Not all chequing accounts are free. Some require a monthly fee in order to qualify for the account. These charges can often be waived if you maintain a certain balance in your account.
Also, some accounts provide only a specified number of free debit card transactions per month, and once this number is exceeded, additional costs may be incurred.
ATM fees are the costs you pay when withdrawing funds from an ATM. In general, withdrawals are free if your chequing account is with the financial institution that owns the ATM. However, there are fees incurred when using other companies’ ATMs in Canada. These fees are higher if the withdrawal is made in the United States, which are sometimes the same or lower than internationally.
In the comparator tool and for some chequing accounts described in this article, the accounts are free provided you maintain a minimum account balance. As you will see, some chequing accounts even go as far as removing transaction fees under certain conditions.
Learn more about how to choose a chequing account
CWB Canadian Western Bank Peak Performance account
The Canadian Western Bank is part of the CWB Financial Group, which has been in existence since 1984. This bank began in Edmonton, Alberta until it spread throughout western Canada. It is federally-regulated and its head office is located in Alberta. It offers several financial and wealth management services.
Fees
The Peak Performance Account offers free Interac e-Transfers and 2 free debit transactions. After these two transactions, a transaction fee of $1.25 is added. On the other hand, the transaction fees disappear if a balance of $10,000 is maintained in the account. There are no monthly fees, and it costs $3 to use an ATM anywhere in the world.
Provinces
Alberta, British Columbia, Saskatchewan, Ontario
Steinbach Credit Union Standard Pack Chequing
Steinbach Credit Union (SCU) is Manitoba's largest credit union. It is also the 7th largest credit union in Canada. Created in 1941, it provides several services such as chequing accounts, savings accounts, credit cards, loans, insurance and mortgages. These services are available in Manitoba only.
Fees
The has no monthly fee. One free transaction is offered per month. The remaining transactions and Interac e-Transfers cost $0.55 each. ATM fees across Canada are $0.55 and $3.50 in other countries.
Province
Manitoba
Alterna Bank No-Fee eChequing Account
Alterna Bank has been operating as a bank since 2017 and offers its services online, by phone or by app, with only two branches in Gatineau, Quebec. It is a subsidiary of Alterna Savings, which is one of the largest funds in Ontario. Alterna Bank has a reputation for offering high interest rate savings accounts and mortgages, and it also offers a chequing account, which is presented below.
Fees
The No-fee eChequing account, as its name suggests, has no fees, either for transactions or for monthly or annual fees. It includes an unlimited number of free transactions per month and free Interac e-Transfers.
Provinces
All provinces
Valley First Simply Free Account
Valley First Credit Union is a division of First West Credit Union. Its headquarters are in Penticton, British Columbia. It was founded in 1947 and offers several services such as chequing accounts, savings accounts and credit cards. It also offers loans and insurance. These services are only available in British Columbia.
Fees
The Simply Free Account includes an unlimited number of transactions per month, free Interac e-Transfers and no monthly fees. ATM fees are $2 in Canada, $3 in the United States, and $5 internationally.
Province
British Columbia
Coast Capital Savings Federal Credit Union Free Chequing, Free Debit, and More account
The Coast Capital Savings Federal Credit Union was founded in 1940 and is the largest credit union with 535,000 members. Its branches are located only in British Columbia. It offers chequing accounts, savings accounts, loans, mortgages, guaranteed investment certificates and registered accounts.
Fees
The Free Chequing, Free Debit, and More Account include an unlimited number of transactions per month and no monthly fees. When sending an Interac e-Transfer, a $1.50 fee is added. However, there is no charge when receiving an Interac e-Transfer. There is a $2.50 fee when withdrawing from an ATM other than that of your bank. This fee is $5 when withdrawing from an ATM in the United States or in another country.
Province
British Columbia
motusbank No-Fee Chequing Account
Mostusbank is part of the Meridian Credit Union. This bank was established in 2019 and is 100% online, which means that there are no branches. It offers guaranteed investment capital and fairly large savings accounts. It also offers a chequing account with an interest rate of 0.25%.
Fees
The No-Fee Chequing Account has no monthly fees, offers unlimited transactions without fees and free Interac e-Transfers. The fees for ATMs are $2 in Canada, $3 in the United States and $5 in other countries.
Provinces
All provinces
Meridian Credit Union Limitless Chequing Account (18-29)
Founded in 2005, the Meridian Credit Union is the 3rd largest credit union in Canada and the largest one in Ontario with 360,000 members. It offers chequing accounts, savings accounts, mortgages, loans and insurance. This chequing account, as its name suggests, is only available to people aged 18 to 29.
Fees
The Limitless chequing account is free of charge and offers unlimited transactions. The fees for Interac e-Transfers are $1.50, but the first 4 transfers each month are free. ATM fees are $2 in Canada and $3 outside of Canada.
Provinces
Alberta, British Columbia, Prince Edward Island, Manitoba, New Brunswick, Nova Scotia, Ontario, Saskatchewan, Newfoundland and Labrador, Northwest Territories, Yukon.
Tangerine No-Fee Daily Chequing Account
Tangerine Bank is known to have no branches and has existed since April 27, 1997 under the name ING DIRECT Canada, which was purchased by Scotiabank in November 2012. This online bank offers several financial services such as chequing accounts, savings accounts, credit cards, guaranteed investment certificates, investment funds and mortgages.
Fees
The free chequing account has no monthly fees and includes an unlimited number of debit transactions and free Interac e-Transfers. The ATM fees are $1.50 in Canada, $2 in the United States and $3 internationally. When you keep your money in this account, you earn an interest rate of up to 0.15%.
Province
All provinces
President's Choice Bank PC Money Account
President's Choice Bank has been offering banking services since 1998. With the PC Money Account, you can earn points, and once you’ve earned 10,000 points you can redeem them for $10 worth of products or groceries. You earn 25 points per dollar spent at Shoppers Drug Mart stores or online, and 10 points for every dollar of purchases anywhere else. By opening this account, you can benefit from a welcome offer of up to 50,000 points.
Fees
You get an unlimited number of free transactions, pay no monthly fees and your Interac e-Transfers are free. ATM fees are $1.50 in Canada and $3 anywhere else in the world.
Province
All provinces
Laurentian Bank of Canada The Operations Account
Laurentian Bank was founded in 1846 and is one of the few banks with its head office located in Montreal. Most of its branches are located in the province of Quebec, but it does provide banking services all over Canada. It offers chequing accounts, savings accounts, credit cards and personal loans.
Fees
The Operations Account has no monthly fees for transactions and Interac e-Transfers cost $1 each, but if you maintain a balance of $ ,000 or more in your account, those fees are waived. ATM withdrawals in Canada costs $1.50 and are $4 in other countries.
Province
All provinces
This article was compiled by Hardbacon, which has designed a chequing account comparator tool listing fifty Canadian savings accounts Hardbacon also helps you save on credit card, saving accounts, online brokers, robo-advisors, life insurance, mortgages and personal loans. If you want to go one step further and take control of your finances, you should download Hardbacon’s mobile app, which links to your bank and investing accounts, helps you plan for your financial goals, create a budget and invest better.
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About The Author: Antony Youssef
Antony is a project manager at Harbacon. A future graduate of the DESS - Business Analyst - Information Technology program at HEC in Montreal. He helped initiate and develop the Hardbacon comparison tool with the IT team. Passionate about the economy and the financial well-being of others, his goal is to inform readers on different topics concerning finance through his articles.
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