Comparing More than 250 Chequing Accounts in Canada
Compare Chequing Accounts
Use the table below to compare more than 250 chequing accounts from more than 20 banks and over 100 credit unions and fintechs across Canada based on their monthly fees, included transactions, account type, free ATM access, and Interac e-Transfer fees.
Showing 266 of 266 chequing accounts
| Daily Choice | $17.95 | Unlimited | Traditional | 1st Choice Savings ATMding free® ATMACCULINK® Network | Free | |
| Low Fee Chequing | $3.95 | 12 | Traditional | 1st Choice Savings ATMding free® ATMACCULINK® Network | Counts as a transaction | |
| No Fee Package | Free | 30 | Traditional | Accent ATMding free® ATM | Counts as a transaction | |
| The Master Plan | $25.00 | Unlimited | Traditional | Accent ATMding free® ATM | Free | |
| Basic+ Chequing | $8.00 | 30 | Traditional | Access ATMding free® ATMACCULINK® Network | Counts as a transaction | |
| Pay As You Go Chequing | Free | 0 | Traditional | Access ATMding free® ATMACCULINK® Network | Counts as a transaction | |
| Student Chequing | — | Unlimited | Traditional | Access ATMding free® ATMACCULINK® Network | Free | |
| Unlimited Chequing | $17.00 | Unlimited | Traditional | Access ATMding free® ATMACCULINK® Network | Free | |
| Pay-as-you-go Chequing | Free | 0 | Traditional | Affinity ATMding free® ATM | Counts as a transaction | |
| Unlimited Chequing | $13.00 | Unlimited | Traditional | Affinity ATMding free® ATM | Free | |
| Value Chequing | $4.00 | 12 | Traditional | Affinity ATMding free® ATM | Counts as a transaction | |
| Youth Chequing | — | Unlimited | Traditional | Affinity ATMding free® ATM | Free | |
| No-Fee eChequing Account | Free | Unlimited | Traditional | — | Free | |
| Basic | $4.00 | 20 | Traditional | Alterna ATMTHE EXCHANGE NetworkACCULINK® Network | Counts as a transaction | |
| Student Life | — | Unlimited | Traditional | Alterna ATMTHE EXCHANGE NetworkACCULINK® Network | Free | |
| Unlimited | $14.00 | Unlimited | Traditional | Alterna ATMTHE EXCHANGE NetworkACCULINK® Network | Free | |
| Value | $10.00 | 35 | Traditional | Alterna ATMTHE EXCHANGE NetworkACCULINK® Network | Counts as a transaction | |
| ACU Active | $9.00 | 40 | Traditional | Assiniboine ATMTHE EXCHANGE NetworkACCULINK® Network | Counts as a transaction | |
| ACU Digital | $11.00 | Unlimited | Traditional | Assiniboine ATMTHE EXCHANGE NetworkACCULINK® Network | Free | |
| ACU Essentials | $4.00 | 16 | Traditional | Assiniboine ATMTHE EXCHANGE NetworkACCULINK® Network | Counts as a transaction | |
| ACU Light | Free | 0 | Traditional | Assiniboine ATMTHE EXCHANGE NetworkACCULINK® Network | Counts as a transaction | |
| Basic Account | $3.95 | 15 | Traditional | ATB ABM | Counts as a transaction | |
| Unlimited Account | $15.95 | Unlimited | Traditional | ATB ABM | Free | |
| Your Chequing 20 | $5.00 | 20 | Traditional | AECU ATMTHE EXCHANGE Network | Counts as a transaction | |
| Your Chequing Unlimited | $27.00 | Unlimited | Traditional | AECU ATMTHE EXCHANGE Network | Free |
Displaying the first 25 rows
1st Choice Savings & Credit Union Ltd
Account: Daily Choice
- Monthly Fee
- $17.95
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Min. Balance for Fee Exemption
- $1,000
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
1st Choice Savings ATM; ding free® ATM; ACCULINK® Network
Transaction Note
E-Transfers are excluded from the transaction limit and is unlimited.
