What fees really cost
Many chequing plans at the big banks cost about $11 to $20 a month unless you keep a minimum balance, often several thousand dollars sitting idle. At $16.95 a month, that's $203 a year and over $2,000 in ten years, before ATM, e-Transfer or overdraft fees.
See your own number with the bank fee calculator.
What to look for in a no-fee account
- No monthly fee, with no minimum balance needed to avoid it
- Free everyday transactions: debit purchases, bill payments and Interac e-Transfers
- Deposit insurance from CDIC or your provincial insurer
- Cash access through ATMs you can use without fees
- A good app with easy transfers and alerts
How to switch without missing a payment
- Open the new account and order your debit card.
- Move your direct deposit. Give your employer the new account details and wait for one paycheque to land.
- Move pre-authorized payments one by one: rent, phone, insurance, subscriptions, credit cards.
- Leave a small buffer in the old account for a month or two in case something you missed comes through.
- Close the old account once nothing new has hit it for a full month.
No-fee and low-cost options
These Canadian options have no monthly chequing fee or are built for low-cost investing. Compare them with any bank or credit union you're considering.
Simplii Financial No Fee Chequing
No monthly account fee and unlimited debit transactions. A good everyday account for bills and spending.
Open with SimpliiWealthsimple Chequing and investing
Chequing with no monthly account fees, plus TFSA, RRSP and FHSA investing accounts in one app.
Join WealthsimpleQuestrade Low-cost investing
Self-directed and managed investing with TFSA, RRSP and FHSA accounts, built for keeping costs low.
Open with QuestradeGet a welcome bonus. Open and fund an eligible account through these links and you may get a cash bonus once you meet the offer's conditions. Each company sets its own amounts and rules, and they change, so check the offer terms on their site.
Disclosure: these are referral links. If you open an account through one, BudgetHelp may also get a referral bonus, at no cost to you. We don't recommend specific investments. See our referral disclosure.