Best Chequing Accounts in Canada for 2026

Best Chequing Account Canada 2026: Ranking at a Glance

This table lists all 20 accounts in score order. Scores are out of 5 and rounded to one decimal. Where two accounts share a rounded score, the order follows the unrounded score and then our published tie order. “Not published” means the bank did not show a chequing interest rate on its own pages when we checked.

To see what each account would cost you in a year, use the calculator below: enter your usual balance, how many transactions you make and whether your pay is direct deposited, and it adds up fees and interest at every account in this list.

Master Comparison Table: 20 Chequing Accounts in Canada

This is the full side-by-side view. You can search and sort it. Every figure comes from the provider’s own published pricing on October 22, 2026. A welcome offer appears only where its conditions were published; where a bank advertises an offer without publishing the conditions, we say so instead of repeating the headline amount.

Motive Financial is not in this table. Its chequing and savings accounts were moved to National Bank in late fall 2025, and National Bank states the migration is complete.

The 20 Chequing Accounts Ranked

Each card shows the score, the bar out of 5, why the account sits where it does, what it costs, and its main features. Only EQ Bank and Wealthsimple have a full WealthScale review, so only those two cards link to one.

1. How We Ranked These Chequing Accounts

Five factors, fixed weights. Every account gets a score from 0 to 5 on five factors. We multiply each by its weight and add them up. Fees carry the most weight because a monthly fee is a certain cost, while interest depends on your balance. The weights do not change from account to account, and no provider can pay to change them. Our general approach to scoring is explained in how we rate providers, and how the site earns money is set out in our advertiser disclosure.

How the interest score works. A direct-deposit bonus counts at half its extra value, because not everyone can move their pay. EQ Bank pays 1.00% plus a 1.75% bonus, so we score it as 1.875% (1.00% + 1.75% / 2). That sits 0.875 of the way from 1% to 2%, so the score is 2.5 + (0.875 x 1.5) = 3.81. Wealthsimple Core pays 1.25% plus a 0.50% bonus, scored as 1.50%, which gives 2.5 + (0.5 x 1.5) = 3.25.

A worked total. EQ Bank: fees 5.0 x 0.35 = 1.75; interest 3.81 x 0.20 = 0.762; transactions 5.0 x 0.15 = 0.75; ATM 5.0 x 0.15 = 0.75; protection 4.0 x 0.15 = 0.60. The total is 4.612, shown as 4.6. Wealthsimple Chequing works out to 1.75 + 0.65 + 0.75 + 0.75 + 0.525 = 4.425, shown as 4.4.

Why “not published” scores zero. Several banks, including Simplii, Tangerine, PC Financial, BMO and CIBC, did not show a chequing rate on their pages when we checked. We do not guess a rate, and an account cannot earn interest points for a rate it does not publish. If a bank publishes its rate, we rescore it at the next update. Our full rules for sourcing and dating figures are in our editorial standards.

What the score leaves out. Branch access, the app, credit cards and mortgages are not scored. Welcome offers are listed but not scored, because they end and change. If you value a branch or a bundled offer, weigh that yourself on top of the score.

2. Monthly Fees and Fee Waivers Compared

The fee is the biggest gap. Eight accounts in this list charge no monthly fee (KOHO Essential only with a qualifying deposit). The big-bank unlimited packages charge $15.95 to $17.95 a month unless you meet a balance rule, and the low-fee big-bank accounts charge $3.95 or $4.00 with no balance waiver at all.

“Every day” means every day. BMO, CIBC and Scotiabank waive the fee only if the balance stays at $4,000 or more on every day of the month, and TD uses a minimum daily balance. One day below the line, say the day rent leaves before payday, and you pay the full month’s fee.

What a waiver balance is worth. Holding $4,000 to avoid a $16.95 fee saves $203.40 a year, which works out to 5.09% of the $4,000 ($203.40 / $4,000). For a $17.95 fee it is $215.40, or 5.39%. That sounds better than any chequing rate, but the comparison that matters is with an account that charges nothing and also pays interest: $4,000 at 2.75% earns $110.00 a year on top of a $0 fee.

Fee increases. CIBC’s Smart Account fee rises from $16.95 to $17.95 on January 1, 2027, which adds $12.00 a year if you do not meet the waiver. Please check your bank’s fee notices each year, because fee changes are announced in advance but rarely highlighted.

3. Yearly Cost for Four Banking Profiles

How we built these profiles. Each profile keeps the stated balance on every day of the year and stays inside each account’s transaction limit. Interest is simple interest (balance x rate) before tax, so you can check every figure. Wealthsimple is shown at the Core tier, and Manulife at its regular 1.50% rather than the promotional rate. Where a bank does not publish a chequing rate, we count $0 interest. A negative number is a net cost.