Visit 1st Choice Savings & Credit Union Ltd’s Account PageAbout This Account
An unlimited chequing account for members who bank frequently and want to send money without tracking transaction counts, featuring unlimited free Interac e-Transfers alongside unlimited debit transactions and unlimited free 1st Choice and other credit union ATM use. The monthly fee is waived entirely by maintaining a $1,000 minimum balance, and Canadian drafts and in-house cheques come free at this tier, unlike the Low Fee Chequing account below it.
1st Choice Savings & Credit Union Ltd
Account: Low Fee Chequing
- Monthly Fee
- $3.95
- Transactions Included
- 12
- Account Type
- Traditional
- Free for Seniors
- Yes
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
1st Choice Savings ATM; ding free® ATM; ACCULINK® Network
Visit 1st Choice Savings & Credit Union Ltd’s Account PageAbout This Account
An entry-level chequing account designed to fit whatever life stage you're in, whether just starting out, saving for the future, or building equity. Total monthly costs are capped at $13.95 no matter how many transactions you make, so heavy transaction months never spiral beyond that ceiling. It's free outright for seniors 65 and older collecting the Guaranteed Income Supplement, and for RDSP beneficiaries.
Accent Credit Union
Account: No Fee Package
- Monthly Fee
- Free
- Transactions Included
- 30
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- e-Transfer Fee
- Counts as a transaction
Free ATM Access
Accent ATM; ding free® ATM
Visit Accent Credit Union’s Account PageAbout This Account
A genuinely free personal package with no monthly fee, bundling 30 debit transactions that cover cheques, e-Transfers, teller and online bill payments, and Canadian credit union ATM transactions in one shared pool. Cheque orders are available at cost. It's a good fit for members with moderate transaction volumes who don't want to pay a monthly package fee at all.
Accent Credit Union
Account: The Master Plan
- Monthly Fee
- $25.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- e-Transfer Fee
- Free
Free ATM Access
Accent ATM; ding free® ATM
Visit Accent Credit Union’s Account PageAbout This Account
Accent's top-tier personal package at $25 a month, offering unlimited debit transactions across cheques, e-Transfers, teller and online bill payments, and Canadian credit union ATM transactions. Cheques are available at cost. Note that Interac and Cirrus ATM transactions sit outside every Accent package, so those still carry their own charges even here.
Access Credit Union
Account: Basic+ Chequing
- Monthly Fee
- $8.00
- Transactions Included
- 30
- Account Type
- Traditional
- Min. Balance for Fee Exemption
- $2,500
- e-Transfer Fee
- Counts as a transaction
Free ATM Access
Access ATM; ding free® ATM; ACCULINK® Network
Transaction Note
In-branch bill payments are not included in the monthly package benefits. 10 free Interac e-Transfers are included.
Visit Access Credit Union’s Account PageAbout This Account
Access Credit Union Basic+ Chequing is a chequing account with 30 included transactions per month and 10 rebated Interac e-Transfers. Manitoba credit union ATM access is free. The account has an $8 monthly fee, which can be waived by maintaining a daily closing balance of at least $2,500.
Access Credit Union
Account: Pay As You Go Chequing
- Monthly Fee
- Free
- Transactions Included
- 0
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- e-Transfer Fee
- Counts as a transaction
Free ATM Access
Access ATM; ding free® ATM; ACCULINK® Network
Transaction Note
In-Branch Withdrawal: $0.75 Bill Payment (In Branch): $1.25 Cheque: $0.75 Electronic Transfer: $0.75 Bill Payment (Online): $0.75 Bill Payment (Telephone): $0.75 Interac e-Transfer: $1.00 Point-of-Sale Transaction: $0.75
Visit Access Credit Union’s Account PageAbout This Account
Access Credit Union Pay As You Go Chequing is a no-monthly-fee account that charges for individual transactions. Manitoba credit union ATM access is free, while debit purchases, electronic transfers, online bill payments, and in-branch withdrawals cost $0.75 each. Interac e-Transfers cost $1.00 each, making the account suited to lower transaction volumes.
