Chequing accounts at Canadian big banks (RBC, TD, CIBC, BMO, Scotia) usually have monthly fees or require a high minimum balance to waive the monthly fees. Canada residents do have no-fee and no minimum balance options when it comes to chequing accounts.

1. Online Banks

As the name suggests, online banks have no physical branch and no branch service. Their entire operations and supports are online.

Simplii Financial

Simplii Financial, a subsidiary of CIBC, offers No-Fee Chequing Account:

• No monthly fees and no minimum balance
• Free unlimited transactions
• Free Interac e-Transfers
• Interac/Mastercard debit card with free access to CIBC ATMs in Canada
• Free cheque books
• Bank Draft or Money Order costs $7.50 and can be mailed to you or picked up at CIBC branch
• External account link requires mailing void cheque
• International money transfer functionality

If you sign up for Simplii Financial No-Fee Chequing Account using my referral link, you will get $50. This is in addition to $400 welcome bonus  from Simplii when you open a No-Fee Chequing Account and complete required activities specified in terms and conditions.

Tangerine

Tangerine is a subsidiary of Scotia Bank, and its No-Fee Chequing Account features:

• No monthly fees and no minimum balance
• Free unlimited transactions
• Free Interac e-Transfers
• Interac/Visa debit card with free access to Scotia ATMs in Canada
• Free first cheque book
• External account link can be done online (up to 3 linked accounts)
• No International money transfer functionality

For a limited time,  earn up to $400 when you open Tangerine No-Fee Chequing Account and Saving Account using the promo code EARNMORE and complete required activities specified in terms and conditions.

Motive Financial

Motive Cha-Ching Chequing Account offers:

• No monthly fees and no minimum balance
• Free unlimited transactions
• Free Interac e-Transfers
• Interac debit card with free access to any Exchange ATMs in Canada
• Free first cheque book
• External account link can be done online
• No International money transfer functionality

EQ Bank

EQ Bank, a subsidiary of Equitable Bank, offers Saving Plus Account that acts as both chequing and saving account. It features:

• No monthly fees and no minimum balance
• High interest rate
• Free unlimited transactions
• Free Interac e-Transfers
• Prepaid Mastercard that has no FX and ATM fees (EQ Bank reimburses any fees charged by Canadian ATM providers within 10 business days). Note: Prepaid Mastercard cannot be used at POS that only accepts Interac debit card.
• 0.5% cash back on purchase
• No cheque facility
• External account link can be done online (up to 10 linked accounts)
• International money transfer functionality with good FX rate through Wise partnership

If you sign up for EQ Bank Saving Plus Account using my referral link and deposit at least $100, we will both get $20 bonus.

WealthSimple

WealthSimple Cash Account is very similar to EQ Bank’s Saving Plus Account. It sometimes offer higher interest rate compared to EQ Bank’s Saving Plus Account, but it lacks ATM rebate and International money transfer functionality.

• No monthly fees and no minimum balance
• High interest rate
• Free unlimited transactions
• Free Interac e-Transfers
• Prepaid Mastercard that has no FX. Note: Prepaid Mastercard cannot be used at POS that only accepts Interac debit card.
• 1% cash back on purchase
• No cheque facility
• External account link can be done online
• No International money transfer functionality

2. Credit Unions

If you do need branch services, consider Credit Unions. Many Credit Unions offer free chequing account with no monthly fees, no minimum balance, and has branch services in the provinces they operate in. Most credit unions provide debit card with free access to Exchange ATM Network.

Coast Capital – BC

Coast Capital is a federal credit union headquartered in BC. It offers free chequing account to BC residents:

• No monthly fees and no minimum balance
• Free unlimited transactions
• Sending Interac e-Transfers costs $1.50 per transaction
• Interac debit card with free access to any Exchange ATMs in Canada
• No External account link

FirstOntario Credit Union – ON

FirstOntario Credit Union has Everyday Convenience Account to ON residents:

• No monthly fees and no minimum balance
• Free unlimited transactions
• 2 Free Interac e-Transfers per month. After that, it costs $1.50 per transaction
• Interac debit card with free access to any Exchange ATMs in Canada
• No External account link

Innovation Credit Union – SK

Innovation is a federal credit union headquartered in SK. It offers No-fee chequing account to any Canada residents except in QC, but it only has branches in SK:

• No monthly fees and no minimum balance
• Free unlimited transactions
• Free Interac e-Transfers
• Interac debit card with free access to any Exchange ATMs in Canada
• No External account link

Conclusion

No-fee chequing account can help you save money on banking fees. Depending on your banking needs, you can have multiple chequing accounts. For example:

• EQ Bank for day to day transactions as its Saving Plus Account earns high interest, offers ATM fee rebates in Canada and has cost effective international transfer
• Simplii for Bank Draft/Money Order, and free cheque books

Most banks and credit unions frequently have welcome and referral bonus for new customers, so do check for those bonuses before signing up for a new chequing account.