Best Canadian Chequing Account 2026

While cheque writing has for the most part, become a thing of the past, selecting the right Canadian chequing account for your personal needs and wants can still make a big difference to your bottom line.

What you need is quick and easy access to your cash, so that you can pay bills, transfer money and pay for your daily needs. There are many Canadian chequing account options to help you do just that, but they are definitely not equal when it comes to features and perks like interest, promos and customer service. 

With all of the options available, it can be a challenge to decide on the best Canadian chequing account for your specific profile. That’s why we are here to help with a full comparison of the top chequing accounts in Canada, so you can see how they stack up, and choose the one that’s right for you.

Let’s start with a comparison chart for easy reference.

What to Look for in a Chequing Account?

Let’s start with fees… you shouldn’t have them!

There are several very solid free options to select from, and a couple offer just as much value as banks that charge a monthly fee, so save your money and go with a free chequing account. Just be sure to read the fine print and make sure they don’t get you with other added fees, like ATM withdrawals and or cap free monthly transactions.

Next, interest rates are obviously key. It’s a wonder that big banks are still paying little to no interest while more innovative online banks like EQ Bank have created hybrid accounts with a rate nearly as high as what you would find in a high interest savings account. This gives you the benefit of earning interest, while at the same time giving you the flexibility of an everyday spending account. It’s a bit of a no-brainer.

Added perks are also worth some consideration. With some banks offering up to $300 in cold hard cash, it’s definitely worth looking into signing up. Just make sure that when you do, you make sure to look out for any hidden feeds that might be attached to the rewards.

Making sure that the exact account type you want is available is another key part to the puzzle. Our recommendation leans heavily towards selecting a bank that offers a hybrid account instead of a simple traditional chequing account. The main reason being that you can earn interest on your balance, which is something a chequing account alone will never do.

Accessibility is key. Any chequing account worth your time and money is going to give you reliable access to ATMs, a well functioning app and access to a real life person you can talk to if anything happens to go wrong. These elements might not seem super important until you run into a problem, and if you do, you will be glad you paid attention to this aspect.

And finally – account security is becoming more and more important every year. Always make sure your account has CDIC coverage, which all of our recommendations do. One thing to note is that not all coverage is created equal. Some banks will offer up to $110K in coverage, while others offers up to $1M.

What to Watch Out for in a Chequing Account?

Some things to avoid when selecting your ideal chequing account are:

• Fleeting teaser rates: Some accounts will tempt you with high interest rates that look appealing, and only later you find out that the rate is temporary. Some drop to almost zero after the initial high interest period, so make sure you check carefully when signing up.
• Required Direct Deposit: Another trick banks use to get you in the door is to offer high interest rates with the caveat that you must sign up for direct deposit to get them. Again, check on this before you commit.
• Hidden Fees: Some banks make up for the $0 monthly fee by charging you for using non-network ATMs, issuing a bank draft, or making an international transfer. All fine print items to check on before selecting your account.
• Limited Services: While online banks offer low to no cost chequing, they can be limited in what they offer. For example, they might not offer USD accounts, GICs or easy access to a bank representative. Knowing what your non-negotiables are when it comes to account types and services will help you narrow down your options.
• Restrictions: In addition to capping the number of free transactions per month and other similar restrictions, some banks are not fully available in Quebec at this time. This includes Neo and part of EQ Bank’s offerings that are available elsewhere in Canada.

EQ Bank Personal Account – Best Overall, Best Hybrid Account

When we start looking at the best bank accounts in Canada, we’re always going to end up talking about online banks.

Many online banks offer a “hybrid solution” that combines the features of a high interest savings account and a basic chequing account. 

These hybrid accounts usually offer most (if not all) of the utility that you need in a modern day account (how many cheques do you really write these days?) combined with much higher interest rates than pure chequing accounts plus the ability to do most of your banking without worrying about shifting money between accounts.

