No-Fee Banking
Want to skip monthly fees entirely? A no-fee account from KOHO takes about five minutes to open. Use code BREMO2026 for a welcome bonus.
To choose a bank account in Canada, match the account to how you actually bank: pick a no-fee chequing account if you want to stop paying monthly fees, use a fee-waiver account if you already keep a large balance, and keep a separate high-interest savings account for money you are not spending this month. The bank on the sign matters far less than those account features. Here is a simple way to decide.
Most Canadians actually need two accounts, not one:
Trying to make one account do both jobs is the most common mistake. Chequing accounts usually pay little or no interest, so cash sitting there quietly loses ground to inflation. Splitting the jobs fixes that.
When you look at any Canadian account, check these five points in order. Everything else is noise.
| What to check | Why it matters |
|---|---|
| Monthly fee | Many accounts charge a flat monthly fee, and many others charge nothing. A fee only makes sense if the account gives you something you would otherwise pay for. |
| Everyday transactions and e-Transfers | Confirm that debit purchases, withdrawals, and Interac e-Transfers are unlimited or generous. Per-transaction charges are where surprise fees hide. |
| ATM access | Make sure there are surcharge-free ATMs where you live. Some online banks use a partner network rather than their own machines. |
| Deposit insurance | Your deposits should be protected by CDIC or a provincial credit union insurer, so your money is safe if the institution fails. |
| Interest (for savings) | For the savings side, the posted interest rate is the whole point. A small difference adds up over a year. |
There are really only two honest ways to pay zero in banking fees in Canada. Choose the one that fits you.
Online banks and app-based accounts often charge no monthly fee at all, with no minimum balance required. This is the simplest route if you do not want to think about it. See our roundup of the best no-fee bank accounts in Canada and our guide to how to avoid bank fees in Canada for current options.
Many of the big banks will waive the monthly fee on their unlimited chequing accounts if you keep a set minimum balance in the account at all times. If you already keep a large balance sitting in cash anyway, this can get you to zero fees without switching banks. The catch is the opportunity cost: that locked-up money earns little or no interest while it sits there to waive the fee. Always confirm the current minimum on the bank's own page before you rely on it.
Quick rule of thumb: if you do not keep several thousand dollars parked in chequing at all times, a no-fee account almost always wins. If you do keep a large cash balance, compare the fee you would save against the interest you give up by not moving it to a high-interest savings account.
If you are unsure whether one account is enough, our guide on running multiple bank accounts in Canada walks through when a second account earns its keep.
Several Canadian banks pay a welcome bonus when you open an account and meet a few conditions, such as setting up a direct deposit or keeping a minimum balance for a set time. A bonus is a nice bonus, but it should be the tie-breaker between two accounts you would be happy with anyway, not the only reason you choose. Browse current offers on our bank bonus index and the full list of Canadian bonuses, and see exactly what is required in how to meet bank bonus requirements.
Once you have chosen, the move is easier than people expect. Open the new account, move your direct deposit and pre-authorized bills over, then close the old one only after everything has cleared. Our step by step guide on switching banks in Canada and on how to close a bank account in Canada cover the order to do things so nothing bounces.
Do not overthink it. Pick a no-fee chequing account for daily money, add a high-interest savings account for the rest, confirm your deposits are insured, and only pay a monthly fee if the account genuinely earns it. If a fair signup bonus is on the table for an account that already fits, take it. That is the whole decision.
If you just want the simple path, a no-fee account from KOHO has no monthly fee and no minimum balance. Use code BREMO2026 for a welcome bonus.
Open a no-fee account, code BREMO2026 →