Frugal Flyer Presents: Best Bank Account Awards (2026)

We’ve focused on credit card awards in years past, but this year, we wanted to introduce a new dimension into our annual awards. Bank accounts, while a bit less exciting than credit cards, are still a major cornerstone in the personal finance world, so we’ve taken a step back and examined the bank account offerings in Canada, focusing on what are the best bank accounts that Canadians should take notice of.

As we look to the year ahead, let’s dive into our selections for Frugal Flyer’s Best Bank Account Awards of 2026.

Our Process for Selecting the Best Bank Accounts for 2026

Bank accounts are very similar across financial institutions, but we’ve sifted through the noise to select the ‘best of the best’. In determining the best bank account awards in Canada for 2026, we’ve focused on those small differences to select and highlight the banking products that stand out for us as Canadian consumers. Our process does not involve considering welcome bonuses or any other promotional aspects, as we prefer to focus on the core features of each account that aren’t time-limited.

While there are many similarities between most bank accounts in Canada, there are some interesting innovations being driven by several financial institutions. We’ve focused on giving attention to those institutions with several awards, as innovation in banking is rare and commendable.

Without further ado, we are excited to present Frugal Flyer’s Best Bank Account Awards for 2026.

Frugal Flyer’s Best Bank Account Awards for 2026

We’ve summarized all of our bank account award winners in the table below, but read on to learn why we chose each winner for their award.

Best Premium Chequing Account

We selected the Scotiabank Ultimate Package to receive the “Best Premium Chequing Account” award for 2026.

Scotiabank Ultimate Package

$100

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Scotiabank Ultimate Package

The Scotiabank Ultimate Package Account offers unlimited debit and Interac e-Transfer transactions. Account holders are entitled to a $150 Scotiabank credit card annual fee rebate, free safety deposit box, no-fee global money transfers, and more.

Earn $100 in FlyerFunds when you apply through Frugal Flyer.

ACCOUNT TYPE
Chequing

OFFER
Up to $700

MONTHLY FEE
Monthly fee waived with a minimum daily closing balance of $6,000 $30.95

The Scotiabank Ultimate Package Account is one of the most premium bank accounts in Canada. Respectively, it does charge a monthly fee of $30.95 which can easily be waived by holding a minimum balance of $6,000 at all times, or by holding a combined balance of $30,000 between the Ultimate Package account and MomentumPLUS Savings account.

With the fees out of the way, let’s focus on the benefits that make this bank account worthy of the award.

Starting out with the basics, offers unlimited debit transactions, unlimited Interac e-Transfer transactions, unlimited no-fee Scotia international money transfers, and free withdrawals at Scotiabank ATMs in addition to non-Scotiabank ATMs worldwide. This isn’t anything crazy, as it is pretty typical of bank accounts in this tier.

However, it gets better from there. The Scotiabank Ultimate Package offers an annual fee rebate of up to $150 on many of its popular credit cards, including the Scotiabank Gold American Express card, Scotiabank Passport Visa Infinite card, Scotiabank Momentum Visa Infinite card, and the Scotiabank Value Visa card. This rebate can occur once per year and makes it possible to hold a solid middle-tier credit card for no out-of-pocket cost.

The cherries on top are what pushed this account above others. First up is that Ultimate Package account holders receive a free small safety deposit box, whereas other financial institutions only offer a discount. Secondly, by having both an Ultimate Package account and a Scotiabank MomentumPLUS Savings account open, account holders will receive an elevated interest rate on their money that is held in the MomentumPLUS account.

Best Bank Account with No Monthly Fees

We selected the Tangerine No-Fee Daily Chequing Account to receive the “Best Bank Account with No Monthly Fees” award for 2026.

Tangerine No-Fee Daily Chequing Account

$50

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Tangerine No-Fee Daily Chequing Account

The Tangerine No-Fee Daily Chequing Account includes unlimited debit and Interac e-Transfer transactions with no monthly fees.

