We all need a free chequing account with unlimited monthly transactions at no fee, right?
How about you’ll also earn the daily interest on your free chequing account?
Remember, the interest you’ll earn might not be much but still, it’s free money for the account you hold. Sounds fun right. Yeah, it is.
We all use our debit cards for all sorts of purchases and transactions, be it at the local grocery stores, shopping for daily needs, gas stations and so on and so forth.
For every transaction on your debit card, you will be charged a per-transaction fee associated with your bank. Usually, Canadian banks have a limit of certain transactions free each month. Once you are done with the free transactions in a month you’ll be charged for every transaction that occurs on your debit card until the end of the transaction cycle (1 month usually).
In this article, I am listing out 7 of the best free chequing accounts in Canada. Mind you, these are all legitimate banks and financial institutions in Canada. So you can be safe about banking with them and your hard-earned money.
All right then, let’s get started. Here’s the list of the best free or no-fee chequing accounts in Canada In 2019.
What To Look For In A Chequing Account?
So, here’s the thing – I’ll give you the list of the 7 best no-fee chequing accounts.
But before we look at the actual list – How will you decide which of the free chequing account is the best for your daily needs? I mean the parameters you look for. Each and every person has different needs he or she looks for.
Now, then, before we get started with the actual list of free chequing accounts, let’s look at what are the possible things you need to look at before you decide which is the best no-fee chequing account for you.
The best no-fee chequing account for you will depend on what your needs are.
Top 10 Reasons To Switch For A Free No Fee Chequing Account In Canada
Below are some of the main factors I’ll consider when choosing a free no fee chequing account in Canada:
No Monthly Fee
Unlimited monthly free transactions
No minimum balance to maintain throughout the month (daily balance)
No-fee access to ATMs
Good customer service and support
Good Mobile App – Nowadays we are all cell phone addicted, so a good no-fee chequing account coupled with an excellent iOS or Android App with basic facilities like cheque deposit should be fine. I am not asking for facial unlock like the big 5 banks. But a descent login screen should be fine. Remember you are saying close to $10 in monthly fees compared to Big 5 banks, so a little compromise goes a long way in saving $100’s of dollars every year.
Easy and free Interac e-transfers. Now then we all use Interac every now and then to transfer money to friends and family, usually lunch split bills, sharing purchase cost so on and so forth
Maybe we all get some interest earnings on our daily account balance. Will get to this in just a bit
Also, some free cheque leaves just in case so that you can give it to the mortgage agent.
Deposits insured up to $100,000 by CDIC. So that your money is safe.
Big 5 Canadian Banks And Chequing Account Fee
As you all might know or for those living in Canada; none of the big five banks offer anything free for the services they provide.
All the services, not only limited to a chequing account, be it any account; the big five banks charge a fee per transaction made.
The advantage you’ll get banking with the big five is – larger presence in Canada, ATM’s almost at every look and corner of the city, very good customer support, security, ease of mind.
It’s very similar to the big three Canadian cellular services – Rogers, Bell and Telus. They usually charge a bomb for the monthly services but the service provided and cellular reception are the best in class.
The good news is they all have subsidiary child companies or MVNO’s (Mobile Virtual Network Operators) which are low is monthly fees, share the same cellular towers and you’ll end up getting more data or loyalty plans too towards hardware upgrades.
Fido from Rogers, Koodo from Telus, Virgin from Bell, are a couple of child companies from the big three cellular companies.
Similarly, the big five banks have subsidiaries as well. We’ll get there in a bit and these banks offer free chequing accounts as well.
The big five banks usually charge anyway between $10 – $35 dollars towards the chequing account service fee monthly. On average.
How To Avoid Paying The Service Fee With The Big Five Banks?
Maintaining a minimum daily balance in your chequing account – you need to maintain anywhere from $3000 all the way up to $10000 to get the monthly fee rebate.
Pre-authorized payments and opening more than one account with the bank – The first rule still applies here – you’ll need to maintain the minimum daily balance, along with that you’ll also need to have certain pre-authorized deposits (minimum of 2 mostly).
Now the pre-authorized deposits can be anything such as monthly rent payments, cell phone bills, work pay deposits. Also, you may have to open a TFSA, RRSP, RESP account with the bank in-order to waive off your monthly fees.
If you are good and ok with doing so, you can still bank with the big five and pay no fees towards your chequing account.