Access Credit Union
Account: Student Chequing
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- e-Transfer Fee
- Free
Free ATM Access
Access ATM; ding free® ATM; ACCULINK® Network
Visit Access Credit Union’s Account PageAbout This Account
Access Credit Union Student Chequing is a no-monthly-fee account for full-time students of any age. It includes free electronic transfers, online bill payments, Interac e-Transfers, debit card purchases, and Manitoba credit union ATM access. In-branch withdrawals cost $0.75, while in-branch bill payments cost $1.25.
Access Credit Union
Account: Unlimited Chequing
- Monthly Fee
- $17.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- e-Transfer Fee
- Free
Free ATM Access
Access ATM; ding free® ATM; ACCULINK® Network
Visit Access Credit Union’s Account PageAbout This Account
Access Credit Union Unlimited Chequing is a chequing account with unlimited everyday transactions, including in-branch withdrawals, bill payments, debit purchases, electronic transfers, cheques, and Interac e-Transfers. Manitoba credit union ATM access is also free. The account has a $17 monthly fee with no minimum balance requirement for a fee waiver.
Affinity Credit Union
Account: Pay-as-you-go Chequing
- Monthly Fee
- Free
- Transactions Included
- 0
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Affinity ATM; ding free® ATM
Transaction Note
Interac e-Transfer (Send or Request): $1.00 ATM Withdrawal (Non-Network, Canada): $2.00 ATM Withdrawal (Outside Canada): $5.00 Bill Payment (Staff-Assisted): $1.25
Visit Affinity Credit Union’s Account PageAbout This Account
Affinity Credit Union Pay-as-you-go Chequing is a no-monthly-fee account with transactions charged individually. Deposits and electronic transfers between Affinity accounts are free and unlimited, while Interac e-Transfers cost $1 each. It also includes access to the ding-free credit union ATM network across Canada.
Affinity Credit Union
Account: Unlimited Chequing
- Monthly Fee
- $13.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
Affinity ATM; ding free® ATM
Visit Affinity Credit Union’s Account PageAbout This Account
Affinity Credit Union Unlimited Chequing is a $13-per-month account with unlimited transactions and free Interac e-Transfers. It also includes free deposits, unlimited electronic transfers between Affinity accounts, and access to the ding-free ATM network. The monthly fee can be reduced or fully rebated through Affinity’s Member Loyalty Program.
Affinity Credit Union
Account: Value Chequing
- Monthly Fee
- $4.00
- Transactions Included
- 12
- Account Type
- Traditional
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Affinity ATM; ding free® ATM
Transaction Note
2 free Interac e-Transfers are included each month.
Visit Affinity Credit Union’s Account PageAbout This Account
Affinity Credit Union Value Chequing is a $4-per-month account with 12 included transactions per month and 2 free Interac e-Transfers. Deposits and electronic transfers between Affinity accounts are free and unlimited. Additional electronic transactions, processed cheques, and staff-assisted debits cost $1 each after the monthly allowance.
Affinity Credit Union
Account: Youth Chequing
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
Affinity ATM; ding free® ATM
Transaction Note
E-Transfers are excluded from the transaction limit and is unlimited.
Visit Affinity Credit Union’s Account PageAbout This Account
Affinity Credit Union Youth Chequing is a no-monthly-fee account for members age 24 and under. It includes unlimited transactions and Interac e-Transfers, free deposits, and unlimited electronic transfers between Affinity accounts. Post-secondary students can access the same core benefits through Student Chequing regardless of age, with eligibility continuing for 24 months after graduation.
