Best No-Fee Chequing Accounts in Canada for 2026

No Fee Chequing Account Rankings at a Glance

These are the eight accounts with a $0 monthly fee, in score order. Scores come from the same rubric we use for all 20 chequing accounts in our best chequing accounts ranking, so a 4.0 here means the same as a 4.0 there. The last column names the one condition or charge most likely to cost you.

The calculator below adds up a year of fees and interest at each account from your own balance, transaction count, ATM use and direct-deposit status, so you can see which $0 account actually costs you least.

Master Comparison Table: 8 No-Fee Chequing Accounts

Search or sort the table to compare the eight accounts on every feature that can cost or earn you money. All figures are from each provider’s published pricing on October 22, 2026; “not published” means the figure was not shown where we checked.

The 8 Best No-Fee Chequing Accounts Ranked

Each card sets out what is genuinely $0, what can still cost you, and who the account suits. EQ Bank and Wealthsimple have full WealthScale reviews, linked from their cards; the other six do not yet.

1. How We Ranked No-Fee Chequing Accounts

Same rubric, smaller field. We score every chequing account on five factors and weight them the same way each time: fees 35%, interest 20%, transactions 15%, ATM access 15%, and protection and features 15%. This page keeps only the accounts whose monthly fee is $0, and keeps them in the same order they hold in the full ranking. The scoring rules are set out in our rating methodology, and no provider pays for a place; see how WealthScale makes money.

Why KOHO Essential is here. Its list price is $7 a month, but it costs $0 when you set up direct deposit or deposit $1,000 each month, with no balance rule. Our fee factor scores that at 4.5, the same as Manulife’s “no fee above $1,000” structure, because in both cases a condition stands between you and $0.

Why three accounts score zero on interest. Simplii, Tangerine and PC Money did not display a current chequing rate on their own pages when we checked: Simplii’s and Tangerine’s rate tables showed placeholders, and PC Financial’s pages showed no rate. Our rubric scores an unpublished rate as zero rather than guess. If they publish a rate, they will move up at the next update.

Ties. Manulife (4.025) and KOHO (3.950) both round to 4.0, and Manulife sits higher on the unrounded score. Simplii and Tangerine have identical sub-scores (3.850); Simplii is listed first in our published tie order. Our sourcing and dating rules are in our editorial standards.

2. What “No Monthly Fee” Covers and What It Does Not

The promise is narrow. A no fee chequing account removes the monthly account charge. It does not promise that nothing else costs money. Every account in this list publishes at least one charge, a condition or a coming change that can turn $0 into a cost.

Three kinds of “no fee”. First, no fee with no strings: EQ Bank, Wealthsimple, Simplii, Tangerine and PC Money charge nothing monthly whatever your balance. Second, no fee with a condition: Manulife needs $1,000 in the account to avoid per-transaction charges, and KOHO Essential needs direct deposit or $1,000 a month in deposits. Third, no fee for now: Neo’s account fee is $0, but three new charges start on January 1, 2027 for clients without a membership.

What sits outside the monthly fee. Charges you can still meet include ATM withdrawals outside a bank’s network, the machine owner’s surcharge, cancelling an e-Transfer, non-sufficient-funds charges, overdraft interest, extra cheque books and outgoing wires. Section 3 lists each one by account.

The hidden cost of a 0% rate. A $0 account that pays nothing on your balance still costs you the interest you could have earned. On $3,000, the gap between no published rate and EQ Bank’s 2.75% with direct deposit is $82.50 a year.

Big-bank accounts that are $0 for some people. Several big-bank accounts are $0 only for certain groups, which is why they are not ranked here. National Bank The Minimalist is $0 for ages 0 to 24. Scotiabank’s Basic Bank Account is $0 for seniors and is waived for Indigenous Peoples, RDSP beneficiaries, Disability Tax Credit recipients and social assistance recipients. TD waives its Minimum Chequing Account for certain groups, including GIS recipients and newcomers in their first year. If you qualify, these can give you a branch and cheques at $0.

3. Charges That Can Still Cost You Money

Every remaining charge we found. The table lists every published charge on the eight accounts, beyond the $0 monthly fee. “Not published” means the bank did not state the charge where we checked; it does not mean the charge is zero.

