in 2025.
We also asked Canadians what the most important features were to them when choosing a new account.
We found that the top priority for 65.43% of Canadians was finding an account with no or low monthly fees. Beyond that, 51.25% prioritized having no or low transaction fees and 40.06% looked for free e-transfers.
In order to make sure that you, like the other Canadians, find a chequing account that meets your financial priorities, carefully compare features of the best chequing accounts in Canada so you sign up for the right account for your needs.
Chequing account promotions and switching offers on now
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 chequing account 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.
Big bank chequing account promotions:
BMO Performance Chequing Account:Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Performance Chequing Account, $200 (plus a 4.80% promo interest rate) when you open a Savings Amplifier Account and $50 when you make it a BMO Family Bundle. Valid until July 2, 2025.
BMO Premium Plan Chequing Account: Get up to $700 in cash bonuses. Earn $450 when you open a new BMO Premium Plan 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 July 2, 2025. Also earn a 4.80% bonus interest rate when you add a Savings Amplifier Account.
BMO Plus Chequing Account: Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until July 2, 2025.
BMO AIR MILES Chequing Account: Earn up to a 5.00% promo interest rate when you open a new AIR MILES Chequing Account and Savings Amplifier Account. Valid until April 30, 2025
BMO New to Canada Performance Chequing Account: Earn up to a $700 welcome bonus and get a $100 Walmart Canada eGift card. Valid until May 31, 2025. Plus, enjoy no monthly plan fee banking for one year, and send unlimited BMO Global Money Transfers with no fee.
BMO Performance Student Chequing Account: Earn a $125 cash bonus and up to 12 months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until June 2, 2025.
RBC Signature No Limit Banking Account: Get an Apple Watch when you open your first RBC Signature No Limit Banking Account and complete two of the qualifying criteria tasks. Apply by June 2, 2025.
RBC VIP Banking Account: Get an Apple Watch when you open your first RBC VIP Banking Account and complete two of the qualifying criteria tasks. Apply by June 2, 2025.
RBC Advantage Banking for Students: Get $100 when you open an account and complete one of three steps. Valid until July 2, 2025.
Scotiabank Ultimate Package: Earn up to $500 with a Scotiabank Ultimate package and registered account. Valid until April 30, 2025. Plus, earn up to 5.00% interest for 3 months on your MomentumPLUS Savings Account.
Scotiabank Preferred Package: Earn up to $500 with a Scotiabank Preferred package and a registered account. Valid until April 30, 2025. Plus, earn up to 4.95% interest for 3 months on your MomentumPLUS Savings Account.
National Bank Connected Account: Get $30 cashback when you get an eligible National Bank credit card you activate after opening a National Bank Connected Account.
National Bank The Total Chequing Account:Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing Account.
CIBC Smart Account:Get a $450 cash offer when you open a CIBC Smart Account as your first chequing account and complete the qualifying actions within 2 months.
CIBC Smart Plus Account:Get a $450 cash offer when you open a CIBC Smart Plus Account as your first chequing account and complete the qualifying actions within 2 months.
CIBC Smart for Students: Get $125 when you open an account and make five Visa Debit purchases online within two months (purchases must be made in the same month). Plus, earn $50 for each friend you refer (up to 10). Terms & conditions apply.
TD Unlimited Chequing Account: Earn a welcome bonus worth $600. Terms and conditions apply. Offer ends May 28, 2025.
TD All-Inclusive Banking Plan: Get up to $600 when you open a TD All-Inclusive Banking Plan. Valid until May 28, 2025.
TD Student Chequing Account: Earn up to $495 in value when you open a new TD Student Chequing Account. Valid until April 30, 2025.
Online bank and credit union chequing account promotions:
Tangerine No-Fee Daily Chequing Account:Earn up to $250. Open a No-Fee Daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
Simplii No Fee Chequing Account:Earn $300 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends April 30, 2025.
Is it worth switching chequing accounts for a sign-up promotional offer?
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.
How to open a chequing account in Canada
Follow these steps to open a chequing account:
Choose an account. Decide which is the best chequing account for you by comparing options from our curated list above.
Sign up. Head to the bank’s website or to your local bank branch to sign up for the account. If you sign up online, you’ll have to fill in a simple online form that usually only takes a few minutes to complete.
Prove your identity. Verify your identity using government-issued photo ID. Acceptable ID includes a passport or driver’s licence. If you’re signing up online, you’ll typically be able to take a picture of your ID with your phone.
Start using the account. Once you’re approved for your chequing account, start by transferring or depositing money into the account. If your account comes with a debit card, and you applied online, your new debit card will likely be mailed to you within a couple of weeks.
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.
No, there's no difference between "checking" and "chequing" accounts when it comes to shopping around for the best bank accounts. Banks in the US tend to use the spelling "checking" when referring to the same type of bank account that Canadian banks typically spell as "chequing" accounts. The accounts are the same regardless of how you spell it.
Yes. You can open a new account and transfer funds from your old one, or just hold on to both.
You can do this by visiting your nearest bank branch or using your bank's online banking service. You can usually also call your bank to send money to another account as well. The simplest way to transfer money is through your online banking account.
The exact transfer process varies depending on your bank, but you'll typically have to select the account you want to transfer funds from, provide details about your recipient (their name, transit and account number) and specify the amount that you would like to transfer.
Although transferring through your bank may be easier, it can also be expensive. There are many other money transfer service providers such as Western Union, MoneyGram, WorldRemit, PayPal, OFX, TransferWise and CurrencyFair who offer competitive fees and exchange rates compared to banks. Read our detailed guide to money transfers for more information and to find the right service for you.
Yes, you can set up automatic deposits into your account just as you would with a brick and mortar institution.
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio
Earn a little interest without limiting your transactions. But don’t expect to replace your high-interest savings account.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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