Alterna Bank
Account: No-Fee eChequing Account
- Monthly Fee
- Free
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- Max e-Transfer / Day
- $3,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Visit Alterna Bank’s Account PageAbout This Account
An online-only chequing account from Alterna Bank, the federally regulated digital subsidiary of Alterna Savings, with no monthly fee, no minimum balance, and unlimited free day-to-day transactions including Interac e-Transfers, bill payments, cheques, pre-authorized payments, and debit purchases. Unusually for a no-fee chequing account, it earns interest on your daily balance, and it includes surcharge-free access to 3,300+ ATMs on THE EXCHANGE Network in Canada plus 40,000 through Allpoint in the U.S. There's no in-branch access at all, and the account is only available to open online. Optional overdraft protection can be added for $2.50 monthly with limits from $500 to $5,000 (capped at $1,500 when applied for through digital banking), though it isn't available to Quebec residents.
Alterna Savings
Account: Basic
- Monthly Fee
- $4.00
- Transactions Included
- 20
- Account Type
- Traditional
- Free for Seniors
- Yes
- Min. Balance for Fee Exemption
- $1,000
- Max e-Transfer / Day
- $3,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Alterna ATM; THE EXCHANGE Network; ACCULINK® Network
Visit Alterna Savings’ Account PageAbout This Account
Alterna Savings Basic is a $4-per-month chequing package with 20 included day-to-day transactions per month, including Interac e-Transfers. The monthly fee is waived for RDSP beneficiaries and members age 60 or older, or by maintaining a minimum daily closing balance of $1,000 throughout the month. Additional transactions are charged individually.
Alterna Savings
Account: Student Life
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Max e-Transfer / Day
- $3,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
Alterna ATM; THE EXCHANGE Network; ACCULINK® Network
Visit Alterna Savings’ Account PageAbout This Account
Alterna Savings Student Life is a no-monthly-fee chequing package for post-secondary students, with no minimum balance requirement and unlimited day-to-day transactions, including Interac e-Transfers. Proof of continued enrolment must be provided by the account anniversary each year to retain eligibility; otherwise, the account may be switched to the Basic package.
Alterna Savings
Account: Unlimited
- Monthly Fee
- $14.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Max e-Transfer / Day
- $3,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
Alterna ATM; THE EXCHANGE Network; ACCULINK® Network
Visit Alterna Savings’ Account PageAbout This Account
Alterna Savings Unlimited is a $14-per-month chequing package with unlimited day-to-day transactions, including Interac e-Transfers. It also includes 1 free official cheque per month and 1 free order of 25 personalized cheques per calendar year. Members age 60 and older receive a reduced monthly fee of $7.
Alterna Savings
Account: Value
- Monthly Fee
- $10.00
- Transactions Included
- 35
- Account Type
- Traditional
- Max e-Transfer / Day
- $3,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Alterna ATM; THE EXCHANGE Network; ACCULINK® Network
Visit Alterna Savings’ Account PageAbout This Account
Alterna Savings Value is a $10-per-month chequing package with 35 included day-to-day transactions per month, including Interac e-Transfers. It also includes 1 free order of 25 personalized cheques per calendar year. Members age 60 and older receive a reduced monthly fee of $5.
Assiniboine Credit Union
Account: ACU Active
- Monthly Fee
- $9.00
- Transactions Included
- 40
- Account Type
- Traditional
- Free for Seniors
- Yes
- Min. Balance for Fee Exemption
- $2,500
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Assiniboine ATM; THE EXCHANGE Network; ACCULINK® Network
Transaction Note
5 free Interac e-Transfers are included each month.
Visit Assiniboine Credit Union’s Account PageAbout This Account
Assiniboine Credit Union ACU Active is a $9-per-month chequing account with 40 included self-serve and full-serve transactions per month. It also includes 5 free Interac e-Transfers and free self-serve transfers between ACU accounts. The monthly fee is waived with a $2,500 minimum monthly balance or for members age 60 and older.
Assiniboine Credit Union
Account: ACU Digital
- Monthly Fee
- $11.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Min. Balance for Fee Exemption
- $3,500
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
Assiniboine ATM; THE EXCHANGE Network; ACCULINK® Network
Transaction Note
30 free Interac e-Transfers are included each month.
