7+ Best Chequing Accounts in Canada for 2023
By Nick Robert
All Canadians should have a chequing account for their banking needs. But what is the best chequing account in Canada? Well, that depends and will vary from person to person. In this post, I summarize the best chequing accounts in Canada for students, seniors, and more.
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What you should look for in a Chequing account
Most Canadians have had the same chequing account since they were a teenager or even a child. Banks make their money by getting you as a loyal customer from a young age. Have you stopped to evaluate what the best chequing account for you is? The best accounts should have the following:
Low or no monthly fee
Unlimited debit transactions
Accessible to make all of your required purchases and payments
Easy to deposit your funds
Easy to track and manage your monthly spending
It’s even better if there is a strong welcome bonus, no minimum balance requirements, and it earns you interest on your balance.
The best chequing account in Canada
I have summarized all the best chequing accounts for Canadians and split them into categories: best overall, best student bank account, seniors, business and more! This ensures that every Canadian can find the right chequing account for their needs.
Best overall chequing account in Canada – Tangerine Bank No fee daily chequing
Key Features:
Monthly fee: $0
Free transactions: Unlimited
Free Interac e-transfers: Unlimited
Sign-up bonus: None
Annual interest rate: Up to 0.1%
Minimum balance requirement: $0
The Tangerine bank no-fee daily chequing account offers Canadians free unlimited transactions & Interac e-transfers with no monthly fees. While Tangerine bank is primarily an online bank, they are partnered with Scotiabank and leverage their ATM network across Canada, giving you convenient access to your funds.
The interest you earn in your chequing account is in line with many other options. However, you can set up a chequing and savings account with Tangerine to move any available cash to a savings account to earn up to 1% interest annually.
This no-fee chequing account also offers purchase protection, so you don’t have to worry about unauthorized purchases on your account. They also protect you with overdraft protection.
Best chequing account from a large bank – Scotiabank Preferred Package
Key Features:
Monthly fee: $16.95 or free if minimum daily closing balance requirement is met
Free transactions: Unlimited debit transactions
Free Interac e-transfers: Unlimited
Sign-up bonus: $350
Annual interest rate: 0%
Minimum balance requirement: $4,000 or pay monthly fees
The preferred package chequing account offered by Scotiabank comes with a $350 welcome bonus for new customers. While this chequing account has a monthly fee of $16.95, the fee is waived as long as you maintain a minimum balance of $4,000 in your account.
On everyday purchases made from this account, you earn one scene+ point for every $5 spent and one scene+ point for every $1 spent at Cineplex, making it one of Canada’s best rewards chequing accounts.
Best online-only bank – EQ Bank Savings plus
Key Features:
Monthly fee: $0
Free transactions: Unlimited
Free Interac e-transfers: Unlimited
Sign-up bonus: None
Annual interest rate: 2.5%
Minimum balance requirement: $0
While the EQ bank savings plus account is not a chequing account, it works similarly for bill payments, Electronic Fund Transfers & e-transfers. Unlike chequing accounts, this savings account will earn you 2.5% interest on your funds.
The downside is that you can only access your cash from an Interac e-transfer or Electronic Funds Transfer (EFT) to a linked account. So this account works best when you have an existing chequing account to use with this one. Still, this is one of the best savings accounts in Canada.
Best student chequing account – Scotiabank Student Banking Advantage Plan
Key Features:
Monthly fee: $0
Free transactions: Unlimited
Free Interac e-transfers: Unlimited
Sign-up bonus: $75
Annual interest rate: 0%
Minimum balance requirement: $0
This account has everything a student is looking for with no monthly fee, unlimited transactions & e-transfers, earns rewards & has no minimum balance requirement. To sign up, you must be a currently enrolled full-time student in a post-secondary institution in Canada or the U.S.
Additionally, you can get access to their excellent Scotiabank credit card. This is one of the best student credit cards available in Canada. I reviewed many student chequing accounts and ranked this account as my top pick for the best student bank account.
Best Seniors account – CIBC Smart Account (plus seniors discount)
Key Features:
Monthly fee: $10.95 after seniors discount. $0 if the minimum balance is met
Free transactions: Unlimited if minimum balance is met
Free Interac e-transfers: Unlimited
Sign-up bonus: up to $350 if you are a new client
Annual interest rate: 0%
Minimum balance requirement: $4,000 is required to waive monthly account fees
The CIBC Smart Account offers a seniors discount of $6.95 off the monthly account fee. However, this account is free if you maintain the minimum balance of $4,000 for the entire month. CIBC has many physical branch locations for in-person customer service & convenient ATM access.
