Top 7 Free Chequing Accounts In Canada (2019)

We all need free chequing accounts. Don’t we? We use our debit cards for all sorts of 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 Do You Look For In A Chequing Account?

So, here’s the thing – I’ll give you the list of the 10 best free or no-fee chequing accounts. 

But before we look at the actual list – How will you decide which 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.

Don’t worry we’ll wrap this section quickly and go straight to the list.  

The best no-fee bank account for you will depend on what your needs are.

Also Read – Retirement Benefits & Old Age Security Pension (OAS) In Canada [2019]

What To Look For In A Free Chequing Accounts In Canada

Below are some of the main parameters when I’ll be choosing a free 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

Big 5 Canadian Banks And Chequing Account Fees

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 chequing account service fee monthly. On average. 

How You Can Avoid Paying The Service Fee With The Big Five Banks 

  1. Maintaining a minimum daily balance in your chequing accountyou need to maintain anywhere from $3000 all the way up to $10000 to get the monthly fee rebate.

  2. 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).

  3. 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. 

Also ReadTop 10 Canadian Marijuana Stocks You Should Own In 2019

Top 7 Free 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

tangerine free chequing account

Benefits and Features:

  • No fees for daily transactions – This includes an unlimited number of debit purchases, bill payments, unlimited pre-authorized payments and Tangerine Email Money Transfers.

  • Overdraft Protection – Overdraft Protection is available to give you peace of mind.

  • Pays interest – Earn interest on every dollar in your Account, calculated daily and paid monthly.

  • Free ABM access – Free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide through Scotiabank’s Global ATM Alliance.

  • Track and categorize your spending – Organize your 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.

  • Free cheques – Get your first cheque book of 50 cheques for free. Additional cheque books are just $20 each.

  • Bank drafts – Order a bank draft online and have it delivered to your door or to your closest Tangerine Cafe.

  • Cheque-In – Deposit cheques instantly from your mobile device using the Cheque-In feature on your Mobile App.

  • Orange Alerts – Customize your preferences to receive important Account alerts through text or email.

Also Read – Tangerine Bank Review – The Best Overall Online Bank In Canada (2019)

2. Motusbank No-Fee Chequing Account

motus no-fee chequing account

Benefits and Features:

  • It makes banking easy

  • Free, unlimited Interac e-Transfers

  • Unlimited debit purchases, bill payments and withdrawals

  • Deposit a cheque by taking a photo with Deposit Anywhere

  • No minimum balance required

  • You save big on fees

  • No monthly account fees

  • No-fee access to over 3,700 EXCHANGE Network ATMs across Canada

  • No daily banking fees 

  • You get more perks

  • Earn 0.50% interest on every dollar

  • Your first order of 25 cheques is free

  • Eligible deposits insured up to $100,000 by CDIC

Also Read – Motusbank Review 2019: A New Movement In Canadian Banking

3. Simplii Financial No Fee Chequing Account

Simplii Financial No Fee Chequing Account

Benefits and Features:

  • No monthly fees with no minimum balance

  • Free daily banking: unlimited debit purchases, bill payments & withdrawals

  • Send money for free with Interac e-Transfer

  • Free access to over 3,400 CIBC ATMs across Canada

  • Have your cheque 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”.

  • You can add Overdraft Protection up to $5000, to your account to help you with unexpected expenses. If you use it, bring your 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 payment. Set up automatic payments and pay your bills on time, every time. You can authorize billing companies to take payments when they’re due. To download your Automatic Payments form, sign in to Online Banking and select “More Services”

  • Make transferring money between accounts a breeze. Set up automatic transfers through your online banking, follow the steps, and you’ll be on your way.

Also Read – Top 12 Personal Finance Tips And Tricks To Make You Rich

4. Motive Financial Chequing Account 

Motive Financial Chequing Account 

Benefits and Features:

Monthly feeFree
DepositsFree
Monthly withdrawals includedUnlimited
First 50 Personalized ChequesFree
THE EXCHANGE Network ATM withdrawal fee Free
Non-EXCHANGE Network ATM withdrawal fee$1.50
  • Earn a competitive interest rate on your entire balance

  • Receive your first 50 cheques free

  • Transferring between your accounts at other Canadian banks and your Motive account is simple with our online banking service. It’s your money, after all.