Visit Assiniboine Credit Union’s Account PageAbout This Account
Assiniboine Credit Union ACU Digital is an $11-per-month chequing account with unlimited self-serve transactions and 30 free Interac e-Transfers per month. The monthly fee is waived with a $3,500 minimum monthly balance, for members age 24 and under, or for eligible full-time post-secondary students age 25 and older. Members age 60+ pay $2 per month.
Assiniboine Credit Union
Account: ACU Essentials
- Monthly Fee
- $4.00
- Transactions Included
- 16
- Account Type
- Traditional
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Assiniboine ATM; THE EXCHANGE Network; ACCULINK® Network
Transaction Note
2 free Interac e-Transfers are included each month.
Visit Assiniboine Credit Union’s Account PageAbout This Account
Assiniboine Credit Union ACU Essentials is a $4-per-month chequing account with 16 included self-serve and full-serve transactions per month. It also includes 2 free Interac e-Transfers per month, along with free self-serve transfers between ACU accounts and free self-serve transfers to other ACU members.
Assiniboine Credit Union
Account: ACU Light
- Monthly Fee
- Free
- Transactions Included
- 0
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- Max e-Transfer / Day
- $10,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
Assiniboine ATM; THE EXCHANGE Network; ACCULINK® Network
Transaction Note
Cheque: $0.75 Withdrawal: $0.75 Transfer: $0.75 ATM Withdrawal: $0.75 Point-of-Sale Transaction: $0.75 Pre-Authorized Debit: $0.75 Interac e-Transfer (Send or Request): $1.00 Bill Payment (In Branch): $1.50
Visit Assiniboine Credit Union’s Account PageAbout This Account
Assiniboine Credit Union ACU Light is a no-monthly-fee chequing account with pay-as-you-go transaction pricing. Self-serve transfers between a member’s own ACU accounts and self-serve transfers to other ACU members are free. Other transactions are charged individually, making the account primarily suited to members with lower transaction volumes.
ATB
Account: Basic Account
- Monthly Fee
- $3.95
- Transactions Included
- 15
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- Max e-Transfer / Day
- $5,000
- e-Transfer Fee
- Counts as a transaction
This limit may vary depending on the client profile.
Free ATM Access
ATB ABM
Transaction Note
E-Transfers are excluded from the transaction limit and is unlimited.
Visit ATB’s Account PageAbout This Account
A low-fee chequing account from ATB Financial, the Alberta Crown corporation, bundling 15 debit transactions into a $3.95 monthly fee. Only outgoing transactions count toward that limit, deposits and incoming transfers are always free. The monthly fee is waived entirely for clients enrolled in one of four government programs (RDSP, AISH, Canada Disability Benefit, or Guaranteed Income Supplement) with supporting documentation. Paper statements are free, the account can be held jointly, and ATB reimburses up to $4.50 for one ABM withdrawal per month anywhere in Canada outside Alberta.
ATB
Account: Unlimited Account
- Monthly Fee
- $15.95
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Min. Balance for Fee Exemption
- $4,000
- Max e-Transfer / Day
- $5,000
- e-Transfer Fee
- Free
This limit may vary depending on the client profile.
Free ATM Access
ATB ABM
Visit ATB’s Account PageAbout This Account
ATB's core unrestricted chequing account at $15.95 a month, covering unlimited transactions of every kind with no need to track your activity. The monthly fee is waived by maintaining a $4,000 minimum daily balance, and also waived outright for full-time post-secondary students 26 and older with proof of enrollment and for newcomers who landed in Canada within the last five years. ATB reimburses up to $4.50 per withdrawal for two withdrawals a month at any ABM in Canada outside Alberta, plus $8 for one US ABM withdrawal monthly. Optional Overdraft Protection can be added, costing nothing unless used.
