Chequing accounts handle everyday banking—bill payments, debit purchases and ATM withdrawals. While many chequing accounts feel like a basic necessity, the best options in Canada combine low or no fees with useful perks: competitive interest, rewards on spending and features that make banking easier. Below we highlight top chequing accounts across categories to help you choose the right one for your needs.
featuredNeo Savings AccountEarn up to 2.75% interest your rates increase as your balance grows. No promo codes, no switching accounts, no waiting.go to site
featuredEQ Bank Personal AccountEarn up to 2.75% interest on your savings. Plus, use the pre-paid Mastercard for everyday purchases and free ATM withdrawls.go to site
The best chequing accounts in Canada
Click an account name to jump to details about fees, transaction limits, rewards and other benefits to help you compare options quickly.
| Category | Chequing account |
|---|---|
| Best overall chequing accounts | Wealthsimple Cash (Gold) EQ Bank Personal Account (Silver) PC Money Account (Bronze) |
| Best basic chequing accounts | Koho Essential (Gold) RBC Day to Day Banking (Silver) |
| Best premium chequing accounts | Scotiabank Ultimate Package (Gold) Koho Everything (Silver) |
| Best chequing accounts for newcomers | Simplii Financial No Fee Chequing Account (Gold) National Bank The Connected Chequing Account (Silver) |
MoneySense is a long-running personal finance publication in Canada. Our editorial team evaluates chequing accounts by reviewing features, fees, transaction allowances, ATM access and welcome offers across banks, credit unions and online financial services. We aim to present objective comparisons to help Canadians pick the right account for their circumstances.
Compare Canadian chequing accounts
Use comparison tools and the summaries below to weigh fees, interest, rewards and features that matter most to you.
Best overall chequing account in Canada
Gold: Wealthsimple Cash
At a glance: Wealthsimple Cash stands out for fee-free everyday banking and one of the higher interest rates available on chequing balances. It’s a hybrid chequing/savings product that also gives 1% back on purchases in cash, stock or crypto when you use the Cash card.
Wealthsimple Cash
- Monthly fee: $0
- Transactions: Free, unlimited
- Interest: Typically 1.75% to 2.25% depending on balance and conditions
- Welcome offer: None currently
Pros
- Attractive interest: Competitive rates for a chequing-style account, with higher tiers for clients with larger Wealthsimple balances.
- Strong deposit insurance: CDIC coverage applies (details depend on product structuring).
- No forex fees: No foreign transaction fees on card purchases.
- Flexible accounts: Unlimited transactions, free ATM withdrawals and multiple account options including joint accounts.
Cons
- Rates can change: Interest rates may fluctuate with market conditions.
- No branches: All customer service is digital or by phone—there are no physical branches.
Silver: EQ Bank Personal Account
At a glance: EQ Bank offers a hybrid chequing/savings Personal Account with no monthly fees, unlimited transactions and strong interest when conditions are met. The account includes a Mastercard debit that reimburses ATM fees and earns cash back on purchases.
EQ Bank Personal Account
- Monthly fee: $0
- Transactions: Free, unlimited
- Interest: Up to 2.75% with eligible recurring direct deposits
- Welcome offer: None currently
Pros
- High interest with direct deposit: Earn top-tier rates when you meet direct-deposit requirements.
- ATM fee reimbursement: EQ reimburses out-of-network ATM fees.
- Cash back: 0.5% back on domestic and international purchases.
- No forex fees: No foreign transaction charges on card purchases.
Cons
- Slower transfers: Interbank transfers can take several business days.
- Balance limits: There are maximum cumulative balance limits per account type.
- No branches: Service is fully digital.
Bronze: PC Money Account
At a glance: The PC Money Account acts like a prepaid Mastercard with no monthly fee, unlimited transactions and the option to enable a savings balance that earns interest. It integrates with the PC Optimum rewards program, earning points on everyday spending and bonus points for certain activities.
PC Money Account
- Monthly fee: $0
- Transactions: Free, unlimited
- Interest (optional savings): 2.2%
- Welcome offer: None currently
Pros
- Savings option: An optional savings balance pays competitive interest in most provinces.
- Strong rewards: Earn PC Optimum points on purchases, with higher rates at certain retailers.
- Bonus points: Earn extra points for eligible direct deposits and bill payments.
