Let’s be real: paying $15 to $30 a month just to access your own money feels like a relic from another era. And yet, millions of Canadians are still doing exactly that with their Big Five bank accounts. It’s been going on so long that the Government of Canada even stepped in to effect some change.
The good news? You don’t have to. A handful of digital banks and bank-backed alternatives now offer fully functional chequing accounts with no monthly fees, real debit cards, and actual human support when things go sideways. No gimmicks, no minimum balance tricks, just straightforward banking that doesn’t nickel-and-dime you every month.
In this guide, we’ll break down the best no-fee chequing options available to Canadians right now, what sets them apart, and which one might be the right fit for your situation.
Bank Accounts: Monthly Fees or Not?
If you’ve ever looked at your bank statement and wondered where that monthly $16.95 went, you’re not alone. Traditional chequing accounts at Canada’s Big Five banks (RBC, TD, BMO, Scotiabank, and CIBC) typically charge anywhere from $4 to $30 per month to use their account, depending on the package.
The good news is you can waive monthly chequing account fees by holding a set amount of money in many of these accounts, usually a number north of $5,000. Many of these accounts also waive the annual fees on select credit cards. Is it a good deal? Let’s think about that for a second: you’re tying up thousands of dollars, earning essentially nothing, just to avoid a fee. That’s a real opportunity cost.
The alternative? No-fee chequing accounts offered by digital banks and direct banking arms of the Big Five. These accounts typically include unlimited transactions, free Interac e-Transfers, and mobile banking, all without the monthly hit to your wallet.
There are a few trade-offs worth knowing about. First up, most no-fee accounts are online-only, which means no branch access for complex transactions or cash deposits. The government’s intervention has made this much more common, but don’t expect full-service options from online-only banks.
Second, there are many free prepaid credit cards, like the KOHO card, which function similarly to chequing accounts. You can deposit money into these cards, collect interest, and even do direct debits or e-transfers to and from them.
But be warned: many of these prepaid accounts do not have debit card functions. We’ll see a few examples of these, but I’ve selected those I think are truly a cut above their peers. Regardless, no debit makes paying your favourite Chinese takeout or the CRA quite aggravating!If you want to know which bank account is best for you, or which has the best promotional offer, please consider checking out our handy bank account comparison tool.
The Best Bank Accounts With No Monthly Fees in Canada
Tangerine No-Fee Daily Chequing Account
The Tangerine No-Fee Daily Chequing Account has been the poster child for no-fee banking in Canada since its ING Direct days, and for good reason. Backed by Scotiabank, this is about as close to “set it and forget it” banking as you can get.
You get no monthly fees, no minimum balance, unlimited transactions, and a Visa Debit card that actually works like a debit card. Free ATM access at any Scotiabank machine, which means 3,500+ locations across Canada. Customer support is available 24/7, and in my experience, you can actually reach a human without wanting to throw your phone across the room.
They used to have a live chat feature, but now it’s a chatbot. Unfortunate, honestly, as sometimes it’s more convenient to chat rather than listen to hold music.
It’s not flashy. It just works. For most Canadians looking to ditch monthly fees without sacrificing functionality, this is the default recommendation. It’s also the gateway to getting the Tangerine Money-Back World Mastercard, which is one of the only cards in Canada to have 2% cashback available on the “furniture” category.
The Tangerine No-Fee Daily Chequing Account includes unlimited debit and Interac e-Transfer transactions with no monthly fees.
Earn when you apply through Frugal Flyer.
Chequing
Up to $250
$0
Simplii Financial No Fee Chequing Account
The Simplii Financial No Fee Chequing Account is CIBC’s version of the same idea. No monthly fees, no minimum balance, unlimited transactions, and a real debit card with access to 3,400+ CIBC ATMs. Instead of a Visa Debit card, it comes with a Mastercard debit. Still useful as it means you can use it anywhere you need to pay by debit – the bad news is it doesn’t count as a credit card. So good luck paying for City of Edmonton parking!
I personally use Simplii, and I’ve found the 24/7 phone service to be quite good. One time, I had an issue, reported it to a manager… and was gifted $100 as goodwill. I’ve never had that at another financial institution, so this is saying something!
The chequing account is also a great prerequisite to getting the Simplii Financial Cash Back Visa Card and its juicy 4% back on restaurants (up to $5,000 per year) – for everywhere that doesn’t accept Amex.
The Simplii No Fee Chequing Account offers unlimited debit transactions, Interac e-Transfer transactions, and withdrawals at CIBC ATMs.
Check out our Simplii No Fee Chequing Account review for more details.
Earn when you apply through Frugal Flyer.
Chequing
Up to $350
$0
Innovation Credit Union No-Fee Chequing Account
Innovation is a Saskatchewan-based credit union that went federal in 2023, so it’s now available to all Canadians (except Quebec). It’s an interesting vestige of the credit union model, which means if you buy more shares in the corporation, you will have profits shared with you. It should be noted: few millionaires have been made off the back of this.
The Innovation Credit Union No-Fee Chequing Account offers no monthly fees, no minimum balance, unlimited transactions, free e-Transfers, and a real Debit Mastercard. ATM access is through the ding free network, which covers about 4,800 credit union ATMs across Canada. That’s a different footprint than the Scotiabank or CIBC networks, which can be useful if you’re outside major urban centres.
There’s a $5 membership fee to join, which gets refunded if you ever leave (it’s part of the whole “customers as owners” thing). Customer service runs Monday to Friday 8 am to 8 pm and weekends from 9 am to 6 pm, so it’s not 24/7, but decent hours.
The appeal here is supporting a Canadian bank with customer service, and with the option to get in-branch service of some variety in various credit unions.
The Innovation Federal Credit Union No-Fee Chequing Account includes unlimited transactions and free ATM access across Canada.
Chequing
None
$0
Wealthsimple Chequing
Wealthsimple’s Chequing account earns interest, which is more than most Big Five accounts can say. Interest rates scale based on the total amount of money in your Wealthsimple account. The base rate is 1.25%, climbing to 1.75% with $100K+ in assets, and 2.25% if you have $500K or more with them. For most people, that means 1.25%.
No monthly fees, unlimited transactions, free e-Transfers. The card is a prepaid Mastercard, not a traditional debit card. ATM fees from Canadian machines get reimbursed.
If you’re already using Wealthsimple for investing and want everything in one place, it’s convenient. Otherwise, it’s fine but not essential. It’s also available in Quebec, which is something a bit more convenient than the rest of this list.
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.
Chequing
Up to $25
$0
EQ Bank Personal Account with EQ Bank Card
The EQ Bank Personal Account functions as a hybrid account because it pays interest like a savings account but functions like a chequing account. That is a fancy way of saying “prepaid Mastercard.”
The base rate of interest is 1%, rising to 2.75% with $2,000+ in monthly direct deposits or additional deposits. No fees, unlimited transactions, free e-Transfers, free ATM withdrawals anywhere in Canada (it will actually refund you ATM withdrawal fees – a welcome change!)
But here’s the real reason EQ Bank is on this list: the EQ Bank Card charges zero foreign exchange fees.
Most Canadian banks hit you with 2.5% or more on every foreign currency transaction. EQ gives you the Mastercard exchange rate with no markup. If you travel, shop cross-border, or buy anything in other currencies online, this saves real money over time.
Note that the card is technically separate from the account, but you’ll want both to get the full benefit.
In Quebec, EQ Bank is technically available, but the EQ Bank Card is not. That means no ATM withdrawals, no debit-style spending, and no access to the zero-FX perk. You’re left with what’s essentially a high-interest savings account. Not great.
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%.
Savings
Get 2.75% interest when you deposit a minimum of $2,000 per month
$0
KOHO Prepaid Card
KOHO, as its name would suggest, is a prepaid Mastercard, not a traditional bank account. No cheques, no conventional debit card. But it has some features that make it worth considering anyway – although, like many fintech products, it’s not available in la belle province.
The KOHO Essential tier pays 2.5% interest on your balance and 1% cashback on groceries, dining, and transportation. That interest rate alone beats most of this list. The catch is a 1.5% foreign exchange fee and a $4 monthly fee that is waived if you set up direct deposit or add $1,000 per month.
Their marketing is sneaky, as it’s often called “free” but with terms and conditions – it’s not super clearly explained, and you have to dig into the fine print to find the fee waiver language.
The paid tiers are where it gets more interesting. The KOHO Extra tier ($12/month) bumps interest to 3%, cashback to 1.5%, and eliminates FX fees entirely. The KOHO Everything tier ($19/month) gets you 3.5% interest, 2% cashback on groceries/dining/transport, 0.5% on everything else, and still no FX fees.
So if you’re willing to pay a monthly fee, KOHO actually beats most of this list on interest rates and matches EQ Bank on foreign exchange. If you’re not, the free tier is still solid for the interest alone.
Funds are held at Peoples Trust. CDIC coverage applies when you opt in to earn interest.
The KOHO Essential Mastercard is a prepaid card that earns 1% cash back on groceries, eating & drinking, and transportation purchases.
Earn when you apply through Frugal Flyer.
$20 cash back
$20
$95+
$48
Yes
–
Conclusion
The Government of Canada’s December 2025 intervention was a step in the right direction toward not making everyone pay $30 a month, but we still have yet to see the value of $4 bank accounts. Frankly, why not use one of the bank accounts or prepaid cards on this list that have years of experience and oodles of satisfied customers?
For most Canadians, Tangerine or Simplii are the safest bets: real debit cards, 24/7 support, and Big Five backing without the Big Five fees. If you travel or shop cross-border, EQ Bank’s zero-FX card is worth a look. And KOHO’s interest rates make it an interesting option if you can live without traditional debit functionality.
Until next time, keep your fees low and your points balances high.
Kirin Tsang
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