The EQ Bank Personal Account is a perfect example of a hybrid bank account done right. That’s why it’s also our top pick for Best Free Canadian Bank Account and the best high interest savings account in Canada.  For the princely sum of $0 you get:

• A base interest rate of 1%, rising to a generous 2.75% when you activate direct deposits of $2,000 or more per month
• Unlimited eTransfers and bill payments
• No overdraft fees
• CIDC protection through Equitable Bank
• Excellent GIC options – which can be placed in a TFSA or RRSP if you so choose
• No minimum balance to worry about
• Ultralow Currency Transfer Fees

Plus, EQ now offers the EQ Bank Card, a prepaid card that works just like a debit card and gives you the same high interest rate as their Personal account – as well as cashback on every purchase. We loved this account before it had a card, so you know we love it even more now!

Neo Money Account

Neo Financial is a Canadian fintech company founded in 2019 that offers a variety of products. One of these products is a superb hybrid account called the Neo Money Account, formerly known as Neo Savings.

The Neo Chequing Account has an everyday interest rate of up to 2.75% on higher balances. This high interest rate is not a promo or teaser rate, and their fee schedule is basically all zeros. No monthly account fees, no fees for bill payments, no Interac e-transfer fees, no pre-authorised debit fees, no NSF fees, and so on. It can increase to 2.75% if you hold more than $20,000 in your account.

Being a hybrid account, you can use it for your day-to-day banking needs. Another of Neo’s primary products is the Neo Card – a no-fee cashback Mastercard which we have rated as the best credit card for the average Canadian.

Our main complaints about Neo Financial is that the account options are limited. It has limited joint accounts, no USD accounts, no GICs and is not available in Quebec. However, if those aren’t deal breakers for you, and you’re just looking for a good every day interest rate, Neo might be a great choice. In our Neo Money Account review you can read more about the available products from Neo Financial.

Wealthsimple Chequing and Savings – Best for Combining Banking and Investing

Formerly named Wealthsimple Cash, the Wealthsimple Chequing and Savings account has transformed into a competitive hybrid account, which can be a particularly appealing option if you already invest with Wealthsimple.

For customers with a balance of less than $100,000, Wealthsimple Chequing and Savings offers a 1.25% interest rate, with over $100,000 in assets you will get a 1.75% interest rate and accounts of $500,000 or more will be rewarded with a 2.25% interest rate.  Another way to earn additional interest for Core and Premium customers is by making at least $2,000 in eligible direct deposits each month. This will automatically earn you a 0.50% interest rate boost.

An added benefit for those with large account balances is that Wealthsimple Chequing and Savings accounts are insured on up to $1 million, which is quite higher than the industry standard for chequing accounts. 

In addition to $0 monthly fees, no minimum balance and unlimited e-transfers, Wealthsimple Chequing and Savings provides unlimited ATM fee reimbursement across Canada and an impressive 0% foreign transaction fees on the connected prepaid Mastercard.

For a full overview of everything Wealthsimple has to offer, and how to get in on their $25 bonus, check out our detailed Wealthsimple review.

Scotiabank Ultimate Package – Best Premium Chequing Account

It takes a lot for a premium account to impress us, but Scotiabank’s Ultimate Package is so packed with value that it’s the only big bank to earn a place on this list, as well as our list of the Best Online Banks in Canada. 

The Preferred Package and the Ultimate Package come with a hefty fee but also a hefty welcome bonus (a $500 value). For as long as the promotion is valid (currently due to end on July 2, 2026), the value you get from signing up to Scotiabank is actually greater than using a free chequing account, even if you do end up paying the monthly fees.

There are however two ways to waive the monthly $30.95 fee. One is to keep a minimum daily balance of $6,000 in your account for the entire month. The other is to maintain a combined $100,000 across eligible Scotiabank accounts, such as chequing, savings, GICs, and registered accounts.

Add to that the assortment of great perks and one of the best rewards programs in Canada, and you’ll see why Scotiabank is currently our #1 overall pick for a premium chequing account in Canada.

You can read our Scotiabank review to get more details about the promotion’s terms and conditions, as well as a breakdown of everything that’s included in the package.

Simplii Financial No Fee Chequing Account – Best Welcome Bonus

PC Financial used to be one of the leading contenders when it came to Canadian no-fee chequing accounts.

Then PC Financial changed to Simplii Financial, and other accounts took the lead. There hasn’t been much improvement to Simplii’s accounts since then.

That being said, the Simplii Financial no-fee chequing account is not at all a bad product! It just didn’t evolve in any meaningful way after the name change. It’s still on our list, but other banks are catching up fast. 

