You shouldn't pay to access your own money. These accounts charge absolutely nothing — and some even pay you back.
| Account | Monthly Fee | Transactions | Interest Rate | Bonus Perks |
|---|---|---|---|---|
| KOHO Free Best Overall | $0 forever | Unlimited | Up to 5% | Cash back, credit building |
| EQ Bank Personal | $0 forever | Unlimited | 3.00% | No ATM fees (reimburse) |
| Simplii Financial | $0 forever | Unlimited | 0.40% savings | CIBC ATM network |
| Tangerine | $0 forever | Unlimited | Promotional | Big promo bonuses |
| Wealthsimple Cash | $0 forever | Unlimited | 3.00% | Instant stock purchases |
| Motus Bank | $0 forever | Unlimited | 1.50% | Free e-transfers |
What counts as "no fee"? A truly no-fee account has no monthly fee, no minimum balance, and no per-transaction charges for normal banking activities like debit purchases, bill payments, and e-transfers.
The "Big Six" Canadian banks (TD, RBC, BMO, Scotiabank, CIBC, National Bank) charge $10.95–$30.00/month for their standard chequing accounts. These fees are waived only if you maintain minimum balances of $3,000–$6,000 — money that could otherwise be earning interest.
Online-first banks have no branches, which dramatically reduces their overhead. They pass these savings to customers as zero fees and higher interest rates. The result: you get more features, more flexibility, and zero fees.
| Scenario | Annual Bank Fee | Foregone Interest (5%) | Total Annual Cost |
|---|---|---|---|
| $15/month bank plan | $180 | $0 | $180 |
| $3,000 min. balance waiver | $0 | $150 | $150 |
| No-fee account (KOHO) | $0 | $0 | $0 |
Even when you "waive" fees with a minimum balance, you're losing the interest you'd earn on that $3,000 if it were in a HISA. The true cost is often $150+/year.
KOHO is a financial app that replaces your chequing account with a Visa prepaid card. It's truly $0/month — no fine print. Beyond the zero fees, KOHO earns you cash back on everyday spending and lets you earn up to 5% interest on your savings balance. The credit-building feature helps those looking to improve their credit score. Use referral code 45ET55JSYA for a $100 welcome bonus.
EQ Bank's Personal Account pays 3.00% interest on every dollar, reimburses ATM fees across Canada, and offers unlimited transactions. It's less of a "chequing account" and more of a hybrid — great for those who want their everyday banking to earn interest.
Backed by CIBC, Simplii gives you access to 3,400+ CIBC ATMs for free. It's a simple, reliable no-fee chequing account for those who value a physical ATM network. No monthly fees, unlimited transactions, and no minimum balance.
Tangerine (owned by Scotiabank) periodically runs massive promotional rates (5–6%) for new deposits. If you're willing to move money and chase promotions, Tangerine offers great temporary value. The regular rate is lower, so don't rely on it long-term without checking current promotions.