What these charges add up to. Each figure below uses the published charge and a stated pattern of use.

• Tangerine or PC Money, two out-of-network withdrawals a month: 2 x $1.50 x 12 = $36.00 a year.
• Manulife, one month below $1,000 with 15 debit purchases, 3 bill payments, 4 e-Transfers and 2 ATM withdrawals in Canada: $15.00 + $3.00 + $4.00 + $3.00 = $25.00 for that month.
• KOHO Essential without a qualifying deposit: $7 x 12 = $84.00 a year.
• Neo in 2027 without a membership, 4 e-Transfers and 2 withdrawals a month: ($4.00 + $3.00) x 12 = $84.00 a year, or $0 with the no-fee Essentials membership.
• Simplii overdraft, $200 for 10 days: $4.97 + ($200 x 19% x 10 / 365 = $1.04) = $6.01.
• PC Money, one cancelled e-Transfer and one returned payment in a year: $3.50 + $10.00 = $13.50.

The pattern. On these accounts, the charges that remain come from cash, mistakes and minimum balances. If you rarely use cash and keep a small buffer, most of them never apply.

4. Free Chequing Account Canada: Which Ones Pay Interest

Five of eight publish a rate. EQ Bank, Wealthsimple, Manulife, KOHO and Neo publish chequing rates. Simplii, Tangerine and PC Money did not show one when we checked. A free chequing account in Canada, meaning no monthly fee (the charges in section 3 can still apply), can do real work on a pay-day balance when it also pays interest.

Conditions decide the rate. EQ Bank’s 2.75% is a 1.00% base plus a 1.75% bonus that needs your pay. Wealthsimple’s extra 0.50% needs $2,000 or more in direct deposits within 30 days, and its Premium and Generation rates need $100,000 and $500,000 in Wealthsimple assets. KOHO’s 2% needs you to opt in to interest, which is also what makes your money eligible for CDIC protection.

How and when interest is paid. Wealthsimple calculates interest daily and pays it monthly. Rates can change: Wealthsimple cut its standard rate from 1.50% to 1.25% on November 3, 2025.

Tax still applies. Interest outside a registered account is taxable income in the year earned, while interest inside a TFSA is not taxed. For money you will not spend this month, a high-interest savings account may pay more, and our compound interest calculator shows how the gap grows.

5. No Monthly Fee Bank Account vs a Big-Bank Package

The trade-off. A big-bank unlimited package gives you branches, cheques and a wide ATM network, and charges $15.95 to $17.95 a month; most waive that fee only if you keep a large balance. A no monthly fee bank account gives up branches but charges nothing and often pays interest.

What the waiver balance could earn instead. Keeping $4,000 idle to avoid a package fee earns nothing at these banks: TD posts 0.000%, Scotiabank and RBC pay no interest, and BMO, CIBC and National Bank publish no rate. The same $4,000 in a no-fee account earns $110.00 a year at EQ Bank with direct deposit (2.75%), $80.00 at KOHO Essential (2%), $70.00 at Wealthsimple Core with direct deposit (1.75%) or $60.00 at Manulife (1.50%).

When a package can still make sense. If your balance sits well above the waiver line every day and you use a branch, cheques or a bank’s credit products often, the package costs you nothing in fees. The cost is the interest that balance is not earning. Our full chequing ranking scores all six packages, and our bank and platform reviews cover individual providers in more depth.

A middle path. Keep a no-fee account for pay, bills and interest, and drop the big-bank account to its lowest-fee plan ($3.95 or $4.00 a month) for cheques and branch visits. That costs $47.40 or $48.00 a year rather than up to $215.40.

6. e-Transfers and Everyday Transactions on $0 Accounts

Unlimited is the norm. EQ Bank publishes unlimited transactions. Simplii publishes unlimited debit purchases, bill payments and withdrawals; Tangerine, unlimited debit purchases, bill payments and pre-authorized payments; PC Money, unlimited everyday transactions. Wealthsimple, KOHO and Neo state no transaction limit.

