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Best No-Fee Chequing Accounts in Canada 2025

By NorthRate Editorial Team · Updated February 2025 · 5 min read
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The average Canadian pays between $180 and $300 per year in bank fees. There is absolutely no reason to pay this in 2025. Several excellent no-fee chequing accounts exist — and many of them are better than what the big banks offer anyway.

Our Top Picks

1. EQ Bank — Best Overall

EQ Bank's Personal Account is the closest thing to a perfect everyday banking account in Canada. There are no monthly fees, no minimum balance, and your money earns interest while it sits there — something the big banks refuse to do on chequing accounts. Free Interac e-Transfers, free bill payments, and a linked Visa card make it a complete package.

  • Monthly fee: $0
  • Interest on balance: Yes (competitive rate)
  • Interac e-Transfers: Free, unlimited
  • Physical branches: No — online only
Open EQ Bank Account

2. Wealthsimple Cash — Best for Investors

If you're already using Wealthsimple for investing, the Wealthsimple Cash account makes your financial life simpler by keeping everything in one place. No monthly fees, a prepaid Visa card, and a competitive interest rate on your balance. Interac e-Transfers are instant and free.

  • Monthly fee: $0
  • Interest on balance: Yes
  • Interac e-Transfers: Free, unlimited
  • Physical branches: No — app-based
Open Wealthsimple Cash

3. KOHO — Best for Budgeting

KOHO is a no-fee spending account with built-in budgeting tools, round-ups, and cash back on purchases. It's not technically a bank account but functions like one for most purposes. The free tier is genuinely useful; the paid tiers add more cash back and perks.

  • Monthly fee: $0 (free tier)
  • Cash back: 1% on groceries and transport
  • Budgeting tools: Built-in spending insights
  • Physical branches: No — app-based
Open KOHO Account

4. Tangerine — Best for Big Bank Refugees

Tangerine (owned by Scotiabank) offers a no-fee chequing account with no minimum balance and free Interac e-Transfers. It's backed by a major bank, which some people find reassuring. The mobile app is solid and there are occasional promotional interest rates on savings.

  • Monthly fee: $0
  • Interac e-Transfers: Free
  • ATM access: Scotiabank ATMs (free)
  • Physical branches: No — online, with some cafes

Should You Keep Your Big Bank Account?

There are a few reasons to keep a big bank account alongside a no-fee account — employer direct deposits sometimes require an account at a major institution, and some older bill payments work more reliably with the big banks. Many Canadians use a hybrid approach: a no-fee account for daily spending, a big bank account just to receive payroll.

Our Pick

For most Canadians, EQ Bank is the best starting point — it earns interest on your balance, has no fees whatsoever, and works seamlessly for everyday banking. Combine it with a Wealthsimple investing account and you've got a complete, fee-free financial setup.