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Maintaining a bank account is crucial for daily financial activities. It’s necessary for managing your funds, cashing cheques, making bill payments, or simply accessing cash when needed. However, one of the most irritating aspects of bank accounts is the monthly maintenance fees that often accompany them. This can feel counterintuitive since a bank account is intended to aid in saving money. Thankfully, many banks are beginning to offer accounts that do not charge monthly fees, catering to this growing demand.

If you’re in search of bank accounts that don’t charge fees—whether through online banks, credit unions, major Canadian banks, or alternative options that offer rewards—here’s a carefully curated list of my top 12 selections for the best no-fee bank accounts in Canada.

Tangerine Savings

• No monthly fees
• No minimum balance
• 1% interest rate

Tangerine is an online bank owned by Scotiabank, known for its fee-free accounts thanks to low overhead costs. The Tangerine Savings account exemplifies this, charging $0 in monthly fees and imposing no unfair service charges. Tangerine upholds the belief that saving money shouldn’t come with a price tag.

Another attractive feature of this account is the absence of a minimum deposit requirement. While the interest rate of 1% may not be exceptionally high, it’s a reasonable return for a no-fee account.

This savings option is ideal for individuals preferring to handle their banking online, though those who prefer in-person interactions might find it less suitable.

EQ Bank

EQ Bank is another well-regarded online bank, especially known for its Savings Plus Account, which frequently features on lists of top no-fee accounts. This account offers no transaction fees and some of the best interest rates in Canada, with steady returns rather than promotional rates, which can fluctuate.

However, it’s important to keep in mind that transferring money to and from an EQ Bank account may take longer than expected, often extending to several days.

Simplii Financial

Simplii Financial originated as PC Financial but rebranded in 2017. Sponsored by CIBC, this bank is an excellent choice for no-fee accounts. The Simplii Financial no-fee chequing account allows unlimited transactions and features no minimum balance. One notable aspect is that it even generates interest, a rarity among chequing accounts, despite the amount being modest.

New clients can often take advantage of welcome offers that can be worth hundreds when they open a no-fee chequing account and maintain eligible monthly direct deposits. Their Global Money Transfer feature is another appealing addition.

Alterna Bank No-Fee eChequing Account

• No monthly fees
• No minimum balance requirement
• High-interest earning potential

Alterna Bank is a notable online Canadian bank offering a range of financial services, including a No-Fee eChequing account. This account enables unlimited transactions without monthly fees or minimum balance requirements. It also provides free Interac e-transfers. Additionally, account holders gain access to a vast network of ATMs, both in Canada and the U.S., ideal for travelers.

What sets this account apart is the opportunity to earn interest—something uncommon in chequing accounts—even if the rate is not particularly high.

Motive Financial Cha-Ching Chequing Account

• No monthly fee
• Free personalized cheques
• Unlimited transactions with no charge
• Opportunity to earn interest

The Cha-Ching Chequing Account from Motive Financial is another favorable option for fee-free banking. This account offers unlimited transactions, free Interac e-transfers, and the added bonus of 50 personalized cheques. Additionally, it allows users to earn interest, although the rate may be lower compared to some contenders.

Motus Bank No-Fee Chequing Account

• No monthly fees
• Unlimited transactions, including e-transfers
• Interest-earning account

Motus Bank also offers a great no-fee option with its No-Fee Chequing Account. This account includes unlimited transactions, no minimum balance requirement, and users can earn interest on their funds. Additionally, holders can access a significant number of ATMs across North America without incurring fees.

With an interest rate of 0.15% on account balances, this account adds value without the barriers often associated with traditional banking options.

KOHO stands out as a more unconventional entry on this no-fee bank account list, functioning as both a spending and savings account. It operates similarly to a prepaid credit card, but also resembles a debit card, which offers a variety of attractive benefits.

Customers can not only earn interest on balances but also enjoy cashback rewards on essential expenses, such as grocery shopping and utility bills, with potential earnings of up to 5% when shopping with KOHO partners.

While it doesn’t fit the traditional account mold, it may provide valuable options worth considering.

