A few days ago, I wrote an article on Canadian High Interest Savings Accounts. Today I’m going to explore the options for Canadian No-Fee Chequing Accounts.

No-fee chequings can be classified into two broad categories:
A) No minimum balance required
B) Yes minimum balance required to waive account fees

Most big banks in Canada (BMO, CIBC, HSBC, RBC, Scotia, TD) fall in category B. They have more branches and offer greater accessibility in terms of locations and branch hours. However, if you have difficulty maintaining a monthly minimum balance, you may want to consider accounts that do not require minimum balances.

A) No Minimum Balance, No Fee Chequings

Citizen’s Bank Global Chequing Account

• No monthly fees or minimum balances
• Free cheques & cheque images
• Unlimited no-fee direct deposits, account transfers, balance inquiries, bill payments and pre-authorized payments
• Free at EXCHANGE® or ACCULINK® ATMs, found at most credit unions and HSBC
• Free online banking, free online or paper statements
• Rewards: earn 0.050% interest calculated on the daily closing balance and paid monthly

Coast Capital Savings Credit Union Free Chequing, Free Debit and More Account

• No monthly fees or minimum balances
• Free starter cheques (first 10 cheques; must purchase after that)
• Unlimited no-fee direct deposits, account transfers, balance inquiries, bill payments and pre-authorized payments
• Free at EXCHANGE® or Coast Capital ATMs
• Free online banking, free online statements
• Rewards: none

President’s Choice Financial No Fee Bank Account

• No monthly fees or minimum balances
• Free cheques
• Unlimited no-fee direct deposits, account transfers, balance inquiries, bill payments and pre-authorized payments
• Free at CIBC or President’s Choice ATMs
• Free online banking, free online statements, but $1.00 per month for paper statement
• Rewards: earn PC points for free groceries & earn variable interests calculated on the daily closing balance and paid monthly

B) Yes Minimum Balance, No Fee Chequings

Bank of Montreal Plus Plan

• No monthly fees or minimum balances for youth, student, recent graduate, young adult, and senior; for others, maintain a monthly balance $1500 to waive the plan fee $8.50
• No free cheques
• 30 monthly transactions limit

CIBC Everyday Chequing Account

• No monthly fees or minimum balances for full-time college, university or CEGEP students, and seniors; for others, maintain a monthly balance $1000 to waive the plan fee $3.90
• No free cheques
• 10 monthly transactions limit

HSBC Performance Chequing-Unlimited

• Maintain a monthly balance $4000 to waive the plan fee $11.95
• No free cheques
• Unlimited monthly transactions

RBC No Limit Banking

• Maintain three eligible RBC products to waive the plan fee $10.95
• No free cheques
• Unlimited monthly transactions

Scotiabank Powerchequing Account

• Maintain a monthly balance $3500 to waive the plan fee $9.95
• No free cheques
• Unlimited monthly transactions

TD Canada Trust Value Plus Account

• No monthly fees or minimum balances for full time post-secondary students; for others, maintain a monthly balance $2000 to waive the plan fee $8.95
• No free cheques
• 25 monthly transactions limit

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