In the market for a new bank account that doesn’t charge monthly fees? You’re in luck! In this comprehensive guide, we will compare the best no-fee bank accounts in Canada so you can find the perfect one for your needs!
Convenience, better interest, and lower fees are the top reasons Canadians switch banks. Luckily, there are several great no-fee bank accounts available in Canada.
So whether you’re looking for an everyday chequing account or a high-interest savings account, there are plenty of options available.
At the end of this post, you’ll know exactly what to look out for when choosing a new account that is right for you.
So whether you’re tired of paying those pesky monthly and transaction fees, or you’re just looking for a new banking option, keep reading to learn more about the best no-fee bank accounts in Canada!
Best No-Fee Bank Accounts in Canada
To make the comparison easier for you, we’re going to separate the top no-fee bank accounts in Canada into different categories:
- High-Interest Savings Accounts
- Everyday Chequing Accounts
- Credit Union Chequing accounts
- Big Banks chequing accounts with fees that can be waived or reduced
Best No-Fee Savings Accounts in Canada
High-interest savings accounts are a great option if you’re looking to save money. These accounts offer great interest rates, so your savings will grow faster than they would in a traditional chequing account.
There are several no-fee high-interest savings accounts available in Canada, but the following banks offer the best combination of competitive rates and no- to low-fee banking.
1. EQ Savings Plus Account
- Minimum Opening: N/A
- Savings Rate: 2.50%
EQ Savings Plus is a high-interest savings account that ranks among the top options in Canada in terms of its overall offering. With a standard savings rate of 2.50 on no-nregistered account and 3.00% on registered accounts.
There are no monthly fees or transaction fees on your everyday banking needs. That means interact e-transfer, bill payments and more can be done for free without limit.
The EQ Bank HISA is also available as TFSA or RRSP with the same zero fees. Your funds in all these accounts are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 per category.
Additionally, you can open an EQ Bank Savings Plus account online in just a few minutes, with no minimum deposit required.
- Hybrid of a savings and chequing account
- No monthly charges
- Free Interac e-Transfers and Electronic funds transfers
- Free bills payments
- Eligibility for deposit insurance via the CDIC
Related: EQ Bank Review
2. Neo Financial
- Minimum Opening: N/A
- Savings Rate: 2.25%
There are many savings accounts out there, but few offer the same benefits as the Neo Financial account.
The Neo Financial Savings Account is a CDIC-insured bank because your deposits are held at Concentra Bank, a CDIC-member.
It has no monthly service fees and transaction charges. Plus it pays a competitive rate of 2.25% on your deposits.
You can also earn up to 5% cashback on your purchases at partner locations using the Neo Financial Card, one of the best cash-back credit cards in Canada.
This is currently one of the best rates paid for savings accounts in Canada, and it’s totally free.
- Competitive savings rate
- Free no-fee banking
- Insurance provided by the CDIC
- No minimum deposits requirement
- Credit cards that give you competitive rewards
3. Motive Savvy Savings
- Minimum opening: N/A
- Savings Rate: 3.80%
The Motive Savvy Savings Account is one of the most popular savings accounts in Canada. This account has no monthly fee and offers free monthly transactions.
However, Interac e-transfers and withdrawals from non-Exchange Network ATMs will cost you. Interac e-transfers cost $1, while withdrawals from non-Exchange Network ATMs attract a fee of $1.50.
You can earn a competitive interest rate of 3.80% on your savings balance. However, if you want to access your cash often, there are better options for you out there.
- Zero monthly charges
- Reasonable interest rates
- Large ATM network to access your funds
- There is a $1 charge for Interac e-Transfers
Best No-Fee Chequing Accounts in Canada
Chequing accounts are the most common type of bank account, and they’re a great option if you’re looking for an account that offers easy access to your money and lets you perform your day-to-day banking transactions.
They can come in different variants, but the best no-fee chequing accounts all have a few things in common: no monthly fees, no minimum balance requirements, and free electronic transactions.
There are several great no-fee options available for chequing accounts, but the following banks offer the best combination of features and value.
4. Simplii Financial No Fee Chequing Account
- Minimum opening: N/A
- Interest Rate: 5.25%
Simplii No Fee Chequing Account offers many of the same features as other chequing accounts but without any monthly fees.
You can deposit your cheque and have access to your money without worrying about fees. You can also include overdraft coverage up to $5,000 for a nominal fee.
Additionally, it offers unlimited transactions, free Interac e-Transfers, and online bill payments.
With Simplii Financial, you can set up automatic payments with your bills. Therefore, if you want a chequing account with more options but still don’t want to pay a fee every month, consider a Simplii No Fee Chequing Account.
- Competitive promotions with its welcome bonus of up to $400
- More than 3,400 CIBC ATMs are available for use at no cost across Canada
- No monthly fees and minimum balance requirements
- Unlimited purchases, withdrawals, and bill payments
Related: Simplii Financial No-Fee Chequing Review
5. Tangerine No-Fee Daily Chequing Account
- Minimum opening: N/A
- Interest Rate (Savings): 5.00%
The Tangerine No-Fee Daily Chequing Account provides you with unlimited daily transactions and one of the best new account promotions in Canada.
