Last Updated on 9 months by Anoob P
Are you looking for answers to Best Chequing Account Canada? Here are some of the free and best Chequing Account Canada banks have to offer.
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 Instant Approval Credit Cards for Bad Credit in Canada if you are looking to get a credit card and your credit history is bad.
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
Wealthesimple requires no monthly fees. Also, it has both chequing as well as a savings accounts.
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
MotusBank No Fee Chequing Account
MotusBank No Fee Chequing Account 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.
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
Tangerine No-Fee Chequing Account
Tangerine also known as ING direct is a free chequing account in Canada that offers high-interest saving accounts.
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
Simplii Financial No Fee Chequing Account
Simplii Financial, owned by CIBC is also known as PC Financial. They offer a no-fee chequing account, high-interest savings, mortgages, and more.
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
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.
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
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.
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 Chequing Account In 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
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