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Managing your daily banking needs can be a hassle, especially when juggling multiple accounts and fees. That’s where unlimited chequing accounts come in – they offer a convenient solution for those who want to streamline their banking experience without worrying about transaction limits or extra charges. 

In this article, we’ll explore the concept of unlimited chequing accounts, compare the best options available in Canada, and provide you with the facts and figures you need to make an informed decision.

What Is An Unlimited Chequing Account?

An unlimited chequing account is a type of bank account that allows you to perform an unlimited number of transactions without incurring additional fees. The term “unlimited” typically refers to the number of debit purchases, ATM withdrawals, bill payments, and other transactions you can make without being charged.

These accounts are designed to cater to individuals with high transaction volumes or those who prefer the convenience of not tracking their monthly transactions. While some unlimited chequing accounts may come with a monthly fee or minimum account balance, they often provide additional benefits and features that can offset the cost for frequent users.

Best Unlimited Chequing Accounts In Canada: A Comparison

AccountMonthly FeeMinimum BalanceATM FeesE-transferExtra Features
Tangerine No-fee Daily Chequing Account$0N/A$0 for Scotiabank ATMsUnlimited freeUp to $500 welcome bonus, 50 free cheques, 0.01% – 0.10% interest
Coast Capital Free Chequing, Free Debit, and More Account$0N/A$0 at Coast Capital and EXCHANGE Network ATMs$1.50 to send Up to $450 welcome bonus, one free chequebook for ages 59+
KOHO$4 – $19N/ANo charge from KOHO, but $2 – $3 from ATM$1.5 to sendBudgeting tools, 5% interest, No-FX, 0.25% – 5% cashback
Simplii No-fee Chequing Account$0N/A$0 for CIBC ATMsUnlimitedUp to $400 welcome bonus, $125 bonus for referrals, 0.01% – 0.10% interest, free chequebook
Neo Money$0 – $4.99$0No charge from NEO, but fees from ATM provider UnlimitedUp to 15% cashback promotions, 0.5% – 5% cashback on purchases, 4% interest
RBC Unlimited Banking Account$16.95N/A$0 for RBC ATMs +3 free non-RBC withdrawalsUnlimitedWelcome bonus of free Apple Watch, credit card rebate, gas discounts, earn points, senior discount
TD Unlimited Chequing Account$0 – $16.95$4,000$0 for TD ATMsUnlimitedUp to $400 welcome bonus, credit card rebate, 50% more Starbucks stars, senior discount
CIBC Unlimited Chequing Account$0 – $16.95$4,000$0 for CIBC ATMs + 1 free non-CIBC ATM in Canada per monthUnlimited$400 Costco Shop card, free for students under 25, seniors discount, save up to 10 cents per litre on gas
EQ Bank Personal Account + Bank Card$0N/A$0 from any ATM across Canada, & EQ Bank reimburses feesUnlimited4% interest rate, No FX fees, 0.5% cashback on all purchases

Best Unlimited Chequing Accounts In Canada 2024

Below we’ve listed the best unlimited chequing accounts based on various features such as monthly fee, extra features and more.

Tangerine chequing account

Tangerine No-fee Daily Chequing Account

Tangerine stands out with one of the most generous welcome bonuses of the banks mentioned. This account offers unlimited transactions without hidden costs, including debit purchases, bill payments, and Scotiabank ATM withdrawals.

Otherwise, it’s a solid option for simplicity. Tangerine’s No-fee Daily Chequing Account has no monthly fees or minimum balance requirements.

Tangerine No-fee Daily Chequing Account Main Features 

  • Transactions: Unlimited
  • ATM: $0 fees at Scotiabank ATMs
  • E-transfers: Unlimited free
  • Monthly fee: $0
  • Minimum balance to waive fee: N/A
  • Extra features: Up to $500 welcome bonus, 50 free cheques, up to 0.10% interest rate

Coast Capital

Coast Capital Free Chequing, Free Debit, and More Account

Coast Capital Free Chequing, Free Debit, and More Account is an excellent option for those seeking a fee-free banking experience from a large institution. For those who enjoy the personalized service of a credit union and are native to British Columbia, Coast Capital is one of the best options. You’ll also benefit from a broad range of financial products.

Without monthly fees or minimum balance requirements, this account offers unlimited transactions, including debit purchases, bill payments, and ATM withdrawals at Coast Capital ATMs. The only drawback is they charge $1.5 to send e-transfers.

Special Offer

From March 13-June 30, 2024, new members get $150* when they open a Free Chequing, Free Debit and More Account. *Conditions apply.