Simplii has access to the CIBC ATMs and offers a very competitive product offering. On top of that, they currently have one of the best new accounts promos in Canada – with $300 offered if you sign up by September 30, 2026. 

The final verdict on Simplii is that it’s good enough to make our list but not good enough to beat EQ Bank or Neo Financial. The online platform needs an update, and the app could use a refresh as well. You can read our full Simplii Financial review here, and see exactly what’s good or bad about it.

Tangerine No-Fee Daily Chequing Account

Tangerine’s roots in the Canadian banking scene date back to the 90s when it started out as ING Direct. In 2012 ING Direct was acquired by Scotiabank, and renamed Tangerine, at which point it became Scotiabank’s digital-only, lower-fee banking subsidiary. 

Tangerine Bank offers just about any product you can imagine from an online bank, but they’re not necessarily leaders in any particular domain. 

As for their no-fee daily chequing account, clients have unlimited free transactions including Interac purchases, e-transfers, and ATM withdrawals using Scotiabank’s network. 

However, you’re not going to profit from a high interest rate on your chequing account, like you would with many of the available hybrid chequing/savings accounts. The Tangerine no-fee daily chequing account has an interest rate of just 0.01% – 0.10% depending on your account balance.

If you’re looking for a one stop shop for your banking needs Tangerine might be a great option. To read about more of Tangerine Bank’s diverse product offerings check out our Tangerine Bank review.

motusbank No-Fee Chequing Account

motusbank is yet another solid competitor on the Canadian banking scene.  Just like these other excellent no-fee chequing account options, motusbank offers free unlimited e-transfers, purchases, payments, and withdrawals. They also offer 0.15% interest on account balances, plus 25 free cheques. 

Motusbank chequing account holders have access to the Exchange ATM network in Canada and the Allpoint ATM network in the US. This means that there are 43,000 ATMs available for use throughout North America. Many online-only banks have struggled with ATM access in the past, so this is great to see. 

The downsides to motusbank are their platform, which is clunky and unimpressive, and their fees. You may not be paying a monthly fee, but their website has a long list of fees you could end up paying, from US ATM transaction fees to bank record searches. 

But they still make our list because in spite of these downsides, their chequing account is really quite good. 

Motive Financial No-Fee Cha-Ching Chequing Account

The Motive Financial Cha-Ching Chequing account is relatively new to the Canadian no-fee chequing account scene, but it has certainly made a big splash! They are a substantial step up from the majority of chequing accounts out there, and offer the same great no-fee options that better known online banks like Simplii and Motus bring to the table.

The Motive Cha-Ching! Chequing Account offers unlimited free transactions and transfers, 50 personalized cheques (almost unheard of these days), and 0.25% interest on chequing account balances. They used to ding clients with a number of fees, but they’ve been phasing them out.

One fee remaining is for withdrawals at non-EXCHANGE Network ATMs ($1.50 after your first 2 free monthly withdrawals). However, given that Motive Financial has the second largest ATM network in Canada those fees should be avoidable.

There are some domains in which we’re hoping to see Motive Financial (owned by Canada Western Bank) improve. Their app and web interface need some upgrades, and their customer service is on par with a lot of budget online banks (which is to say, not great). However, Motive is still young – so we’re excited to see where it goes. You can read our Motive Financial review here.

PC Money Account

Three years after selling their online no-fee banking operation to CIBC (and it subsequently becoming Simplii Financial) PC Financial came back with the PC Money Account.

The PC Money Account combines most of the features of a no-fee chequing account with a rewards program. You can send etransfers, use PC Financial ATMs, pay bills online, and all of the other transactions that fall under the umbrella of a chequing account – you just can’t send actual cheques.

The PC Money Account comes with a prepaid Mastercard that functions like a debit/credit card hybrid. When you pay with the PC Money Account and/or use it to pay bills online, you earn PC Optimum points that can be used to make purchases at Loblaws grocery stores or Shoppers Drug Mart. It will essentially act as 1% cash back – just redeemable only at those stores.

The downside of the PC Money Account is that the only ATMs you can access for free are PC Financial branded ATMs. In other words, the ATMs in Loblaws stores. This was one upside of the old PC Financial -their partnership with CIBC meant that users had far more free ATM options. 

What is a Chequing Account?

