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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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.

23 thoughts on “Top 5 Free Chequing Accounts in Canada for 2022”

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

    Or was that meant to be 0.60%? Drat…

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

  2. Coast Capital in BC has free chequing as well

    • 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.

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

    • 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. 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.

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

  4. 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. 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!

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

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

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

  8. 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.

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

  11. 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?

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

  12. 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?

    • @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.

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