| Category | Account |
|---|---|
| Best for rewards | PC Money Account |
| Best for rewards (honourable mention) |
Scotiabank Ultimate Package |
| Best for cash back | Koho Essential |
Why trust us
MoneySense is an award-winning personal finance publication that has helped Canadians manage money since 1999. Our editorial team of experienced journalists works with independent personal finance experts to compare features, fees and rewards across banks, credit unions and card issuers. We evaluate accounts for real-world value so you can find options that match your spending habits and goals.
Debit-style cards today can do more than simply move money from a chequing account. While traditional debit cards are prized for budget-friendly spending and the absence of interest charges, a small but growing number of debit-like accounts now offer rewards that let you earn points or cash back on everyday purchases. These options are convenient for people who prefer to spend directly from their balance or who may not want a credit card for everyday use.
Credit cards still lead for travel benefits and broader acceptance in some places, and they typically offer the richest rewards programs. However, certain modern prepaid or digital accounts mimic debit-card behavior while adding reward structures that make them worth considering. They usually lack full credit-card perks such as travel insurance or lounge access, but they can still deliver meaningful value for grocery, drugstore and dining purchases — especially for people who want to avoid revolving credit.
Below we highlight accounts that stand out for rewards or cash back, explaining how they work and who will benefit most from each choice.
Best for rewards
PC Money Account
At a glance: The PC Money Account operates like a modern digital chequing alternative. You load funds via e-Transfer or bank transfer and use a Mastercard-branded payment card for purchases, bill payments and pre-authorized withdrawals. It doesn’t support cheque writing or deposit, and it won’t work at businesses that only accept debit-network cards — but it is widely accepted wherever Mastercard is accepted.
PC Money Account
- Monthly fee: $0
- Transactions: Free, unlimited transactions
- Regular interest rate on balance: 2.2%
- Welcome offer: None at this time
The PC Money Account is especially attractive for shoppers who already use Shoppers Drug Mart or Loblaw family stores and want to earn PC Optimum points without switching to a full PC Financial credit card. It offers elevated points at affiliated retailers while also delivering points on everyday purchases elsewhere.
- 25 PC Optimum points per $1 at Shoppers Drug Mart
- 10 points per $1 at Loblaw banner grocery stores
- 5 points per $1 on other purchases
Why choose it: strong point-earning potential for grocery and drugstore shoppers, no monthly fee, and a Mastercard for broad acceptance. Considerations: it does not replace a traditional chequing account if you need cheque services or debit-network-only acceptance.
Honourable mention
Scotiabank Ultimate Package — At a glance: This all-inclusive chequing option bundles many traditionally paid services into a single monthly package. The account has a monthly fee (noted here as $30.95) that can be offset if you maintain a qualifying balance. In return, you receive unlimited debit transactions, Interac e-Transfers, free personalized cheques and drafts, global ABM withdrawals without fees, and other premium features that can simplify everyday banking.
What makes the Ultimate Package stand out among reward-focused chequing options is the Scene+ point-earning potential. Scene+ points are versatile — while they are known for movie rewards, points can also be redeemed for travel, dining, entertainment and gift cards. This account suits someone who values bundled convenience and is likely to use multiple premium services that would otherwise be charged separately.
Why choose it: a comprehensive set of banking features with a consistent monthly cost and the flexibility of Scene+ points. Considerations: the account fee can be steep if you do not keep the required balance or do not make frequent use of the included services.
Best for cash back
Koho Essential
At a glance: Koho Essential is a full-service prepaid-style account that functions like a debit card. You preload funds and spend from the balance, so it does not require credit and is not tied to a traditional chequing account. It is particularly useful for people managing a strict monthly budget or for those who prefer avoiding credit checks.
Koho Essential
Annual fee: $48
Rewards: 1% cash back on gas, groceries, dining and transportation; select merchants offer up to an additional 50% cash back
Welcome offer: None at this time
The Koho Essential account also advertises interest on balances and savings features. Because it operates as a prepaid card, you won’t pay interest on purchases — you use your loaded cash. This product is designed for those who want a simple, reward-bearing alternative to a traditional chequing account or credit card.
Card details
| Interest rates | N/A for purchases (prepaid card uses your cash) |
| Income required | None |
| Credit score | None |
Who benefits from a cash-back prepaid card: People who want simple rewards without a credit check, shoppers who prefer loading a fixed amount each month, and those seeking a flexible option that still earns on common categories like groceries and dining.
Choosing the right reward-style debit account
When selecting a rewards-capable debit or prepaid account, weigh these points:
- Acceptance: Mastercard-branded accounts work in many places, but some merchants still accept debit-network cards only.
- Fees vs. value: Consider monthly or annual fees against the rewards and services you will actually use.
- Reward structure: Look for higher earn rates where you already spend — groceries, drugstores and dining are common categories for accelerated rewards.
- Account features: Unlimited transactions, e-Transfers and included services can offset fees and increase overall value.
- Budgeting needs: Prepaid-style accounts can help control spending while still offering rewards.
More on spending and banking:
- Best financial apps for Canadians
- Top high-interest savings accounts in Canada
- Options for no-fee credit and debit cards
- Best cash back card features to compare
Debit-style reward accounts are not a one-size-fits-all replacement for credit cards, but they can be a smart choice for people who want to earn rewards while keeping spending disciplined. Evaluate the fees, reward categories and acceptance to pick the best option for your daily needs.