  • e-Transfer makes it easy. Send money to anyone with a mobile phone number or email address for just $1.00. Receive money right to your Motive account for free

  • Interest Rate for Chequing Account – 0.60%

Also Read – Motive Financial Complete & In-Depth Review [2019]

4.1 Motive Cha-Ching Chequing Account

Benefits and Features:

Monthly feeFree
DepositsFree
Monthly withdrawals* includedUnlimited
First 50 Personalized ChequesFree
THE EXCHANGE® Network ATM withdrawal feeFree
Non-EXCHANGE Network ATM withdrawal fee2 Free, additional withdrawals $1.50
  • Earn a competitive interest rate

  • Access to the second largest ATM network in Canada

  • Transferring between your accounts at other Canadian banks and your Motive account is simple with our online banking service. It’s your money, after all

  • Interest Rates for $0 and over

    0.25%

Also Read – Stay Away From Mogo! It’s Going To Destroy You Completely!

5. Manulife The Advantage Account

Manulife The Advantage Account

Benefits and Features:

  • Bank your way with a combined savings and chequing Advantage Account

  • High interest on every dollar in your account, with no minimum balance required

  • Free unlimited everyday banking transactions when you keep just $1,000 in your account

  • Easy access to your money from more than 3,500 ABMs, plus online and mobile banking

  • High interest on your money – Watch your money grow faster with high interest on every dollar in your account, no minimum balance required.

  • No-fee banking – Box Description.Get free, unlimited transactions when you keep at least $1,000 in your Advantage Account. Plus, Canadian bank-to-bank transfers are always free

  • Easy withdrawals at ABMs – Get cash at more than 3,500 ABMs on THE EXCHANGE Network, one of Canada’s largest ABM networks

  • Bank anywhere, anytime – View your balances, deposit cheques, send Interac e-Transfers, and pay bills with online and mobile banking

  • Your money is protected – We’re committed to keeping your money safe, and your deposits are covered by the Canada Deposit Insurance Corporation

  • Here when you need us – Whether your need help with telephone banking or customer service, we’re here to help 365 days a year

Manulife Advantage Account offers a high interest rate on all your money: 1.20% Advantage Account rate

Manulife – The Advantage Account Deposit Fees: 

ServicesFees
Transferring money from your account at another Canadian bankNo charge
Direct depositNo charge
ABM depositsNo charge
Mobile cheque depositNo charge

Manulife – The Advantage Account Withdrawals Fees:

These fees are waived when you maintain a balance of $1,000.

ServicesFees
Transferring money to your account at another Canadian bankNo charge
Pre-authorized withdrawalNo charge
ABM withdrawals in Canada$1.50
ABM withdrawals outside of Canada$3.00
Debit card purchase$1.00
Bill Payment$1.00
Sending an Interac e-Transfer$1.00
Writing chequesNo charge

6. DUCA No Fee Chequing Account 

DUCA No Fee Chequing Account 

Benefits and Features:

  • Who has money to throw away?! Start saving more of your money with DUCA’s true No Fee Chequing bundles!

  • No matter what stage of life you’re in, there’s a No Fee Chequing bundle built just for you. And there’s NO monthly fee and NO minimum balance!

  • All our No Fee Chequing bundles include:

  • Unlimited deposits & withdrawals

  • Unlimited cheques and EFTs

  • Unlimited withdrawals when using DUCA and THE EXCHANGE® Network ATMs

  • Unlimited bill payments

  • Unlimited Interac® point-of-sale transactions

7. First Calgary Financial No Fee For Me Chequing Account

First Calgary Financial No Fee For Me Chequing Account

Benefits and Features:

  • Cheques

  • Withdrawals

  • Deposits

  • Bill payments

  • Debit card transactions

  • Canada-wide ATM transactions*

  • Online, mobile and in-branch balance & transaction inquiries

  • e-Statements

  • Cheque viewing

  • Mobile banking with our award-winning banking app

Conclusion

There you go, that was the top 7 free or no fee chequing accounts In Canada 2019. 

Hope you liked the list. It’s a mix bag but full of options for you to explore and pick the right bank/account for your needs. Like I said, all the above mentioned Institutions are worthwhile for your hard earned money and safe for your money. 

Also, do remember when you usually open new chequing accounts, the banks usually have promo offers. So do ask for that in-case you don’t get it. 

Last but not the least, in case you are still banking with the Canadians big five banks, do consider switching your account and save $300+ in fees. You’ll notice a huge difference in terms of savings and other fees. Forget chequing account, think about everything you transact with the big banks and the fees or service charges for all the account. 

Please let me know your thoughts and comments below. 

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Top 7 Free Chequing Accounts In Canada

5

Value For Money

5.0/5

Benefits

5.0/5

Rewards

5.0/5

Pros

  • 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

Cons

  • 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

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