Choosing the right chequing account can save you hundreds of dollars per year. Canadian banks charge anywhere from $0 to $30+ per month for chequing accounts, and the best choice depends on your banking habits, how often you visit branches, and what features matter most to you.
| Account | Monthly Fee | Transactions | Best For |
|---|---|---|---|
| KOHO Free | $0 | Unlimited | Fee-free banking + cashback |
| Simplii Financial | $0 | Unlimited | Free unlimited chequing |
| Tangerine | $0 | Unlimited | Free banking + cash back |
| TD All-Inclusive | $29.95 | Unlimited | Full-service TD banking |
| RBC Signature No Limit | $16.95 | Unlimited | Mid-range Big 5 |
| Scotiabank Preferred | $16.95 | Unlimited | Scene+ rewards |
KOHO's free plan includes a Visa prepaid card, cashback on everyday purchases, no monthly fees, and no minimum balance. KOHO also offers budgeting tools and early payroll deposits. It operates entirely through a mobile app and is one of Canada's most popular banking alternatives for people who want to stop paying bank fees.
Simplii Financial (CIBC's digital bank) offers a No Fee Chequing Account with unlimited transactions and no monthly fee. You get full Interac e-Transfer capability, mobile cheque deposit, and access to CIBC ATMs. A solid, reliable free chequing option.
Tangerine (Scotiabank subsidiary) offers free chequing with no monthly fees and unlimited transactions. Tangerine also has competitive savings accounts with promotional rates for new customers and excellent cash-back credit card options.
TD's chequing lineup ranges from the Every Day Chequing ($10.95/month, 12 transactions) to the All-Inclusive ($29.95/month, unlimited transactions plus premium perks). Monthly fees can be waived by maintaining a minimum daily balance (typically $4,000–$6,000 depending on the account).
RBC's Day to Day Banking starts at $4/month (12 transactions) up to Signature No Limit Banking at $16.95/month (unlimited). RBC's fee waiver requires maintaining $4,000+ daily balance on some accounts.
BMO's chequing accounts range from the Practical Plan ($4/month) to the Performance Plan ($16.95/month). BMO fee waivers require $3,000–$4,000 minimum balance.
Ask yourself:
For most Canadians who do the majority of their banking digitally, paying $15–$30/month for a chequing account is unnecessary. Free options like KOHO and Simplii Financial provide nearly all the same features. The exception is if you need regular in-branch service, mortgage advice, investment products all under one roof — in that case, the Big 5 full-service accounts may be worth the cost.
If you want to stop paying monthly bank fees, KOHO and Simplii Financial are the top choices. KOHO adds cashback rewards that make it genuinely rewarding for everyday spending. If you need a full-service bank with branches, TD All-Inclusive or RBC Signature No Limit are the most comprehensive options.
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