Best chequing accounts in Canada

Do you want to know which are the best chequing accounts you can open in Canada? From Responsible Economy, we have analyzed all the banks in Canada and we show you the top 10 chequing accounts and the features they offer. Let’s get started!

10 best chequing accounts 2023

First, we will show you a list of the best chequing accounts in Canada, and then we will show you each account in detail:

Tangerine Money-Back Chequing Account

The Tangerine Money-Back Chequing Account is a revolutionary account that rewards you with cash back for every dollar spent using the Tangerine Chequing Card. With no caps or limits on the rewards you can earn, and no monthly account fees or minimum balances, it encourages active usage. Additionally, it offers access to over 3,500 ABM locations across Canada through the Scotiabank ABM Network, free and unlimited transactions, and free email updates about your account activity.

Being an online bank, Tangerine allows you to manage your finances anytime, anywhere via their user-friendly website or mobile app. The app even allows you to deposit cheques by taking a photo with your mobile device. This account is ideal for those seeking a cost-effective, rewarding, and convenient chequing account.

CIBC Select Chequing Account

The CIBC Select Chequing Account is a premium account offering a host of features and benefits. While it does have a monthly fee, this fee can be waived if you maintain a minimum balance throughout the month. It includes a limited number of free transactions, and offers preferential rates on other CIBC products, such as personal loans or mortgages.

Additionally, account holders receive free personalized cheques, money orders, and bank drafts. There are also no fees for stop payments and customers have access to over 3,000 CIBC ATMs across Canada. This account is particularly suitable for individuals with higher balances and those who need various banking services frequently.

However, it is not the most cost-effective option for those who don’t maintain a high balance or use many of the additional services, as there are other accounts that offer unlimited transactions for a lower monthly fee or even no fee at all.

RBC Signature No Limit Banking Account

The RBC Signature No Limit Banking Account is a comprehensive account offering unlimited transactions and a variety of other benefits. RBC Signature No Limit Banking Account comes with a monthly fee, but this can be waived if you hold multiple RBC products. It includes unlimited debit transactions, Interac e-Transfer transactions, and access to RBC ATMs. Additionally, it provides a rebate on the annual fee of an eligible RBC credit card and a small safety deposit box.

The account also includes overdraft protection, which is subject to approval and comes with additional charges. This feature can be helpful in avoiding non-sufficient funds (NSF) fees.

While the account offers a wide array of benefits and can be a good fit for individuals who frequently use banking services, the monthly fee can be a drawback for those who do not need all the additional features or do not have other RBC products to offset the cost

Scotiabank Momentum Chequing Account

The Scotiabank Momentum Chequing Account is a high-interest savings account with a tiered interest rate, meaning the rate increases with your account balance. One of the key features of this account is the ability to earn up to 2% cash back on debit purchases, which is a rare benefit for a chequing account. Additionally, this account offers unlimited debit transactions, Interac e-Transfer transactions, and access to thousands of Scotiabank ATMs worldwide.

The account comes with a monthly fee, but it can be waived if you maintain a minimum daily closing balance. It also includes overdraft protection, subject to approval and additional charges.

While the Scotiabank Momentum Chequing Account offers several valuable features such as cash back on debit purchases, unlimited transactions, and a tiered interest rate, it is essential to consider the monthly fee and the required balance to waive this fee. This account may be suitable for individuals who frequently use their debit card for purchases and can maintain a high enough balance to avoid the monthly fee.

BMO Harris Select Chequing Account

The BMO Harris Select Chequing Account is designed for individuals who carry out a higher number of monthly transactions. This account offers unlimited everyday banking transactions and two free Interac e-Transfers each month. However, there is a monthly fee, but it can be waived if you maintain a minimum balance throughout the month.

This account also provides free personalized cheques and a small safety deposit box at no additional cost. Overdraft protection is available, subject to approval and additional charges.

The BMO Harris Select Chequing Account is a good fit for individuals with higher transaction needs, looking for benefits like free personalized cheques and a safety deposit box. It’s essential to consider if you can maintain the minimum balance to avoid the monthly fee, as this significantly impacts the account’s cost-effectiveness.

TD Canada Trust All-Inclusive Banking Plan

The TD Canada Trust All-Inclusive Banking Plan is a comprehensive account that offers a wide range of benefits for a fixed monthly fee, which can be waived if you maintain a minimum balance. Key features include unlimited transactions, free Interac e-Transfers, and a small safe deposit box.

