There is a solid range of unlimited chequing accounts to choose from, whether you’re looking to maximize the perks of online banking or enjoy a traditional in-person banking service. And while some of these accounts can come with a higher monthly fee, there are strong rewards to reap and plenty of extras on offer.
Let’s run through our roundup of the best options out there right now, and give you some pointers on comparing the various features available.
What is an Unlimited Chequing Account?
An unlimited chequing account is one that has no restrictions on the number of transactions that can be made each month. Debit payments, ATM withdrawals, money transfers and bill payments are all considered under the term ‘transactions’, so if you use your chequing account regularly each month you may prefer an unlimited chequing account.
Typically, a standard chequing account will have between 12 – 25 ‘free’ transactions per month, with any further transactions incurring a small fee. However, with an unlimited chequing account, you won’t have to worry about keeping track of your transactions or having to fork out more in fees in order to get the most out of your account.
Best Unlimited Chequing Accounts in Canada
1. EQ Bank Personal Account
EQ Bank is one of Canada’s foremost online banks. It’s Personal Account offers the best features of both a chequing and savings account all in one.
Offering an impressive 3.75% interest on your holdings, there are no daily banking fees, no minimum balance requirements and your Interac transfers, bill payments and deposits are all fee-free. This account is eligible for CDIC insurance and is backed by over 50 years of experience from the reputable Equitable Bank. There's also the option to add the EQ Bank Card, which is a prepaid Mastercard. This card lets you enjoy free withdrawals from any ATM in Canada, as well as cashback on every purchase and no foreign transaction fees, despite the fact that it works everywhere Mastercard is accepted.
$0 account fee
Get unlimited transactions
$0 Interac eTransfers
Earn up to 3.75% 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
Min. Age
18
Account Fee
$0
Overdraft Fee
$0
2. Simplii No-Fee Chequing Account
Simplii Financial is a popular Canadian digital bank that offers a number of different account and investment options including a no-fee chequing account and a high interest savings account.
Simplii Financial No-Fee Chequing Account is a stand-out option for those seeking a no-nonsense, no-fee everyday bank account. This account offers unlimited debit transactions, bill payments and withdrawals, giving you the freedom to manage your money without having to worry about extra or hidden costs. In addition to offering other perks like overdraft protection and easy setup for payroll deposit and bill payments, the Simplii No-Fee Chequing Account also comes with a straightforward digital banking experience and free Interac e-Transfers, as well as free international money transfers.
Earn a welcome bonus of up to $500
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% to 0.1% 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
Residents of Quebec cannot open a Simplii account
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
3. RBC Signature No Limit Banking Account
RBC is one of Canada’s largest traditional banks, and its Signature No Limit Banking account is one of the most competitive unlimited chequing accounts among the Big Five.
This account is designed specifically for those seeking a conventional chequing account that removes typical transaction limits. For a monthly fee of $16.95 you can enjoy the peace of mind that comes with truly practically unlimited transactions (there is technically a limit of 999 free Interac transfers per month). You can also access an RBC credit card rebate of up to $48, making this account a useful option if you're interested in an RBC card. Plus, on top of unlimited debit transactions and free overdraft protection, you'll also get 3 non-RBC ATM fees rebated each month.
Unlimited debit transactions
Non-RBC ATM rebates
Free Interac e-Transfers
Credit card fee waivers
Earn RBC Avion points
Overdraft protection.
Monthly fee
Caps on certain perks.
Min. Age
N/A
Account Fee
$16.95
Overdraft Fee
$5
ATM Out-of-Network Fee
$2
4. Tangerine No-Fee Daily Chequing Account
Tangerine is a subsidiary of Scotiabank, and is one of Canada’s most popular online banking providers. Its No-Fee Daily Chequing Account is a top-tier option for anyone looking for an unlimited chequing account.
Like most online bank accounts, this one from Tangerine eliminates monthly maintenance fees and minimum balance fees, on top of providing an unlimited number of debit purchases, bill payments, and Interac transfers. If that wasn't enough, this online chequing account also comes with a competitive interest rate on your total balance (up to 0.1%) and other perks like Tangerine's Left to Spend budget tracking tool, as well as access to Scotiabank ATMs throughout Canada.
Earn decent interest rates
Unlimited transactions
Free Interac e-Transfers
Free cheques
Mobile cheque deposits
Charges for certain ATMs
No in-person service
Only one free replacement card
Min. Age
16
Account Fee
$0
Overdraft Fee
$10
ATM Out-of-Network Fee
$1.50
International ATM Fee
$3
5. KOHO
KOHO is a financial technology company offering another competitive and refreshing approach to digital banking. KOHO’s primary offering is its no-fee prepaid Mastercard along with a suite of financial tools designed to help you get the most out of your money.
The standout feature here is KOHO's cash back rewards, allowing you to earn up to 2% cash back on groceries, transportation and food and drink, as well as interest on your entire balance. In addition to unlimited transactions, each of KOHO's three account options also comes with access to a physical, no-fee prepaid Mastercard, as well as one free credit score check per month.
