Updated: April 2025  |  bremo.io financial guides

Best Free Chequing Accounts in Canada — No Fees 2025

Millions of Canadians are still paying $10–$30/month for chequing accounts that offer the same core features as accounts that cost nothing. In 2025, there's genuinely no reason to pay a monthly bank fee if you do most of your banking online or via mobile app. Here are the best free chequing accounts in Canada.

Top Free Chequing Accounts

1. KOHO Free — Best Overall Free Account

KOHO's free plan is the most feature-rich no-fee account in Canada. You get:

• No monthly fee, ever
• No minimum balance requirement
• Visa prepaid card accepted everywhere Visa is accepted
• 0.5% cashback on everyday purchases (free plan)
• Instant Interac e-Transfers
• Mobile cheque deposit
• Budgeting and spending tracking tools
• Early payroll deposit (up to 3 days early)

KOHO is federally regulated and deposits are held at a Schedule I Canadian bank, making it a safe and reliable option. Use code 45ET55JSYA for a signup bonus.

2. Simplii Financial No Fee Chequing

Simplii Financial (CIBC's digital bank) offers a truly free unlimited chequing account. Benefits include:

• No monthly fee
• Unlimited debit transactions
• Free Interac e-Transfers
• CIBC ATM network access (free)
• Mobile cheque deposit
• Overdraft protection available

Simplii is backed by CIBC and fully CDIC-insured. It's a no-frills but reliable free option.

3. Tangerine No-Fee Daily Chequing

Tangerine (Scotiabank subsidiary) offers free chequing with no monthly fees and unlimited transactions. You also get access to Tangerine's competitive savings accounts and popular cash-back credit card. Tangerine is CDIC-insured.

4. EQ Bank Personal Account

EQ Bank's personal account offers no monthly fees, free Interac e-Transfers, and deposits earn interest — making it one of the few accounts that both replaces your chequing account AND earns you money on your balance.

5. Wealthsimple Cash

Wealthsimple Cash is a free everyday spending account with no fees and a Visa card. Popular with Wealthsimple's existing investment clients. Deposits are held in an investment account structure, which is different from traditional CDIC bank coverage — understand the insurance structure before using it as your primary account.

What You Give Up with Free Accounts

The Math: What You Save with a Free Account

Switching from a $16.95/month chequing account to KOHO or Simplii saves you $203.40/year. Over 10 years, that's $2,034 — plus the cashback KOHO earns on top. For a family with two chequing accounts, the savings double.

Are Free Banks Safe in Canada?

Yes. KOHO, Simplii, and Tangerine all hold customer deposits at federally regulated Schedule I Canadian banks. Simplii and Tangerine are direct subsidiaries of CIBC and Scotiabank respectively, providing CDIC deposit protection up to $100,000. KOHO's deposits are held at People's Trust, also a CDIC member.

Verdict

KOHO is our top pick for a free Canadian chequing account because it combines zero fees with active cashback rewards. Simplii is the best pure-banking free option with the most familiar banking experience. Switch today and stop paying monthly fees.