With Tangerine, you will pay zero monthly fees and be charged no transaction fees. That’s right, you can make as many transactions as you want without being charged a single cent.
Also, you will get unlimited debit purchases and bill payments, which include Interac e-Transfers.
The Tangerine No-Fee Daily Chequing Account is ideal for you if you want to make your money work harder for you.
Even if you don’t want to take advantage of Tangerine’s other products, this account is a great low-maintenance option.
- Free access to Scotiabank’s ATM network
- Zero banking
- Keep track and classify your expenditures
Related: Tangerine Credit Card Promotions
6. Motive Financial Cha-Ching Chequing Account
- Minimum opening: N/A
- Interest Rate: 0.25%
This is a no-fee account that comes with a few extra perks. The account offers free Interac e-Transfer and unlimited transactions. With this account, you’ll earn interest on balances of $1 and over.
Also, your interest in savings is paid out monthly based on the daily closing balance.
The Motive Financial No Fee Chequing Account is ideal for those who want to earn interest while having quick and easy access to their money.
- Transactions are completely free and unlimited
- There are no monthly charges
- First 50 cheques are free
- Access to one of the largest ATM networks in Canada
- 2 free ATM withdrawals at Non-Exchange network ATMs
7. Motusbank No Fee Chequing Account
- Minimum opening: N/A
- Interest Rate: 0.15%
Some financial institutions limit the number of free transactions that come with their no-fee chequing accounts. With a Motusbank No Fee Chequing Account, you get access to unlimited transactions.
That means you get access to all of your funds at any time and can make unlimited transactions, and you’ll never pay for the privilege of doing it.
Furthermore, you will get free access to over 40,000 ATMs across Canada.
- There are no monthly account fees
- Interac e-Transfers are completely free and limitless
- Free mobile cheque deposits
- First 25 cheque order is free
- CDIC protection
- No minimum balance requirements
Best No-Fee Credit Union Chequing Accounts in Canada
Credit unions are member-owned co-operative financial institutions that offer banking services to their members.
They typically offer higher interest rates on savings accounts and lower fees than the big banks. And many credit unions offer free chequing accounts with no monthly fees and no minimum balance requirements.
The following credit unions offer the best free chequing accounts in Canada:
8. Conexus No-Fee Chequing Account
The Conexus No-Fee Chequing Account is a no-fee account with no monthly service fees or minimum balance requirements.
It comes with unlimited transactions, including bill payments, Interac e-Transfers, and ATM withdrawals.
The Conexus No-Fee Chequing Account is an option for individuals who live in Saskatchewan and who want a chequing account that waives fees on all transactions.
- At no cost, you can make unlimited deposits, withdrawals, transfers, and bill payments
- There is no restriction to the number of incoming Interac e-Transfers
- 30 free outbound Interac e-Transfers are available
- There is no required minimum balance
To become a member, you must first complete several qualifying conditions. To join, you must:
- Reside in Saskatchewan
- Be at least 18 years of age
- Make sure you have your Social Insurance Number on hand
- Purchase a one-time membership share of $5.00
9. Vancity Pay As You Go Chequing Account
The Vancity No-Fee Chequing Account is a smart, flexible account that charges you only for the everyday transactions you make.
It comes with everything you need to bank on your terms, including access to your money 24/7 at over 50 ATMs. However, you must be a member to open an account.
You can access safe, personal, and business banking services with a Vancity Pay As You Go chequing account.
Additionally, you can get up to $400 in cash bonuses when you join Vancity and open a chequing account.
It’s the perfect account for people who don’t make many transactions each month, or want to avoid a monthly fee by maintaining a minimum balance.
- There is no monthly fee
- You will not be charged any fees for everyday transactions if you maintain a minimum balance of $1,000
To join, you must be a resident of British Columbia, have a Social Insurance Number (SIN), and be prepared to pay $5 for membership shares upon account opening.
Learn more: Vancity Credit Union Review
No-Fee Bank Accounts from Big Banks
The Canadian big banks are not known for their no-fee bank accounts, but they do offer a few options for those looking to avoid monthly fees.
In general, you can avoid or reduce their monthly fees by maintaining a minimum balance or using multiple products offered by the bank.
For example, the bank may waive the monthly fees for customers with 3+ products such as a chequing account, credit card, investment account (e.g. GIC), mortgages, and so on.
Here are some of the chequing accounts currently offered by the Big Five banks in Canada and what you need to do to avoid their fees:
10. RBC Day to Day Banking
Make the most of your money with RBC Day to Day Banking account. It helps you get more out of every dollar, with the opportunity to waive the monthly fees.
The RBC Day to Day Banking account has a monthly fee of $4 that gives you 12 debit transactions per month plus an additional debit for each automated payroll deposit that goes into the account.
