Best chequing accounts in Canada
Compare Canadian chequing accounts by monthly fee, included transactions and how easily you can get the fee waived.
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Chequing accounts are being added and verified. In the meantime, our calculators can help you compare offers you find elsewhere.
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 — 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” — VaultNerd, https://www.vaultnerd.com/chequing-accounts, updated August 2026.
- Published institution account and fee pages, verified on the date shown