Best Chequing Accounts in Canada 2026: Avoiding Monthly Bank Fees

If you’re tired of watching your hard-earned money disappear into monthly bank fees, you’re not alone. In 2026, the average Canadian is paying between $4 and $17 per month just to maintain a chequing account [1]. That can add up to over $200 a year — money that could be earning interest or covering your morning coffee. The good news? There are plenty of ways to avoid these fees entirely, and we’re here to help you find the best chequing accounts in Canada to keep your cash where it belongs.

Whether you're a student, a senior, or someone who simply wants to bank smarter, this guide will walk you through the top no-fee and low-fee options available right now. We’ll cover everything from digital banks to credit unions, and show you how to qualify for fee waivers at the Big Five banks.

Why Monthly Bank Fees Matter

Monthly account fees are one of the most common — and most avoidable — expenses for Canadian households. According to the Financial Consumer Agency of Canada (FCAC), the average monthly fee for a chequing account at a Big Five bank is approximately $16.80 [1]. While that might not sound like much, over a decade, it adds up to more than $2,000 in lost savings potential.

Banks charge these fees to cover the cost of maintaining branches, ATMs, and customer service. But with the rise of digital banking and increased competition from credit unions, many institutions now offer accounts with no monthly fees at all — provided you meet certain conditions.

Top No-Fee Chequing Accounts in Canada (2026)

Here are some of the best chequing accounts in Canada that let you avoid monthly fees entirely. We’ve focused on options with no minimum balance requirements and no monthly charges.

1. Tangerine Chequing Account

Tangerine, owned by Scotiabank, is one of the most popular no-fee options in Canada. There are no monthly fees, no minimum balance requirements, and you get unlimited transactions. You also get free access to Scotiabank’s network of over 3,500 ABMs across the country [2].

• Monthly fee: $0
• Minimum balance: $0
• Transactions: Unlimited
• ABM access: Free at Scotiabank ABMs (over 3,500 nationwide)
• Best for: Anyone who wants a simple, fee-free account with solid digital tools

2. Simplii Financial Chequing Account

Simplii Financial is the direct banking arm of CIBC. Like Tangerine, it offers a completely free chequing account with no monthly fees and no minimum balance. You get unlimited debits, free cheques, and access to over 3,400 CIBC ABMs [3].

• Monthly fee: $0
• Minimum balance: $0
• Transactions: Unlimited
• ABM access: Free at CIBC ABMs (over 3,400 nationwide)
• Best for: Frequent ABM users who want CIBC’s network without the fees

3. EQ Bank Personal Account

EQ Bank is a digital bank that offers a unique hybrid account. While technically a savings account, it functions like a chequing account with bill payments, e-Transfers, and direct deposit. The best part? It earns interest on your entire balance — currently 2.50% — while costing you nothing in monthly fees [4].

• Monthly fee: $0
• Minimum balance: $0
• Transactions: Unlimited
• Interest: Earns interest on your balance (currently 2.50%)
• Best for: People who want to earn interest on their everyday spending money

4. PC Financial No-Fee Chequing Account

PC Financial offers a no-fee chequing account that’s tied to the President’s Choice loyalty program. You earn PC Optimum points on your everyday banking transactions. There are no monthly fees and no minimum balance requirements [5].

• Monthly fee: $0
• Minimum balance: $0
• Transactions: Unlimited
• Rewards: Earn PC Optimum points on certain transactions
• Best for: Shoppers who want to earn grocery rewards through banking

How to Avoid Fees at the Big Five Banks

If you prefer the branch access of a traditional bank like RBC, TD, Scotiabank, BMO, or CIBC, you can still avoid monthly fees — you just need to meet certain conditions. Here’s how each bank lets you waive the fee:

RBC Day to Day Banking

• Standard monthly fee: $4.00
• Fee waiver: $0 fee if you’re under 18 or a post-secondary student; otherwise, no waiver available for this account (but you can upgrade to a higher-tier account with a min. balance waiver)
• Tip: Consider RBC’s No Limit Banking account ($16.95/month) which is waived if you keep a minimum daily balance of $6,000

TD Every Day Chequing Account

• Standard monthly fee: $4.95
• Fee waiver: $0 fee if you’re a student or under 18; otherwise, no waiver for this account
• Tip: TD’s All-Inclusive Banking Plan ($29.95/month) is waived with a $5,000 minimum balance, which also includes a premium credit card and safety deposit box

Scotiabank Basic Chequing Account

• Standard monthly fee: $4.95
• Fee waiver: $0 fee if you’re a student or under 18; otherwise, no waiver
• Tip: Scotiabank’s Preferred Package ($16.95/month) is waived with a $5,000 minimum balance

BMO Practical Plan Chequing

• Standard monthly fee: $4.95
• Fee waiver: $0 fee if you’re a student or under 18; otherwise, no waiver
• Tip: BMO’s Performance Plan ($16.95/month) is waived with a $5,000 minimum balance

CIBC Everyday Chequing Account

• Standard monthly fee: $4.90
• Fee waiver: $0 fee if you’re a student or under 18; otherwise, no waiver
• Tip: CIBC’s Smart Account ($14.90/month) is waived with a $4,000 minimum balance

Credit Unions: A Local Alternative

Credit unions are member-owned financial cooperatives that often offer lower fees than the Big Five. Many credit unions in Canada provide free chequing accounts with no minimum balance requirements. For example:

• Vancity (BC): Offers a free chequing account with no monthly fee and unlimited transactions [6].
• Meridian (Ontario): Provides a no-fee chequing account with unlimited transactions and free e-Transfers [7].
• Servus Credit Union (Alberta): Offers a free chequing account with no minimum balance [8].

Credit unions are also insured by provincial deposit insurance corporations (e.g., the Credit Union Deposit Guarantee Corporation in BC), which protects deposits up to $100,000 — similar to CDIC coverage for banks [9].

Practical Tips to Avoid Monthly Fees

Here are some actionable strategies to keep your chequing account fee-free:

• Go digital: Switch to an online bank like Tangerine, Simplii, or EQ Bank — they rarely charge monthly fees.
• Maintain a minimum balance: If you prefer a Big Five bank, keep enough cash in your account to qualify for a fee waiver. For example, a $5,000 balance at TD or Scotiabank can waive a $16.95/month fee.
• Use student or senior accounts: Many banks offer free accounts for students under 25 and seniors over 60. Check with your bank to see if you qualify.
• Set up direct deposit: Some banks waive fees if you have a minimum monthly direct deposit (e.g., $1,500 or more).
• Bundle services: Some banks waive fees if you hold multiple products (e.g., a credit card, mortgage, or investment account) with them.

Conclusion: Take Control of Your Banking in 2026

Monthly bank fees don’t have to be a fact of life. By choosing the right chequing account — whether it’s a digital option like Tangerine or Simplii, or a credit union account — you can save hundreds of dollars every year. Even if you prefer the convenience of a Big Five bank, you can often waive fees by maintaining a minimum balance or signing up for a student account.

Your next step is simple: review your current bank statement. If you’re paying a monthly fee, check if you qualify for a waiver. If not, consider switching to one of the no-fee accounts we’ve listed above. You’ll thank yourself later.