Last Updated on 8 months by Anoob P T
Are you looking for answers to Best Chequing Account Canada? Here are some of the free and best Chequing Account Canada with pros, cons and fees.
Before we get to best chequing accounts in Canada, we have also written detailed posts about easy ways to make money online in Canada and a step by step guide on how to write a cheque in Canada. Do check these posts if it interests you.
Yuo can also check our post on Simplii Financial Online Banking and Instant Approval Credit Cards for Bad Credit in Canada if you are looking to get a credit card and your credit history is bad.
6 Free & Best Chequing Account Canada: Pros, Cons, Fees
Table of Contents
What is Chequing Account in Canada?
A chequing account is a banking account that is used in day to day life transactions and related cashflow.
The chequing account provides access to your debit card and makes the transfer of money simple from one account to another.
There are different sorts of chequing accounts including Student, senior, business, joint, premium, essential, and US Dollar accounts.
Difference Between Chequing Account & Savings Account?
A chequing account is a transactional account that is used in day to day life to debit money in order to pay our monthly bills, Shopping, Buying groceries, etc. On the other hand, a Savings account is the account where we keep our money safe. It is not really meant for everyday transactions else it is a place to store money for the long run.
Best Free Chequing Account Features For Your Free Account
- Easy access to free ATMs (national and international), So that we can withdraw cash from anywhere anytime.
- Excellent customer support in order to ask queries
- Versatile mobile app with the ability to make mobile cheque deposits and a user-friendly website for online banking
- Easy and free money transfers
- Zero monthly fees
- Unlimited free transactions including debits, POS payments, pre-authorized bill payments, transfers, and more
- No minimum balance required
- CDIC insurance – up to $100,000 per category of deposit
- Get Free electronic statement
- Bonus: Interest earnings on your account balance. Yes, you can earn interest on your chequing account!
- Bonus: Free cheque book
6 Best & Free Chequing Account in Canada
WealthSimple No-Fee Cash Account
First on our list of best Chequing Account in Canada is WealthSimple. WealthSimple requires no monthly fees. Also, it has both chequing as well as a savings accounts.
WealthSimple No-Fee Cash Account Features:
- No monthly account fee
- 0.90% interest rate on every dollar
- Unlimited withdrawals, e-Transfers, and bill payments
- Free ATM withdrawals – coming soon
- No foreign exchange transaction fees (2.5% savings) – coming soon
- A premium tungsten metal debit card – coming soon
- No minimum account balance
- CIPF protection
Official WealthSimple No-Fee Cash Account Website
MotusBank No Fee Chequing Account
Next on our list of Best Chequing Account Canada is MotusBank No Fee Chequing Account which only offers online services.
The most important point to note before choosing this account is that they will charge $30 of inactive account fees if your account is found to be inactive for more than 1 year.
They are owned by the popular Meridian Credit Union and offer a no-fee chequing account, high-interest savings, mortgages, personal loans, investments, and more.
MotusBank No Fee Chequing Account Features:
- $0 monthly account fees
- Up to 0.25% interest payments on your account balance
- Free and unlimited Interac e-Transfers
- Unlimited free transactions, including debit purchases, withdrawals, and bill payments
- The first cheque book is free (25 cheques)
- Mobile app with easy mobile cheque deposits
- Free access to more than 3,700 ATMs across Canada
Official MotusBank No Fee Chequing Account webiste
Tangerine No-Fee Chequing Account
Another Best Chequing Account Canada is Tangerine.
Tangerine is also known as ING direct is a free chequing account in Canada that offers high-interest saving accounts.
Tangerine No-Fee Chequing Account Features:
- Zero monthly fees and unlimited transactions
- Access to 3,500 Scotiabank ATMs within Canada and 44,000 worldwide
- 24/7 phone support
- A versatile app that supports instant cheque deposits
- Interest payments of up to 0.15% on your account balance
- Free unlimited email money transfers
- Your first cheque book is free (50 cheques)
- Free unlimited Interac e-Transfers
Official Tangerine No-Fee Chequing Account Website
Simplii Financial No Fee Chequing Account
Next on Best Chequing Account Canada list is Simplii Financial.
Simplii Financial is owned by CIBC is also known as PC Financial. They offer a no-fee chequing account, high-interest savings, mortgages, and more.
Simplii Financial No Fee Chequing Account Features:
- No monthly fees and no minimum balance
- Free unlimited transactions including debit purchases and pre-authorized bill payments
- Free Interac e-Transfers
- Free access to 3,400+ CIBC ATMs across Canada
- Interest payments of up to 0.15% on your account balance
- Versatile app and user-friendly website
- Free cheque books
Official Simplii Financial No Fee Chequing Account website
Manulife Advantage Chequing Account
This chequing account combines the features of a chequing and savings account and offers unlimited free transactions.
This bank also gives the highest interest rate. This is one of the most popular chequing accounts in Canada.
Manulife Advantage Chequing Account Features:
- Free unlimited transactions (including Interac e-Transfers) with a minimum $1,000 account balance
- High-interest rates on your account balance
- Free access to over 3,000 ATMs across Canada
- A mobile app that supports cheque deposits, e-Transfers, and more
- 24/7 customer support
Official Manulife Advantage Chequing Account website
Motive Financial
Last on our list of Best Chequing Account Canada is Motive Financial.
Motive Financial is one of the most renowned banks in Canada. It mainly offers two free chequing accounts :
- Motive Chequing
- Motive Cha-Ching Chequing
Additionally, it also offers savings accounts, investments, and more. Motive Financial is also known as Canadian Direct Financial is a division of the Canadian Western Bank.
Motive Financial Features:
- Zero fees and unlimited transactions
- Free access to the second largest ATM network in Canada
- Up to 0.25% interest is paid on your account balance
- Mobile app
- First cheque book (of 50 cheques) is free
FAQs on Best Chequing Account Canada
Do chequing account pay interest?
No, they do not pay any interest as their purpose is not to save money but rather facilitate cashflow.
Can you use debit card with Chequing account?
Yes, chequing account can access debit card.
What is the best free chequing account in Canada?
The best is subjective, but Manulife Advantage and Tangerine are two of the best chequing account in Canada
Recommended Reads
Simplii Financial Online Banking Features, Pros & Fees
10 Easy Ways to Make Money Online in Canada
Instant Approval Credit Cards for Bad Credit in Canada
How to Write a Cheque in Canada: A Step-by-Step Guide
Lending Loop Review: Pros, Cons & Fees of Peer-to-Peer Lending in Canada in 2020
10 Easy Ways to Make Money Online in Canada
6 Best Chequing Account Canada
Best Chequing Account Canada Summary
Here are some of the free and best Chequing Account Canada with pros, cons and fees. These Best Chequing Account Canada are listed based on ease of opening an account, interest rates and customer support offered. Best Chequing Account Canada is still subjective but you can consider Manulife Advantage and Tangerine to be your chequing account providers.
Overall
4.5-
Best Chequing Account Canada
Pros
Easy to open accounts with all these Chequing Account providers
Excellent customer support
Higher interest rates
Online banking available with all options
Cons
Some banks require a minimum deposit
Some banks charge annual maintenance charges.
