Finding the perfect chequing account can significantly impact your daily banking experience and financial health. For those looking to build their financial knowledge, check out our guide to financial literacy courses. This comprehensive guide explores the best chequing accounts available in Canada for February 2025, helping you make an informed decision based on your specific needs.
What Makes a Great Chequing Account?
Before diving into the top options, it's important to understand what features make a chequing account worthwhile. Key factors include monthly fees, transaction limits, interest rates, and additional perks. Many Canadians are now looking beyond traditional banks to online banking options for better rates and lower fees.
Best Overall Chequing Accounts in Canada (February 2025)
1. Wealthsimple Cash (Gold)
A revolutionary hybrid account that's redefining everyday banking in Canada with its combination of high interest and zero fees.
- Monthly Fee: $0
- Interest Rate: 2.00% to 3.00%
- Cashback: 1% on all purchases (can be received in cash, stock, or crypto)
- Foreign Transaction Fees: None
- Additional Features: Mobile-first experience, sleek metal card
2. EQ Bank Personal Account (Silver)
A strong contender that combines high interest with practical features, perfect for those who prefer digital banking.
- Interest Rate: Up to 4.00% (2.50% base + 1.50% bonus with direct deposit)
- Monthly Fee: $0
- Free Transactions: Unlimited
- ATM Withdrawals: Rebated
- E-Transfers: Unlimited and free
3. PC Money Account (Bronze)
Perfect for regular PC shoppers looking to maximize rewards while enjoying high interest rates.
- Interest Rate: 3.50%
- Monthly Fee: $0
- PC Optimum Points: Earn on every purchase
- Transactions: Unlimited
- PC Optimum Integration: Seamless rewards earning
Best No-Fee Chequing Accounts
4. Simplii Financial No Fee Chequing Account
An excellent choice for those seeking simplicity with full features and comprehensive online banking services.
- Monthly Fee: $0
- Transactions: Unlimited
- Interac e-Transfers: Free
- Welcome Bonus: $300 (when opening an account by April 28, 2025)
- ATM Network: Access to CIBC ATM network
5. Tangerine No-Fee Daily Chequing Account
A comprehensive no-fee option from a trusted digital bank, offering both practical features and interest earning potential.
- Monthly Fee: $0
- Interest Rate: Up to 0.10%
- Transactions: Unlimited
- ATM Network: Scotiabank network access
- Mobile Cheque Deposits: Yes
Best Checking Accounts for Newcomers
6. National Bank The Chequing Account For Newcomers
Specially designed for those new to Canada, offering comprehensive banking solutions with added support services.
- Monthly Fee: $0 (for up to 3 years)
- Eligibility: Newcomers within past 5 years
- Electronic Transactions: Unlimited
- E-Transfers: Unlimited
- Legal Support: Included for 1 year
Best Premium Chequing Account
7. Scotiabank Ultimate Package
A premium banking solution that offers comprehensive services and valuable perks for those who maintain higher balances.
- Monthly Fee: $16.95 (waivable with minimum balance)
- Transactions: Unlimited
- Premium Credit Card: Annual fee waiver on select cards
- Safety Deposit Box: Small box included
- Additional Perks: Free bank drafts and money orders
Summary of the Best Chequing Accounts (February 2025)
| Account | Monthly Fee | Interest Rate | Key Feature |
|---|---|---|---|
| Wealthsimple Cash | $0 | 2.00-3.00% | 1% cashback |
| EQ Bank Personal | $0 | Up to 4.00% | ATM rebates |
| PC Money | $0 | 3.50% | PC Optimum points |
| Simplii Financial | $0 | 0.05% | $300 welcome bonus |
| Tangerine Daily | $0 | 0.10% | Unlimited transactions |
| National Bank Newcomers | $0* | 0.05% | Legal support included |
| Scotiabank Ultimate | $16.95** | 0.05% | Premium perks |
* Free for up to 3 years for newcomers
** Waivable with minimum balance
Tips for Choosing Your Chequing Account
When selecting a chequing account, consider these key factors:
- Monthly fees and ways to waive them
- Transaction limits and e-Transfer fees
- ATM network availability and fees
- Digital banking capabilities
- Interest rates and rewards programs
- Additional perks and services
Remember that you can always combine accounts - for example, using a no-fee chequing account for daily transactions while maintaining a high-interest savings account for your savings goals. If you're going through a financially challenging period, explore our financial solutions for a tight budget and proven ways to save money.
Final Words
The Canadian banking landscape continues to evolve, with digital banks leading the charge in offering innovative features and competitive rates. Whether you're looking for a no-fee option, high interest rates, or premium services, there's a chequing account that fits your needs. Consider your banking habits, preferred features, and long-term financial goals when making your choice.
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Frequently Asked Questions About Chequing Accounts in Canada
What's the difference between a chequing and savings account?
A chequing account is designed for daily transactions and bill payments, typically offering unlimited transactions but lower interest rates. Savings accounts are meant for storing money, offering higher interest rates but usually limited transactions.
How can I avoid monthly banking fees?
You can avoid monthly banking fees by maintaining a minimum balance, choosing a no-fee digital bank like Wealthsimple or EQ Bank, being a student or senior, or bundling multiple banking products with the same institution.
Are online-only banks safe to use in Canada?
Yes, online-only banks in Canada are safe as they are regulated by the federal government and protected by the Canada Deposit Insurance Corporation (CDIC), which insures eligible deposits up to $100,000 per category.
What should I look for in a chequing account?
Key features to consider include monthly fees, minimum balance requirements, number of free transactions, Interac e-Transfer fees, ATM access, interest rates, and additional perks like cash back or rewards programs.