A chequing account is a bank account that’s intended to keep your money safe but accessible for daily spending. You can use it to pay bills, make purchases, withdraw cash, or deposit paycheques. 

A typical chequing account comes with both a debit card and a chequebook (or at least the option to order cheques if needed). 

When Should You Use a Chequing Account?

Use a chequing account for day to day transactions like paying bills and getting paid. Chequing accounts allow you to access your money regularly. 

If you’re buying groceries, paying a parking ticket, getting paid, or going out to dinner, you should use your chequing account. 

Chequing Account Types

When it comes to chequing accounts, it may seem at first that there is only one type: one that allows you to easily access and spend your money as needed! While it’s not quite as simple as that, it’s not super complicated either. 

Every kind of chequing account lets you access and spend your money – but there are still minor differences. Here are the main types of chequing accounts offered:

Personal Chequing Account

This is your everyday, basic chequing account, usually from a big bank, and what you get is a no-frills chequing account that may come with a monthly fee and a limited number of transactions. You can expect to pay anywhere from $4 to $30 depending on what services you require.

RBC’s Royal Bank Day to Day Banking Account is a relatively low-cost option at only $4 per month. For that $4, you get 12 free transactions. That’s not a lot of transactions for the money, which is why it doesn’t feature on our list, but it demonstrates what a typical chequing account offer looks like.

No Fee Chequing Accounts

These accounts are as cheap as they come, as in free! No-fee chequing accounts are usually offered by digital banks with no in-person branches. These banks don’t have to pay for rent, upkeep, utilities, tellers- you get the idea. And that savings can be passed on to you. 

The catch is that some accounts are quite limited in what they offer, or might add fees elsewhere to make up for offering their chequing service for free. Make sure to read the fine print or go with one of our top recommended accounts. 

Many of the accounts on our list are no-fee chequing accounts because they offer such great value. For example, Simplii Financial offers unlimited, free chequing, so it’s a solid choice when it comes to no fee accounts.

Hybrid Chequing Accounts

This new breed of chequing accounts come to you courtesy of virtual banks like EQ Bank and Neo Financial. Instead of simply offering no-fee versions of traditional bank accounts, these banks are breaking the mold and pioneering new ways to bank.

Hybrid accounts combine the characteristics of chequing and savings accounts, although they can also include other features as well. One example is the EQ Savings account, which gives you the best features of a high-interest savings account (hello, amazing interest rate!) plus the unlimited withdrawals of a chequing account. 

Add the EQ Bank Card, which pays interest like a savings account and gives cashback like a credit card, and it’s a “best of all worlds” situation.

Hybrid accounts are the most exciting to watch because companies are constantly introducing new features. As the competition heats up, who knows what they’ll come up with next! 

Premium Rewards Chequing Accounts

These accounts offer customers perks similar to how credit cards offer perks and benefits when they spend. Premium rewards chequing accounts usually come with a monthly fee and minimum balance requirement.

For example, accounts such as Scotia’s Preferred Package Account or Ultimate Package Account offer SCENE rewards, which means you’ll earn points on shopping, travel, entertainment, dining and more. It’s an easy way for banks to add value to a premium account.

Student or Youth Chequing Accounts

There are many student and youth accounts available out there, and there is no better way to start teaching financial responsibility than by learning to manage your money with a chequing account.

Youth accounts are usually free, and some even earn interest, but come with quite a few restrictions. RBC’s Leo’s Young Savings Account is a hybrid youth account aimed at ages 0-12 and currently has a $25 sign up bonus. It is integrated with the Mydoh money app and Smart Cash Card so that kids and teens can get real-life experience managing their money.

Student accounts, aimed at university students, may or may not have fees, and some come with rewards. Right now, the CIBC Smart Start for Students Chequing Account is offering a $180 sign up promo and no monthly fees until age 25.

Senior Chequing Accounts

Banks don’t just have the young ones covered, some also offer senior chequing accounts for those in their golden years. After all those hard years of work, seniors certainly deserve to save on fees!

Senior Accounts often feature discounted fees or are completely free, and they are sometimes tailored to the specific needs of seniors. The Big 5 Canadian Banks: TD, BMO, RBC, CIBC, and Scotiabank, all offer senior discounts on their regular chequing accounts. You can read more in our list of the Best Senior Bank Accounts in Canada.

