Stop paying $15–$30/month in bank fees — the best free chequing accounts in Canada compared
| Account | Monthly Fee | E-Transfers | ATM Access | Interest Earned |
|---|---|---|---|---|
| KOHO Essential | $0 | Free, unlimited | Any ATM (fee may apply) | ~2.5–3%* on balance |
| Simplii Financial | $0 | Free, unlimited | CIBC ATMs (free) | ~0.40% |
| Tangerine | $0 | Free, unlimited | Scotiabank ATMs (free) | ~0.10% |
| EQ Bank (EQ Card) | $0 | Free | Any ATM (fees rebated) | ~3.00–3.50%* |
| Motusbank | $0 | Free | EXCHANGE network | ~0.50% |
| Neo Money | $0 | Free | Limited | ~2.25–3%* |
| RBC Advantage Banking | $11.95/mo (waivable) | Free | RBC ATMs (free) | 0% |
| TD Every Day Chequing | $10.95/mo | $1.50 each | TD ATMs (free) | 0% |
*Rates approximate and subject to change. Always verify current rates with each provider.
The average Canadian pays over $200 per year in bank account fees. The Big Six banks typically charge $10–$30 per month for chequing accounts — sometimes waived if you maintain a minimum balance of $3,000–$6,000. That means your money effectively earns zero interest just so you can have a "free" account.
No-fee digital accounts have completely changed this equation. You can have a full-featured chequing account with unlimited transactions, free Interac e-Transfers, debit card access, and even interest on your balance — all for $0 per month.
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KOHO is uniquely positioned as a spending account that also earns meaningful interest on your balance. It's not technically a "chequing account" in the traditional bank sense (it's a prepaid Visa), but for day-to-day spending, it functions identically. The 2.5%+ interest on your balance is exceptional for an everyday account.
Simplii Financial is CIBC's direct banking brand (formerly PC Financial). It offers a completely free chequing account with unlimited transactions, free Interac e-Transfers, and access to the full CIBC ATM network at no charge — over 3,400 ATMs across Canada.
The savings rate is modest (~0.40%), but Simplii periodically runs promotional savings rate offers. Its main advantages: CIBC ATM access, Simplii's own no-annual-fee Cashback Visa, and CDIC insurance through CIBC (one of Canada's most stable financial institutions).
Simplii is best for people who already bank with CIBC or frequently use CIBC ATMs. The free ATM access is a significant convenience advantage over accounts that charge $3–$4 per ATM withdrawal.
EQ Bank's combination of the EQ Bank Card and savings account is hard to beat for interest-earners. The EQ Bank Card is a prepaid Mastercard that allows you to spend directly from your savings account while earning the full EQ Bank savings rate (~3%+) on every dollar.
EQ Bank also reimburses ATM fees at any Canadian ATM, making the lack of a proprietary ATM network irrelevant. This effectively gives you fee-free ATM access nationwide.
If you're currently paying $15.95/month at a Big Six bank and switch to a no-fee account, you save $191.40 per year just in account fees. Add the interest you'd earn on your typical balance: