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A bank account plays a vital role in managing daily finances. It serves as a place to store your money, deposit checks, and provide access to cash for various payments. One of the common frustrations, however, is the presence of monthly fees associated with many accounts, which seems contradictory since the purpose of a bank account is to help save money. Increasingly, financial institutions are recognizing this inconsistency and introducing no-fee bank account options.

If you’re searching for a no-fee account—whether from online banks, credit unions, or traditional institutions—this guide outlines my top 12 recommendations for the best no-fee bank accounts available in Canada.

Tangerine Savings

• No monthly fees
• No minimum balance needed
• Interest rate of 1%

Tangerine, which operates under Scotiabank, is an online banking option renowned for its fee-free accounts due to minimal operating costs. The Tangerine Savings account exemplifies this benefit: it boasts zero monthly fees and no hidden charges. Tangerine believes that saving shouldn’t come at a cost.

This account also has no minimum deposit requirement. While earning 1% interest may not seem remarkable, it’s commendable for a fee-free account. It’s an excellent choice for those who prefer online banking, though it may not suit individuals who favor in-person service.

EQ Bank

EQ Bank is another notable online bank in Canada, and its Savings Plus Account frequently appears on lists of top no-fee options. With unlimited transactions and a high-interest rate, this account stands out, offering consistent rates without the gimmicks of promotions.

However, be aware that transferring funds to or from EQ Bank may take a few days, which can be inconvenient if you require immediate access to your funds.

Simplii Financial

Simplii Financial, previously a part of PC Financial, is now an independent online bank supported by CIBC. They offer a no-fee chequing account that provides unlimited transactions without requiring a minimum balance. One notable feature is that it pays interest—though modest—making it an outlier among typical chequing accounts.

Simplii also presents attractive welcome bonuses for new clients who set up direct deposits. Plus, their Global Money Transfer service enhances its appeal.

Alterna Bank No-Fee eChequing Account

• No monthly fees
• Free day-to-day transactions
• Earn interest

Alterna Bank offers a competitive No-Fee eChequing Account with no monthly fees, providing free transactions and unlimited Interac e-transfers. You can access a vast ATM network across Canada and the U.S., making it a good choice for travelers.

Uniquely, this account allows for interest earnings, which is a rarity in traditional chequing accounts—an added advantage for savers.

Motive Financial Cha-Ching Chequing Account

• No monthly fee
• Free personalized cheques
• Unlimited transactions with no charge for Interac e-transfers
• Opportunity to earn interest

The Cha-Ching Chequing Account from Motive Financial is another excellent choice, featuring unlimited transactions and complimentary Interac e-transfers. Account holders also receive personalized cheques and can access a widespread ATM network, ensuring cash access is convenient. Interest earned is modest, but it provides some return on deposits.

Motus Bank No-Fee Chequing Account

• No monthly fees
• Unlimited transactions and e-transfers
• Earn interest

Motus Bank also presents a solid option with their No-Fee Chequing Account. This account requires no minimum balance and offers unlimited transactions, including e-transfers. Other perks include a free order of cheques and access to a vast ATM network in North America, alongside a modest interest rate on account balances.

KOHO stands out as a hybrid account, functioning both as a spending and savings option with unique features. While often compared to a prepaid credit card, it offers the benefits of a debit account.

With KOHO, users earn interest on their account balances and enjoy cash-back rewards on essential purchases. This option could be appealing for those seeking a more dynamic banking experience.

PC Money Account

• No fees
• Point accumulation on purchases
• Unlimited transactions and Interac e-transfers
• Welcome offer up to 200,000 bonus PC Optimum points

The PC Money account functions as a hybrid bank account, akin to KOHO, offering no-fee banking with point rewards for shoppers. Accounts feature unlimited transactions, pay no minimum balance, and provide free access to Interac e-transfers. Users earn substantial points at affiliated retailers, making it beneficial for regular shoppers.

