Only pay for what is necessary. Why should you pay for a chequing account, when Canada is littered with banks with no-fee checking accounts? This is a comprehensive guide to the world? of free chequing accounts in Canada for 2020.
I am quite confident you use a Chequing Bank Account more than any other banking account you have. In actual fact, I think some days you use it more often than your Social Media accounts. ?
Having to pay for something you use as frequent as Chequing Account can prove to be too costly.
The awesome? news is that you are spoiled for choice when it comes to no-fee chequing accounts in Canada. These are accounts with no monthly maintenance fee or that make it extremely easy to qualify for a fee waiver—and if you manage your account well, you will avoid other fees as well.
What is a No-Fee Chequing Account?
That’s a no brainer, but for the avoidance of doubt these are chequing accounts that charge zero monthly maintenance fees
A good chequing bank account has minimal fees, deposit insurance, easy access to cash, and key features like mobile and online banking.
The banks on this least give what I consider to be really awesome offers. However, for certain needs, some banks are obviously better than others.
Summary of top 6 no-fee chequing accounts in Canada
- Best No-Fee Bank Account: Tangarine No Fee Chequing Account
- Great No-Fee Bank Account: Simplii Chequing Account
- Best No Fee Bank Account for students: CIBC Smart for Students
- WealthSimple No Fee Cash Account
- Notusbank Chequing Account
- Motive Chequing Account
Tangarine No-Fee Chequing Account
Take advantage of simple and convenient everyday banking when you switch your payroll direct deposits and pre-authorized payments to Tangerine Chequing. You’ll get instant access to your direct deposit funds and benefit from worry-free payments.Tangarine
Tangerine Current Interest Rates
|$0.00 – $49,999.99||0.15%|
|$50,000.00 – $99,999.99||0.55%|
|$100,000 or more||0.65%|
Tangerine No-Fee Chequing Account Key Selling Points
- Tangerine is showing some bit of love ? to its clients, they recently introduced a new feature to help clients mind their spending. It looks at your Chequing Account activity, along with other details you provide and gives you information to help you stay up-to-date with your spending and make smart decisions with your money.
- It offers an unlimited number of debit purchases, bill payments, pre-authorized payments, Tangerine Email Money Transfers and Interac e-Transfer transactions.
- Free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide through Scotiabank’s Global ATM Alliance.
- It offers overdraft protection: Overdraft Protection is available to give you peace of mind.
- It pays you interest ?. Allowing you to earn interest on every dollar in your Account, calculated daily and paid monthly.
- It allows you to track and categorize your spending
- You get a completely free ? cheque book. You get your first cheque book of 50 cheques for free. Additional cheque books are $50 each.
Check Tangerine here
Simplii No-fee Chequing Account
“Life’s always busy and you work hard every day for your money — it’s time for your bank account to do the same.”Simplii
Simplii Chequing Account Interest Rates
|$0.00 – $1,000.00||0.05%|
|$1,000.01 – $5,000.00||0.10%|
|$5,000.01 – $10,000.00||0.15%|
|$10,000.01 – $25,000.00||0.15%|
|$25,000.01 and up||0.50%|
Anyways, this list is not about interest rates, you are here because you want a No-fee chequing account. When it comes to that, Simplii has an impressive offering, which I can bet will sweep you off your feet.
Simplii Key Selling Points
- Simplii’s Interac e-Transfer allows you to send, request and receive money for free, quickly and securely.
- Simplii allows you to be a true global citizen. With their Global Money Transfer, you Pay tuition and take care of loved ones around the world with $0 transfer fees.
- You can order foreign currency? online and get it delivered free to your home or nearest Canada Post office
Check Simplii here
CIBC Smart for Students
“Full-time student? Get everyday banking for free.”CIBC
Life as a student is not easy. The studies are often breathing down your neck. You should not be worrying about small things such as banking costs. CIBC Smart for Students offers a free chequing account to students.
CIBC Smart for Students Key Selling Points
- Pay no monthly fee for as long as you’re a student, so you can save for things like textbooks and tuition.
- Get unlimited transactions, including Interac e-Transfer
- Enjoy all the great benefits of the CIBC Smart Account for Students for 6 months after you graduate.
- Save money? in-store and online when you shop at over 450 CIBC partner brands.
Check CIBC here
WealthSimple No-Fee Cash Account
“With Wealthsimple Cash, there are no monthly account fees or low balance fees and when the spending features are released, there will be no exchange fees on foreign currency transactions. That’s because we believe your money should stay in your pocket.”Wealthsimple
The WealthSimple guys have got it all figured out, so it seems. Their new Wealthsimple do-everything cash account comes with a 2.4% savings rate, a new cash card, and no account fees.
WealthSimple Account Key Selling Points
- 2.4% interest. That’s what you’re going to earn on every dollar deposited in a Wealthsimple Cash account (and the money in what used to be called your Save account) It’s among the very best savings rates in Canada. And that’s the real rate, not a “teaser.” Remember that the average interest rate for Canadian chequing accounts is approximately zero percent.
- No account fees. That’s the other banner percentage here. Unlike most chequing accounts, Wealthsimple Cash has no account minimums, maintenance fees, or any other devious schemes to separate you from your money.
- No “minimum deposit period.” A deposit period is the term banks use to say that in order to get their high-interest rate, you have to leave a whole bunch of your money alone for a period of months or years. If you have a term deposit account or a GIC, it’ll likely have a requirement like that.
- Unlimited free transfers. Moving money from Wealthsimple Cash to outside accounts is easy.
- Seamlessly integrated. Cash will be connected beautifully with your Wealthsimple Invest accounts on our sexy-by-financial-standards app.
- Direct deposit. Now you can start earning interest the day you get paid — you can simply have your paycheque deposited right into your Wealthsimple Cash account.
- No foreign exchange transaction fees. Banks make big bucks with the fees you pay when you use your card to buy stuff in other countries. Not Wealthsimple.
- Apple Pay and Google Pay compatible. Wealthsimple Cash will pair with your mobile wallet so you’ll be able to buy just about everything with the wave of your phone.
Check out Wealthsimple here
Motusbank No-fee Chequing Account
With a vast network of ATMs in Canada, Motusbank provides one of the best options of chequing accounts. Above all, you get 0.50% for every dollar.
Motusbank Key selling points
- Free, unlimited Interac e-Transfers
- Unlimited debit purchases, bill payments and withdrawals
- Deposit a cheque by taking a photo with Deposit Anywhere
- No minimum balance required
- No monthly account fees
- No-fee access to over 3,700 EXCHANGE Network ATMs across Canada2
- No daily banking fees
- Earn 0.50% interest on every dollar
- Your first order of 25 cheques (remember them?) is free
- Eligible deposits insured up to $100,000 by CDIC
Check Motusbank here
Motive Chequing Account
“You’ve worked hard for your money – we just wouldn’t feel right taking it from you. In fact, our chequing account is better than free – it actually pays you interest. Money for nothing. How does that sound?”Motive Financial
Motive Financial Account Key Selling Points
- Receive your first 50 cheques free
- e-Transfer makes it easy. Send money to anyone with a mobile phone number or email address for just $1.00. Receive money right to your Motive account for free.
Check Motive Financial here
Disclaimer: This is not a sponsored article. The list is compiled on the basis of the information we got from the said companies websites. For clarity purposes, some of the contents are taken verbatim. Our article does not intend to promote, endorse or do any form of marketing. It is merely a report on our research.