New account holders can enjoy the welcome bonus of $350. With unlimited transactions, & Interac e-transfers, this is a premium chequing account. I recommend meeting the minimum balance required to make this a no-fee chequing account.
Best business chequing account – Wise Business Bank Account
Key Features:
Monthly fee: No monthly fees
Free transactions: Unlimited
Free Interac e-transfers: Unlimited
Sign-up bonus: $0
Annual interest rate: 0%
Minimum balance requirement: $0
In Canada, you cannot use your personal chequing account for any business other than a sole proprietorship. You will need to open a business bank account. The Wise business account offers no monthly fee with unlimited transactions. They also make it easier to send money internationally and can have you set up in minutes.
Their platform makes it easy to track and manage your business spending with integration with popular accounting software like Quickbooks and the ability to make batch payments. Reduce time spent on finance and accounting, and focus on what is essential for your business.
Best small business chequing account – Alterna Small Business eChequing Account
Key Features:
Monthly fee: $5 or waived if you keep a balance of $3,000
Free transactions: Unlimited
Free Interac e-transfers: 6 ($1.50 after)
Sign-up bonus: $0
Annual interest rate: 0%
Minimum balance requirement: $3,000 to waive monthly fees
The Alterna Small business eChequing account is perfect for small businesses because it has no monthly fee & unlimited transactions. While this is an online bank account primarily for online banking, they leverage the exchange network ATMs with over 3,300 available in Canada.
This is one of the best bank accounts for small business owners because it gives you convenient access to your cash with unlimited debit & credit transactions. You know your deposits are safe and secure through the CDIC (Canada Deposit Insurance Corporation).
Best chequing account with a hefty welcome bonus – BMO performance chequing account
Key Features:
Monthly fee: $16.95 or waived if you keep a balance of $4,000
Free transactions: Unlimited
Free Interac e-transfers: Unlimited
Sign-up bonus: $350 + $50 for Family Bundle Bonus
Annual interest rate: 0%
Minimum balance requirement: $4,000 to waive monthly fees
The BMO Performance chequing account currently offers a $400 welcome bonus. Earn $350 cash when you sign-up, and you are eligible to earn up to another $50 in cash if you have two adults in your household that bank with BMO.
They also offer great discounts to Seniors over 60, and Kids under 18 will enjoy no monthly fee without a minimum balance requirement. BMO has great online banking options & physical locations to help you with your banking needs. This is one of the best personal chequing accounts in Canada.
FAQ
What is a chequing account?
A chequing account is a bank account used to store money you need quick and convenient access to. Money in chequing accounts is almost as liquid as cash. You can easily access your money online or through an ATM. Some online banks will not have access to physical ATMs, but most also offer this service.
What’s the difference between a chequing account and a savings account?
A chequing account is set up to have a lot of transaction activity. The expectation is that there will be more debit transactions, deposits and payments coming out of a chequing account. A savings account will have less activity, and the bank has fewer expenses attached to running the account but will pay you a higher interest rate.
It’s best to use chequing accounts for day-to-day activity and store all extra funds in a high-interest savings account. This is one of the many personal finance strategies that can be used to increase your net worth.
What are the requirements to open a chequing account?
To open a bank account, you will need two pieces of ID from a reliable source. One document must indicate your name and address, and the other must show your name and date of birth. For a complete list of the government’s regulations, click here.
Are chequing accounts free?
The cost of each account will vary by institution and type of bank account. A free chequing account will usually be a basic chequing account with transaction limits. However, this list offers some attractive free chequing accounts from online banks like Tangerine.
Conclusion on Best Chequing Accounts in Canada
Chequing accounts make it easy to access your funds and make purchases. There are great options for every Canadian, and this list summarizes the best chequing accounts in Canada. Compare your needs from a chequing account with the options in this list, and you will find your perfect account.
About the Author
Nick Robert is the founder and creator of Nickrobert.com. I created this website to educate Canadians about everything related to personal finance. As a Chartered Professional Accountant & Chartered Accountant, I have worked with many Canadians to achieve their personal finance goals.
To contact me, you can visit my contact page to email me directly, or you can visit and participate in my subreddit. Let me know about any topics you would like me to cover. If you are interested in guest posting on this website, message me through the contact page.
