Digital banks have made it easier than ever to save money on fees for everyday banking. However, with so many options out there, it can be a challenge to find the right fit for you and your wallet.
That’s why loanspot.ca has rounded up the top no-fee chequing accounts in Canada for 2025, helping you save both time and money. Whether you’re looking for interest on your savings, generous bonus offers or a no-frills daily bank account, you’ll find it among the following no-fee bank accounts.
EQ Bank Personal Account
EQ is probably Canada’s most popular digital-first bank, offering no-fuss fee-free banking, as well as high competitive interest rates. While it lacks physical branches, it makes up for it with strong online banking features and excellent savings potential.
- Bonus Offer: No sign-up bonus at time of writing
- Interest Rate: Up to 4% on your entire balance
- Unlimited Transactions: Yes, including free Interac e-Transfers
Pros:
- High-interest rate on chequing balance
- No monthly fees or minimum balances
- CIDC deposit insurance
Cons:
- No physical branches
- No overdraft protection
Simplii Financial No-Fee Chequing Account
Simplii Financial, owned by CIBC, offers a popular no-fee chequing account, with a focus on straightforward everyday banking. This makes it a great option for those who want a mix of online and in-person banking services.
- Bonus Offer: $300 cash bonus for new customers (terms apply)
- Interest Rate: Up to 0.10%
- Unlimited Transactions: Yes, including free Interac e-Transfers
Pros:
- No monthly fees or minimum balance
- Free access to CIBC ATMs
- Overdraft protection available
Cons:
- Lower interest rate compared to competitors
- Limited customer support options
Tangerine No-Fee Daily Chequing Account
Tangerine, a subsidiary of Scotiabank, provides a fully digital banking experience with the added benefit of access to Scotiabank ATMs across Canada. Its cashback rewards and promotional bonuses make it an appealing choice for many.
- Bonus Offer: $250 (terms apply)
- Interest Rate: Up to 0.10%
- Unlimited Transactions: Yes, including free Interac e-Transfers
Pros:
- No monthly fees and no minimum balance
- Access to Scotiabank ATMs nationwide
- Cashback offers with Tangerine debit card
Cons:
- Lower interest rate
- No in-person customer service
Neo Everyday Account
Neo Finacial is a growing Canadian fintech offering modern banking solutions with a focus on digital rewards and cashback. Its Everyday Account aims to combine convenience with savings and cashback, making it a strong contender for savers.
- Bonus Offer: No bonus at time of writing
- Interest Rate: 0.1%
- Unlimited Transactions: Yes
Pros:
- High interest compared to traditional banks
- No fees for everyday transactions
- Cashback rewards with select retailers
Cons:
- No physical branches
- Limited customer support
Wealthsimple Cash Account
Wealthsimple is primarily an investing platform, but their Cash Account is a strong option that blends the flexibility of a chequing account with the benefits of high-interest savings.
- Bonus Offer: $25 welcome bonus for new customers
- Interest Rate: 2.0% – 3.0%
- Unlimited Transactions: Yes
Pros:
- Among the interest rates for a chequing account
- Free Interac e-Transfers
- 1% cashback in crypto, stock or cash
Cons:
- No physical branches
- No direct ATM access
How Do No-Fee Chequing Accounts Work?
No-fee, or ‘free’ chequing accounts, offer key banking services without charging monthly maintenance fees, overdraft fees, etc.
This kind of chequing account is more commonly available today thanks to the lower operating costs of digital banks, compared to traditional banks with physical branches.
However, there are downsides to consider when using a digital bank, such as fewer ATM withdrawal options, limited customer support and often no access to in-person banking services.
Final Thoughts
When choosing a no-fee chequing account, it can help to take note of what’s most important to you – do you want to grow your savings or just get your bills paid without losing money to fees? Or do you want an account that can do it all? Whatever you need, these accounts can all help you bank smarter without monthly fees.
FAQ
What’s the best free bank account in Canada?
There’s a lot to choose from, and the best will really depend on your own unique preferences. That said, the accounts discussed above consistently rank among the top free chequing accounts in Canada.
Which bank doesn’t charge monthly fees in Canada?
Almost all digital-only banks in Canada, such as EQ Bank, Tangerine and Neo Financial, offer no-fee chequing and savings accounts.
Does TD have a no fee account?
TD Bank doesn’t have a no-fee chequing account, although you can waive fees on some accounts by maintaining a specified minimum balance.
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