The best Canadian bank accounts with no minimum balance requirement — open with $0 and keep any amount you want
Many Canadians don't realize they're paying $4–$30/month in bank fees simply because they fall below a minimum balance threshold. Zero balance accounts have no such requirement — you pay $0 no matter how little is in your account.
KOHO has a permanently $0 monthly fee with absolutely no minimum balance requirement. You can have $1 in your account or $100 — you'll never be charged a fee. Plus you earn cashback on every purchase and get a $100 welcome bonus.
KOHO offers a Visa prepaid account with no monthly fee, no minimum balance, and cashback on all purchases. This is genuinely free banking — no strings attached.
EQ Bank has no monthly fees and no minimum balance on its savings account. The high interest rate (2.50%+) means your money grows regardless of the balance.
Tangerine (owned by Scotiabank) offers no monthly fee chequing and savings accounts with no minimum balance. ATM access at Scotiabank machines.
Wealthsimple's Cash account has no monthly fee, no minimum balance, and earns a high interest rate (~4%). Best for those who also want to invest.
| Bank | Monthly Fee | Min Balance | Savings Interest | Cashback | CDIC Insured |
|---|---|---|---|---|---|
| KOHO | $0 | $0 | Up to 6% (Extra) | Up to 2% | Yes |
| EQ Bank | $0 | $0 | 2.50%+ | No | Yes |
| Tangerine | $0 | $0 | 0.10–0.50% | On Mastercard | Yes |
| Wealthsimple Cash | $0 | $0 | 4%+ | No | Yes |
| Neo Financial | $0 | $0 | 2.25%+ | Up to 5% | Yes |
*vs. Big Five banks that charge $4–$30/month without minimum balances of $3,000–$6,000
KOHO requires zero minimum balance and gives you $100 free. Use code 45ET55JSYA when signing up.
Open KOHO — Code: 45ET55JSYAA zero balance bank account (also called a no minimum balance account) is a bank account that doesn't require you to keep a minimum amount of money in the account to avoid fees. Unlike traditional bank accounts that charge fees when your balance drops below $3,000–$6,000, zero balance accounts have no such requirement. You can have $0 in the account and still pay no monthly fees.
KOHO, EQ Bank, Tangerine, Wealthsimple Cash, and Neo Financial all have zero minimum balance requirements. Among the Big Five banks, no standard account is truly zero minimum balance — they typically waive fees only with a $3,000–$6,000 minimum balance or a qualifying direct deposit.
KOHO is a regulated Canadian fintech, not a chartered bank. However, your KOHO funds are held at People's Trust Company, a CDIC member institution, which means they're insured up to $100,000 — just like a regular bank account. KOHO offers a Visa prepaid card that works anywhere Visa is accepted and supports Interac e-Transfer.
Yes. KOHO, EQ Bank, Tangerine, Wealthsimple, and Neo Financial all allow you to open an account with no initial deposit required. You can open the account with $0 and deposit whenever you want. There's no minimum opening deposit and no minimum ongoing balance required.
Some do — EQ Bank (2.50%+), Wealthsimple Cash (4%+), and KOHO Extra (up to 6%) all earn interest on whatever balance you maintain, even if it's a small amount. Tangerine earns a lower rate. These all significantly beat the Big Five bank savings rates (which are typically 0.01–0.05% on standard accounts).