Joint Chequing Accounts

Joint chequing accounts are held by two or more people. They’re often used by couples with joint expenses or business partners who require access to the same account. 

You’ll generally find that most chequing accounts on offer can be opened by two people, but it’s wise to double-check before beginning the process. Larger groups have more limited options and may need to apply in person at a big bank branch. You can read more in our list of the Best Joint Bank Accounts in Canada.

USD Chequing Accounts

As the name suggests, a USD chequing account is an account holding US dollars. In this case, we’re talking about Canadian bank accounts holding US currency as opposed to American bank accounts.

USD chequing accounts can be useful for people who frequently move money across the border and/or want to avoid foreign transaction fees. You can learn more in our list of the Best USD Bank Accounts in Canada.

Chequing, Savings, and Hybrid Accounts Compared

The best account for you will be the one that’s designed to fit your needs, while giving you the best possible value. 

If you’re not sure which kind of account you need, here’s a quick rule of thumb:

Use a chequing account for regular transactions. 

Use a savings account to save (not spend). 

Use a hybrid account for whatever you need—you’ll get good interest rates but also be able to access your money. 

We’ve laid the basics out in a chart for easy reference: 

	Chequing	Savings	Hybrid
Purpose	Daily spending and deposits (paycheques, bills, groceries, etc)	Keep money safe and accessible without spending it regularly (emergency fund, small/short-term savings goals)	Saving and spending
Cost	Often has a fee attached, especially from big banks	Often free, especially for existing chequing account holders	Often free (read the fine print)
Interest Paid?	None to minimal	Yes (amount varies)	Yes (amount varies)
Features	Automated bill payments, e-transfers, deposits, ATM access, point of sale purchases, cheques	Interest paid. Limited withdrawals (often with a fee associated). Limited ATM, e-transfer and point of sale access.	Combines savings account interest with chequing account usability.

How to Open a Canadian Chequing Account

Selecting the best chequing account for your personal daily needs is the only hard part. Once you have made your selection, the rest is easy and usually takes less than 30 minutes. 

You’ll either complete the online application, or fill one out in person if you choose a brick and mortar bank. You’ll submit the required documents outlined below, and fund your account to activate any sign up bonuses. The last step will be to activate your debit card once it arrives, but you should be able to start making transactions through the app or web platform until the card arrives. 

What Documents Are Required to Open a Chequing Account in Canada?

To make the process smooth and easy, make sure you have your:

• Government-issued ID such as a driver’s license, passport or other valid photo ID
• Social Insurance Number (SIN) which is required by financial institutions to report your financial information and activity such as interest earned
• Proof of address such as a utility bill or lease agreement if your ID does not show your current address
• Contact information, such as your phone number and address. Some digital banks require a Canadian mobile phone number to open an account, so be sure to check the bank’s requirement if you don’t yet have one.
• Employment and income details such as employer name, address and annual income amount
• Initial deposit which varies by bank. It’s usually a small amount for a basic account, but can be more to gain access to certain welcome bonuses.
• Existing account details, which are for those transferring money from another existing account to their new one, or for those setting up direct deposit 

Having all of this information handy will make your account opening process super simple, and you’ll be done in no time without any hassles, like having to start over if you run out of time filling in key information.

Chequing Accounts in Canada: Frequently Asked Questions

Which Chequing Account in Canada is Best For You?

There are so many options when it comes to opening a chequing account in Canada, and you have to do your homework as there is no one size fits all solution. The flip side of that however is that it means there is definitely something out there to meet your unique banking needs. 

If you are looking for the bank with the highest interest rate without paying monthly fees, then EQ Bank is your clear winner with its high 2.75% interest rate. Alternatively, for a more traditional banking experience that includes staff-on-location, Scotiabank offers a solid premium banking package. The Neo Money Account is a great option for an ongoing interest rate of 2.25% and a great cashback card, although account options are limited. Simplii is another solid no-fee option, although it doesn’t match the innovation of some other online banks.

Having reliable access to funds when and where you need them is something we all value and need. And in today’s modern banking world, nothing beats a great interest rate combined with the new EQ Bank Card and the other tools in the EQ toolbox. This is why our selection for best chequing account in Canada is EQ Bank’s hybrid account.