When it comes to daily banking, no-fee chequing accounts provide a convenient, no-fuss solution. Most chequing accounts can be easily accessed and managed online. Canada has a large variety of no-fee chequing accounts, so you no longer need to pay $15 per month for unlimited debit transactions. No-fee chequing accounts are free to use but still contain many attractive features. In this post, we’ll take a look at some of the best no-fee chequing accounts in Canada and make some comparisons between them
If you opt for one of the free everyday banking solutions, you can save an impressive $200+ per year in fees, compared to Canada’s major banks. You can benefit from all the same services, plus:
- You’ll have the ability to use the money usually blocked by minimum balance requirements,
- You can earn higher interest rates by depositing your money in savings accounts or other investment opportunities.
Tangerine No Fee Unlimited Chequing Account Canada
Tangerine Bank (previously ING Direct) is a well-known online savings bank. It recently released a no-fee chequing account known as Chequing Account (formerly Thrive). As a bonus, Tangerine also offers free ABM access via the Scotiabank ABM network.
Tangerine’s chequing account is an online, no-fee daily chequing account that actually pays you interest on your hard-earned dollars. Users operate their accounts absolutely free of charge, as there are no monthly fees and the account doesn’t require a minimum balance. The bank also pays interest of between 0.25%-1.10% on the amount deposited.
Duca No Fee Chequing Account
Whatever your current circumstances, there’s a no-fee chequing bundle to suit your needs. Plus, there’s NO monthly fee and NO minimum balance! All our no-fee chequing bundles include:
- Unlimited deposits and withdrawals,
- Unlimited cheques and EFTs,
- Unlimited withdrawals when using DUCA and THE EXCHANGE® Network ATMs,
- Unlimited bill payments,
- Unlimited Interac® point-of-sale transactions.
Simplii No Fee Chequing Account
New clients can earn up to $200*… Open a no-fee chequing account today:
- No monthly fees with no minimum balance,
- Free daily banking: unlimited debit purchases, bill payments and withdrawals,
- Send money for free with Interac e-Transfer®
- Free access to over 3,400 CIBC ATMs across Canada
Banks that offer you free accounts
Duca Financial and Tangerine Bank are online banks that offer you everyday banking accounts at no charge. The Canadian Insurance Deposit Corporation also backs your deposits in both banks. Here are some of the other bonus features you can benefit from:
- These banks don’t have physical branches, but they offer personalized customer support via cafes and gazebos,
- You can make use of 24/7 online customer support, as well as customer services via mobile phone, mail, and telephone,
- Savings on the cost of maintaining physical branches are transferred to customers through lower service costs and higher interest rates,
- No-cost savings and chequing accounts,
- No limit on transactions, or requirement for minimum balances,
- Interac e-Transfers, fund transfers, pre-authorized bill payments, and direct deposit facilities are also available.
It’s also worth noting that Duca Financial and Tangerine Bank offer you free chequing accounts with no other applicable conditions. Whereas, mainstream banks such as TD Canada Trust, BMO, Scotiabank, CIBC, and RBC all have certain requirements that you must meet.
About Canadian banks and no fee chequing accounts.
The World Economic Forum has rated Canada’s banking sphere as the most sound. Indeed, our banking institutions have been leading the global industry for the past 7 years.
Canada’s Big Five banks have continued to show significant high-profit rates despite uncertain economic conditions. During the second quarter of 2017, analysts noted that these banks managed to surpass expectations.
These high profit rates are due to high service charges and the bank fees that Canada’s Big Five banks charge their customers. Since the fee raise of 2015, customers are paying rising account fees and transactions costs, while veterans and senior citizens have noted a reduction in the discounts they previously enjoyed.
Although the Big Five banks do offer free services, they also require that customers maintain a minimum balance each month. This is a major downside. It means that funds are blocked and cannot be invested or deposited in higher-interest savings accounts.