Earn $50 in FlyerFunds when you apply through Frugal Flyer.

ACCOUNT TYPE
Chequing

OFFER
Up to $250

MONTHLY FEE
$0

For those who find paying a monthly banking fee frustrating and for those who aren’t interested in waiving monthly account fees with a minimum balance, choosing a bank account with no monthly fees might just be the best option.

The Tangerine No-Fee Daily Chequing Account is competitive with many of the other bank accounts in Canada that charge fees, as it has unlimited debit and Interac e-Transfer transactions. ATM withdrawals at Scotiabank and Tangerine ATMs in Canada are also free and new account holders will receive 50 cheques at no charge. There can be additional fees for one-off transactions (such as other ATM withdrawals in Canada), but provided you are aware of these charges, they are pretty easy to avoid.

The Tangerine online dashboard provides a modern and intuitive user interface for managing all your Tangerine accounts, including any bank accounts, investment accounts, credit cards, and more. It also offers the ability to link to external bank accounts for “one-click” funds transfers, a feature that is sorely lacking at most of the bigger banks. 

Best Bank Account For Waiving Credit Card Annual Fees

We selected the BMO Premium Chequing Account to receive the “Best Bank Account For Waiving Credit Card Annual Fees” award for 2026.

BMO Premium Chequing Account

$75

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BMO Premium Chequing Account

The BMO Premium Chequing Account offers unlimited transactions, including unlimited Interac e-Transfer transactions and worldwide ATM withdrawal transactions. Account holders are entitled to a $150 annual fee rebate on a BMO credit card, a safety deposit box discount, and more.

Earn $75 in FlyerFunds when you apply through Frugal Flyer.

ACCOUNT TYPE
Chequing

OFFER
Up to $800

MONTHLY FEE
Monthly fee waived with a minimum daily closing balance of $6,000 $30.95

There are several premium bank accounts in Canada that waive credit card annual fees, whether as a one-time benefit or recurring each calendar year. This is an excellent benefit if you are tied into one financial institution’s ecosystem and want to hold a chequing account and a mid-tier credit card at the same bank.

This is where the BMO Premium Chequing Account shines. While the account does have a monthly fee of $30.95, it can be waived by holding a minimum balance of $6,000 at all times. 

It also offers up to a $150 annual fee rebate on many of BMO’s most popular credit cards, including the BMO CashBack World Elite Mastercard,  BMO eclipse Visa Infinite card, BMO VIPorter Mastercard, BMO VIPorter World Mastercard, or the BMO VIPorter World Elite Mastercard (only eligible for $120 rebate). This benefit can occur once per year and can only be used towards one card, even if you have multiple eligible BMO credit cards.

Being able to save money on your credit card’s annual fee simply by holding an eligible bank account (and hopefully waiving the monthly fee on that account as well) makes this account a winner in our books.

Best Digital Banking Experience

We selected Wealthsimple to receive the “Best Digital Banking Experience” award for 2026.

While the “Big 5” banks often struggle with clunky apps and outdated interfaces, Wealthsimple has built a banking product that genuinely feels like it belongs in 2026. For Canadians who prefer to manage their finances entirely from their smartphone, the user experience here is unmatched.

Wealthsimple Chequing Account

Apply Now Learn More Terms & Conditions apply

Wealthsimple Chequing Account

The Wealthsimple Chequing account offers unlimited free debit and Interac e-Transfer transactions with no minimum balance or monthly account fees. Account holders are entitled to unlimited free ATM transactions including third-party reimbursment. The account offers a regular interest rate of 1.25% on all deposits, with an elevated rate for premium clients and monthly direct deposits.

ACCOUNT TYPE
Chequing

OFFER
None

MONTHLY FEE
$0

The Wealthsimple Chequing account technically functions as a hybrid savings and chequing account. It offers a competitive non-promotional interest rate of 1.25% on your balance, while still providing the utility of a daily driver. It comes with a sleek prepaid Mastercard debit card (which has no FX fees—a rarity in this space) and seamless bill payments.