The exception is Manulife. Manulife’s transactions are unlimited only while the balance is $1,000 or more. Below that, each debit purchase, bill payment and e-Transfer sent costs $1.00. Deposits never cost anything. If your balance swings close to zero before payday, a low-balance alert set a little above the line, such as $1,200, can protect you.

e-Transfer limits and charges. Wealthsimple allows up to $50,000 a day for eligible clients, the highest published limit here. KOHO caps outbound e-Transfers at $5,000 a day. PC Money charges $3.50 to cancel a transfer you have sent, so please double-check the recipient’s email or phone number before you press send. Neo adds $1 per e-Transfer sent from January 1, 2027 for clients without a membership.

Bill payments and pre-authorized debits. Simplii and Tangerine list bill payments among their unlimited transactions, and Tangerine names pre-authorized payments too. Wealthsimple offers bill pay without stating any fee or limit. When you move a pre-authorized debit to a new account, keep the old one funded until the first payment clears.

Paying by cheque. Only Manulife (personal and official cheques, no charge to write), Tangerine (first 50 at no charge) and Wealthsimple (chequebook with payroll direct deposit) publish cheque writing. EQ Bank offers mobile cheque deposit only, and Neo’s mobile deposit is not yet available.

7. Cash and ATMs Without Fees

Two ways to avoid ATM fees. Reimbursement pays back what the machine charges; a network lets you use certain machines at no charge. EQ Bank reimburses ATM fees anywhere in Canada. Wealthsimple reimburses eligible operator fees worldwide with no cap stated. Tangerine uses Scotiabank and the Global ATM Alliance; Simplii uses CIBC; PC Money uses PC Financial ATMs; Manulife uses THE EXCHANGE while you keep $1,000.

Travelling. Outside Canada, Tangerine charges $3 outside its partner networks, PC Money $3.00 and Manulife $3.00 below $1,000. KOHO Essential has no free international withdrawals. Wealthsimple reimburses eligible operator fees worldwide. If you also hold US dollars, compare USD savings accounts for the best US dollar rate.

Depositing cash. Online accounts have no branches, so cash can be awkward. Wealthsimple accepts cash deposits at 5,300+ Canada Post locations. We did not confirm a cash deposit method for the other online accounts, so please confirm one before you rely on cash income.

8. Welcome Offers on No-Fee Accounts

Three live offers with published terms. These were published on each provider’s pages on October 22, 2026.

No offer stated. EQ Bank stated no welcome offer. Wealthsimple has no chequing-specific offer with published terms; its current welcome offer covers savings interest and card cash back instead. KOHO has no cash bonus, only a 30-day free trial of its paid plans, with no end date stated. PC Financial did not publish an offer.

Do not let a bonus pick the account. A $350 bonus is welcome, but it is paid once. An account that suits your habits can save or earn more than that every few years.

9. Deposit Protection on No-Fee Accounts

Three structures. A no-fee account can be insured in three ways, and the difference matters most when your balance is large.

The CDIC rule in one line. CDIC insures eligible deposits, principal and interest together, up to $100,000 per insured category at each member institution. Deposits in one name, joint deposits, deposits in trust, and deposits inside an RRSP, RRIF, TFSA, RESP, RDSP or FHSA are separate categories. Deposits in Canadian or foreign currency, GICs and term deposits are covered; stocks, bonds, ETFs, mutual funds and crypto are not.

Trust coverage has fine print. Wealthsimple does not name its partner institutions, for contractual reasons, so you cannot check for overlap with deposits you already hold at a bank. KOHO’s coverage applies only after you opt in to earn interest. Neo does not name its member institution. None of this makes your money unsafe, but it is a different structure from a bank that is a CDIC member in its own right.

Simplii and CIBC share a limit. Because Simplii is a trade name of CIBC, a Simplii chequing balance and a CIBC chequing balance in the same name sit in the same $100,000 category. For the Wealthsimple structure in full, read is Wealthsimple safe, and for EQ Bank’s wider product range see our EQ Bank review.

10. Recent and Coming Changes to Watch

Neo’s 2027 fees. From January 1, 2027, Neo charges $1 per e-Transfer sent, $1.50 per cash withdrawal and $4.99 for non-sufficient funds, each waived with any Neo membership. Essentials has no membership fee, so joining it keeps these at $0. Build and Grow rose to $9.99 and $14.99 a month on October 1, 2026, and Neo Chequing replaced the Neo Everyday account, which is no longer offered.

