Free banking in Canada has never been better. Digital banks and fintech companies now offer accounts with zero monthly fees, free transactions, and competitive savings rates. Here are the best truly free bank accounts in Canada in 2025.
Best Free Bank Accounts in Canada 2025
| # | Institution | Monthly Fee | Savings Rate | e-Transfers | Best For |
|---|---|---|---|---|---|
| 1 | EQ Bank | $0 | 3.75% HISA | Free unlimited | Best savings rate |
| 2 | KOHO | $0 | 3.0% HISA | Free unlimited | Best spending account + bonus |
| 3 | Tangerine | $0 | Promotional | Free unlimited | Full digital banking |
| 4 | Simplii Financial | $0 | ~0.1% | Free unlimited | CIBC ATM access |
| 5 | Motusbank | $0 | ~1.5% | Free unlimited | No-fee mortgage options |
How to Get Free Banking at a Major Bank
Even the Big 6 banks offer free banking under certain conditions:
- Maintain minimum balance: $3,000–$5,000 keeps monthly fees waived at most big banks
- Student accounts: Free for students aged 18–23 at RBC, TD, BMO, Scotiabank, CIBC
- Senior accounts: Reduced or free fees for customers 60+ at most big banks
- Bundle discounts: Some premium accounts have fees offset by annual credit card fee waivers
Best Free Strategy: Two-Account Setup
The optimal free banking strategy for most Canadians uses two accounts:
- EQ Bank (3.75% HISA) — Park your savings and earn the best rate in Canada at zero cost
- KOHO (3.0% + $100 bonus) — Use for day-to-day spending, e-Transfers, and bill payments
This combination gives you zero fees, Canada's best savings rate, free unlimited transactions, and a $100 welcome bonus — all for free.
Frequently Asked Questions
Yes. EQ Bank charges no monthly fees, no minimum balance, and no transaction fees for standard banking activities. The 3.75% savings rate is available from day one with no conditions. EQ Bank is a Schedule I bank (Equitable Bank) fully regulated by OSFI and CDIC insured.
For truly free accounts like KOHO and EQ Bank, the main limitations are: no physical branches, no cash deposits, no cheque writing, and in EQ Bank's case, no debit card (only e-Transfers and bill payments). For most Canadians who use digital banking, these limitations are not an issue.
Yes. EQ Bank (Equitable Bank) is a CDIC member. KOHO deposits are held at Peoples Bank of Canada (CDIC member). Tangerine is owned by Scotiabank (CDIC member). All are insured up to $100,000 per eligible deposit category.
Get $100 Cash — Best No-Fee Bank in Canada
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Disclosure: Bremo may earn a referral commission if you open a KOHO account using our link. Not financial advice.