Chequing accounts are used for everyday transactions, like bill payments and ATM withdrawals. But despite their run-of-the-mill reputation, the best chequing accounts in Canada, like those on our list of award-winners, offer low or no fees, rewards on spending, high interest rates and plenty of other reasons to get excited.
The best chequing accounts in Canada
Click on an account to learn more about its features and pros and cons, including fees, transaction limits, rewards and other benefits.
Compare Canadian chequing accounts
Use our interactive tool to compare the features of top chequing accounts from major financial institutions across Canada.
Best overall chequing account in Canada
Gold: Wealthsimple Cash
At a glance: Wealthsimple Cash is the best chequing account in Canada, offering zero fees (including no monthly fee, foreign transaction fees or overdraft penalties) and one of the highest regular interest rates on your balance in Canada. Plus, this hybrid chequing/savings account is made with investors in mind, returning 1% back in cash, stock or crypto every time you spend with your Cash card.
Wealthsimple Cash
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Interest earned on balance: 2.75% to 3.25%
- Welcome offer: None at this time
Silver: EQ Bank Personal Account
At a glance: The EQ Bank Personal Account combines high interest with unlimited transactions and no monthly fees, making it a strong choice for those who want to maximize convenience, keep costs low and earn interest on their balance. Considered a hybrid chequing/savings account, the Personal Account comes with a Mastercard debit card you can use at any ATM in Canada and anywhere that accepts Mastercard—for free.
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EQ Bank Personal Account
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Interest earned on balance (with direct deposit): 3.50%
- Welcome offer: None at this time
Bronze: The PC Money Account
At a glance: The PC Money Account works like a prepaid Mastercard with unlimited transactions, no minimum balance, and no monthly fees or transaction charges. This account lets you earn PC Optimum points from everyday banking. Get rewards of up to 25 points per dollar on shopping and up to 10,000 bonus points per month for setting up payroll or pension direct deposit and paying bills. Plus, you can opt for the savings feature to earn 3.5% interest on your balance.
PC Money Account
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Regular interest rate on balance: 3.5%
- Welcome offer: None at this time.
Best basic chequing account in Canada
Gold: Koho Essential
At a glance: Koho Essential offers seamless everyday banking with unlimited transactions and a chance to earn 2.5% interest on your balance. Enjoy 1% cash back on everyday spending like groceries and dining, plus up to 5% extra cash back at select partners. While there’s a $4 monthly fee, Koho will waive it as long as you make sufficient qualifying deposits. Plus, you can monitor your credit score for free and improve your credit history with the optional Credit Building add-on.
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Koho Essential
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Regular interest rate on balance: 2.50%
- Welcome offer: None at this time.
Silver: RBC Day to Day Banking
At a glance: The RBC Day to Day Banking account offers rewards and savings perks, including earning Avion points on spending and saving on gas at Petro-Canada. The $4 monthly fee is rebated for RDSP beneficiaries and seniors, or can be rebated through the RBC Value Program (conditions apply). It comes with a limit of 12 free transactions per month. However, you get near-unlimited free e-transfers.
RBC Day to Day Banking
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Interest earned on balance: 0%
- Welcome offer: None at this time
- Rewards: None
Best premium chequing account in Canada
Gold: Scotiabank Ultimate Package
At a glance: With the Scotiabank Ultimate Package, you can bundle up on services to get a better deal. Earn Scene+ points on everyday expenses and purchases at Cineplex. Plus, get benefits like unlimited free global non-Scotiabank ABM withdrawals, a free safety deposit box, 10 free equity trades at Scotia iTrade in your first year, and much more.
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Scotiabank Ultimate Package
- Monthly fee: $30.95Â
- Transactions: Free, unlimited transactions
- Interest earned on balance: None
- Welcome offer: Earn up to $800 when you open an account. Offer ends March 1, 2025.
Silver: Koho Everything
At a glance: The Koho Everything is a premium account that combines cash back rewards with high-interest earnings, making it a versatile choice for everyday spending and saving. Earn up to 2% back on your everyday purchases and up to 5% back at selected merchants. Enjoy 4% interest on your entire balance, the highest rate Koho offers, with no minimum account balance required. For $19 per month, you’ll also get perks like no foreign transaction fees and discounted access to Koho’s Credit Building feature.
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Koho Everything
- Monthly fee: $19.00
- Transactions: Free, unlimited transactions
- Regular interest rate on balance: 4.00%
- Welcome offer: None at this time.
Best chequing account for newcomers
Gold: Simplii Financial No Fee Chequing Account
At a glance: The Simplii Financial No Fee Chequing Account is the best account for newcomers to Canada, offering a fee-free banking experience with unlimited transactions and no minimum balance requirements. Newcomers can apply for the New to Canada Banking Program and get rewards and perks catering to newcomers. While the account itself doesn’t have any newcomer-specific offers, it is still the best option for new immigrants in Canada.
