Paying a monthly fee for a bank account is optional in Canada — there are excellent free chequing accounts available from multiple institutions. This guide ranks the best no-fee chequing accounts for 2025 based on features, ATM access, rewards, and reliability.
KOHO offers free banking with no monthly fees, no minimum balance, and no credit check. Available to all Canadians. Use code 45ET55JSYA for a bonus when you sign up — it takes just minutes to open online.
Open KOHO Free — Use Code 45ET55JSYAThe average Canadian pays $15–$20 per month for a standard chequing account at a Big 5 bank. That's $180–$240 per year — for the privilege of storing your own money. Every major feature of a paid account (unlimited transactions, e-Transfers, debit card) is available for free at online banks. There is no longer a compelling reason for most Canadians to pay monthly banking fees.
Monthly fee: $0 | Transactions: Unlimited | Cash back: Yes
KOHO's free account is the best all-around no-fee option in Canada. It offers a prepaid Visa for spending, 1% cash back on groceries and transportation, a savings feature, budgeting tools, and CDIC-insured deposits via Peoples Bank of Canada. No credit check required. Open entirely online in minutes. Use code 45ET55JSYA for a signup bonus.
Monthly fee: $0 | ATM access: Free Scotiabank ATMs | Credit card: Yes
Tangerine's No-Fee Daily Chequing Account has unlimited transactions, free e-Transfers, a debit card, and free access to 3,500+ Scotiabank ATMs. Combined with their cash back credit card, it's the most complete free banking package from a single institution.
Monthly fee: $0 | ATM access: Free CIBC ATMs | USD account: Yes
Simplii offers unlimited free transactions, free e-Transfers, and access to CIBC's 3,400+ ATM network. The USD account is a bonus for Canadians with cross-border banking needs. CDIC insured as a CIBC division.
Monthly fee: $0 | Savings rate: 3–4%+ | Transactions: Unlimited
EQ Bank's Savings Plus Account functions like a hybrid chequing/savings account — it earns the highest standard savings rate in Canada on your entire balance while allowing unlimited free transactions and e-Transfers. Not ideal as a primary chequing account (limited ATM access), but excellent for keeping your spending float earning interest.
Monthly fee: $0 | ATM access: THE EXCHANGE Network | Insurance: DICO (unlimited)
Motusbank's no-fee chequing includes unlimited transactions, free e-Transfers, and THE EXCHANGE Network ATM access. Backed by Meridian Credit Union with unlimited DICO deposit coverage.
Monthly fee: $0 | Cash back: 1% on all spending | FX fee: None
If you invest with Wealthsimple, the Cash account integrates seamlessly. Earns 1% cash back flat on all purchases and has no foreign transaction fees.
For most purposes, yes. KOHO and Wealthsimple Cash function as chequing account replacements for the vast majority of Canadians. You can receive direct deposits, send and receive e-Transfers, pay bills, and make purchases. The limitation is that prepaid accounts cannot be overdrawn and don't issue paper cheques — if you need those features, Tangerine or Simplii are better fits.
There is no shortage of excellent free chequing accounts in Canada. Start with KOHO for immediate cash back and no credit check. Add Tangerine or Simplii for a traditional chequing account with ATM access. Use EQ Bank for your savings. All three together cost $0 per month and outperform any Big 5 paid account on value.