Top 7 Free No Fee Chequing Accounts In Canada
With all that said, let’s now quickly jump into the topic you are here today. Here are the best free chequing accounts in Canada In 2019.
I’ve mentioned the Bank’s or Institution’s name along with the product and the key features and benefits.
1. Tangerine No Fee Daily Chequing Account
What Are The Benefits Of The Tangerine No Fee Daily Chequing Account?
1. No fee for daily transactions – This includes an unlimited number of debit purchases, bill payments, unlimited pre-authorized payments and Tangerine Email Money Transfers.
2. Overdraft Protection – Overdraft Protection is available to give you peace of mind at the end of the day.
3. A Chequing account that actually pays interest – Earn interest on every dollar in your account, calculated daily and paid to you monthly.
4. Free ABM access – You will get free and unlimited access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide through Scotiabank’s Global ATM Alliance.
5. Track and categorize your spending – you can organize your daily and monthly transactions and stay on top of your spending, so you can see your financial habits and you’ll get a better idea of what you have left to spend each month.
6. Free cheques – You’ll get your first cheque book of 50 cheques for free. Additional cheque books are just $20 each.
8. You Can Deposit cheques instantly from your mobile device using the Cheque-In feature on your Tangerine Mobile App.
9. Orange Alerts – Customize your preferences to receive important Account alerts through text or email.
2. Motusbank No Fee Chequing Account
What Are The Benefits Of The Motusbank No Fee Chequing Account?
1. Motusbank makes banking easy by offering free, unlimited Interac e-Transfers
2. Also, you’ll get free unlimited debit purchases, bill payments and withdrawals
3. You Can Deposit a cheque by taking a photo with the Deposit Anywhere feature that’s built-in.
4. The best part is – No minimum balance required ever
5. You’ll save the big bank fees
6. Also, No daily and monthly account fees
7. You’ll get no-fee access to over 3,700 EXCHANGE Network ATMs across Canada
8. You will earn 0.50% interest on every dollar in your no-fee chequing account
9. Your first order of 25 cheques is free
10. All Eligible deposits insured up to $100,000 by CDIC so that your money is safe and secured.
3. Simplii Financial No Fee Chequing Account
What Are The Benefits Of The Simplii Financial No Fee Chequing Account?
1. You’ll pay absolutely no monthly fees with no minimum balance requirement
2. Free daily banking – unlimited debit purchases, bill payments & withdrawals, all at no cost or service fee
3. Send money for free with Interac e-Transfer (Unlimited again!)
4. You’ll get free and unlimited access to over 3,400 CIBC ATMs across Canada (coast to coast)
ave your paycheque deposited directly into your Simplii account and have access to your money right away. To download your direct deposit form, sign in to Online Banking and select More Services to get started.
You can add Overdraft Protection on your chequing account up to the maximum of $5000, to help you with unexpected expenses and emergencies. If you use the overdraft protection, make sure you’ll bring your no-fee chequing account to a positive balance for one full business day per calendar month. You’ll only be charged when you use the service.
Never miss a bill payment. It hurts your credit. Instead, set up automatic bill payments and pay your bills on time, every time. You can also authorize billing companies to take payments when they’re due. To download your Automatic Payments form, sign in to the Simplii Online Banking and select More Services from the dropdown menu.
transfer money between accounts swiftly. All you have to do is, log in to your online banking and Set up automatic transfers.
4. Motive Financial Chequing Account
What Are The Benefits Of The Motive Financial No Fee Chequing Account?
|1. Monthly fee||Free|
|3. Monthly Free Withdrawals Included||Unlimited|
|4. First 50 Personalized Cheques||Free|
|5. The EXCHANGE Network ATM withdrawal fee||Free|
|6. Non-EXCHANGE Network ATM withdrawal fee||$1.50|
7. Along with the above-mentioned benefits and features, you’ll also earn a competitive interest rate on your entire account balance
9. Interac e-Transfer will be charged at $1 per transfer. You will receive money into your no fee Motive Account for free
10. You’ll earn the Interest Rate of 0.60% for your no fee Chequing Account
4.1 Motive Cha-Ching Chequing Account
What Are The Benefits Of The Motive Cha-Ching Chequing Account?
|1. Monthly Account Fee||Free|
|2. Deposit Charges||Free|
|3. Monthly Withdrawals included with the no-fee chequing account||Unlimited|
|4. First 50 Personalized Cheques||Free|
|5. THE EXCHANGE Network ATM withdrawal fee||Free|
|6. Non-EXCHANGE Network ATM withdrawal fee||First 2 transactions free, every additional withdrawal $1.50|
7. Also, you’ll earn a competitive interest rate of 0.60% on the daily balance
8. You will have access to the second-largest ATM network in Canada, which is great!
9. You can transfer money between accounts for free!
5. Manulife – The Advantage Account
What Are The Benefits Of The Manulife Advantage Account?
