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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

27 thoughts on “Top 10 Free Chequing Accounts in Canada for 2022”

  1. Gravatar for MIjoch

    Wow! 60% interest at Motive? Sign me up quick! 🙂

    Or was that meant to be 0.60%? Drat…

    • Gravatar for Enoch Omololu

      Ooops! Thanks for pointing out the typo – now updated. 🙂

  2. Gravatar for Daniel Bryce

    Coast Capital in BC has free chequing as well

    • Gravatar for Jing

      FYI Coast Capital will make you pay a $5 Member fee for deposit n will only be return to you when you want to close your account with them.

      • Gravatar for Idin

        wow! $5! That’s evil. I would rather pay that amount every month to a bank and never see it again 😉

    • Gravatar for Kerri

      Tangerine now has free Interac e-transfers! 🙂 We’ve been with them since 2005ish! Love them!
      But looking forward to wealthsimple’s new cash acct and tungsten card!

  3. Gravatar for Rose

    The promotion listed for Tangerine was only valid until May 30, 2019. Given this article was posted July 17, I’m not sure how that was missed.

    • Gravatar for Enoch Omololu

      @Rose: Thanks for pointing out. I missed that in my last update to the post.

  4. Gravatar for Jay

    Hello. I am trying to avoid banks altogether, as I am living a life off grid, and want to keep things simple as possible.
    Is there a method in which I can send and receive money internationally, without having to subscribe to a bank account?

  5. Gravatar for Gail McGonigal

    I want a free account in order for depositing payments from selling my e books on Amazon in the US. Amazon does not accept Coast Capital as it is not a bank!

      • Gravatar for Mj

        But Tangerine doesnt have good customer service, its not easy to reach them. Long waiting on the phone!!

        • Gravatar for Enoch Omololu

          @MJ: That seems to be the case for most customer support services (online bank or otherwise) in the age of COVID-19. Even my internet provider now takes several minutes to hours to reach by phone now.

  6. Gravatar for Tim

    You forgot to mention any cheque deposit in MOTUS will be held until they feel free to release your funds to you.

  7. Gravatar for duncun

    Do you know a free account that you can receive wire ? Tangerine does not offer wire transfers.

  8. Gravatar for MJ

    I have a unlimited checking account with TD,i have to maintain $5000 to my account to avoid$29 fee, Just wonder as a personal account that only my paycheks and mortgage and pay off my credit card at end of a month are my account activities, does it really worth to have thus account? I have Tangerine account as a substitute as well.

    • Gravatar for Enoch Omololu

      @MJ: It boils down to whether you often need to visit a bank branch to complete transactions. $5000 is a lot of money to keep in an account without earning interest. That said, if you find it convenient, the lost interest may be counterbalanced by the convenience you are getting from being able to access a branch for quick support. In general, big 5 bank accounts are overrated these days.

  9. Gravatar for Stefan

    No affiliation, but you forgot about Alterna Bank’s eChequing (0.05%) and eSavings (1.2% interest -> better than all on your list except EQ) accounts which can both be used as a no-fee chequing account. The only restriction on the eSavings account is that you can’t use the debit card to make purchases at stores, although you can use it to take out money at an ATM. There are no fees for either account generally speaking. It’s available in Quebec, and has the values of a credit union since it’s owned by one. On the other hand, some others you mentioned: Motive, EQ, and Simplii aren’t available in Quebec.

  10. Gravatar for Candace

    Looking for the best online checking bank account that I can open immediately

  11. Gravatar for gary edwards

    thes are fine options and i thank you for presenting them. many friends and myself are outraged at the fees being charged as of jan 1 and are also on fixed incomes..these charges are equal to a weeks food for us..but question..if you lose your bank card where do you go to replace it in the online banks?

    • Gravatar for Enoch Omololu

      @Gary: You can replace your bank card by contacting the bank’s customer service via phone, email, or chat in-app.

  12. Gravatar for gary edwards

    thes are fine options and i thank you for presenting them. many friends and myself are outraged at the fees being charged as of jan 1 and are also on fixed incomes..these charges are equal to a weeks food for us..but question..if you lose your bank card where do you go to replace it in the online banks?
    ok i just readcfurter into your reviews and if i understand correctly these banks dont offer like visa debit cards or anything for say amazon payments at all so we would have to use the brick bank and the online bank and manage the transfer fees between the two? this saves how?

    • Gravatar for Enoch Omololu

      @Gary: Some of the banks offer debit cards. Since you get unlimited transactions with most online banks, you save on the transaction fees you’d otherwise have to pay for your brick bank account. Even if you still need an external account at another bank, you can go for their lowest cost/free chequing account offering.

  13. Gravatar for Brandon

    Have had a Simplii chequing account for years, but recent security changes have made it arduous to use.

    I’m a Snowbird. For several months every year, I must access my Simplii accounts from the U.S.

    THE PROBLEM: Most banks nowadays require you to enter an unique security code in order to access your account. This code is usually forwarded to you by way of the email address or one of the phone numbers they have on file for you.

    Not Simplii. The bureaucrats at that company allow you only one method of receiving their security code. Unless you want to change your telephone number every time you go to the U.S. or return to Canada — which itself can be difficult and time-consuming — you are forced to use an email address. But not just any email address. It must be a ProtonMail email address, which evidently is especially secure. (ProtonMail is based somewhere in Europe.)

    In practical terms, here’s what that means. First, you must set up your new ProtonMail account. Then, when you want to access your Simplii account using your username and password, a box appears that lets you choose that the security code be sent to you by way of your ProtonMail account — and in the Snowbird situation, it’s the ONLY choice. Without exiting the Simplii website, you must then open your ProtonMail account. An email should be awaiting you, and from it you copy your unique code. Returning to the Simplii website, you then plug in that code, at which point you will then gain access to your Simplii accounts.

    Suppose you have made an error and wish to return to your Simplii account 30 seconds after you closed the connection. Believe it or not, you are required to go through the entire ProtonMail process all over again!

    I wrote to Simplii complaining about this ridiculously complicated process. They responded with some boilerplate about security blah blah blah. They completely misunderstood the reason for my frustration.

    I will definitely be switching to one of the other choices on your list.

    • Gravatar for Enoch Omololu

      @Brandon: Thanks for stopping by!

  14. Gravatar for Chelsea

    Tangerine has been great unless you need to contact them. I’ve been with them for several years but I’m actually cancelling all of my accounts and credit card with them because I can’t deal with the literal lack of customer service. They never answer the phone. Just an FYI to people. I found this article while searching for another bank to switch to! EQ has been great (only downfall is there are no debit cards or ATMs, however great otherwise).

  15. Gravatar for Andre

    Alterna Bank has a “No-Fee eChequing Account”.

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  • Earn 5.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to a free chequing account with $350 bonus.
*Terms and conditions apply. Limited time offer.
Earn one of the highest savings rates in Canada! Get a 5.00% interest rate + $350 bonus with a free chequing account.*
*Terms and conditions apply. Limited time offer.
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