However, Wealthsimple as a platform wins this award because of how it feels to use. The app is fast, the design is intuitive, and features like auto-investing your paycheque or sending cash instantly to friends reduce the friction of money management. 

The platform seamlessly handles every aspect of banking and personal finance, from managed or DIY investment accounts to cryptocurrency and now even credit cards like the Wealthsimple Visa Infinite Privilege card. There are no monthly fees, no minimum balances, no trading fees, and for those who want a “set it and forget it” financial life, in our opinion, Wealthsimple provides the best platform to make that happen.

Best Bank Account for Foreign Currency Transfer

We selected EQ Bank to receive the “Best Bank Account for Foreign Currency Transfer” award for 2026.

EQ Bank Personal Account

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EQ Bank Personal Account

The EQ Bank Personal Account offers a regular interest rate of 1.00% on all deposits, calculated daily and paid monthly. If they direct deposit at least $2,000 monthly, account holders can receive a promotional interest rate of 2.75%.

ACCOUNT TYPE
Savings

OFFER
Get 2.75% interest when you deposit a minimum of $2,000 per month

MONTHLY FEE
$0

The EQ Bank Personal account is a formidable banking product all on its own, offering a competitive and modern suite of banking features that doubles as both a checking and savings account without monthly fees or minimums. It has a competitive interest rate and elevated rates if you deposit above a $2,000 threshold each month. 

However what’s even more unique to EQ Bank is its partnership with Wise, which allows you to seamlessly and cheaply convert and transfer Canadian dollars to US dollars in a linked US-domiciled bank account. You can read more about this feature in our in-depth guide to avoiding fees when converting CAD to USD, but needless to say, this is a handy tool that has no real comparison in the Canadian market and makes the EQ Bank account deserving of this award.

Best Bank Account for Newcomers

We selected the BMO Newcomer Performance Chequing Account to receive the “Best Bank Account for Newcomers” award for 2026.

BMO Newcomer Performance Chequing Account

$80

Apply Now Learn More Terms & Conditions apply

BMO Newcomer Performance Chequing Account

The BMO Newcomer Performance Chequing Account offers no monthly plan fees for 2 years*, along with unlimited debit and Interac e-Transfer^®§ transactions. Account holders are entitled to one non-BMO ATM withdrawal in Canada per month at no cost, and a $40 BMO credit card annual fee rebate^.

Earn $80 in FlyerFunds when you apply through Frugal Flyer.

ACCOUNT TYPE
Chequing

OFFER
Up to $800

MONTHLY FEE
Monthly fee waived with a minimum daily closing balance of $4,000 $17.95

Moving to a new country comes with countless challenges, and establishing banking relationships shouldn’t be one of them. The BMO Newcomer Performance Chequing Account was specifically designed with newcomers to Canada in mind, offering features that address the unique needs of those just starting their financial journey in the country.

The account waives monthly fees for the first two years, giving newcomers time to get settled without worrying about banking costs. After that, the monthly fee can be waived by maintaining a minimum balance of $4,000.

What truly sets this account apart is BMO’s understanding of the newcomer experience. The account can be opened before you even arrive in Canada, allowing you to hit the ground running when you land. BMO also offers multilingual support and has staff trained to work with newcomers who may not yet have established Canadian credit history or documentation.

Beyond the basics of unlimited transactions and Interac e-Transfers, the account provides access to BMO’s NewStart program, which includes preferential mortgage rates, credit cards designed for those without Canadian credit history, and educational resources to help newcomers understand the Canadian banking system.

For anyone who has recently moved to Canada or is planning to make the move, the BMO Newcomer Performance Chequing Account removes many of the barriers that typically make establishing banking relationships difficult and earns our recognition as the best option in this category.

Conclusion

Congratulations to all of the winners of Frugal Flyer’s Best Bank Accounts of 2026 awards! We hope that you are able to find your next favorite bank account in this list of accounts that stand out from the rest of the Canadian banking ecosystem.