Paying a monthly fee on bank accounts in Canada can be expensive but you can avoid those fees by opting for one or more of these free bank accounts available to Canadians.
Paying a couple of dollars monthly in fees might seem small or insignificant but when you tally them up over a year x a number of years, they run quite high.
Think something like $5.99/month x 12 months x no of years plus some banks charge higher fees if you exceed a certain amount of transactions in a month!
According to CBC, Canadians pay an average of $216 every year in bank service fees!
There’s no reason you should shell out so much money for chequing accounts especially when there are no fee accounts available.
In this article, I’m going to break down the best no-fee bank accounts in Canada in 2022.
What’s a Chequing Account?
A chequing account is an account that’s used regularly for day-to-day expenses and to make and receive payments.
In some countries, a chequing account is referred to as a current account. The features of most chequing accounts are the same with a few exceptions here and there.
Most offer a cheque book, ATM transactions, online and phone banking, debit card, branch locations, and e-transfers.
What Does a No-Fee Account Mean?
A no-fee account is simply a chequing account that doesn’t have any monthly fees, unlimited transactions, and no minimum balance requirements.
All the banks featured in this article provide the type of benefits you would expect from a no-fee account.
All bank deposits are protected by CDIC (Canada Deposit Insurance Corporation) up to $100,000 per account.
Best Free Bank Accounts in Canada
Below are the top 5 free bank accounts in Canada. They all offer free checking and savings accounts plus a host of other benefits.
Tangerine No Fee Daily Chequing Account is an online bank that provides free chequing accounts for everyday use.
Though only one type of chequing account is provided, it provides a lot of value and saves a lot of money in the long run.
With the Tangerine No Fee Daily Chequing Account, you are offered unlimited daily transactions, Interac e-Transfers, email money transfers, 1 free cheque book, and more.
Though there are no physical branches, as a Tangerine customer, you can access your money at over 3,000 Scotiabank ABM machines located in Canada.
Scotiabank is the parent company of Tangerine bank. I reviewed Tangerine in greater detail at Tangerine Promotions 2022.
The savings account has no monthly or annual fees and comes with unlimited transactions plus 2.25%* in interest.
Neo Financial was voted the best savings account in Canada in 2021 by Financial Post.
This could be a good option for parking your emergency funds. Neo Financial is a financial technology company founded by the same people behind Skip the Dishes.
Simplii Financial No Fee Chequing Account charges zero fees and provides free access to all CIBC ATMs across Canada plus unlimited account transactions, bill payments and withdrawals, and free unlimited Interac e-Transfers.
Simplii Financial also provides your first chequebook free and is available throughout Canada except for Quebec.
CIBC is the parent company of Simplii Financial No Fee Chequing Account.
EQ Bank Savings Plus Account is a hybrid between a chequing and savings account that’s also a high-interest account.
With EQ Bank Savings Plus Account, you can expect no monthly fees and no minimum balance requirements.
Plus 1.65% in interest and $150* in sign-up cash when you switch your payroll direct deposit to EQ Bank.
There is no debit card. However, you can quickly transfer funds between your bank accounts online. Equitable Bank is the parent company of EQ Bank.
Alterna Bank is a subsidiary of the popular Alterna Savings, an Ontario credit union that’s been in existence for over 100 years.
Alterna’s no fee echecking account offers no monthly fee, no minimum balance requirements, unlimited free transactions, and unlimited Interac® e-Transfers.
The interest rate on the account is only 0.05%* though. The savings account offers a higher interest of 1.20%.
I am currently researching more no fee accounts for newcomers in Canada and will add them to the list once I have more information.
Have any questions about no fee bank accounts in Canada? What’s your experience dealing with no-fee banks in Canada? Share in the comments section.
Abi has lived and worked abroad for over 13 years. She loves traveling, reading, and writing. She is a big believer in following your dreams and has been marching to the beat of her unconventional drums for a long time. She funds her adventures by making smart financial decisions and investing wisely. Her top personal finance tools include Questrade, investing change on MOKA, and free banking with Tangerine and Neo Financial. Learn more about Abi HERE.
This post may contain affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.