Best No-Fee Banking Options in Canada

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When it comes to banking, Canadians have more options than ever. Why then are so many of us still paying bank fees?

Many of us choose our financial institutions based on whatever bank our parents signed us up for as children, and then we never switch.

You shouldn’t have to pay fees on your day-to-day banking

Yep, I said that. I mean it, too. It should cost you $0 to pay your bills and manage your money every day.

If you think no-fee chequing sounds too good to be true, you have no idea how many choices you actually have! Not only is it easy to find a no-fee chequing account, but you can also get one that actually pays you interest on your balance, too.

Tangerine was first to the scene to offer this years ago, but since then many competitors have entered the market. You can no sign up for no-fee chequing with additional perks from a few different banks and credit unions. Check them out below!

The Best No Fee Banking in Canada

Interest RateInterace eTransfersDebit TransactionsMinimum Balance
Tangerine0.01%free, unlimitedUnlimited Visa Debit$0
KOHO1.2%free, unlimitedUnlimited Visa Debit, up to 2% cash back on purchases$0
EQ Bank1.25%free, unlimitedNo debit card$0
PC Financialfree, unlimitedUnlimited, plus 10 to 25 PC points per $1 spent$0
Simplii Financial0%free, unlimitedUnlimited$0
Neo Financial1.3%free, unlimitedUnlimited$0

Here’s an overview of the accounts so you can choose the best one for you!

Tangerine Chequing Account

Tangerine has been my primary bank for over a decade.

While not as big as “The Big 5”, they’re big enough to offer a suite of financial products including chequing accounts, savings accounts, investment accounts, credit cards, and mortgages. They offer unregistered accounts as well as TFSA, RRSP, RESP, and more.

If you’re looking for a full-service banking option, Tangerine is probably your best bet.

READ MORE: Tangerine Bank Review – The Best Online Bank

Simplii Financial

Simplii Financial used to be President’s Choice Financial. So while they seem to be new on the scene, they have a longer history than you might think.

Simplii offers 0.05% interest all the way up 0.50% interest depending on the balance you keep in your chequing account. With no fees, no minimums, and unlimited Interac eTransfers, they’re one of the strongest contenders on the list.

EQ Bank Savings Plus Account

I opened my first account with EQ Bank 4 years ago, and I’m still sad I waited so long! They’re my favorite high-interest account for regular banking and short-term savings.

However, EQ Bank might not be a fit for everyone. The EQ Bank Savings Plus Account is a savings account that functions like a chequing account. While you can set up direct deposit, bill transfers, and send Unlimited InteracĀ® eTransfers, you won’t get a debit card to use for day-to-day purchases.

I would still argue the limitations are worth the super high interest rate the EQ Bank Savings Plus Account offers on your money, but it will take some planning to work with. I primarily use my EQ Bank Savings Plus Account for things like rent and regular bill payments. It’s also where I store my Emergency Fund. However, for everything else, I have to use another financial tool.


Because the EQ Bank Savings Plus Account doesn’t have a debit card, I use KOHO for all my day-to-day transactions. KOHO functions like a prepaid Visa and budgeting app, but also offers you cash back on all your purchases.

KOHO Review

I use KOHO for all my day-to-day spending, as well as to save for short-term goals. I love the flexibility of having a card that works like a Visa but never lets me spend more than I have like debit.

Motusbank No-Fee Chequing Account

Motusbank is actually a digital bank owned by Meridian Credit Union. They offer no-fee, unlimited banking which includes unlimited bill payments, debit purchases, and Interac eTransfers. You’ll also earn 0.50% interest on every dollar in your account.

Neo Financial

Neo Financial is a great, no-fee banking option for Canadians. While new to the FinTech scene, Neo already boasts competitive features compared to other no-fee banking options.

With Neo, you get a high interest savings account and an interest rate of 1.3%. Your account linked up with to a Master Card that you can use to spend and earn cash back on every purchase. So, with Neo, you can spend, save, and even do the essentials such as paying bills all in one spot.

Neo aims to simplify spending and saving and rewards its users for doing just that with competitive cash back rates and a user-friendly, digital space to suit all your banking needs.

… But you don’t have to pick just one

I’m personally using 3 of the 5 no-fee banking options listed above. Sometimes it takes more than one financial institution to get the right blend of flexibility and utility to meet your financial goals.

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1 Comment. Leave new

  • Scott Kwasnecha
    October 25, 2019 9:57 am

    Manulife Bank has some great accounts too! They have an everyday bank account that waives fees if you save $100 per month and they have an all in one chequing and savings account that pays 1.20% and changes $0 fees if you leave $1,000 in it.


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