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MTC

Canada's Finance Hub
Updated February 2026

Best Chequing Accounts in Canada

The average Canadian pays over $200/year in banking fees. Stop throwing money away. Compare the best no-fee chequing accounts for 2026.

payments
$0
Monthly Fees
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Unlimited
Free Transactions
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Free
Interac e-Transfers

Top Chequing Accounts (2026)

Best Overall

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EQ Bank Personal Account

Combines high savings interest with chequing features.

  • $0 Monthly Fees
  • Unlimited free e-Transfers
  • Earn interest on your chequing balance
  • Free withdrawals at 3,500+ ATMs

Best Welcome Offer

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Simplii No-Fee Chequing

Solid choice for CIBC ATM access and welcome bonuses.

  • $0 Monthly Fees
  • Unlimited debit purchases
  • Free access to CIBC ATMs
  • Global Money Transfer ($0 fees)

Most Popular

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Tangerine No-Fee Daily

A favourite among Canadians for over 20 years.

  • $0 Monthly Fees
  • Free access to Scotiabank ABMs
  • Overdraft protection available
  • Easy-to-use mobile app

Best for Spenders

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Wealthsimple Cash

Earns 1% back on everything you buy.

  • 1% stock/crypto back on spending
  • 4%+ interest on balance
  • No foreign transaction fees (save 2.5%)
  • Prepaid Mastercard (safer for online)

Hidden Fees to Watch For

Even "No-Fee" accounts have hidden charges. Here are the most asking ones to avoid in 2026:

NSF Fee ($45 - $50)

Charged if a cheque "bounces" or a pre-authorized payment fails due to insufficient funds.

Overdraft Interest (21%+)

If you go into the negative, you pay credit-card-like interest rates on the balance.

Dormancy Fee

Charged if you don't use the account for 1-2 years. Can slowly drain your balance to zero.

Non-Network ATM Fee

Using a private ATM costs you fees from BOTH the machine owner ($3-5) and your bank ($2-3).

How to Switch Banks (Step-by-Step)

Don't let the hassle stop you from saving money. Follow this checklist to switch seamlessly:

  1. 1

    Open Your New Account

    This usually takes 5-10 minutes online. You'll need your SIN and ID.

  2. 2

    Redirect Direct Deposits

    Give your new "Void Cheque" or Direct Deposit form to your employer/HR. This is the most critical step.

  3. 3

    Move Pre-Authorized Payments

    Update Netflix, hydro, insurance, gym, and credit card auto-payments. Review your last 3 months of statements to catch them all.

  4. 4

    Keep the Old Account Open (Briefly)

    Keep enough cash in the old account for 1 month to cover any forgotten payments. Once clear, close it!