Compare the Best Chequing Accounts in Canada 2020


  • Fees: $3.95 per month
  • Number of Transactions: 12 free per month ($1.25 each thereafter)
  • Number of Interac e-Transfers: 2 per month ($1.00 each thereafter)
  • Debit card: Yes
  • Cheques: No
  • ATM Network: Scotiabank
  • Mobile app: Yes

Learn more about the Scotiabank Scotia Basic chequing account*


Best student chequing account: CIBC Smart for Students

CIBC is a multinational bank and one of the country’s Big Five Banks.

  • Fees: None 
  • Number of transactions: unlimited
  • Number of Interac e-Transfers: unlimited
  • Debit Card: Yes
  • Cheques: No
  • ATM Network: CIBC
  • Mobile app: Yes

Best hybrid chequing account: Weatlhsimple Cash Hybrid Account*

Wealthsimple is an online investment and wealth management company.

  • Fees: None
  • Number of transactions: unlimited
  • Number of Interac e-Transfers: limited
  • Debit card: Yes
  • Cheques: No
  • ATM network: Visa
  • Mobile app: Yes

Learn more about Wealthsimple Cash*


What, exactly, is a chequing account?

A chequing account is the most basic kind of bank account. It’s what you use to manage your everyday cash flow. Usually, it’s the account people use to deposit their paycheques and from which their rent or mortgage payments, and other bills, are withdrawn. It is also usually linked to a bank card and used to make debit payments or to withdraw cash at an ATM. 

Chequing accounts are not ideal places for keeping savings—for two reasons. First, it’s a good idea to keep your savings in a separate account from your everyday spending so you are less tempted to dip into it. Second, since chequing accounts pay little to no interest, money kept in a chequing account will not grow enough to keep up with inflation, and so will lose buying power over time.

Everyone who is receiving income and paying for things on a regular basis needs a chequing account to manage their everyday transactions. Other banking products, like savings accounts and GICs, are better suited for medium to long-term savings because they will allow your savings to accrue interest, can be held in registered accounts to defer taxes, or kept out of reach for a period of time.


What types of chequing accounts exist?

While most chequing accounts work in the same manner, there are different types of chequing accounts available.



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