1. You will get a combined savings and chequing advantage account, bundled together
2. You’ll also earn high-interest rates on every dollar in your free chequing account, with no minimum balance, required ever
3. Free unlimited everyday banking transactions when you maintain $1,000 in your chequing account (daily balance)
4. You can easily access your money from over 3,500 ABM machines, plus you get the added advantage of banking online and mobile banking
5. You will earn a high interest of 1.2% on your money in the no-fee chequing account
6. No fee daily banking – You will earn unlimited free transactions when you maintain at least $1,000 in your Advantage Account. Also, the Canadian bank to bank transfers is free of cost.
7. Easy cash withdrawals at ABMs – You can get cash at more than 3,500 ABMs on THE EXCHANGE Network, which is one of Canada’s largest ABM networks
8. Bank anytime, anywhere and anytime – You can view your daily balance, deposit cheques on the go, send Interac e-Transfers, and pay bills with online and mobile banking. All FREE of cost.
9. Your money is insured and protected – Manulife is committed to keeping your money safe, and your deposits are always covered by the Canada Deposit Insurance Corporation (CDIC)
10. 24 hours, 365 days all year support when you need – With the no-fee advantage account you will get any time support with telephone banking or customer service, 365 days a year
Manulife – The Advantage Account Deposit Fees
|1. Transfer money from your My Advantage account at any another Canadian bank||FREE|
|2. Direct deposit funds||FREE|
|3. ABM cash deposits||FREE|
|4. Mobile cheque deposit charges||FREE|
Manulife – The Advantage Account Withdrawals Fees
Note, The below-mentioned fees are waived when you maintain a balance of $1,000.
|Transferring money to your My Advantage no-fee chequing account from another Canadian bank||FREE|
|Pre-authorized debit withdrawal||FREE|
|ABM withdrawals within Canada||$1.50 per transaction|
|ABM withdrawals outside of Canada||$3.00 per transaction|
|Debit card purchases made||$1.00 per transaction|
|Bill Payment charges||$1.00 per transaction|
|Send an Interac e-Transfer||$1.00 per transaction|
6. DUCA No Fee Chequing Account
What Are The Benefits Of The DUCA No Fee Chequing Account?
1. DUCA’s offers a free no fee chequing account with the savings and chequing account bundle.
2. No monthly fee and no minimum balance requirement
3. DUCA’s No Fee Chequing bundles include:
Unlimited deposits & withdrawals, Unlimited cheques and EFTs, Unlimited withdrawals when using DUCA and THE EXCHANGE Network ATMs, Unlimited free bill payments, anytime Unlimited Interac point-of-sale transactions
7. First Calgary Financial No Fee For Me Chequing Account
What Are The Benefits Of The First Calgary Financial No Fee For Me Chequing Account?
3. You will get unlimited monthly FREE transactions, including Cheques, Withdrawals, Deposits, Bill payments, unlimited Debit card transactions, Canada wide ATM transactions for free, Online, mobile and in-branch balance & transaction inquiries, free e-Statements and cheque viewing,
4. Convenient Mobile banking anytime and anywhere to access funds
There you go, that was the list of the top 7 free no fee chequing account In Canada 2020.
Also, do remember that when you open a new chequing account, banks will usually have promotions going on – Some kind of freebies like iPad giveaway if you bundle the accounts or promotional interest rates for example. So do ask for that in-case you don’t get it.
Last but not least, in case you are still banking with the Canadians big five banks, do consider switching your chequing account to one of the 7 mentioned here and save $300+ easily in fees every year. You’ll notice a huge difference in terms of savings and other bank fees.
Please share this post on social media and help spread the word. Also, do let me know your thoughts and comments in the comment box below.
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Top 7 Free Chequing Accounts In Canada
- Zero monthly charges towards your chequing account
- Best 7 Banks or Financial Institutions listed in this article for your needs
- You'll end saving 100's of dollars towards fees every year by switching to one of the above options
- Can't compare to the big 5 bank's, even though couple of the listed ones are their subsidiaries
- Some of the banks are online only with no physiical locations
Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.