Free Bank Accounts in Canada with No Monthly Fees (2025)

Stop paying $15–$30/month in banking fees. Here are the best truly free Canadian bank accounts — no catches, no minimums, no fees.

Do Free Bank Accounts Actually Exist in Canada?

Yes — and they're better than most paid accounts at Canada's big banks. Truly free Canadian bank accounts charge no monthly fee, have no minimum balance requirement, and don't trick you with "conditions that waive the fee" (like maintaining a $4,000 minimum balance). The accounts listed below are free under any circumstances, for any Canadian.

The Best Free Bank Accounts in Canada 2025

Account	Monthly Fee	Minimum Balance	Free e-Transfers	Cash Back	Savings Rate
KOHO Essential	$0	$0	Yes	0.5–1%	Up to 5%
EQ Bank Personal	$0	$0	Yes	No	2.5–3%
Wealthsimple Cash	$0	$0	Yes	4%	4%
Tangerine No-Fee Chequing	$0	$0	Yes	No (debit)	0.10%
Simplii Financial	$0	$0	Yes	No (debit)	0.10%
Neo Money	$0	$0	Yes	No (debit)	2.25%
Motusbank Chequing	$0	$0	Yes	No	Competitive

What Makes a Bank Account Truly Free?

Watch for these hidden costs that can make a "free" account not actually free:

• Monthly fee waived only if minimum balance maintained — not truly free
• Per-transaction fees above a monthly allowance
• Fees for Interac e-Transfers
• ATM fees when using out-of-network machines
• NSF (non-sufficient funds) fees — charged when you spend more than your balance
• Dormancy fees for inactive accounts
• Paper statement fees

The accounts in our table above have none of the above hidden fees on their core free plans.

KOHO — The Best Free Account with Cash Back

KOHO's free Essential plan is our top recommendation for Canadians seeking a genuinely free account. It not only charges nothing but actively pays you back: 1% cash back on groceries and transit, 0.5% on everything else, and up to 5% interest on savings. No other free Canadian bank account pays you this much for simply spending and saving.

KOHO is CDIC-insured through Peoples Bank of Canada, uses 256-bit encryption, and has over one million Canadian users. Signing up takes five minutes and your card arrives by mail within a week — though you can add it to Apple Pay or Google Pay immediately. Use code 45ET55JSYA for a $20 welcome bonus.

EQ Bank — The Best Free Savings Account

EQ Bank's Personal Account charges no fees and pays 2.5–3% ongoing interest on all balances. For Canadians who want to maximize savings, EQ Bank is unmatched among truly free accounts. It works best as a savings companion to a spending account like KOHO.

How Much Do Big Bank Fees Cost You?

Bank	Monthly Fee	Annual Cost	10-Year Cost
RBC Signature No Limit Banking	$16.95	$203	$2,034
TD All-Inclusive Banking	$29.95	$359	$3,594
BMO Performance Chequing	$16.95	$203	$2,034
Scotiabank Preferred Package	$16.95	$203	$2,034
CIBC Smart Plus	$29.95	$359	$3,594
KOHO / EQ Bank / Tangerine	$0	$0	$0

How to Switch to a Free Bank Account

Switching is straightforward. Open your free account online (5–10 minutes), then update your direct deposit and pre-authorized payments over the following two weeks. Keep your old account open for one billing cycle to catch any missed transitions, then close it. The entire process takes about 30 days and saves you hundreds of dollars per year permanently.