• Profile A: $2,000 balance, pay not direct deposited, under $1,000 a month in deposits.
• Profile B: $2,000 balance, pay of $2,000 or more direct deposited each month.
• Profile C: $5,000 balance, pay direct deposited.
• Profile D: $15,000 balance, pay direct deposited.

Reading the table. In Profile A, Manulife comes out ahead of EQ Bank ($2,000 x 1.50% = $30.00 against $2,000 x 1.00% = $20.00) because EQ’s bonus needs your pay. KOHO Essential loses $44.00 ($40.00 interest minus $84.00 in fees) because the profile misses its deposit rule. Once pay is direct deposited (Profiles B to D), EQ Bank leads at every balance: $15,000 x 2.75% = $412.50.

Where the big banks break even. The unlimited packages only reach $0 once the balance clears the waiver line, which happens in Profiles C and D. Even then they earn nothing, so at $15,000 the gap to EQ Bank is the full $412.50 a year.

What the table does not include. ATM fees, extra-transaction fees and overdraft charges depend on your habits, and several banks do not publish them. The chequing cost calculator lets you add your own ATM and transaction counts.

4. High Interest Chequing: Who Pays What

Most chequing accounts pay nothing. TD posts 0.000% on both its chequing accounts, and Scotiabank states that no interest is paid on its two accounts in this list, and RBC states the same for Signature No Limit. BMO, CIBC, National Bank and RBC (for Day to Day Banking) did not publish a chequing rate. The accounts that pay real interest are all online banks or fintechs.

Paid plans need a large balance to pay off. KOHO Everything pays 1.5 percentage points more than Essential. Billed annually at $177 a year ($14.75 x 12), it only beats Essential once your balance passes $11,800 ($177 / 0.015). Billed monthly at $264 a year, the break-even is $17,600. KOHO Extra adds 0.5 points for $144 a year billed annually, so it needs $28,800 to break even. That is why our score uses the rate you get without a paid plan.

Rates move. The Bank of Canada policy rate has been 2.25% since October 30, 2025, with the next announcements on October 28 and December 9, 2026. Chequing rates follow over time: Wealthsimple cut its standard chequing rate from 1.50% to 1.25% on November 3, 2025. A high rate today is not a promise.

Interest is taxable. Interest earned outside a registered account is income in the year it is earned and is taxed at your full marginal rate. If you hold a large cash balance for months, a high-interest savings account, a GIC or cash in a TFSA may suit that money better than chequing. Our GIC vs high-interest savings comparison explains when locking money in pays off.

5. Interac e-Transfers and Transaction Limits

Unlimited is now common. EQ Bank, Simplii, Tangerine and PC Money publish unlimited everyday transactions, and every big-bank unlimited package does too. Wealthsimple, KOHO and Neo do not state a transaction limit. The limits that remain sit on the low-fee big-bank accounts.

What overage costs. At 25 transactions a month, TD Minimum charges 13 extra x $1.25 = $16.25 that month on top of its $3.95 fee, and CIBC Everyday charges 7 x $1.25 = $8.75 on top of $4.00. If you regularly go over, an unlimited account is cheaper.

Daily e-Transfer limits. Wealthsimple allows up to $50,000 a day for eligible clients. KOHO caps outbound e-Transfers at $5,000 a day. If you pay large bills by e-Transfer, such as rent or a deposit, please check your limit before the due date rather than on it.

Fees that hide in the small print. PC Money charges $3.50 to cancel an e-Transfer you have sent. From January 1, 2027, Neo charges $1 per e-Transfer sent unless you hold a Neo membership. RBC’s two accounts charge $1 each after 999 e-Transfers in a month, which only matters for very heavy users.

6. ATM Access and Fees

Three models. Online banks with no ATM network either reimburse fees or charge for every withdrawal. Big banks give you their own network and charge elsewhere. A middle group joins a shared network such as THE EXCHANGE or the Global ATM Alliance.

Bank fee versus operator fee. A withdrawal at another bank’s machine can carry two charges: your own bank’s fee and the machine owner’s surcharge. EQ Bank and Wealthsimple reimburse the operator’s fee. TD Unlimited removes TD’s own fee in Canada, and RBC notes that other operators may add a convenience fee on its accounts.

Withdrawals outside Canada. TD charges $3 a withdrawal in the US and Mexico and $5 elsewhere on both TD Minimum and TD Unlimited, and Scotiabank’s Preferred Package charges $3.00 in the US and $5.00 elsewhere. Wealthsimple reimburses eligible operator fees worldwide, and CIBC’s Smart Account rebates them at Tiers 2 and 3, so check the fee outside Canada before you travel.