But the monthly fees for the RBC Day to Day Banking account can be waived if you meet any of the following criteria:
- Seniors Rebate for those 65 years and older
- RDSP Rebate for clients with proof of an RDSP account opened in their name
- MultiProduct Rebate: Have an active credit card and investment account
- Value Program Rebate: Enroll in the program, earn reward points and save on fees
- No minimum balance requirement to rebate fees
- Sending and receiving money is simple and fast
- Points earned with RBC Rewards
- Online, mobile, and telephone banking are all available
11. CIBC Smart™ Account
CIBC’s Smart Account is its most popular chequing account that has a standard monthly fee of $16.95. You get unlimited free transactions with the account including free Interac e-transfers.
There’s also the CIBC Smart™ Plus Account with a monthly fee of $29.95. You get all the benefits of the CIBC Smart Account plus an annual fee rebate on a CIBC credit card, overdraft protection and more.
It is possible to waive the fees on both accounts. Keep a daily balance of $4,000 in the CIBC Smart Account to waive the monthly fee of $16.95.
To waive the fees on the CIBC Smart™ Plus Account, you’ll need to hold a daily balance of $6,000 in the account or $100,000 in an investment or savings account.
- Fees can be waived
- Unlimited free transactions
- Insurance by the Canada Deposit Insurance Corporation (CDIC)
12. Scotiabank Basic Plus Bank Account
Scotiabank is one of the few big banks in Canada that offers a low monthly fee bank account, known as the Basic Plus Bank Account.
You’ll get 25 free transactions per month, not to mention free Interac E-Transfers. For only $11.95 per month, you get all of the benefits of a no-fee bank account and more.
This account is perfect if you frequently use your account, and you can also get a $4 monthly fee waiver if you are above 60.
Get more for your money and still earn valuable Scene+ points every time you use your debit card with the Scotiabank Basic Banking Plan.
- Monthly fees are eliminated if you keep a daily balance of at least $3,000 in your account
- Interac e-Transfer transactions are completely free
- Overdraft protection is available
13. TD Bank’s Everyday Chequing Account
The TD Every Day Chequing Account is designed to help you manage your day-to-day banking with no monthly fee.
The TD Everyday Chequing Account gives you the flexibility to bank through its EasyWeb, on your mobile device, or by telephone.
You’ll get 25 free transactions per month, unlimited electronic transactions, and flexible options to waive the monthly fee.
You will be charged $10.95 a month for this account, but the fee is waived if you keep a balance of at least $3,000 throughout the month.
- 25 free transactions are available to you
- There are no transfer fees when sending or receiving money with Interac e-Transfer
- Ability to waive fees
- TD ATM withdrawals are free
- Fees partly waive for seniors (60+)
The Overall Best No Fee Bank Accounts in Canada
From the above review, it’s obvious that there are different no-fee bank accounts in Canada. As such, we can’t narrow the best no-fee bank account in Canada to one.
Instead, we can identify the best no-fee accounts by categories. Based on the above review, the following are the overall best no-fee bank accounts in Canada:
|Best For||Account Name||What We Like|
|High-interest on savings||Motive Savvy Savings Account||3.80% savings rate|
|High-interest on chequing account||Motive Financial Cha-Ching Chequing Account||0.25% regular chequing interest|
|Competitive promotions||Tangerine Savings Account and Tangerine No-Fee Daily Chequing Account||5.00% promotional savings interest and $400 cash bonus|
|Big Bank account||RBC Day to Day Banking||$4 low rebateable monthly fee|
That said, this review of the best no-fee bank accounts in Canada can’t complete without the mention of the following no-fee banks accounts:
- EQ Bank USD Savings Account – Best for savings in US dollars and registered accounts
- Neo Financial Savings Account – Best for savings and spending
How to Choose the Best No-Fee Bank Account in Canada
When comparing different no-fee bank accounts, there are a few things you should keep in mind:
- Interest Rates: The best no-fee bank accounts typically offer competitive interest rates on both savings and chequing accounts. So make sure to compare the rates before signing up.
- Read the fine prints: While the best no-fee bank accounts won’t charge monthly fees, some do have minimum balance requirements or charge for certain transactions. So be sure to read the fine print before signing up.
- Transactions fees: Most no-fee bank accounts allow you to perform a certain number of free transactions each month. So make sure the account meets your needs and doesn’t charge for the types of transactions you’ll be performing.
- Ease of use: The best no-fee bank accounts should be easy to use and offer convenient features like online banking, mobile apps, and 24/hour customer service. So make sure to compare the different features before signing up.
Yes, there are several free bank accounts in Canada. An account is deemed free if there are no monthly maintenance fees, everyday banking fees or a need for a minimum balance.
Banks may waive their fees if you maintain a certain minimum balance in your account or complete additional conditions. Better still, go with an online bank that offers free banking with no catch.
There are a few online banks that provide online banking that does not require a deposit before you can open an account. That means you can start banking with just a few hundred dollars.
There are several great no-fee bank accounts available in Canada, but the best account for you will depend on your specific needs and requirements.
Be sure to compare the different features and fees before signing up for an account. And remember, the best no-fee bank account is the one that meets your needs and helps you save money.
Hope you found this guide helpful. If you have any questions, please feel free to leave a comment below and I’ll be happy to help.
Related: Best Credit Card Offers in Canada