Best Checking Bank Accounts in Canada This September 2025
Finding the right checking account is crucial for managing your daily finances effectively in Canada's evolving banking landscape. With rising fees and digital banking becoming increasingly prevalent, September 2025 brings new offerings and competitive features from major banks and online institutions. Whether you're looking for a primary checking account or considering pairing it with savings account options, our analysis helps you navigate these options to find an account that maximizes value while minimizing fees.
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Summary Table for Best Checking Bank Accounts in Canada This September 2025
| Account | Interest Rate | Monthly Fee | Min Balance | Open Account |
|---|---|---|---|---|
|
Simplii Financial No Fee Chequing Account Personal Banking |
0.01% | $0 | $0 | Open |
|
Tangerine No-Fee Daily Chequing Account Personal Banking |
0.10% | $0 | $0 | Open |
|
EQ Bank Personal Account Personal Banking |
3.00%' (1.00% base + 2.00% bonus with qualifying direct deposit) | $0 | $0 | Open |
|
National Bank The Chequing Account For Newcomers to Canada Personal Banking |
Not specified | $15.95' (waived for first 3 years) | $0 | Open |
|
TD Unlimited Chequing Account Personal Banking |
0% | $17.95 | $4,000 | Open |
|
BMO Performance or Premium Plan Chequing Account Personal Banking |
Up to 4.60%' (linked Savings Amplifier Account) | $17.95 (Performance) / $30.95 (Premium) | $4,000 (Performance) / $6,000 (Premium) | Open |
|
CIBC eAdvantage Savings Account High-Interest Savings |
Regular + Smart Interest (varies) | $0 | $0 | Open |
1. Simplii Financial No Fee Chequing Account
Simplii Financial's No Fee Chequing Account offers truly free daily banking with unlimited transactions and no minimum balance requirements, backed by CIBC's extensive ATM network of over 3,400 locations across Canada.
Simplii Financial No Fee Chequing Account
- Unlimited debit purchases, bill payments, and withdrawals
- Free access to 3,400+ CIBC ATMs nationwide
- Unlimited free Interac e-Transfers
- Optional overdraft protection at $4.97/month
Pros
- No monthly fees or minimum balance requirements
- Unlimited free transactions and e-Transfers
- Large ATM network through CIBC
- Generous welcome and referral bonuses
Cons
- No in-person banking services
- No youth bank accounts available
- No business banking accounts
- Low standard interest rate (0.01%)
Why is it Our Top Pick?
With no monthly fees, no minimum balance requirements, and unlimited free transactions including Interac e-Transfers, this account provides comprehensive daily banking services at zero cost. The current $300 welcome bonus and $125 referral program make it an exceptionally valuable choice for new customers.
2. Tangerine No-Fee Daily Chequing Account
Tangerine's No-Fee Daily Chequing Account combines no-cost daily banking with a higher interest rate than most competitors, plus access to Scotiabank's nationwide ATM network and a substantial welcome bonus for new clients.
Tangerine No-Fee Daily Chequing Account
- Unlimited daily transactions with no fees
- Free access to 3,500+ Scotiabank ATMs
- Free Interac e-Transfers and bill payments
- First book of 50 cheques free
Pros
- No monthly account fees
- No minimum balance requirement
- Higher interest rate than most chequing accounts
- Large ATM network through Scotiabank
Cons
- Additional checkbooks cost $50
- 2.50% foreign exchange markup
- Some non-standard transaction fees apply
- Account inactivity fees may apply
3. EQ Bank Personal Account
EQ Bank's Personal Account is a fee-free hybrid chequing and savings account offering high interest earnings on every dollar, with unlimited free transactions and nationwide ATM fee reimbursements.