Atlantic Edge Credit Union
Account: Your Chequing 20
- Monthly Fee
- $5.00
- Transactions Included
- 20
- Account Type
- Traditional
- Free for Youth / Students
- Yes
- Free for Seniors
- Yes
- Min. Balance for Fee Exemption
- $2,000
- e-Transfer Fee
- Counts as a transaction
Free ATM Access
AECU ATM; THE EXCHANGE Network
Transaction Note
After 20 free transactions per month, the fees are: ATM Withdrawal: $1.50 ATM Transfer: $1.50 Bill Payment: $1.50 Cheque: $1.50 Transfer (In Branch): $1.50 In-Branch Withdrawal: $1.50 Point-of-Sale Transaction: $1.50 Bill Payment (Online): $1.50 Transfer (Online): $1.50 Pre-Authorized Payment: $1.50 Interac e-Transfer: $1.50
Visit Atlantic Edge Credit Union’s Account PageAbout This Account
An everyday chequing account for members with low monthly transaction volumes, bundling 20 free transactions a month with unlimited online and mobile banking access. The monthly fee is waived by maintaining a $2,000 minimum daily balance, and pricing scales by age: $5.00 standard, free for seniors 59 and over, and free for youth under 25.
Atlantic Edge Credit Union
Account: Your Chequing Unlimited
- Monthly Fee
- $27.00
- Transactions Included
- Unlimited
- Account Type
- Traditional
- Min. Balance for Fee Exemption
- $6,000
- e-Transfer Fee
- Free
Free ATM Access
AECU ATM; THE EXCHANGE Network
Visit Atlantic Edge Credit Union’s Account PageAbout This Account
Atlantic Edge's fullest chequing account, offering unlimited standard transactions, unlimited Interac e-Transfers, and unlimited free cheques. The monthly fee is waived by maintaining a $6,000 minimum daily balance, with pricing at $27.00 standard, $13.50 for seniors 59 and over, and $11.00 for youth under 25.
Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.
- Many accounts have no monthly fee, but some still charge per transaction.
- Paid accounts can cost anywhere from a few dollars to even $30 per month.
- Unlimited transactions are common, but may exclude branch, ATM, or Interac e-Transfer activity.
- Minimum-balance fee waivers typically require several thousand dollars to be held in your account.
- Youth and student discounts are more widely available than senior discounts.
How to Compare Chequing Accounts
The lowest monthly fee does not always indicate the least expensive account. Consider how many transactions you make, whether you can consistently maintain the required minimum balance, and whether you qualify for a youth, student, or senior discount.
Compare the Monthly Fee
Monthly account fees can add up over time. For example, an account charging $16.95 per month costs $203.40 per year before additional transaction charges.
A no-fee account may be suitable when it includes enough transactions for your banking needs. However, an account with a monthly fee may provide better value when the fee includes unlimited transactions or can be waived through a minimum-balance rebate.
Check the Included Transactions
Some accounts include only a limited number of monthly transactions. After reaching the limit, you may be charged for each additional debit purchase, withdrawal, bill payment, or transfer.
Someone who uses a credit card for most purchases may need relatively few chequing-account transactions. Someone who frequently uses a debit card may benefit from an account with unlimited transactions.
Consider the Minimum-Balance Requirement
Some financial institutions waive the monthly fee when you maintain a specified minimum balance. The balance needs to remain above the threshold every day of the month.
Consider whether keeping that amount in a chequing account is worthwhile. The money may earn little or no interest compared with placing it in a savings account.
Review Youth, Student and Senior Discounts
Many financial institutions offer reduced-fee or no-fee accounts to certain customers. Eligibility can depend on age, school enrolment, graduation date, or participation in another banking program.
Check when the discount expires and what monthly fee will apply afterward.
What Is a Chequing Account Used For?
A chequing account is mainly used for receiving and spending money. Unlike a savings account, it is intended for frequent transactions rather than earning interest.
Common uses include:
- Receiving payroll, pensions, benefits, and tax refunds
- Paying bills online
- Making debit-card purchases
- Sending and receiving Interac e-Transfers
- Withdrawing cash from an ATM
- Writing cheques
- Setting up pre-authorized payments
- Transferring money between accounts
Most chequing accounts pay little or no interest. A savings account is usually better for money that you do not expect to spend immediately.
