What are the best no-fee bank accounts in Canada?

Common no-fee options in Canada include EQ Bank, Simplii Financial, Tangerine, Wealthsimple Cash and Neo — all offer $0 monthly fees with no minimum balance. Big-bank chequing accounts typically charge around $4 to $30 a month unless you keep a minimum balance.

How much do bank account fees cost per year in Canada?

A common $16.95/month chequing fee is about $203 a year. Premium accounts can run $30/month or roughly $370 a year. Switching to a no-fee account keeps that money in your pocket.

Can I get my bank fee waived instead of switching?

Often yes — most banks waive the monthly fee if you keep a minimum balance (commonly $3,000–$6,000). You can also downgrade to a cheaper plan. But a true no-fee account charges nothing regardless of balance.

Money Talks / Banking

Best no-fee bank accounts in Canada (2026)

Updated June 2026 · 5 min read · Banking

You don't have to pay a monthly fee to have a chequing account. Common $0-fee, no-minimum options in Canada are EQ Bank, Simplii, Tangerine, Wealthsimple Cash and Neo. A typical big-bank fee of $16.95/mo is ~$203/yr — money you keep 100% of just by switching or getting it waived.

Account fees are one of the purest wastes in personal finance: you pay every month for something you can get for free. Here are the real no-fee options and how to stop paying.

The no-fee options

Account	Monthly fee	Notes
EQ Bank	$0	No minimum, earns interest on the balance, free transfers
Simplii Financial	$0	CIBC-backed, no minimum, wide ATM access
Tangerine	$0	Scotiabank-owned, no minimum
Wealthsimple Cash	$0	Spend + save in one, no minimum
Neo	$0	No minimum, app-first
Big-bank chequing	~$4–30/mo	Often waived only with a minimum balance

What that fee is really costing you

A $16.95/month account fee is $203.40 a year. A premium account at ~$30/month is closer to $370 a year. Over ten years, that's $2,000–$3,700 for a service you can get for $0. The fee is small enough that most people never do the multiplication — which is exactly why it persists.

Two ways to stop paying

Switch to a true no-fee account above. Best if you don't want to tie up cash in a minimum balance.
Get it waived at your current bank by keeping the required minimum balance (often $3,000–$6,000) — or downgrade to a cheaper plan. Just remember: money locked in a chequing account to dodge a fee usually earns nothing, so weigh that against a no-fee account plus a high-interest savings account.

Banking is just the start. If you want a full picture — savings accounts, registered accounts (TFSA/RRSP/FHSA), credit, and mortgages — see our Complete Canadian Money Guide.

Catch the fee before it catches you

Most people don't switch because they never notice the fee in the first place. Looni is being built to spot it automatically — the account fee, the 0.01% savings, the forgotten subscription — and tell you the one move to make. Canadian, and we only win when you keep more.

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Important: Account features and fees are approximate, as of June 2026, and change — confirm current terms on each provider's site. This is general information, not financial advice, and Looni isn't affiliated with the institutions listed.