Finding the best chequing account in Canada means balancing monthly fees, transaction limits, features, and accessibility. Canadians now have more choices than ever — from free digital accounts to full-service big bank options. This guide ranks the best Canadian chequing accounts in 2025 across different needs and priorities.
KOHO offers a fully free spending account with no monthly fee, no minimum balance, and no transaction limits. KOHO's Mastercard prepaid card works everywhere Mastercard is accepted. Additional features include 1% cashback on groceries and food at select plans, automatic savings roundups, spending analytics, and the ability to build credit with KOHO's optional credit-building feature. KOHO is the best overall no-fee banking option for most Canadians in 2025.
Simplii Financial (owned by CIBC) offers a completely free chequing account with unlimited transactions and unlimited Interac e-Transfers. As a CIBC subsidiary, Simplii shares CIBC's ATM network, giving you access to over 3,400 ATMs across Canada. The account also includes a free no-fee Visa debit card. Simplii is a top choice for Canadians who want CIBC's banking infrastructure without the fees.
Tangerine (owned by Scotiabank) offers free chequing with unlimited transactions and unlimited e-Transfers. Tangerine accounts come with a free Visa debit card and access to Scotiabank ATMs. Tangerine also offers competitive savings account rates and a money-back credit card, making it a good option for Canadians who want a complete no-fee digital banking package.
EQ Bank's Personal Account is a hybrid chequing-savings account that earns a competitive daily interest rate (currently around 3-4%) while functioning as a daily banking account. It supports bill payments, e-Transfers, and direct deposits. EQ Bank reimburses ATM fees across Canada, making it one of the best accounts for cash users who still want to earn meaningful interest on their balance.
Free unlimited transactions, unlimited e-Transfers, and Scene+ points on debit purchases. The most generous free student account among Canada's major banks. Earns rewards from day one of enrollment.
Free unlimited transactions and unlimited e-Transfers. Tied with Scotiabank for generosity at the student level. A strong option for students who may also want access to CIBC Investor's Edge for low-cost investing.
Not technically a student account, but KOHO's free account with no age requirements, no fees, and cashback rewards is an excellent option for students who want a simple, modern banking app without any fees whatsoever.
If you specifically want to bank with a Big 5 bank (for mortgage purposes, in-person service, or established banking relationships), the best mid-tier options are:
Most Big 5 banks offer reduced or waived fees for clients aged 60–65+. These accounts typically include unlimited transactions at no charge for eligible seniors. See our dedicated Best Bank Accounts for Seniors Canada guide for full details.
The most obvious factor. Aim for $0 if possible. If paying fees, ensure the services justify the cost or maintain the minimum balance to waive.
Unlimited transactions are now standard at most mid-tier and free accounts. Avoid accounts with per-transaction fees unless your banking activity is very low (fewer than 10 transactions monthly).
Unlimited free e-Transfers are now expected at any unlimited account. If your account charges per e-Transfer, consider upgrading or switching.
Check the ATM network. Accounts with broad ATM networks (or fee reimbursement like EQ Bank) save meaningful money over time for cash users.
Your banking app will be your primary banking interface. Check App Store and Google Play ratings before committing. Major differences exist between banks in app quality.
If you want everything at one institution, consider whether the bank offers competitive savings and investing products alongside the chequing account.
KOHO offers free banking with no monthly fees and no minimum balance — available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up.
Open KOHO Free — No Fees — Code 45ET55JSYAFor most Canadians in 2025, KOHO (free account) or Simplii Financial provides the best everyday chequing experience at zero cost. If you specifically need a Big 5 bank account for mortgage approval, credit building, or in-person banking, the unlimited accounts at TD, Scotiabank, or CIBC offer the best value depending on your specific priorities. The key insight: paying $16.95/month for a chequing account is a choice, not a necessity. No-fee alternatives handle everything most Canadians need from a daily banking account.