Managing a bank account efficiently means keeping an eye on fees that can quickly add up. While most traditional banks charge fees for their chequing accounts, a growing number of financial institutions—especially online banks—are offering no-fee accounts. This guide explores the best no-fee bank accounts in Canada in 2025 and provides insights into how you can save money while enjoying comprehensive banking services.
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Understanding Chequing vs. Savings Accounts
Before diving into no-fee accounts, it’s crucial to understand the difference between chequing and savings accounts.
- Chequing Accounts: Used for daily transactions, bill payments, and direct deposits. These accounts typically come with fees due to frequent usage.
- Savings Accounts: Designed for storing money, usually offering interest on your balance. Most savings accounts in Canada do not have monthly fees.
If you need an account for daily expenses, finding a no-fee chequing account is essential. Let’s explore the fees at major banks and compare them with online banks offering no-fee options.
Bank Fees at Canada’s Top 5 Banks
TD Canada Trust
- TD Everyday Chequing Account – $10.95/month (25 transactions, unlimited e-Transfers)
- TD Unlimited Chequing Account – $16.95/month (unlimited transactions & e-transfers, no ATM fees)
- TD All-Inclusive Banking Plan – $29.95/month (all features included, no ATM fees, free cheques)
TD does not charge fees on savings accounts but offers no dedicated no-fee chequing account.
Scotiabank
- Basic Account – $3.95/month (12 transactions, unlimited e-Transfers)
- Preferred Package – $16.95/month (unlimited transactions, possible fee waivers with balance requirements)
- Ultimate Account – $30.95/month (unlimited transactions, no overdraft fees, waived with a $5000 balance)
RBC (Royal Bank of Canada)
- Basic Account – $4/month (12 transactions, free e-Transfers)
- RBC Advantage Account – $11.95/month (unlimited transactions)
- RBC VIP Banking – $30/month (unlimited transactions, premium features)
RBC offers a Value Program that provides fee rebates based on the number of transactions per month.
CIBC (Canadian Imperial Bank of Commerce)
- Smart Start Account – $0/month (for those under 25, unlimited transactions)
- Smart Account – $0-$16.95/month (varies based on usage, one free ATM withdrawal)
- Smart Plus Account – $0-$29.95/month (unlimited transactions, waived at a $6000 balance)
BMO (Bank of Montreal)
- Plus Chequing Account – $11.95/month (25 transactions, unlimited e-Transfers, no fee with a $3000 balance)
- Performance Plan – $16.95/month (unlimited transactions, waived at $4000 balance)
- Premium Plan – $30/month (unlimited transactions & ATM withdrawals, no fee at $6000 balance)
While these banks offer rebates, none provide truly no-fee chequing accounts without specific conditions.
The Best No-Fee Chequing Accounts in Canada (2025)
Many financial institutions, particularly online banks, now offer completely free chequing accounts. Here’s a look at some of the best options available in 2025.
1. EQ Bank
- No monthly fees
- Unlimited transactions & e-Transfers
- Free international money transfers
- CDIC insurance up to $100,000
- No cheques available
2. Simplii Financial
- No monthly fees
- Unlimited transactions & e-Transfers
- Free cheques and pre-authorized payments
- Access to over 3,400 ATMs
- Formerly PC Financial
3. Tangerine Bank
- No monthly fees
- Free first chequebook (50 cheques)
- Unlimited transactions & e-Transfers
- Access to Scotiabank ATMs
- 0.01% interest on balances
4. Neo Financial
- No monthly fees
- Unlimited transactions & e-Transfers
- Earn interest on every dollar
- No physical debit card, online transactions only
5. KOHO
- Free basic account ($4/month for premium perks)
- Cashback on most purchases
- Budgeting tools included
- No cheques or ATMs available
6. Motusbank
- Owned by Meridian Credit Union
- Unlimited debit purchases and transactions
- Free cheques (first book of 25 cheques)
- 0.15% interest on balance
7. Motive Financial
- Two no-fee chequing accounts: Motive Chequing & Motive Cha-Ching Chequing
- Free transactions, unlimited ATM access
- 0.25% interest on balance
- $1 fee per e-Transfer
8. Wealthsimple Cash
- No monthly fees
- Unlimited transactions
- 1% cashback on purchases
- 1.5% interest on savings
9. Manulife Bank
- Hybrid chequing and savings account
- No fees with a $1000 balance
- 24/7 customer support
10. Alterna Bank
- No monthly fees
- Unlimited transactions & e-Transfers
- CDIC-insured
11. PC Money Account
- No monthly fees
- Earn PC Optimum points on transactions
- No cheques available
- Free deposits via e-Transfer
How to Open a No-Fee Bank Account Online
Opening a no-fee bank account online has never been easier. The process generally includes:
- Filling out an online application – Personal information and Social Insurance Number (SIN) may be required.
- Waiting for approval – Most approvals happen within a few days.
- Activating the account – You can start using it immediately online, while your debit card is mailed to you.
Most banks do not allow instant online account activation in Canada, as approval is required first.
Which No-Fee Bank is Best for You?
If you want a completely free chequing account with unlimited transactions, online banks like EQ Bank, Simplii Financial, and Tangerine are the best choices. If you prefer a larger bank, RBC’s Value Program offers a way to reduce fees based on transactions rather than a minimum balance.
For those who frequently use cash and require ATM access, Motusbank, and Motive Financial provide great no-fee options with ATM networks.
Ultimately, your choice depends on your banking needs, access to ATMs, and whether you prefer online or in-person banking.
Final Thoughts
With the rise of digital banking, no-fee chequing accounts are more accessible than ever. Whether you bank with a major institution or an online-only provider, there are options to eliminate monthly fees while still enjoying essential banking services. Compare features carefully to find the best bank for your needs and start saving on unnecessary banking costs today!
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