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The Best Chequing Accounts in Canada 2020

Published by My Rate Compass Team | Updated Oct 30, 2020
The Best Chequing Accounts in Canada 2020

Best Chequing Accounts in Canada 2020

A chequing account is essential when it comes to personal banking. This is the account that you will use the most in managing your personal finances and cash flow and should support a variety of common banking activities such as deposits, ATM transactions, bill payments, and money transfers. However, while these accounts should all have the same basic functions, not all chequing accounts are made equal. Some are free while others have monthly fees. Some accounts have additional benefits and perks such as interest or rewards, while others only offer the basics. So, to help you find the right chequing account for you, we’re sharing our favourites in this article on the best chequing accounts in Canada 2020. 

Tangerine Chequing Account

 

Monthly Fee: $0
Unlimited debit transactions
Unlimited Interac e-Transfer transactions
Free access to Scotiabank ABMs


Online bank Tangerine only offers one chequing account at this time; the No-Fee Daily Chequing Account. However, despite the lack of options, this Tangerine account is one of the best Canadian bank accounts on offer.

Tangerine’s No-Fee Daily Chequing account has no fees and offers unlimited daily transactions and e-mail transfers. It’s also one of the few chequing accounts in Canada that offer interest. It’s a tiered interest rate, which starts at 0.15% and goes up to 0.65%, there is no minimum or maximum. New account holders will also receive their first cheque book for free.  

Due to the fact that Tangerine is an online bank, there are no branches. However, you can take care of all of your banking needs online or over the phone. Tangerine is also under Scotiabank’s Global ATM Alliance which means customers have free access to ATMs both Canada-wide and world-wide. It’s easily one of the best chequing accounts in Canada.



HSBC Advance Chequing Account

Monthly Fee: $25
Unlimited day-to-day banking
Free INTERAC e-Transfers
Convenient Online International Money Transfer

Bonus: Get up to $800* when you switch to HSBC by November 30, 2020. 

 With 139 branches across the country, HSBC Bank Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island. HSBC Bank is one of the most trusted banks not only in Canada, but globally with 40 million customers.

It caters to the needs of a range of individual savers and investors.  One of the ways they ensure your financial needs are met is by offering different chequing accounts. One of the most popular chequing accounts is the HSBC Advance Chequing Account.

If you are looking for an account that connects you globally and allows you to transfer money online between your personal HSBC accounts in over 30 countries, then the HSBC Advance Chequing Account might be a great option for you. This account offers unlimited transactions, waives fees for Interac e-Transfers and waives fees for wire transfers of amounts not exceeding $10,000.

HSBC gives you access to your Advance account online or through a mobile app. This means you can manage your finances 24/7.

The monthly account fee is $25, however this fee will not be charged as long as you maintain a balance of $5,000 in combined personal deposits and investments with HSBC Bank Canada. 

 

Scotiabank Chequing Account


Monthly Fee: $15.95
Unlimited debit transactions
Unlimited Interac e-Transfer transactions

Scotiabank is known to be one of the best banks in Canada, and they have a few options when it comes to chequing accounts, however, the Scotia One Account is a firm favourite for chequing accounts in Canada thanks to the fact that it is a rewards account.

Customers can choose between two rewards program options. The first is for SCENE points which is ideal for those who love movies and entertainment. The second option is Scotia Rewards Points which can be used for travel. Both options will give you 10,000 rewards points as a sign-up bonus, plus, you’ll earn more rewards on every transaction you make using your Scotia One debit card.

 

This chequing account does have a monthly fee of $15.95. However, this fee is waived if you maintain a minimum balance of $4000 in the account and you have unlimited Scotiabank ATM transactions.

 

Motusbank No-Fee Chequing Account

Monthly Fee: $0
Unlimited debit transactions
Unlimited Interac e-Transfer transactions


Motusbank is another great option that is making a name for itself as one of the best Canadian banks. Motusbank, like Tangerine, is also an online bank but what it lacks in terms of brick-and-mortar offices it makes up for with great chequing account benefits and perks.

The Motusbank No-Fee Chequing Account has, as you guessed, no monthly fees. Cardholders will also receive unlimited Interac e-transfers and debit purchases. This chequing account also offers interest at a flat rate of 0.50%, no minimum balance required. Plus, your first order of 25 cheques is free.

Another benefit of choosing Motusbank is that your eligible deposits will be insured by the CIDC (up to $100,000). Motusbank customers also have no-fee access to more than 3,700 ATMs across Canada.


TD Chequing Account

Monthly Fee: $16.95
Unlimited debit transactions
Unlimited Interac e-Transfer transactions


TD Bank definitely holds a spot as one of the best banks in Canada for personal banking. As such, it’s no surprise that they have some great options for chequing accounts including options for youths and students.

For a regular chequing account, consider the TD Unlimited Chequing Account. This account allows for unlimited free transactions, unlimited free Interac e-transfers, and includes no TD fees on any ATMs within Canada.

This chequing account does have a monthly fee of $16.95, however that fee will be waived if you maintain a minimum balance of $4000 in the account. The TD Unlimited Chequing Account also comes with a couple of additional perks including TD Fraud Alerts and $20 off the annual fee (first year only) for your choice of one of five TD Credit Cards.


RBC Chequing Account

RBC has a reputation for offering some of the best bank accounts in Canada. They actually offer 4 different types of chequing accounts, however, their basic Day to Day Banking chequing account is always a solid choice.

Cardholders have access to 12 free monthly ATM, teller-assisted, or cheque transactions (after this, all transactions are $1 each). Interac e-transfers, however, are free and unlimited. Cardholders also have the option of linking their RBC debit card to their Petro Points card to save on fuel. Linked accounts will save $0.03 per litre at Petro-Canada stations plus, using your card will earn you 20% more Petro-Points.

There is a fee associated with the RBC Day to Day Banking account; $4 per month. However, this fee can be waived if you are a senior, are a Registered Disability Savings Plan beneficiary, or have multiple (2+) eligible RBC products.



CIBC Checking Account

CIBC is another household name when it comes to banking in Canada. Like the other major Canadian banks on this list, CIBC offers a few options for chequing accounts, however, the CIBC Smart Account is a great pick.

The CIBC Smart Account stands out thanks to its flexibility. For those who can make do with 12 or fewer transactions per month, the monthly fee is only $4.95. However, for those who need more, you can have unlimited monthly transactions for $14.95. These rates can differ month to month depending on your banking needs.

 

A chequing account is something that every Canadian should have, but the type of chequing account you need will depend on your banking needs and habits. From basic accounts to unlimited options, this list of the best chequing accounts in Canada should help you select the best account for your personal finance goals.

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My Rate Compass is a Canadian personal finance portal helping consumers make the most informed financial decisions and take control of their finances through financial literacy. We offer tools, articles, and resources to inform, educate, and provide advice on credit cards, mortgages, loans, RSPs, GICs, TFSAs, bank accounts and credit scores.