Best chequing accounts in Canada
Compare Canadian chequing accounts by monthly fee, included transactions and how easily you can get the fee waived.
Unlimited debit transactions and free access to 3,400+ CIBC ATMs across Canada.
Rate verified August 3, 2026 · confirm with the institution before applying
Free access to thousands of Scotiabank ABMs, plus overdraft protection.
Rate verified August 3, 2026 · confirm with the institution before applying
A no-fee hybrid account that earns PC Optimum points on everyday spending.
Earns PC Optimum points on debit purchases; points are worth about 0.1¢ each.
Rate verified August 3, 2026 · confirm with the institution before applying
Rate verified August 3, 2026 · confirm with the institution before applying
A hybrid account that pays savings-level interest on your everyday balance.
Rate varies with direct deposit status; confirm current terms with EQ Bank.
Rate verified August 3, 2026 · confirm with the institution before applying
No monthly fee, no ATM fees and no foreign exchange fees, which is unusual in Canada.
No foreign exchange fees on card spending, and ATM fees are reimbursed on eligible plans.
Rate verified August 3, 2026 · confirm with the institution before applying
A chequing account should cost you nothing. Either pick a no-fee online account, or keep the fee-waiver balance, but check that idling that money is worth more than the fee it saves.
The fee-waiver trade-off
Banks waive the monthly fee if you park a minimum balance. Before you do, work out what that money could earn instead, a high-interest savings account at 4% on $5,000 earns $200 a year, which may beat the ~$192 fee you're avoiding. The compound interest calculator makes the comparison concrete.
Frequently asked questions
How do I avoid chequing account fees?
Either keep the minimum balance that waives the fee (often $3,000 to $6,000 at the big banks), or switch to an online bank that charges nothing at all. Holding a large balance just to dodge a $16 monthly fee costs you the interest that money could earn elsewhere.
Is a no-fee chequing account worth it?
For most people, yes. No-fee online accounts typically include unlimited transactions and free Interac e-Transfers. The trade-offs are no branches, sometimes no cheques, and occasionally slower access to deposited funds.
What is a fee waiver balance?
The minimum you must keep in the account for the bank to drop the monthly fee. It's worth comparing against the interest you'd earn elsewhere: keeping $4,000 idle to save $192 a year is a 4.8% effective return, which is decent, but a savings account might beat it.
Researching and writing about Canadian personal finance since 2026.
Last reviewed August 2026 · How we research
“Best Chequing Accounts in Canada.” VaultNerd, https://www.vaultnerd.com/ca/chequing-accounts, updated August 2026.
- Published institution account and fee pages, verified on the date shown