7. Welcome Offers and Their End Dates

Only offers with published conditions. The table lists welcome offers whose amount and conditions were published on the bank’s own pages on October 22, 2026, with the end date or a note that none was stated. TD, CIBC, BMO and RBC also advertise offers on some accounts, but their conditions did not display when we checked, so we leave them out rather than repeat a headline number.

The calendar matters. Simplii’s offer runs to January 31, 2027, but its 4-month direct-deposit condition means the deposits must start well before you expect the payment. An account opened after an offer’s end date does not qualify.

Conditions are the real price. Simplii’s $350 needs a $100+ direct deposit for 4 straight months, and Neo’s $100 needs $1,000 of spending in the first 3 months.

Bonuses are not part of the score. An offer lasts a few weeks; the fee and rate last for years. We list offers so you can time an account opening, but we rank on the ongoing terms. EQ Bank stated no welcome offer, and we found no chequing offer with published terms at Wealthsimple or PC Financial.

8. Online Banks vs Big Banks vs Fintechs

Three kinds of chequing account. The 20 accounts fall into three groups, and the group tells you most of what to expect before you read the fine print.

Best bank account Canada choices by group

Online banks. These are CDIC members or trade names of members. They charge no monthly fee and run without branches. EQ Bank and Manulife Bank publish real rates; Simplii, Tangerine and PC Financial did not publish chequing rates when we checked. Simplii is a trade name of CIBC and uses CIBC’s ATMs, and Tangerine clients use Scotiabank’s ABMs at no fee, which is why their ATM networks are large.

Fintechs. Wealthsimple, KOHO and Neo are not CDIC members. Wealthsimple and KOHO place your money in trust at member institutions, and Neo says its funds are eligible through a member it does not name, so CDIC coverage can still apply, but under rules each company sets out. Rates are often higher and fees lower, and you depend on an app for everything.

Big banks. The six largest banks give you branches, cheques, a large ATM network and the rest of a full banking relationship. You pay for it with a monthly fee or by keeping $4,000 to $4,500 idle, and none of them published a positive chequing rate. For a full list of bank and platform reviews, see our reviews hub, and for the wider picture see bank accounts in Canada compared.

9. Deposit Protection: CDIC Members and Trust Coverage

The basic rule. The Canada Deposit Insurance Corporation insures eligible deposits up to $100,000, including principal and interest, per insured category at each member institution. Categories are separate: deposits in one name, joint deposits, deposits in trust, and deposits inside an RRSP, RRIF, TFSA, RESP, RDSP or FHSA are each insured up to $100,000. CDIC covers deposits in Canadian or foreign currency, GICs and term deposits. It does not cover mutual funds, stocks, bonds, ETFs or crypto.

Members in their own right. Equitable Bank (EQ Bank), Manulife Bank of Canada, Tangerine Bank, President’s Choice Bank and all six big banks are CDIC members. Simplii Financial is a trade name of CIBC, so Simplii deposits fall under CIBC’s membership. If you hold both a CIBC account and a Simplii account in your own name, they share one $100,000 limit in that category.

Trust coverage at fintechs. Wealthsimple is not a CDIC member. It places chequing cash in trust at partner member institutions, which gives up to $1,000,000 combined coverage ($100,000 per beneficiary per member institution). It does not disclose the partner names for contractual reasons. KOHO places up to $100,000 at unnamed member institutions, but only after you opt in to earn interest. Neo says its chequing funds are eligible for CDIC insurance up to $100,000 through a member it does not name.

Watch for overlap. Because trust partners are not named, you cannot tell whether your own deposits at a bank overlap with a fintech’s trust deposits at the same bank. If your total cash in one name approaches $100,000 at any one institution, spreading it across unrelated banks keeps each piece inside a separate limit.

The deposit insurance calculator below adds up your balances by CDIC category and shows how much is covered.

Credit unions are different. Provincially regulated credit unions are covered by their province’s deposit insurance plan, not CDIC. None of the 20 accounts here is a credit union account, but several savings accounts on our savings hub are. For a closer look at one fintech’s protection, read is Wealthsimple safe.

10. Cheques, Overdrafts and NSF Fees

Cheques are no longer a given. EQ Bank accepts mobile cheque deposits but does not let you write cheques. Neo lists mobile deposit as coming but not yet available. Wealthsimple offers mobile deposit (about 6 business days to process) and a chequebook at no charge once your pay is direct deposited. Manulife Bank gives you personal and official cheques with no charge to write them. Tangerine gives you a first book of 50 cheques at no charge, then $50 a book. If you still pay a landlord or contractor by cheque, these differences matter.