Offer deadlines. Simplii’s $350 offer runs to January 31, 2027, and Tangerine’s $250 payroll offer ends April 30, 2027.

Rate changes. EQ Bank’s current rates took effect May 15, 2026. Wealthsimple cut its standard chequing rate from 1.50% to 1.25% on November 3, 2025, and the Wealthsimple direct-deposit boost is 0.50%. The Bank of Canada has held its policy rate at 2.25% since October 30, 2025, with announcements due October 28 and December 9, 2026; a change can flow through to chequing rates over time.

Motive Financial is gone. Motive’s chequing and savings accounts were migrated to National Bank in late fall 2025 and became National Bank’s The Total package, so Motive is no longer an option for a new no-fee account.

What we will update. If Simplii, Tangerine or PC Money publish a chequing rate, their interest score rises and the order may change. We recheck every figure on this page and date the change.

11. How to Choose a No Fee Chequing Account

Match the account to how you use money. The steps below put the factors in the order that usually decides the choice.

1. Decide where your pay will land. If you can direct deposit your pay, EQ Bank (2.75%), KOHO Essential ($0 plan fee) and Wealthsimple (an extra 0.50% at Core and Premium) all reward it.
2. Check your lowest balance. If you often drop below $1,000, Manulife’s per-transaction charges will apply; choose an account with no balance rule.
3. Count your cash withdrawals. Frequent cash users should favour reimbursement (EQ Bank in Canada, Wealthsimple worldwide) or a network near home.
4. Decide if you need cheques. Manulife, Tangerine and Wealthsimple publish cheque writing; EQ Bank does not.
5. Pick your protection structure. EQ Bank, Manulife, Tangerine and PC Money are CDIC members; Simplii falls under CIBC; Wealthsimple, KOHO and Neo use trust arrangements.
6. Look at the offer last. If two accounts fit equally well, a live offer can break the tie. Note the end date first.

A simple rule of thumb. Pay by direct deposit and little cash: EQ Bank. Use ATMs outside Canada: Wealthsimple. Need cheques and keep $1,000: Manulife. Want a no-strings $0 account with branch-bank ATMs: Simplii or Tangerine.

12. How to Switch to a No-Fee Account

Downgrade or close. You do not have to close your big-bank account to stop paying for it. Ask to move it to the lowest-fee plan, or to a $0 plan if you qualify by age or status, and keep it for cheques or a mortgage. If you no longer need it, close it after everything has moved.

Open and test first. Open the no-fee account, link your old account, and move a small amount both ways. Send yourself an e-Transfer and pay one small bill.

Move your pay and automatic payments. Give your employer the new direct deposit details. Then move each pre-authorized payment, one at a time, and confirm each one has come out of the new account before moving the next.

Mind the old account’s balance rule. If the old account is a package with a balance waiver, moving money out mid-month can trigger that month’s full fee. Move the bulk of the balance just after a statement date.

Time any welcome offer. Simplii’s $350 needs 4 straight months of direct deposit and Tangerine’s $250 needs your payroll moved, so point your pay at the new account from the first pay date.

Registered accounts move differently. A TFSA or RRSP should move by direct transfer between institutions, not by withdrawal. See how to transfer a TFSA, RRSP or investment account.

13. Mistakes to Avoid With No-Fee Accounts

Dropping below a balance rule. Manulife’s $1,000 line turns a $0 month into a $25.00 month for a typical pattern of use.

Forgetting KOHO’s deposit rule. A month without direct deposit or $1,000 in deposits costs $7.

Ignoring Neo’s January 1, 2027 change. Without a membership, ordinary e-Transfers and withdrawals start to cost money. The Essentials membership is free of charge and removes those fees.

Using any ATM out of habit. At Tangerine and PC Money, two out-of-network withdrawals a month cost $36.00 a year.

Keeping savings in a 0% account. Simplii, Tangerine and PC Money do not publish a chequing rate. A spare $10,000 earns $275.00 a year at EQ Bank with direct deposit.

Assuming every account takes cheques. EQ Bank does not offer cheque writing, and Neo’s mobile cheque deposit is not yet available.

What You Need and What You Get

10 Strategies to Keep a No-Fee Account at $0

Illustrative Example: Leaving a $17.95 Account

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)

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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

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