Cons
- ATM fees: Withdrawals from non-PC Financial ATMs may incur charges.
- NSF charge: A non-sufficient funds fee applies for rejected pre-authorized transactions.
- Limited banking features: Cheque writing and some ATM deposit functions are not available.
Best basic chequing account in Canada
Gold: Koho Essential
At a glance: Koho Essential delivers simple digital banking with unlimited transactions, interest on balances and cash back on everyday spending. A small monthly fee is waived when you meet qualifying direct deposit conditions. Additional features include free credit-score monitoring and an optional credit-building product.
Koho Essential
- Monthly fee: $0 with qualifying recurring deposit (otherwise small fee)
- Transactions: Free, unlimited
- Interest: 2% on balance
- Welcome offer: None currently
Pros
- Interest and rewards: Earn interest and 1% cash back on many categories, plus higher cash back at partners.
- Credit tools: Free credit score monitoring and optional credit-building add-on.
- No NSF fees: No fee when a transaction is declined for insufficient funds.
Cons
- Foreign transaction fee: A foreign currency fee applies on purchases.
- Digital only: No in-person branches.
- Limits: Daily spending and ATM withdrawal limits may apply.
Silver: RBC Day to Day Banking
At a glance: RBC Day to Day Banking is a traditional bank account with rewards options, e-transfer flexibility and a small transaction allowance. The monthly fee can be rebated under certain conditions or for eligible groups.
RBC Day to Day Banking Account
- Monthly fee: Typically a small fee (conditions may rebate it)
- Transactions: Limited free transactions per month
- Interest: None on balance
Pros
- Free e-transfers: Generous e-transfer allowance compared with some accounts.
- Rewards and savings perks: Options to earn points and save on fuel at partner stations.
- Monthly fee rebate: Rebates are available for seniors, RDSP beneficiaries and customers meeting program conditions.
Cons
- Transaction limits: Only a limited number of free transactions per month; charges apply beyond that limit.
- No interest: The account does not earn interest on balances.
- Out-of-network fees: ATM and other service fees may apply.
Best premium chequing account in Canada
Gold: Scotiabank Ultimate Package
At a glance: The Scotiabank Ultimate Package bundles banking services and rewards for customers who want premium perks: Scene+ points, extensive ATM access, safety deposit box access and trading benefits. It carries a higher monthly fee that can be offset by maintaining qualifying balances.
Scotiabank Ultimate Package
- Monthly fee: $30.95 (fee waived with qualifying balances)
- Transactions: Free, unlimited
- Interest: None on chequing balance
- Welcome offer: Eligible promotional offers may apply for bundled accounts
Pros
- Premium perks: Free global ATM withdrawals, trading credits and other bundled benefits for customers who qualify.
- Rewards and savings enhancements: Scene+ points and boosted savings benefits for eligible products.
- Overdraft protection and waivers: Some account fees and protections are included depending on eligibility.
Cons
- High monthly fee: The fee is substantial unless you meet the balance requirements to waive it.
- No interest on chequing balance: The account itself does not pay interest.
- Service fees: Paper statements and certain services may carry additional charges.
Silver: Koho Everything
At a glance: Koho Everything is a paid premium plan that pairs generous cash-back rates and high interest on balances with additional perks such as no foreign transaction fees and optional credit-building features.
Koho Everything
- Monthly fee: $14.75 (billed annually) or $19 monthly equivalent
- Transactions: Free, unlimited
- Interest: 3.5% on balance
Pros
- High interest: One of the highest interest rates offered by digital chequing products.
- Strong cash back: Higher cash back at select merchants plus ongoing rewards on everyday spending.
- No foreign transaction fees: Savings on international purchases.
- Extra services: eSIM data, credit-building tools and optional insurance add-ons.
Cons
- Monthly fee: The plan carries a regular subscription fee with no waiver for minimum balance.
- Digital-only: No in-person branches for support.
Best chequing account for newcomers
Gold: Simplii Financial No Fee Chequing Account
At a glance: Simplii’s no-fee chequing product is convenient for newcomers, offering unlimited transactions, no minimum balance and access to newcomer programs that simplify account setup. Digital banking and free use of the parent bank’s ATM network make it an easy choice when settling in Canada.