Cards. Wealthsimple’s Visa Platinum Prepaid card has no fee, but it does not work in Costco Canada warehouses, which accept Mastercard only. KOHO is also a prepaid spending account rather than a bank account. If you also hold US dollars, our guide to USD savings accounts compares US dollar savings rates, and the Wealthsimple USD account review covers Wealthsimple’s USD products and their fees.

Overdraft is borrowing. Simplii charges $4.97 in any month you use its overdraft service plus 19% interest; $200 overdrawn for 10 days costs $1.04 in interest ($200 x 19% x 10 / 365) plus the $4.97 fee, or $6.01. Wealthsimple charges no fee and interest from 3.95%, so the same $200 for 10 days at 3.95% costs $0.22.

11. How to Choose the Best Chequing Account in Canada

Start with your balance, not the bonus. The right chequing account Canada-wide depends on three numbers you already know: your usual balance, whether your pay can be direct deposited, and how often you take out cash. Work through these steps in order.

1. Find your lowest daily balance. Look at the last three statements. If it never fell below $4,000, a big-bank package can be $0; if it did, those packages will charge you in those months.
2. Check where your pay goes. EQ Bank pays 2.75% instead of 1.00% with pay direct deposit, Wealthsimple Core adds 0.50% with $2,000 in 30 days, and KOHO Essential is $0 only with direct deposit or $1,000 a month in deposits.
3. Count your transactions. More than 12 a month rules out TD Minimum, BMO Practical and the RBC Day to Day debit limit; more than 18 rules out CIBC Everyday, Scotiabank Basic and The Minimalist.
4. Map your cash habits. If you use ATMs often, choose reimbursement (EQ Bank in Canada, Wealthsimple worldwide) or a network near you.
5. List what you cannot give up. Cheque writing, a branch, or ATM fees reimbursed outside Canada narrows the list fast.
6. Check protection. Decide whether you want a CDIC member in its own right or are comfortable with trust coverage.
7. Only then look at offers. Use a welcome offer to choose between two accounts that already fit, and note the end date.

Keep two accounts if it helps. Many people keep a big-bank account for cheques and branch needs and an online account for pay and interest. If you do, keep the big-bank account on its lowest-fee plan.

12. How to Switch Your Chequing Account

Open before you close. Open the new account first and confirm you can log in, deposit and send an e-Transfer. Keep the old account open until every payment has moved.

Move your pay. Give your employer the new account’s institution, transit and account numbers, usually through a direct deposit form from the new bank. Your pay may land in the old account for one more cycle. Federal benefits paid by direct deposit need to be updated with the government separately.

Move pre-authorized payments. List every automatic debit from the last two statements: rent, insurance, phone, utilities, gym and loan payments. Update each one with the payee and confirm the change took effect before you close the old account.

Watch the fee month. If the old account has a balance waiver, moving your money out early can trigger a full monthly fee. Move the last of the balance right after the final payment clears, and close the account early in the month.

Time welcome offers. If you are chasing an offer, open the account before the deadline and start the qualifying direct deposits straight away. Simplii’s offer, for example, needs 4 straight months of direct deposit.

Investment accounts are separate. Moving a TFSA or RRSP between institutions uses a transfer form, not a withdrawal. See how to transfer an investment account before you move registered money.

13. Common Chequing Account Mistakes

Paying a package fee by accident. One day below $4,000 at BMO, CIBC or Scotiabank costs the full month. Three such months at $16.95 add up to $50.85.

Leaving pay in a 0% account. A $5,000 balance earns $137.50 a year at 2.75% and nothing at TD’s 0.000%.

Assuming “no fee” means no charges. No-fee accounts still charge for some things: Tangerine and PC Money charge $1.50 at other ATMs in Canada, PC Money charges $3.50 to cancel an e-Transfer, and Neo’s new fees start January 1, 2027.

Missing the conditions on a rate. EQ Bank’s 2.75% needs your pay. Wealthsimple’s extra 0.50% needs $2,000 in direct deposits within 30 days. KOHO’s 2% needs you to opt in.

Ignoring the protection structure. Fintech trust coverage is real but has its own rules, such as KOHO’s opt-in. Keep amounts above $100,000 at one institution in mind.

Closing the old account too soon. A bounced pre-authorized payment can bring a non-sufficient-funds charge ($10 at TD, Scotiabank and PC Money) and the payee may add its own charge.

What You Need and What You Get

10 Strategies to Pay Less and Earn More on Chequing

Illustrative Example: Moving a $6,000 Balance

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

Read Sharad’s profile and verify his credentials

Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

Read Neha’s profile and verify her credentials