Best No-Fee Bank Accounts in Canada + MORE Oct 6th

Tired of paying monthly fees when you bank? If so, you may want to consider switching to a no-fee bank account. Unfortunately, Canada’s big banks offer little in the way of free chequing accounts, unless you can maintain a high balance in your account each month.
If you’re willing to consider dealing with a fintech or online bank, however, you can say goodbye to monthly banking fees, and earn interest on your spending money. To help you in your search, I’ve compiled a list of six top no-fee bank accounts in Canada.
Best No-Fee Bank Accounts in Canada
As you’ll see from the list below, the best no-fee bank accounts are offered by online banks and fintechs. While you can get a free chequing account with limited transactions from some of Canada’s big banks, they’re not competitive with the best no-fee bank accounts featured here.
1. EQ Bank Savings Plus Account
What We Like: Chequing and savings features in a single account
Key Features:

No monthly fees
Unlimited transactions
No minimum balance requirement
Unlimited debit purchases
Competitive savings interest rate
Unlimited e-transfers
Mobile cheque deposit
EQ Bank card
Free ATM withdrawals in Canada
No FX fees
CDIC coverage

EQ Bank’s Savings Plus Account offers free, unlimited banking and a high interest rate on the full account balance…

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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