Common Chequing-Account Features
Debit Card
A debit card lets you make purchases using money directly from your chequing account. It can also be used to withdraw cash and complete other transactions at an ATM.
Direct Deposit
Direct deposit allows your employer or the government to deposit money directly into your account. You will normally need to provide your institution number, transit number, and account number.
Bill Payments
Most accounts let you pay utilities, credit cards, taxes, and other bills through online or mobile banking.
Interac e-Transfers
Interac e-Transfer lets you send money using an email address or mobile number. Transfers may be free, count toward your monthly transaction limit, or have a separate fee.
Your financial institution may also set daily, weekly, and monthly e-Transfer limits.
Pre-Authorized Payments
You can allow a company to withdraw recurring payments from your account. This is commonly used for rent, insurance, utilities, subscriptions, and loan payments.
ATM Access
Banks generally provide free withdrawals from their own ATM networks. Credit unions may provide access through shared networks such as THE EXCHANGE, ACCULINK, or ding free.
A fee may apply when you use an ATM outside your institution’s network.
Cheques
Some accounts include cheque-writing privileges, but ordering personalized cheques may cost extra.
Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026
Common Chequing-Account Fees
Monthly Fee
Some accounts charge a fixed monthly fee in exchange for a package of included transactions and services.
For example, a $16.95 monthly fee costs $203.40 per year. Consider whether you use enough of the included features to justify the cost.
Additional Transaction Fee
Accounts with a monthly transaction limit may charge for each additional debit purchase, withdrawal, bill payment, cheque, or transfer.
Check what the institution counts as a transaction. Interac e-Transfers may be included, excluded from the limit, or charged separately.
Pay-As-You-Go Fees
Some accounts have no monthly fee but include few or no free transactions. You pay separately whenever you use the account.
A pay-as-you-go account may work for someone who rarely makes transactions. It can become expensive for someone who regularly uses a debit card or pays bills from the account.
Out-of-Network ATM Fee
Using another institution’s ATM can result in two charges:
- A fee from your own financial institution
- A surcharge from the company operating the ATM
Branch Transaction Fee
Some accounts include unlimited electronic transactions but charge for transactions completed with a teller. This may include branch withdrawals, transfers, and bill payments.
Overdraft Fee
Overdraft protection may allow a payment to go through when there is not enough money in the account. Depending on the institution, you may pay a monthly fee, a fee each time overdraft is used, interest, or a combination of these charges.
Non-Sufficient Funds Fee
A non-sufficient funds fee may apply when a payment is returned because your account does not have enough money.
As of March 12, 2026, federally regulated banks cannot charge more than $10 for an NSF fee on a personal deposit account. They also cannot charge an NSF fee when the overdraft amount is less than $10 or charge more than once within two business days for the same account. These federal rules may not apply in the same way to provincially regulated credit unions.
Other Possible Fees
Other charges may include:
- Paper statements
- Bank drafts
- Certified cheques
- Stop payments
- Wire transfers
- Foreign transactions
- Replacement debit cards
- Account closing or transferring services
Review the full account fee schedule before opening an account.
How Minimum-Balance Fee Waivers Work
Some financial institutions waive the monthly fee when you maintain a minimum balance.
For example, an account may charge $16.95 per month unless you keep at least $4,000 in the account. The balance may need to remain above $4,000 every day of the month. Dropping below the requirement for even one day could result in the full fee.
Keeping a large amount in a chequing account also has an opportunity cost. If the account pays no interest, that money could potentially earn interest in a savings account instead. For example, $4,000 in a savings account that pays 3% annual interest would turn out to be $10 per month in interest missed out on.
A genuinely no-fee account may be better than maintaining a large balance solely to avoid a monthly fee.
Low-Cost and No-Cost Bank Accounts
Participating federally regulated financial institutions offer low-cost chequing accounts costing no more than $4 per month. These accounts include at least 18 debit transactions per month and cannot require a minimum balance.