Simplii Financial No Fee Chequing Account
- Monthly fee: No annual fee
- Transactions: Free, unlimited
- Interest: Low (nominal rate)
- Welcome offer: Promotional offers may be available for new clients
Pros
- Newcomer-friendly: Programs and guidance tailored to newcomers, including pre-arrival application options in some cases.
- Free international transfers: Tools for international money transfers are available with competitive fees.
- Easy digital banking: Simple online and mobile access plus free use of the associated ATM network.
Cons
- Overdraft costs: Overdrafts can incur fees and high interest rates.
- Low interest: The account pays minimal interest on balances.
- Limited in-branch help: Simplii operates entirely online and through phone support rather than a standalone branch network.
Silver: National Bank The Connected Chequing Account
At a glance: National Bank’s connected account offers unlimited transactions and e-transfers, and access to a broad ATM network. Newcomers can often qualify for limited-time promotional cash offers when opening an account.
National Bank The Connected Chequing Account
- Monthly fee: Fee structures vary; promotional first-year offers may apply
- Transactions: Free, unlimited
- Interest: None on chequing balance
Our approach to picking the top accounts
We evaluated chequing accounts on practical criteria that matter to users: monthly fees and how they can be waived, transaction allowances, ATM and branch access, interest paid on balances, rewards programs and welcome promotions. Our goal is to highlight value and fit for a variety of needs—everyday spending, premium services, newcomer packages and no-fee digital banking.
Frequently asked questions
Some chequing accounts, especially those offered by online banks or hybrid products, do pay interest. Generally, interest rates on chequing accounts are lower than typical savings accounts, but certain hybrid options narrow that gap.
For most people, yes. A chequing account is the primary tool for receiving direct deposits from employers, paying bills, making debit purchases and managing day-to-day cash flow. Many services and landlords require electronic payment methods that work best with a chequing account.
Guide to Canadian chequing accounts
Below we summarize how chequing accounts are typically used, how to choose one and the main account types available.
How to use a chequing account
Chequing accounts are designed for regular activity: direct deposits, bill payments, debit card purchases, ATM withdrawals and Interac e-Transfers. While savings accounts aim to grow funds, chequing accounts provide convenient access and frequent transactions. Many people keep both a chequing and a savings account to balance convenience with higher interest on longer-term savings.
How to choose the right chequing account
Match the account features to how you bank. Consider monthly fees and whether they can be waived, the number of free transactions, ATM access and fees, interest on balances, foreign transaction charges and rewards programs. If you rarely visit a branch, online or app-based accounts can save money while offering competitive features.
Fees
- Monthly service fees vary—higher-fee accounts often bundle more services. Many online banks now offer no-fee accounts with unlimited transactions.
Features
- Check whether Interac e-Transfers are free to send and receive, and how many transactions are included monthly.
- Look for reward-linked debit cards if you want points or cash back on everyday spending.
Accessibility
- Consider how many ATMs and branches are available, and whether out-of-network ATM fees will affect you.
- If you deal with foreign currencies or travel frequently, look for accounts with favourable FX rates or no foreign transaction fees.
Promotions
- Banks often run sign-up bonuses, gift offers or promotional interest rates—especially for students, seniors and newcomers. These can add short-term value but compare long-term features too.
Types of chequing accounts
Common types include personal, joint, student, newcomer, online-only, hybrid and USD accounts. Each serves different needs—online-only accounts tend to be lower cost, hybrids combine savings interest with transactional access, and newcomer or student accounts may offer temporary perks or fee waivers.
How to close a chequing account
Before closing, open your new account and transfer funds. Move recurring deposits and pre-authorized payments to the new account to avoid missed payments or NSF fees. Once everything is redirected, contact your bank to close the old account.
Chequing vs. savings vs. hybrid accounts
Chequing accounts prioritize transactions and access, savings accounts focus on earning interest, and hybrids blend transactional features with higher interest. Choose based on whether you value flexibility, returns or a mix of both.
| Chequing | Savings | Hybrid |
|---|---|---|
| May charge a monthly fee | Often free | Often free |
| Rarely pays high interest | Pays interest | Pays interest and allows transactions |
| Designed for daily transactions | Designed to accumulate funds | Designed for both transactions and saving |
Further reading on banking
- The best high-interest savings accounts in Canada
- How to avoid bank fees and get the most from your accounts