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Simplii Financial No Fee Chequing Account
- Monthly fee:Â $0
- Transactions: Free, unlimited transactions
- Interest earned on balance: 0.01%
Our approach to picking the top accounts
The MoneySense editorial team selects the best chequing accounts by assessing the value they provide to Canadians across various categories. Our evaluation is based on an extensive list of account details and features, including fees, service charges, number of transactions and cheques, ATM access and welcome offers. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
Frequently asked questions
Guide to Canadian chequing accounts
We break down everything you need to know about chequing accounts in Canada.
How to use a chequing account
Most Canadians open up a savings account when they’re young, to stash away allowances and birthday money. As they get older, however, banking needs change and they require something that allows them to move money in and out of their account easily. Often savings accounts will have higher interest rates and fewer free transactions while chequing accounts accrue less interest but have more free transactions, allowing them to use their chequing account as the main hub of activity for finances.
For your chequing account, you may choose to have one that allows recurring payments, such as phone and utility bills, to come out of your account. You may also want to have repeat deposits, such as payroll and GST rebates, set up to go into your account. When you look at your monthly cash withdrawals from ATMs, Interac e-Transfers and cheque deposits, the transactions can really add up, hence why having a large number of free transactions (or unlimited transactions) can be advantageous. Most people have at least two accounts (say, a savings and a chequing account), so they can reap the rewards of high interest as well as flexibility with multiple transactions.
How to choose the right chequing account
Given that nearly Canadian needs a chequing account, regardless of income level and financial goals, financial institutions offer a huge range of options. Different people use their accounts in different ways, so it’s important to consider what your individual needs are. If you will never write cheques, for example, then you shouldn’t pay monthly service fees on an account that includes them. We’ve broken down the various aspects you should consider before signing up for an account.
Fees
- Banks have traditionally charged monthly service fees for chequing accounts. Higher fee accounts generally include more features, while lower-fee accounts offer those same services on a pay-per-use basis. With the advent of online-only banking services that don’t have to cover the costs of operating physical branches, some banks pass on those savings by offering no-fee chequing accounts. Many of these no-fee accounts even come with great features like unlimited transactions. If you don’t need to do your banking in person, these options are worth looking into.Â
Features
- Interac e-Transfers allow you to send money easily to anyone with an email address or cell number. Some chequing accounts provide these transfers for free; others allow you to receive them for free, but charge a fee to send them.
- Transactions generally include debit purchases, deposits, withdrawals, bill payments and transfers. You’ll want to consider whether there are charges for transactions after you’ve made a certain number per month.
- Some banks may offer loyalty debit cards that accrue rewards for programs like Scene+, Air Miles or PC Optimum.
Accessibility
- Banks with more ATMs will provide easier access to cash withdrawals or ATM transactions. Note that using ATMs outside your own bank’s network usually results in additional fees.
- Branch access may be important for people who prefer to conduct banking in person or need assistance with transactions.
- Access to foreign currency may be important to newcomers, frequent travellers or those who do business abroad. Some banks also provide foreign currency or borderless accounts, which offer favourable exchange rates.
Promotions
- Student accounts are usually no-fee accounts with no transaction limits.
- Seniors can often qualify for discounts on existing accounts or low-fee senior accounts.
- Small-business owners can find business accounts that cater to their needs.
- Banks are always looking to lure new customers. Look for cash signing bonuses or giveaways such as TVs or iPads.
Video: How to open a bank account
Types of chequing accountsÂ
There’s a wide range of chequing accounts, each with their own features. Here we look at some of the most common ones.
How to close a chequing accountÂ
Closing a chequing account is simple. But before you do that, it’s best practice to open a new chequing account. First, transfer any funds in your old chequing account, or set up an online link between the accounts. You can also get your old bank to transfer your balance to another institution but they may charge a fee.Â
Next, set up all your pre-authorized deposits and withdrawals, including government benefits, employment paycheques or mortgage payments. The last thing you want is to be dinged with an exorbitant non-sufficient funds (NSF) fee or miss out on wages.
Finally, contact your bank, either by phone or in-person at a local branch, and inform them that you want to close the account. It should only take a few minutes to do.
Chequing vs. savings vs. hybrid accounts
A chequing account is meant for transactions, while a savings account is meant for accumulating funds. With a chequing account you can pay bills, accept deposits, withdraw cash or make purchases with your debit card. You rarely earn interest with a chequing account.Â
In contrast, a savings account is meant for stashing away money to pay for short or long-term goals, such as a car, vacation or a down payment. You always earn interest in a savings account—though the interest rate can be modest, depending on the account.Â
Some newer Canadian financial institutions now offer a hybrid account, which give you both the transactional features of a chequing account with the high interest of a savings account.Â
| Chequing | Savings | Hybrid |
|---|---|---|
| May charge a monthly fee | Often free | Often free |
| Rarely pays interest | Pays interest | Pays interest |
| Multiple features available like bill payments, automated transfers, e-Transfers, deposits and withdrawals, debit card purchases, cash withdrawals | Limited features, usually just transfers to and from a chequing account, debit card purchases and cash withdrawal | Features of a chequing account and savings account |
| Designed for daily transactions | Designed to accumulate funds | Designed for both transactions and accumulation |