Best no-fee chequing accounts in Canada (2026)
The Wealthsimple Chequing Account is our best overall no-fee chequing pick: $0 a month, unlimited transactions, free Interac e-Transfers and interest on your balance. EQ Bank pays more with direct deposit. Some accounts below are limited to new clients, students or newcomers.
Figures from our verified data, checked October 2026
Our picks at a glance
- 1Wealthsimple Chequing AccountBest overall
- 2EQ Bank Personal Account (formerly Savings Plus Account)Best for interest
- 3PC Money AccountBest for rewards
- 4Tangerine No-Fee Daily Chequing AccountBest for ATM access
- 5Simplii Financial™ No Fee Chequing AccountBest for CIBC ATM network
- 6Neo Chequing Account (formerly Neo Money Account)Best for cash back
- 7TD Student Chequing AccountBest for students
- 8CIBC Smart Account for NewcomersBest for newcomers
- 1
Best overallWealthsimple Chequing Account
Unlimited transactions, free Interac e-Transfers and ATM provider fees reimbursed, all at $0 a month. It pays interest too, from 1.25% on the Core tier up to 2.25% for larger balances. Only new Wealthsimple clients can open it.
- Monthly fee
- $0
- Transactions
- Unlimited Transactions
- e-Transfers
- Free Interac e-Transfers
- Interest
- 2.25%
- 2
Best for interestEQ Bank Personal Account (formerly Savings Plus Account)
Pays 3.00% when you route $2,000 or more a month in direct deposits, and 1.50% otherwise. Transactions and Interac e-Transfers are unlimited, with no minimum balance.
- Monthly fee
- $0
- Transactions
- Unlimited Transactions
- e-Transfers
- Unlimited Interac e-Transfers included
- Interest
- 3.00%
- 3
Best for rewardsPC Money Account
Earns PC Optimum points on everyday purchases: 25 per $1 at Shoppers Drug Mart, 10 at Loblaw banners and 5 elsewhere. Direct deposit unlocks up to 5,000 bonus points a month. Pays 2.2% interest and has no minimum balance.
- Monthly fee
- $0
- Transactions
- Unlimited transactions
- e-Transfers
- Interac e-Transfer service and foreign currency transactions at no cost
- Interest
- 2.20%
- 4
Best for ATM accessTangerine No-Fee Daily Chequing Account
Free access to 3,500+ Scotiabank ABMs in Canada and 44,000+ ABMs worldwide, with unlimited transactions and e-Transfers. The NSF fee is $5. New clients only.
- Monthly fee
- $0
- Transactions
- Unlimited transactions
- e-Transfers
- Unlimited Interac e-Transfers
- 5
Best for CIBC ATM networkSimplii Financial™ No Fee Chequing Account
Unlimited transactions and e-Transfers, plus free use of over 3,400 CIBC ATMs across Canada. For new clients only, and not available to Quebec residents.
- Monthly fee
- $0
- Transactions
- Unlimited
- e-Transfers
- Unlimited Interac e-Transfers
- 6
Best for cash backNeo Chequing Account (formerly Neo Money Account)
Earns 1% cash back on gas and groceries with a Neo Money card, with free e-Transfers, $0 NSF fees and any ATM in Canada. Our data lists transactions as limited, so check the terms.
- Monthly fee
- $0
- e-Transfers
- Free Interac e-Transfer payments
- 7
Best for studentsTD Student Chequing Account
Unlimited transactions with no extra fee, including Interac e-Transfers. Open to those under 23 or with proof of full-time post-secondary enrolment. An eligible TD Savings Account earns a 4% bonus rate for 90 days.
- Monthly fee
- $0
- Transactions
- Unlimited transactions with no additional transaction fee, including Interac e-Transfers
- e-Transfers
- Free Interac e-Transfer transactions
- 8
Best for newcomersCIBC Smart Account for Newcomers
Unlimited transactions and Interac e-Transfers at $0, with a Visa Debit for online purchases. Built for people new to Canada, so it will not suit everyone.
