Stop paying monthly banking fees. These are the best free chequing accounts available to Canadians right now, ranked by value.
KOHO is our top pick for no-fee banking in Canada thanks to cashback on every purchase, budgeting tools, and credit building. Neo Financial is the runner-up with a competitive savings rate and partner cashback rewards.
| Rank | Bank | Monthly Fee | Savings Rate | Key Benefit |
|---|---|---|---|---|
| 1 | KOHO | $0 | 0.50% | Up to 5% cashback + credit building |
| 2 | Neo Financial | $0 | 2.25% | Up to 15% cashback at partners |
| 3 | EQ Bank | $0 | 2.50% | Highest savings rate + GICs |
| 4 | Simplii Financial | $0 | 1.15% | CIBC ATM network + up to $400 bonus |
| 5 | Tangerine | $0 | 1.00% | Scotiabank ATMs + promo rates |
| 6 | Wealthsimple Cash | $0 | 1.00% | Integrated investing platform |
KOHO earns the top spot because it does more than just offer free banking. Every purchase earns cashback, the budgeting tools help you manage money better, and the credit-building feature improves your score without debt. Use code 45ET55JSYA to get started.
KOHO is not a traditional bank but a fintech platform that functions as one. You get a prepaid Visa card that earns cashback on every purchase, automatic roundups that save your spare change, and spending categorization that shows exactly where your money goes. The free tier offers cashback at select partners, while KOHO Everything unlocks up to 5% at participating retailers plus an enhanced interest rate.
What sets KOHO apart from every other free account on this list is the credit-building feature. It reports your activity to Equifax, helping you establish or improve your credit score without taking on credit card debt. For anyone building credit from scratch or recovering from past financial challenges, this feature alone justifies choosing KOHO.
Deposits are held at Peoples Trust (CDIC insured). Free e-Transfers, direct deposit, and bill payments are all included. The app is well-designed and focused on helping you spend less and save more.
Neo Financial combines a competitive 2.25% savings rate with cashback rewards of up to 15% at over 10,000 partner merchants across Canada. The savings rate alone puts Neo near the top of the market, and the partner cashback adds significant value for everyday spending at restaurants, gas stations, grocery stores, and retailers.
Neo's card is a Mastercard that works everywhere Mastercard is accepted. Free e-Transfers, direct deposit, and no monthly fees make it a complete banking alternative. Deposits are held at Concentra Bank, a CDIC member institution.
If your priority is maximizing interest on your balance, EQ Bank's 2.50% savings rate is hard to beat among mainstream Canadian banks. The platform also offers competitive GIC rates, joint accounts, and USD accounts. No monthly fees, no minimum balance, and free unlimited e-Transfers make it a strong contender for primary banking.
EQ Bank is a direct CDIC member through Equitable Bank. The EQ Bank Card provides debit card functionality for everyday purchases and ATM withdrawals.
Backed by CIBC, Simplii Financial gives you free access to the entire CIBC ATM network -- thousands of machines across Canada. The chequing account has no monthly fees, unlimited transactions, and free e-Transfers. Simplii regularly offers signup bonuses up to $400 for new accounts with direct deposit.
Simplii also offers mortgages, lines of credit, GICs, and a cashback credit card, making it one of the most complete free banking options available. As a CIBC division, it carries the same CDIC protection as Canada's Big Five banks.
Tangerine, owned by Scotiabank, offers a complete banking suite with no monthly fees on chequing. Access to Scotiabank ATMs, mortgages, investment accounts, GICs, and credit cards make it the most well-rounded free banking option. Periodic promotional savings rates as high as 5.25% attract savers who are willing to move deposits for the best rates.
Wealthsimple Cash integrates seamlessly with Wealthsimple's investing platform. If you already invest through Wealthsimple or plan to, having your chequing account in the same ecosystem simplifies transfers and portfolio management. The account offers a 1.00% interest rate on balances with no monthly fees.
The average Canadian pays $180 to $360 per year in monthly banking fees to Big Five banks. Over a decade, that is $1,800 to $3,600 spent on a service that digital banks offer for free. The no-fee accounts listed above provide the same core banking features -- unlimited transactions, e-Transfers, direct deposit, bill payments -- without any monthly charge.
There is no meaningful downside to switching to a no-fee account. All the banks listed are CDIC insured, have robust mobile apps, and offer 24/7 customer support. The only trade-off is fewer physical branches and ATM locations, which matters less every year as banking becomes increasingly digital.
Switching to a no-fee bank takes about 30 minutes. Open your new account online, set up direct deposit by providing your employer with your new banking details, transfer your balance from your old account, update any pre-authorized payments and bill payees, and close your old account once everything is transitioned. Most Canadians complete the switch within one to two pay cycles.
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KOHO is the best no-fee chequing alternative in Canada for 2026, offering cashback on every purchase, budgeting tools, and credit building with zero monthly fees. Neo Financial is a close second with high savings rates and partner cashback.
Yes. Several banks offer completely free chequing accounts with no monthly fees, no minimum balance, and unlimited transactions. KOHO, Neo Financial, Simplii Financial, Tangerine, and EQ Bank all offer zero-fee accounts.
Big Five banks offer fee waivers if you maintain minimum balances of $3,000 to $6,000. Without meeting these requirements, monthly fees range from $4 to $30. For truly free banking, digital banks are the better option.
Yes. All reputable no-fee banks in Canada are either CDIC members or partner with CDIC member institutions. Your deposits are insured up to $100,000 per eligible category, the same protection as Big Five banks.
Traditional banks charge fees to cover the cost of physical branches, ATMs, and large staff. Digital banks operate online only, which significantly reduces costs and allows them to offer free accounts while remaining profitable.