My Top 4 No-Fee Chequing Accounts
If you’re tired of paying fees for everyday banking, switching to a No-Fee Chequing Account can be a smart move. Traditional banks often come with hidden costs, like monthly fees, minimum balance requirements, and transaction limits. In contrast, no-fee accounts from online-only banks (also called Digital Banks) offer the same basic services without extra charges.
Here’s my top 4 No-Fee Chequing Accounts with their Pros & Cons:
1. Wealthsimple Cash Account
Wealthsimple’s hybrid account is a standout option, combining the perks of a no-fee chequing account with those of a high-interest savings account. It offers competitive interest rates, cash-back rewards, and hassle-free access to your funds. What makes this my top pick is the flexibility—it lets you decide where your cash-back rewards go. You can automatically direct them to your investments, add them to your cash account, or even allocate them to your crypto account (if you’re into that). Personally, I don’t dabble in crypto, but the option is there if you do! I like it because it’s a one-stop shop for me. I can manage my investments and my cash flow all in one place.
– Earn at least 2.75% interest on deposits
– Premium clients can earn up to 3.75%.
– 1% cash back on purchases
– Up to $500,000 in CDIC insurance coverage.
– Reimburses up to $5 per eligible ATM fee charged by a Canadian ATM provider
– No foreign transaction fees
– Top interest rates reserved for clients with larger assets.
– Rates can fluctuate with the Bank of Canada’s rate.
– does not offer unlimited e-transfers (Limits: per day is $5,000, per week is $10,000, per month is $30,000)
2. EQ Bank Personal Account
EQ Bank offers a hybrid chequing and savings account similar to Wealthsimple’s. It also offers high-interest rates on deposits, giving it the feel of a savings account. It comes with no monthly fees and unlimited transactions—perfect for everyday banking. One feature I really appreciate is their international money transfer service, powered by Wise. As someone who regularly sends money to the Philippines, I love the convenience of being able to handle remittances directly through the EQ Bank app. Plus, I’ve tried other remittance services, and Wise through EQ consistently offers the best conversion rates I’ve experienced.
3.Tangerine No-Fee Daily Chequing Account
Tangerine’s no-fee chequing account is another great option, featuring Visa Debit functionality for convenient online purchases straight from your account. While it offers a modest interest rate of up to 0.1% on account balances (calculated daily and paid monthly), its real perks lie elsewhere. As a subsidiary of Scotiabank, you gain access to over 3,500 ATMs across Canada and 44,000 ATMs worldwide through the Global ATM Alliance. Additionally, they have built-in budgeting tools. These tools provide a clear overview of your monthly spending and even offer personalized tips to help you save more effectively.
4. Simplii Financial Daily Chequing Account
Simplii Financial’s no-fee chequing account is a solid choice for everyday banking, offering unlimited transactions without requiring a minimum balance. You can easily handle tasks like bill payments, transfers, and Interac e-Transfers without worrying about fees. As a subsidiary of CIBC, Simplii gives you access to over 3,400 CIBC ATMs across Canada. One highlight is their attractive sign-up offers, often including generous welcome bonuses. Plus, their promotional interest rates can go as high as 6%, making it an excellent option for those opening a new account and looking to maximize their savings.
Which Account is Right for You?
Choosing the best no-fee chequing account comes down to your banking habits and what you prioritize in a bank. Here’s a quick comparison:
Best for ATM Access: Simplii Financial and Tangerine offer the most extensive ATM networks, thanks to their parent banks, CIBC and Scotiabank.
Best for Interest Rates: Wealthsimple Cash and EQ Bank lead in terms of high interest rates on balances, making them strong choices if you want your money to grow.
Best for Free e-Transfers: EQ Bank, Simplii Financial and Tangerine provide unlimited free Interac e-Transfers, a great perk for those who often send money.
Best for Cash Back and Rewards: Wealthsimple Cash stands out with a unique 1% cash-back reward system.
No-fee chequing accounts offer an excellent alternative to traditional bank accounts, helping you save money while still meeting all your banking needs. Whether you’re looking for high interest rates, flexible cash-back options, or free unlimited transactions, there’s a no-fee account that’s right for you. Take the time to compare features and decide which one aligns best with your financial goals—because saving on fees is money you can put towards your future!
*Some links are referral. When you sign up through those links, we both earn a small amount.