Certain customers may qualify for the same account with no monthly fee, including:
- Youth aged 18 or younger
- Students
- Seniors receiving the Guaranteed Income Supplement
- Registered Disability Savings Plan beneficiaries
- Newcomers during their first year in Canada
Some participating institutions also extend no-cost banking to certain Indigenous customers, Disability Tax Credit recipients, or social-assistance recipients. Eligibility and documentation requirements vary.
How to Open a Chequing Account
You may be able to apply online, over the telephone, or at a branch.
1. Choose an Account
Compare the monthly fee, number of included transactions, ATM network, fee-waiver conditions, and eligibility discounts.
2. Provide Identification
The financial institution must verify your identity. The accepted identification can depend on how you apply.
At a federally regulated bank, you may have the right to open an account even when you:
- Do not have a job
- Do not have money to deposit immediately
- Have previously declared bankruptcy
An online-only institution may require you to already have an account at another Canadian financial institution so it can verify your identity.
3. Review the Account Agreement
Before completing the application, check:
- Monthly and transaction fees
- Minimum-balance conditions
- ATM charges
- Interac e-Transfer fees
- Overdraft costs
- Cheque-hold periods
- Interest, if any
- Discount eligibility
- When promotional pricing ends
Federally regulated banks must provide an account agreement and disclose the applicable charges when you open an account.
4. Set Up the Account
Once the account is open, you can arrange direct deposits, bill payments, pre-authorized payments, and Interac e-Transfer Autodeposit.
Are Chequing-Account Deposits Insured?
Eligible chequing-account deposits are protected if the financial institution fails. The organization providing protection depends on whether you bank with a federally regulated institution or a provincially regulated credit union.
Deposit insurance does not protect you against debit-card fraud, scams, market losses, or purchases that you regret. It protects eligible deposits when the financial institution holding them fails.
Banks and Federal Credit Unions
The Canada Deposit Insurance Corporation, or CDIC, protects eligible deposits at its member institutions.
Eligible deposits are insured for up to $100,000 per insurance category, per member institution, including principal and interest. Chequing accounts, savings accounts, GICs, and other term deposits can qualify.
CDIC provides separate coverage for nine categories, including:
Your non-registered chequing, savings, and GIC balances held in your name at the same member institution are generally combined under the single-name category.
CDIC protection is free and automatic. You do not need to apply for it.
Provincial Credit Unions
Provincially regulated credit unions are generally covered by their province’s deposit-protection system instead of CDIC. Coverage rules vary considerably:
- British Columbia: CUDIC guarantees 100% of eligible deposits at authorized provincial credit unions.
- Alberta: CUDGC provides a 100% guarantee of deposits held with Alberta credit unions.
- Saskatchewan: Eligible deposits at provincial credit unions are fully guaranteed without a dollar limit.
- Manitoba: Deposits at Manitoba credit unions are guaranteed without limit.
- Ontario: FSRA covers eligible non-registered deposits up to $250,000 per depositor per credit union, while eligible registered deposits receive unlimited coverage.
- Quebec: The AMF protects eligible deposits up to $100,000 per category, per authorized institution.
A federal credit union is covered by CDIC, even if it operates in a province that provides unlimited coverage for provincial credit unions. Always check which regulator covers the particular institution.
How to Choose a Chequing Account
Consider how you normally bank rather than choosing based only on the advertised monthly fee.
A no-fee account may be a good choice when it includes enough transactions and provides convenient ATM access. A paid account may be worthwhile if you need unlimited transactions, frequent branch service, premium banking benefits, or a fee waiver you can comfortably meet.
Before choosing, ask:
- How many transactions do I make each month?
- Do Interac e-Transfers count toward the limit?
- Can I maintain the required minimum balance?
- Do I qualify for a youth, student, senior, or newcomer discount?
- Are convenient ATMs available near me?
- Do I need regular branch access?
- What happens if I exceed the transaction limit?
- Is the financial institution covered by CDIC or a provincial deposit insurer?
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
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