Monthly Fee
$9
Transaction Cost
$0
Foreign Transaction Fee
0%
Monthly Fee
$9/month or $84 annually
e-Transfer Fee
$0
NSF Fee
$0
Rewards
Up to 5% cash back
6. Neo Money Account
Neo Financial is another of Canada’s leading fintech companies. The Neo Everyday account is a fantastic option for those looking for a modern, no-fee everyday chequing account, and it comes with plenty of perks.
With Neo Everyday you can earn up to 6% instant cash back on restaurants and bars and up to 3% on gas and groceries. On top of that, the Neo Everyday account also earns 0.1% interest on your overall balance. With no transaction fees, no annual fees and ATM access wherever Mastercard is accepted, it's easy to see why this account is one of Canada's most popular unlimited chequing accounts.
Earn cash back of up to 6% at over 10,000 retail partners
Earn 0.1% 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
Not available to residents of Quebec
Min. Age
N/A
Account Fee
$0
7. TD Unlimited Chequing Account
Another of Canada’s Big Five banks, TD also offers an unlimited chequing account that may be appealing if you’re looking for traditional, in-person banking services.
Offering unlimited transactions per month at a monthly fee of $16.95 this account is on-par with the RBC Signature No Limit account detailed above. You'll also have free access to any TD ATM in Canada, a rebate of up to $139 for one of five select TD credit cards, as well as free Interac e-Transfers. You can also avail of a monthly fee rebate, but only if you've got at least $4,000 in your account at the end of each month.
Generous signup offer
Unlimited free transactions
Unlimited free e-Transfers
Ability to waive monthly account fee
You'll pay a monthly fee of $16.95 if you don't meet the waive requirements
Min. Age
N/A
Account Fee
$16.95
ATM Out-of-Network Fee
$0
U.S. ATM Fee
$3
International ATM Fee
$5
What are the benefits of an unlimited chequing account?
No extra fees: with no limits on the number of transactions made, you can get lots of use out of your account without having to incur extra fees.
Easier budgeting: an unlimited chequing account also makes it that bit easier to manage your budget and forecast your spending.
Convenience: with no limits on your transactions, you can spend less time and energy tracking your spending, and more time doing what you enjoy.
Additional perks: a lot of unlimited chequing accounts also come with other benefits, such as higher credit card rebates, overdraft protection and free personalized cheque books.
What should I look out for when comparing unlimited transaction accounts?
When comparing unlimited transaction accounts, in addition to making sure it’s legitimately offering unlimited transactions, it’s worth keeping a few other details in mind too.
Fees & Charges: Okay, so you’re ideally not getting charged for the type or number of transactions you make, but keep an eye out for monthly fees, overdraft fees or even ‘hidden’ transaction limits.
Interest Rates: Some banks, particularly online ones, do offer savings interest on your holdings even though it’s a chequing account. If that’s a perk you’re into, don’t forget to compare this point.
Accessibility & Service: If it’s in-person customer service that matters to you, or just being able to visit your local branch, then an online-only bank probably isn’t the right fit. And if you do choose an online provider, you can look up their general service reputation through online reviews.
Additional Benefits: There are a lot of extras on offer, particularly with online banking providers. From cashback rates, interest rates and a host of other perks on offer, don’t overlook how useful particular additional benefits could be to you.
How do the features of an unlimited vs. limited chequing account compare?
Transaction Limits: Primarily, unlimited chequing accounts don’t come with the transaction limits, and subsequent fees if you exceed the limit, that limited accounts carry. This makes unlimited accounts more flexible, convenient and useful for those who use their account frequently.
Other Fees: Unlimited chequing accounts can often come with higher monthly fees, comparatively, at least when it comes to traditional banks. It’s important to have an understanding of the whole fee structure for any account you’re comparing.
Additional Features: While unlimited chequing accounts can come with higher monthly fees compared with a limited account, you’re also much more likely to find extra perks with an unlimited account. Cashback, interest rates, overdraft protection and other benefits are rarely ever available for limited chequing accounts.
What details will I need to open an unlimited chequing account?
Opening an unlimited chequing account follows the same process as any typical bank account. For most of these accounts above, you’ll need to be a Canadian resident of the age of majority with a permanent Canadian address. Some of these accounts will also be available for temporary residents, such as those on a Student Visa, as long as you can provide the necessary documentation.
Typically, the documentation you’ll need to provide in order to open an unlimited chequing account is as follows:
Personal Details: You’ll have to provide your name, address and other basic contact information.
SIN Number: If you don’t yet have one, you’ll need to apply for your Social Insurance Number prior to opening an account.
ID: Most banks will require you to provide two pieces of ID, such as a passport and driver’s license, in order to open a new account.
Bottom Line
If you’re looking for a no-frills, no-fuss unlimited chequing account, you’ve got banking options both online and in person. However, if you’re after unlimited chequing, cash back, interest and all the other perks, you’ll most definitely want to look online – but you’ve still got lots to choose from there.
Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio
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