If you’re paying a monthly fee just to access your own money, you’re leaving cash on the table. Several Canadian banks and credit unions now offer chequing accounts with no monthly fees, no minimum balance requirements, and unlimited transactions. Here is an updated look at the strongest options available in 2026.
1. Tangerine
Tangerine, Scotiabank’s digital banking arm, offers a No-Fee Daily Chequing account with no minimum balance and unlimited daily transactions, including debit purchases, bill payments, and Interac e-Transfers. The account pays a small amount of interest on your entire balance and comes with free cheques when you open it. Because Tangerine is backed by Scotiabank, you get free withdrawals at more than 3,500 Scotiabank ATMs across Canada, plus surcharge-free access to roughly 44,000 ATMs worldwide through Scotiabank’s Global ATM Alliance.
2. Simplii Financial
Simplii Financial, CIBC’s direct banking brand, offers a No Fee Chequing Account with no monthly fee, no minimum balance, and unlimited transactions, including debit purchases, bill payments, and Interac e-Transfers. You also get free access to more than 3,400 CIBC ATMs nationwide. Simplii frequently runs cash welcome offers for new clients who set up direct deposit, so it’s worth checking their current promotion before opening an account. Note that Simplii is not available to residents of Quebec.
3. EQ Bank
EQ Bank has become one of the strongest no-fee options in the country, particularly for people who want their everyday chequing balance to actually earn something. The EQ Bank Personal Account charges no monthly fee, requires no minimum balance, offers unlimited transactions, and includes free Interac e-Transfers, while also paying meaningful interest (up to the mid 2% range with direct deposit) on your balance. It’s a strong fit if you want a single account that functions as both your chequing and savings hub.
4. Alterna Bank
Alterna Bank continues to offer its free eChequing account, with no monthly fees, no minimum balance requirement, and unlimited transactions. Account holders get no-fee access to ATMs on THE EXCHANGE Network, which includes thousands of machines across Canada, making it a solid option if you want fee-free banking from a smaller, member-focused institution.
5. Neo Financial
Neo Chequing is a newer entrant worth considering alongside the more established players. It charges no monthly fee and lets you pay bills, receive Interac e-Transfers, and track your spending through its app. Neo also offers a prepaid Mastercard that earns cash back on categories like gas and groceries. Deposits are held at a CDIC member institution, so your funds carry the same federal protection as a traditional bank account.
A note on motusbank
If you have researched this topic before, you may have seen motusbank listed as a no-fee option. That is no longer accurate: Meridian Credit Union announced that motusbank is winding down operations, with existing accounts transferring to Meridian Credit Union or Coast Capital Savings Federal Credit Union. If you are still a motusbank customer, keep an eye out for transition instructions from your institution, and consider one of the active options above in the meantime.
What to check before you open an account
A genuinely fee-free chequing account should offer all of the following:
- No monthly account fee, with no minimum balance required to waive it
- Unlimited debit transactions, bill payments, and Interac e-Transfers
- No hidden fees for common activities like additional e-Transfers or paper statements
Where these accounts tend to differ is ATM access and interest rate. Tangerine and Simplii lean on large partner ATM networks through Scotiabank and CIBC respectively, while EQ Bank and Alterna tend to pay a more competitive interest rate on your balance. As always, read the fine print before opening any account. Welcome bonuses, promotional interest rates, and network partnerships change often, so it’s worth confirming current terms directly on each institution’s website before you apply.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always perform your own due diligence or consult with a financial advisor before making financial decisions.