- Monthly fee
- $0
- Transactions
- Unlimited transactions
- e-Transfers
- Unlimited Interac e-Transfers
How we picked
We started with every chequing account in our data that has a $0 monthly fee. That list includes accounts for students, newcomers, seniors, defence community members and teens, so we split the picks by who can open them.
We ranked on what the account includes at $0: transactions, Interac e-Transfers, ATM access, interest and perks. Brand did not matter. Where our data shows a limit, such as limited transactions or new clients only, we say so.
Rates, fees and rules change. Figures on this page are as of our last check, so confirm them with the provider before you open an account.
How to choose a free chequing account
Start with eligibility. Wealthsimple, Tangerine and Simplii accept new clients only. If you already bank there, you may not qualify for the offer. Student, newcomer and senior accounts have age or status rules.
Then match the account to how you spend. If you need cash often, look at ATM access: Tangerine and Simplii list free use of a partner network, while Wealthsimple and EQ Bank reimburse other providers’ fees (EQ Bank up to $5 a withdrawal, up to 5 times a month).
If you plan to send money often, compare e-Transfer terms and see our guide to e-Transfer limits. If you want the best interest rate, check whether it needs direct deposit. Our direct deposit guide explains how that works.
Interest, rewards and trade-offs
Interest on chequing accounts is usually tiered or conditional. EQ Bank’s 3.00% needs $2,000 or more in monthly direct deposits. Wealthsimple’s higher tiers depend on your assets with the company, so most people start at the Core rate of 1.25%.
Rewards accounts trade rate for perks. PC Money pays points that are worth the most if you already shop at Shoppers Drug Mart or Loblaw banners. Neo’s 1% cash back is on gas and groceries only.
Accounts we did not rank
Other $0 accounts in our data are limited to a group: CIBC Smart for Seniors (age 65 and over), CIBC Smart for Students, BMO Performance Student Chequing Account, Scotiabank Preferred Package for Students and Youth, Desjardins Youth Everyday Account and the BMO account for Canadian defence community members. They are worth a look if you qualify.
KOHO is free to open, but our data on its transactions and interest is thin, so we did not rank it. Compare all options on our chequing accounts page.
Frequently Asked Questions
What is the best no-fee chequing account in Canada?
Based on what you get at $0, the Wealthsimple Chequing Account is our best overall pick. It offers unlimited transactions, free Interac e-Transfers, ATM provider fee reimbursement and interest. It is open to new Wealthsimple clients.
Is there a free chequing account that pays interest?
Yes. EQ Bank pays 3.00% with $2,000 or more in monthly direct deposits and 1.50% otherwise. Wealthsimple pays 1.25% to 2.25% by tier, and PC Money pays 2.2%.
Do free chequing accounts have unlimited transactions?
Most in our data do, including Wealthsimple, EQ Bank, PC Money, Tangerine and Simplii. Neo Chequing is listed with limited transactions, so read its terms.
Can I get a free chequing account if I already bank with the provider?
Not always. Wealthsimple, Tangerine and Simplii list new clients only. Ask the provider whether a second account qualifies.
Are e-Transfers free with a no-fee chequing account?
On the accounts we picked, yes. Wealthsimple, EQ Bank, Tangerine, Simplii, PC Money and Neo list free Interac e-Transfers. Sending limits vary, so see our guide to e-Transfer limits.
Which free chequing account has the best ATM access?
Tangerine gives free access to 3,500+ Scotiabank ABMs in Canada, and Simplii to over 3,400 CIBC ATMs. Wealthsimple reimburses other providers’ ATM fees, and Neo lists any ATM in Canada.
Is a free chequing account safe?
Our data lists CDIC deposit insurance for the banks and digital banks here, such as Neo (up to $100,000). Check the coverage and who holds your money before you deposit.
What is the best free chequing account for students or newcomers?
For students, TD Student Chequing is our pick, open to those under 23 or in full-time post-secondary study. For newcomers, CIBC Smart Account for Newcomers offers unlimited transactions and e-Transfers at $0.
Rates, fees and offers change often; confirm them with the provider before you apply. Our picks are editorial and never depend on commissions. See our methodology and how we make money.