Currently, a welcome offer allows new users to earn up to 20,000 points upon meeting certain conditions, enhancing its attractiveness.

TD Bank Unlimited Chequing Account

• Unlimited transactions
• Monthly fee waived with a balance of $4,000 or more
• Special offers available

As one of Canada’s prominent banks, TD offers a range of products, including the Unlimited Chequing Account, which includes a $16.95 monthly fee. However, maintaining a balance of $4,000 waives this fee. Although not as favorably priced as some online options, the convenience of numerous branches may appeal to those who prefer personal banking.

This account allows unlimited transactions, free e-transfers, and typically includes welcome bonuses for new customers.

TD Bank All-Inclusive Account

• Unlimited transactions
• Premium perks at no additional cost
• Monthly fee waived with a minimum balance of $5,000
• Special promotions available

The TD All-Inclusive Account provides a range of features similar to the Unlimited Chequing Account, but with additional benefits. The monthly fee of $29.95 can be bypassed by maintaining a $5,000 balance.

This account offers unlimited monthly transactions, free e-transfers, and various premium perks, though the high minimum balance requirement might deter some users seeking truly fee-free options.

Scotiabank Preferred Package

• Unlimited debit transactions and e-transfers
• Access to the Scene+ loyalty program
• Additional interest on Momentum Plus Savings Account
• Monthly fees waived with a $4,000 minimum balance

Scotiabank provides its Preferred Package, which is ideal for existing Scotiabank customers. With a monthly fee of $16.95, it can be waived by maintaining a daily balance of $4,000. The package offers a multitude of features that can benefit regular customers, including discounts on select credit cards and special access to savings programs.

CIBC Smart Plus Account

• Unlimited transactions
• Fee-free CIBC ATM withdrawals globally
• Monthly fee waived with a $6,000 minimum balance or $100,000 in savings/investments
• Additional perks
• Exclusive promotions available

The CIBC Smart Plus Account is another option targeting customers willing to maintain significant balances to avoid monthly fees, typically $29.95. This account provides various discounts and financial products along with global ATM access, making it suitable for frequent travelers.

BMO Performance Chequing Account

• Unlimited monthly transactions
• Free savings accounts in Canadian and U.S. dollars
• Possible $40 annual credit card fee rebate
• Monthly fee waivable with a $4,000 minimum balance
• Special promotions ongoing

Finally, the BMO Performance Chequing Account generally charges a monthly fee of $16.95, which can be avoided by maintaining a $4,000 balance. This account includes unlimited transactions, free e-transfers, and additional savings account options, making it a viable choice for those who meet the balance requirements.

Meridian Chequing Account

• Unlimited monthly transactions, with 4 complimentary e-transfers
• Free account for Canadians aged 18-29
• No minimum balance necessary

Meridian offers a great no-fee account for young Canadians aged 18-29. It stands out with unlimited transactions and no minimum balance requirements, along with access to many network ATMs across Canada and the U.S., though users need to keep an eye on the limit of free e-transfers.

FAQ

Can I find a free bank account in Canada?

Yes, numerous no-fee bank accounts are available across Canada. However, check for potential fees that may apply, even if the account itself is advertised as free.

What types of bank accounts can I open for free in Canada?

You can choose from various options, including free chequing and savings accounts. Major banks often waive fees when you maintain a minimum balance.

How can I avoid banking fees in Canada?

Select a no-fee account from the options listed above, and ensure you adhere to account guidelines. Avoid using non-affiliated ATMs, stick to transaction limits, remain active to prevent inactivity fees, and consider declining optional bank services that may incur extra costs.

Which banks provide free chequing accounts in Canada?

Numerous options exist for free chequing accounts. Online banks often offer genuinely fee-free accounts, while traditional banks typically require a minimum balance to avoid fees.

Is it possible to open a bank account with no money?

Absolutely. Many online banks offer no-fee accounts without requiring a minimum deposit, although larger banks might impose a minimum balance to waive monthly fees.