Additionally, this account comes with an annual fee rebate on select TD credit cards, free personalized cheques, and free money orders and bank drafts. Overdraft protection is also available, but it is subject to approval and may involve additional charges.

Overall, the TD Canada Trust All-Inclusive Banking Plan is an attractive option for those who can maintain the required balance to waive the monthly fee. With its comprehensive features like a credit card annual fee rebate, free cheques, and a safe deposit box, it offers good value for customers with varied banking needs.

National Bank SelectChek Account

The National Bank SelectChek Account is a practical chequing account designed to cater to the everyday banking needs of its customers. Key features include unlimited transactions, free online bill payments, and access to online banking.

There is a monthly fee associated with this account, but it can be waived if you maintain a minimum monthly balance. Additionally, the account offers overdraft protection at a nominal cost, which can be a lifesaver in case of unexpected expenses.

In summary, the National Bank SelectChek Account is a solid option for those looking for a no-frills, straightforward chequing account with the added benefit of overdraft protection. The option to waive the monthly fee by maintaining a minimum balance adds to its appeal.

Desjardins Signature Plus Account

The Desjardins Signature Plus Account is a premium chequing account that offers a wide range of benefits and services. One of the main attractions of this account is the unlimited transactions feature, which includes Interac e-Transfers, withdrawals, and bill payments.

Moreover, account holders can enjoy free access to Desjardins ATMs and partner ATMs across Canada. Overdraft protection is also available, providing a safety net for unexpected expenses.

While there is a monthly fee associated with the account, it can be waived if a certain minimum balance is maintained throughout the month. Overall, the Desjardins Signature Plus Account is an excellent choice for those seeking comprehensive benefits, unlimited transactions, and the potential to waive the monthly fee by maintaining a required balance.

PC Financial Chequing Account

The PC Financial Chequing Account is a no-fee account that offers a range of features designed for everyday banking needs. One of the major advantages of this account is that it comes with no monthly fees and no minimum balance requirement.

Additionally, account holders can earn PC Optimum points on all purchases made with the included debit card, which can be redeemed for groceries, merchandise, or travel. The account also offers unlimited free transactions, including withdrawals, transfers, and bill payments.

Furthermore, users have free access to CIBC ATMs across Canada. The PC Financial Chequing Account is a great option for those looking for a no-fee account with a rewards program and unlimited transactions.

Alterna Bank Ultimate Chequing Account

The Alterna Bank Ultimate Chequing Account is a premium account that comes with a variety of features designed for customers with more complex financial needs. No monthly fee is one of its main attractions, along with unlimited transactions including Interac e-Transfers, withdrawals, and bill payments.

Moreover, the account provides free access to The Exchange Network ATMs across Canada, saving money on ATM fees. It also offers Overdraft Protection for a fee starting at $5 per month, which can be a lifesaver in case of unexpected expenses.

Additionally, the account pays interest on the balance, which is a unique feature for a chequing account. The Alterna Bank Ultimate Chequing Account is an excellent choice for those looking for a comprehensive banking solution with no monthly fees, interest earning potential, and access to extensive ATM networks.

How to open a personal chequing account

Here is a small guide on how to open a checking account:

• Ensure you are eligible: Different accounts and providers have varying eligibility criteria. It’s essential to confirm that you meet the requirements for an account before starting the application process.
• Collect necessary documents: Usually, account applications need your full name, residential address, contact details, and social insurance number, along with at least one government-issued photo ID.
• Examine application methods: Some banks prefer new customers to apply at a branch, while others, especially digital banks, only allow online applications. Determine the preferred application method for your chosen account.
• Submit your application: The application process for a chequing account, whether in-person, over the phone, or online, is often straightforward and can typically be completed in a matter of minutes.

Key points

Here we show you the three most important points to consider when choosing a current account. We have taken these into account in our ranking, but you should also evaluate these aspects before opening a current account:

• Fees: We looked for accounts with low or no monthly fees, as well as low or no fees for ATM withdrawals and other transactions.
• Interest: We also considered accounts that offer interest on balances, which can help you earn money on your money.
• Features: We looked for accounts that offer a variety of features, such as free overdraft protection, mobile banking, and online bill pay.

Frequent questions

Now is the time to answer any questions you may have about the best chequing accounts.

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Actualizado el día 2 September, 2023 por Alfredo Barandiarán