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Updated March 2025

Best No-Fee Bank Accounts Canada 2025

Canadians pay over $200/year in average bank fees — but you don't have to. Here are the best completely free bank accounts in Canada for 2025.

Top Picks for 2025

Independently ranked for Canadian residents — rates, fees, features.

1
KOHO Essential
$100 bonus + 1% cashback
$0/month

The best free bank account in Canada. No monthly fee, 1% cashback on groceries and transit, $100 sign-up bonus (code 45ET55JSYA), no FX fees, earn interest on balance. No credit check.

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2
EQ Bank Personal Account
3.00% interest, completely free
3.00% savings

Earns 3.00% on all deposits with absolutely no monthly fee. Free unlimited Interac e-Transfers and bill payments. Best for savings-focused no-fee banking.

3
Tangerine Chequing
No fee with direct deposit
$0/month

Free chequing account with no minimum balance and no monthly fee. Pairs well with Tangerine Savings for 2-in-1 free banking. ATM access through Scotiabank.

4
Simplii Financial
No-fee chequing + CIBC ATMs
$0/month

CIBC's no-fee digital bank. Free chequing account, unlimited transactions, access to CIBC ATMs across Canada. Good option if you want big-bank ATM access for free.

5
PC Financial
Earn PC Optimum points
$0/month

No monthly fee banking with PC Optimum points earned on purchases. Excellent for Loblaws/Shoppers shoppers. No ATM fees at PC Financial ATMs.

6
Wealthsimple Cash
High interest + no fees
Competitive rate

Wealthsimple's Cash account offers high interest (similar to EQ Bank) with no fees, Interac e-Transfer support, and integration with Wealthsimple's investment platform.

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$100 Cash Bonus

Canada's best spending account — cashback, interest, no fees. $100 free with code 45ET55JSYA.

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Frequently Asked Questions

What is the best free bank account in Canada?
KOHO's free Essential tier is Canada's best all-around no-fee account — $100 bonus, 1% cashback, no FX fees, and interest on balance. EQ Bank Personal Account is best for savings with its 3.00% rate. Tangerine and Simplii are good for day-to-day chequing.
How do I avoid bank fees in Canada?
Switch to an online bank: KOHO (free tier), EQ Bank, Tangerine, or Simplii charge $0/month vs. $15–$30/month at big banks. You save $180–$360/year immediately. Online banks offer the same core features — e-Transfers, bill payments, debit cards — without the branch overhead cost.
Is it safe to use an online bank in Canada?
Yes — EQ Bank (CDIC member via Equitable Bank), Tangerine (CDIC via Scotiabank), Simplii (CDIC via CIBC), and KOHO (deposits at Peoples Bank of Canada, CDIC member) are all CDIC insured. Your deposits are protected up to $100,000 per category.
What's the catch with free bank accounts in Canada?
Most no-fee accounts are online only — no physical branches. Some limit cash deposits or require you to use ATM networks. KOHO doesn't offer TFSA/RRSP accounts. EQ Bank doesn't have a debit card (though it now has one). None offer mortgages or personal loans. Use them for everyday banking and savings, not for complex financial products.