Canadians pay some of the highest banking fees in the world. Monthly chequing account fees at the big five banks range from $4.95 to $30.95, and those fees add up fast. The good news is that several banks offer full-featured chequing accounts with absolutely no monthly fee.
Best no-fee chequing accounts in Canada
| Bank | Monthly Fee | Transactions | e-Transfers | Interest on Balance | ATM Access |
|---|---|---|---|---|---|
| Simplii Financial | $0 | Unlimited | Unlimited free | 0.01% | CIBC ATMs |
| Tangerine | $0 | Unlimited | Unlimited free | 0% | Scotiabank ATMs |
| EQ Bank | $0 | Unlimited | Unlimited free | Up to 2.50% | EXCHANGE network |
| Wealthsimple | $0 | Unlimited | Unlimited free | Up to 3.00% (premium) | ATM fee rebates |
| Alterna Bank | $0 | Unlimited | Unlimited free | 0.05% | EXCHANGE network |
| Motusbank | $0 | Unlimited | Unlimited free | 0% | EXCHANGE network |
Why you should stop paying monthly bank fees
The average Canadian pays $185 per year in chequing account fees. Over 30 years, that is $5,550 — and that does not account for what you could earn by investing that money instead. At a 7% return, those monthly fees cost you over $18,000 in lost wealth over 30 years.
What to look for in a no-fee chequing account
Unlimited transactions
Some accounts advertise low fees but limit you to 12 or 25 transactions per month. The best free accounts offer truly unlimited transactions including debit purchases, bill payments, and transfers.
Free Interac e-Transfers
Most no-fee online bank accounts include unlimited free Interac e-Transfers. Big bank accounts often charge $1 to $1.50 per e-Transfer unless you pay for a premium account.
ATM access
Online banks have solved the ATM problem. Simplii connects to CIBC’s 3,400+ ATMs, Tangerine uses Scotiabank’s network, and most others participate in the EXCHANGE network with 3,700+ surcharge-free ATMs across Canada.
Interest on your balance
Some no-fee chequing accounts pay interest on every dollar in your account. EQ Bank and Wealthsimple stand out here, offering rates that beat many traditional savings accounts.
No minimum balance
True no-fee accounts do not require you to keep a minimum balance to waive the fee. If the bank requires $3,000 or $5,000 sitting in your account, that is not really free — it is an opportunity cost.
How to switch banks without hassle
- Open your new account — Most online banks let you open an account in 10 minutes
- Set up direct deposit — Update your employer with your new banking details
- Move pre-authorized payments — Update bill payments, subscriptions, and automatic withdrawals
- Transfer your balance — Link your old and new accounts and transfer your money
- Keep your old account open for 30 days — Make sure all pending transactions clear before closing it
Big bank fee comparison
| Bank | Basic Account | Unlimited Account |
|---|---|---|
| RBC | $4.95/mo (12 transactions) | $17.95/mo |
| TD | $4.95/mo (12 transactions) | $17.95/mo |
| BMO | $4.95/mo (12 transactions) | $17.95/mo |
| Scotiabank | $3.95/mo (12 transactions) | $16.95/mo |
| CIBC | $4.95/mo (12 transactions) | $16.95/mo |
If you are currently paying for an unlimited big bank account, switching to a no-fee alternative saves you roughly $200 per year.
Best no-fee chequing accounts in Canada (2026)
| Account | E-transfers | ATM access | Interest on balance | Notes |
|---|---|---|---|---|
| EQ Bank Personal Account | Unlimited | Via ATM network (reimburses fees) | ~3.75% | Best overall |
| Simplii Financial | Unlimited | CIBC ATMs | None | Good for CIBC ATM users |
| Tangerine | Unlimited | Scotiabank ATMs | Promo rates | Promotions for new clients |
| Motusbank | Unlimited | Exchange ATMs | ~2.5% | Credit union-backed |
| Coast Capital (BC) | Unlimited | Exchange ATMs | None | BC credit union |
| WealthSimple Cash | Unlimited | None (e-transfer heavy) | ~3.5% | Best app experience |
What to look for in a no-fee chequing account
E-transfer limits: Most no-fee accounts now offer unlimited free Interac e-Transfers. Confirm there’’s no per-transaction charge or daily/monthly cap.
ATM access: Without branch access, ATM coverage matters. Look for accounts that reimburse ATM fees or have a wide ATM network partnership.
Overdraft protection: No-fee accounts often charge for overdraft protection or NSF fees. Ensure you maintain a buffer balance or set up automatic transfers from savings.
Cheque writing: If you still write physical cheques (for rent, deposits, etc.), confirm the account supports cheque writing. Some app-based accounts are cheque-free.
Frequently asked questions
Do no-fee accounts have all the same features as paid accounts? Most no-fee online accounts offer unlimited e-transfers, bill payments, and direct deposit — the features most Canadians use daily. The main limitations are lack of in-person branch service and sometimes fewer account management tools. For basic everyday banking, no-fee accounts are fully functional.
Is it safe to bank with an online-only bank in Canada? Yes — online banks like EQ Bank, Simplii (owned by CIBC), and Tangerine (owned by Scotiabank) are either CDIC members directly or backed by CDIC-member parent banks. Deposits up to $100,000 per insured category are protected.
Bottom line
There is no reason to pay monthly bank fees in 2026. Online banks offer the same features — unlimited transactions, free e-Transfers, mobile cheque deposit, and bill payments — for $0 per month. The money you save on fees can go toward your emergency fund or be invested for the long term.