Best No Fee Bank Accounts in Canada
Compare the best free bank accounts in Canada. No monthly fees, no minimum balance, full banking features.
44 accounts
National Bank Chequing Account for Newcomers
Monthly Fee
$0
Interest Rate
—
National Bank High Interest Savings Account
Monthly Fee
$0
Interest Rate
0.55%
Tangerine Savings Account
Monthly Fee
$0
Interest Rate
—
Promo Rate
4.5%
Scotiabank Preferred Package for Students and Youth
Monthly Fee
$0
Interest Rate
—
Scotiabank MomentumPLUS Savings Account
Monthly Fee
$0
Interest Rate
0.55%
Scotiabank Savings Accelerator Account
Monthly Fee
$0
Interest Rate
1.4%
Promo Rate
4.05%
Scotiabank Right Size Savings for business
Monthly Fee
$0
Interest Rate
1.5%
Promo Rate
3.15%
BMO Performance Chequing Account - Canadian Defence Banking Services
Monthly Fee
$0
Interest Rate
—
BMO Performance Student Chequing Account
Monthly Fee
$0
Interest Rate
—
TD Student chequing account
Monthly Fee
$0
Interest Rate
—
CIBC Smart Account for Newcomers
Monthly Fee
$0
Interest Rate
—
EQ Bank Personal Account
Monthly Fee
$0
Interest Rate
—
EQ Bank RRSP Savings Account
Monthly Fee
$0
Interest Rate
—
EQ Bank TFSA Savings Account
Monthly Fee
$0
Interest Rate
—
EQ Bank Joint Account
Monthly Fee
$0
Interest Rate
—
Tangerine No-Fee Daily Chequing Account
Monthly Fee
$0
Interest Rate
—
Neo Savings Account
Monthly Fee
$0
Interest Rate
—
Simplii Financial No Fee Chequing Account
Monthly Fee
$0
Interest Rate
—
EQ Bank Notice Savings Account
Monthly Fee
$0
Interest Rate
—
Wealthsimple Chequing Account
Monthly Fee
$0
Interest Rate
—
Simplii Financial High Interest Savings Account
Monthly Fee
$0
Interest Rate
—
Promo Rate
4.5%
Complete Guide
Best No Fee Bank Accounts in Canada
Why Choose a No-Fee Account?
No-fee bank accounts save you $4–30 per month in banking fees — that’s $48–360 per year. Modern digital banks like EQ Bank, Tangerine, and Simplii offer fully-featured no-fee accounts with unlimited transactions, free Interac e-Transfers, and competitive interest rates.
What to Look For
Not all free accounts are equal. Key factors: unlimited transactions (some cap at 12-25/month), free Interac e-Transfers, ATM network size, interest on balances, and whether the account includes a free chequebook. Some big banks offer free accounts with conditions (e.g., maintaining a $3,000-5,000 minimum balance).
FAQ
Frequently Asked Questions
1What’s the best free bank account in Canada?
EQ Bank, Tangerine, and Simplii Financial are top picks. EQ Bank offers high interest (up to 4%) with no fees. Tangerine offers a flexible no-fee chequing with ATM access via Scotiabank.
2Can I get a free account at a big bank?
Yes, most big banks waive fees if you maintain a minimum balance ($3,000-5,000). TD, RBC, BMO, CIBC, and Scotiabank all offer this option.
3Are online-only bank accounts safe?
Yes. All Canadian banks and credit unions are protected by CDIC deposit insurance up to $100,000. Online banks like EQ Bank, Tangerine, and Simplii are fully CDIC-insured.
Browse other categories
Chequing Accounts
High-Interest Savings Accounts
Student Bank Accounts
Bank Accounts for Newcomers to Canada
Unlimited Transaction Bank Accounts
TD Bank Accounts
RBC Bank Accounts
BMO Bank Accounts
CIBC Bank Accounts
Scotiabank Accounts
Desjardins Accounts
Tangerine Bank Accounts
EQ Bank Accounts
National Bank Accounts