Retirement 101 eBook - 3D

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

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

18 thoughts on “Top 5 Free Chequing Accounts in Canada for 2021”

    • 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.

      Reply
    • 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!

      Reply
  1. 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.

    Reply
  2. 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?

    Reply
  3. 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!

    Reply
  4. 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.

    Reply
    • @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.

      Reply
  5. 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.

    Reply
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