EQ Bank Personal Account
- Free unlimited Interac e-Transfers and bill payments
- Free ATM withdrawals nationwide with fee reimbursement
- Multiple sub-accounts for different financial goals
- Linked card with cash back and no foreign exchange fees
Pros
- No monthly fees or minimum balance requirements
- High interest rate on all deposits
- Unlimited free transactions
- CDIC insured up to $100,000
Cons
- No physical branches
- Must be age of majority (18/19) to open account
- Requires Canadian residency
- Direct deposit required for bonus interest rate
4. National Bank The Chequing Account For Newcomers to Canada
National Bank's Newcomer Account package offers comprehensive banking solutions for new Canadians, including a chequing account with no monthly fees for up to three years and additional perks like legal assistance and credit building options.
National Bank The Chequing Account For Newcomers to Canada
- No monthly fees for up to 3 years
- Free legal assistance service for one year
- Credit card to build credit history
- Dedicated banking advisor support
Pros
- Can apply before arriving in Canada
- Comprehensive newcomer package
- Dedicated advisor support
- No fees for first 3 years
Cons
- $15.95 monthly fee after promotion ends
- Limited-time promotions may vary
- Must meet specific newcomer criteria
- Regular fees apply after 3 years
5. TD Unlimited Chequing Account
The TD Unlimited Chequing Account offers unlimited transactions and free Interac e-Transfers with a waivable monthly fee, making it ideal for customers who frequently use their account and maintain a healthy balance.
TD Unlimited Chequing Account
- Unlimited transactions including Interac e-Transfers
- No TD ATM fees in Canada
- First year TD Credit Card fee rebate (up to $139)
- Senior discount ($6 monthly rebate for those 60+)
Pros
- Monthly fee can be waived with $4,000 minimum balance
- Unlimited transactions with no additional fees
- Free Interac e-Transfers
- Comprehensive senior benefits
Cons
- High monthly fee of $17.95 if minimum balance not maintained
- High minimum balance requirement for fee waiver ($4,000)
- No interest earned on balance
6. BMO Performance or Premium Plan Chequing Account
BMO offers two premium checking options with the Performance and Premium Plans, featuring comprehensive banking packages with unlimited transactions and valuable perks, designed for customers seeking enhanced banking benefits and rewards.
BMO Performance or Premium Plan Chequing Account
- Unlimited debit transactions and e-Transfers
- Identity theft protection with OnGuard®
- Annual credit card rebate
- Free non-BMO ATM withdrawals (Premium Plan)
Pros
- Monthly fees waivable with minimum balance
- Comprehensive fraud protection
- Unlimited transactions
- Family bundling options available
Cons
- High monthly fees without minimum balance
- Different minimum balance requirements for each plan
- Premium plan requires $6,000 for fee waiver
7. CIBC eAdvantage Savings Account
This CIBC eAdvantage Savings Account offers excellent value for Canadian consumers.
CIBC eAdvantage Savings Account
- No minimum balance requirement
- Smart Interest earned on balances up to $200,000 with monthly deposits of $200+
- Special interest rate for first 90 days on balances up to $1,000,000
- Online and mobile banking access
Pros
- No monthly account fees
- No minimum balance required
- Opportunity for bonus interest rates
- Free transfers to linked CIBC accounts
Cons
- $5 fee per transaction
- Smart Interest limited to balances up to $200,000
- Must save minimum $200 monthly to earn bonus rates
- Regular transaction fees may offset interest earnings
Final Words
Selecting the ideal financial product ultimately depends on your individual goals, spending patterns, and financial situation. We recommend comparing the features and benefits of our top picks, then taking action to optimize your financial strategy for the current market conditions.
Frequently Asked Questions: Best Checking Bank Accounts in Canada This September 2025
What are the best no-fee chequing accounts in Canada 2025?
Simplii Financial and Tangerine offer completely free chequing accounts with unlimited transactions and no minimum balance requirements.
Which bank has the lowest monthly fees for checking accounts in Canada September 2025?
EQ Bank Personal Account has zero monthly fees while offering 2.5% interest on all balances with no minimum deposit required.
How do I choose the best checking account for newcomers to Canada in 2025?
National Bank's Newcomers Account offers 12 months of free banking, no monthly fees, unlimited transactions, and a welcome bonus of $150 for new immigrants.
