🏦 Chequing Accounts · March 2026
Best Chequing Accounts
in Canada 2026
Ranked by what actually matters: monthly fees, cashback, ATM access, and signup bonuses. Includes free digital options and the best Big Five programs.
Top Picks
Free Visa prepaid account that works like a chequing account. 1% cashback on all purchases, free Interac e-Transfers, virtual Visa for online shopping. No credit check, no minimum balance. The $100 signup bonus (code 45ET55JSYA) is the fastest bank bonus in Canada — available within days. Add credit building for $7/mo extra.
Get KOHO — code 45ET55JSYA ($100) →
Free no-fee chequing with the best bonus-to-fee ratio in Canada. Get $300–500 with direct deposit. Unlimited free transactions, free Interac e-Transfers, access to all CIBC ATMs nationwide. Best for those who need ATM access without a monthly fee.
Simplii review →
Best big-bank program for newcomers — fees waived for first 2 years. Largest single cash bonus available (up to $700 with direct deposit + transactions). Scotia Scene+ points. Branches + ATMs nationwide. Best choice if you want a traditional full-service bank with maximum bonus.
Scotiabank bonus guide →
Free chequing with Scotiabank ATM access, unlimited transactions, and free Interac. Pair it with Tangerine's credit card for 2% cashback on 2 categories. $50–150 referral bonus. Good all-rounder for those who want a free account with ATM access and no digital-only restrictions.
Largest ATM network in Canada (4,800+). Full service: online, mobile, branches. RBC Avion points on purchases. Monthly fee waivable with $4,000 minimum balance or with premium banking bundles. Good if you want maximum branch access and full suite of banking products under one roof.
Full Comparison Table
| Account | Monthly Fee | Signup Bonus | ATMs | Cashback | Direct Deposit |
|---|
| KOHO Free | $0 | $100 | Via Visa | 1% | ✅ |
| Simplii Financial | $0 | $300–500 | 3,400+ | No | ✅ |
| Tangerine | $0 | $50–150 | Via Scotia | 1% | ✅ |
| Scotiabank StartRight | $0 (2yr newcomer) | Up to $700 | 3,700+ | Via card | ✅ |
| RBC Advantage | $11.95 | Up to $450 | 4,800+ | Via card | ✅ |
| BMO Performance | $16.95 | Up to $500 | 3,400+ | Via card | ✅ |
| TD Unlimited Chequing | $16.95 | Up to $350 | 3,500+ | Via card | ✅ |
| CIBC Smart Account | $6.95+ | Up to $400 | 3,400+ | Via card | ✅ |
Frequently Asked Questions
What is the best chequing account in Canada for 2026?
For free banking with cashback: KOHO (best overall, $100 bonus). For free banking with ATM access: Simplii Financial ($300–500 bonus). For maximum newcomer bonus: Scotiabank StartRight (up to $700). Many Canadians open KOHO + Simplii or KOHO + Scotiabank to capture bonuses from multiple banks simultaneously.
Can I open a Canadian bank account online?
Yes. KOHO, Simplii, Tangerine, EQ Bank, and Neo all open 100% online in under 10 minutes. RBC, BMO, Scotiabank, and TD also have online applications for chequing accounts, though in-person identity verification may be required for some products. Newcomers with foreign passports may need to visit a branch at big banks.
How do I switch bank accounts in Canada?
Open the new account first. Then update direct deposit with your employer (give them new account info). Move any pre-authorized payments (utilities, subscriptions). Transfer your balance. Keep the old account open for 1–3 months to catch any payments still going to the old account. Most banks don't charge to close accounts.
Related guides
Open Canada's top free chequing account today
KOHO code 45ET55JSYA · $100 bonus · $0 fees forever · 1% cashback
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Disclosure: Bremo earns referral commissions on KOHO signups. Bank terms subject to change. Information as of March 2026.