PC Money Account

• No fees
• Earn points with every purchase
• Unlimited debit transactions and e-transfers
• Welcome bonus of up to 200,000 PC Optimum points

The PC Money account uniquely blends features of a prepaid credit card with those of a chequing account. This account is available without any fees and comes with unlimited transactions along with free Interac e-transfers and ATM withdrawals.

One of its main attractions is the earning of PC Optimum points, particularly appealing for frequent shoppers at partnered stores. The account provides an exceptional point-earning structure on everyday purchases, with greater rewards for purchases made at affiliated retailers.

TD Bank Unlimited Chequing Account

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

As one of Canada’s largest banks, TD offers an extensive array of banking products, including the TD Unlimited Chequing Account. Although it typically incurs a monthly fee, maintaining an account balance of $4,000 at the end of each month can waive this fee.

This account also includes a plethora of transactional benefits, such as unlimited transactions and Interac e-transfers, alongside the convenience of having physical locations for in-person banking.

TD Bank All-Inclusive Account

• Unlimited transactions
• Monthly rebate for maintaining a specified balance
• Variety of premium perks available

TD’s All-Inclusive Account offers additional features compared to the Unlimited Chequing Account but comes with a larger monthly fee that may be waived by maintaining a $5,000 balance.

This account grants unlimited transactions and various premium services, making it suitable for users who can utilize the extras. However, if the perks aren’t essential, considering a no-fee option could be more beneficial.

Scotiabank Preferred Package

• Unlimited debit transactions and Interac e-transfers
• Access to the Scene+ program
• Earn extra interest on the Momentum Plus Savings Account
• Monthly fee waived with a minimum daily balance of $4,000

The Scotiabank Preferred Package can be especially advantageous for existing Scotiabank customers. The monthly fee is typically $16.95 but can be waived by maintaining a daily closing balance of $4,000.

This account has various features, including unlimited transactions and exclusive perks related to other Scotiabank products, enhancing the overall value for frequent users of their services.

CIBC Smart Plus Account

• Unlimited transactions
• Free withdrawals at CIBC ATMs globally
• Monthly fee waived with a minimum daily balance of $6,000
• Special promotions available

The CIBC Smart Plus account is accessible for customers who can keep a daily balance of at least $6,000, thus waiving the monthly fee of $29.95. This account provides many attributes, including numerous free perks and a significant welcome bonus for new clients.

BMO Performance Chequing Account

• Unlimited transactions
• No-cost access to Canadian and US dollar savings accounts
• Potential fee rebates on eligible credit cards
• Monthly fee waivable by maintaining a minimum balance

The BMO Performance Chequing Account typically charges a $16.95 monthly fee, which can be waived by meeting a minimum balance requirement of $4,000. This account features unlimited transactions and various benefits including complementary savings accounts in both currencies.

Meridian Chequing Account

• Unlimited transactions and 4 free e-transfers monthly
• No fees for individuals aged 18-29
• No minimum balance requirement

Lastly, Meridian offers a no-fee account specifically aimed at Canadians aged 18-29. Beyond the lack of a minimum balance, this account gives users access to unlimited transactions while offering e-transfers with some restrictions.

FAQ

Can I get a free bank account in Canada?

Yes, many banks in Canada provide no-fee accounts with specific criteria. Even so, be cautious as some associated fees may still apply.

What bank account can I get for free in Canada?

There are numerous options available, including both free chequing and savings accounts. Large banks often bundle services and can waive fees with sufficient balance maintenance.

How do I avoid banking fees in Canada?

To minimize fees, consider no-fee accounts like those mentioned above, and be aware of any account rules to avoid incurring additional costs, such as using only prescribed ATMs and adhering to transaction limits.

Which banks offer free chequing accounts in Canada?

Several options exist for free chequing accounts, with online banks generally providing the most straightforward no-fee options. Major banks often have fee structures contingent on minimum balances.

Can you open a bank account with $0?

Absolutely! Many online banks allow you to open an account with no minimum balance, unlike larger banks, which typically enforce these requirements for penalty-free accounts.