Coast Capital Free Chequing, Free Debit, and More Account Main Features

  • Transactions: Unlimited
  • ATM: $0 at Coast Capital and EXCHANGE Network ATMs
  • E-transfers: $1.50 to send e-transfers, free to receive
  • Monthly fee: $0
  • Minimum balance to waive fee: N/A
  • Extra features: Up to $450 welcome bonus, one free chequebook for ages 59+

KOHO Logo

KOHO

KOHO offers several account plan options with different cash back rewards, high savings interest rates, and other unique features. For those willing to pay a monthly fee, KOHO provides a premium experience that includes a higher cash back rate and a higher discount rate on their credit-building program

All plans include the ability to lock your card in-app, round-up transactions, and up to 5% cashback with select merchants. Their 5% interest rate on all account balances stands out among competitors. The higher tiers add premium features focused on earning more rewards and travel benefits. 

Otherwise, KOHO includes perks such as no foreign transaction fees, one free international ATM withdrawal per month and credit-building.

KOHO Main Features

  • Transactions: Unlimited
  • ATM: No charge from KOHO, but ATM charges may apply ($2 – $3)
  • E-transfers: $1.50 to send e-transfers, free to receive
  • Monthly fee: $4 – $19
  • Minimum balance to waive fee: N/A
  • Extra features: 5% interest on the entire account balance, 0.25% – 2% cashback, up to 5% cash back at partner merchants, virtual and physical cards, credit building feature, No FX, one free international ATM withdrawal per month

Simplii Financial

Simplii Financial™ No-fee Chequing Account

Simplii is owned by CIBC. As such, it offers the convenience and security of a big bank with the fee structure of an online institution. Notably, you can access CIBC’s vast ATM network free of charge. You’ll also benefit from a lack of monthly fees or minimum balance requirements. 

Simplii’s chequing account offers unlimited transactions, including debit purchases, bill payments, and CIBC ATM withdrawals. The account presents a generous welcome bonus, which can total up to $400 in additional benefits.

Welcome Offer

Earn $400 when you open a No-Fee Chequing Account by October 31, 2024. Add an eligible direct deposit of at least $100 a month for 3 consecutive months.

Simplii No-Fee Chequing Account Main Features

  • Transactions: Unlimited
  • ATM: $0 fees for CIBC ATMs
  • E-transfers: Unlimited
  • Monthly fee: $0
  • Minimum balance to waive fee: N/A
  • Extra features: $400 welcome bonus, earn $125 each time you refer a friend, 0.01% – 0.10% interest rate, free cheques

Neo Money™ Account

The Neo Money account is a hybrid account that offers the flexibility of a chequing account with unlimited transactions and the interest savings of a savings account. The NEO Money account also includes a rare prepaid cash back credit card called the Neo Money™ card.

Depending on your subscription, you’ll earn 0.5% – 5% cashback rewards on everyday purchases like gas, groceries, dining, ride-sharing, and more. This is amplified up to 15% through first-time purchases with select merchants.

The interest rate is also favourable, earning up to 4% on your deposits. The account includes unlimited free transactions and ATM access wherever Mastercard is accepted. No monthly fees or minimum balances are required.

Neo Money Account Main Features

  • Transactions: Unlimited transactions
  • ATM: No charge from NEO, but ATM providers may charge
  • E-transfers: Unlimited
  • Monthly fee: $0 – $4.99
  • Minimum balance to waive fee: N/A
  • Extra features: welcome bonus of up to 15% cash back at select partners, 0.5% – 5% cash back on purchases, 4% interest on money in your account

rbc chequing account1

RBC Signature No Limit Banking

RBC’s Unlimited Banking Account is a good option for high-volume banking customers who prefer the comfort of a large financial institution. The account offers unlimited transactions, e-transfers, and ATM withdrawals as usual. 

While there is a monthly fee, the account has attractive perks like an Apple Watch welcome bonus, credit card rebate, gas savings, rewards points, and fee discounts.

RBC Signature No Limit Banking: Main Features

  • Transactions: Unlimited
  • ATM: $0 fees for RBC ATMs + 3 free non-RBC ATM withdrawals per month
  • E-transfers: Unlimited
  • Monthly fee: $16.95
  • Minimum balance to waive fee: N/A
  • Extra features: Welcome bonus of a free Apple Watch, $48 rebate on an eligible credit card annual fee, save 3 cents per litre on gas at Petro Canada, 1 Avion point for $10 spent, senior discount

TD chequing account

TD Unlimited Chequing Account

TD’s Unlimited Chequing Account is another standard option if you prefer a large bank. You can waive the $16.95 monthly fee by maintaining a $4,000 minimum balance.

Otherwise, the account provides unlimited transactions, including debit purchases, bill payments, TD ATM withdrawals, and a generous welcome bonus of up to $400. 

Moreover, TD has a Starbucks partnership that allows account users to earn up to 50% more stars on Starbucks purchases.

TD Unlimited Chequing Account Main Features

  • Transactions: Unlimited
  • ATM: $0 fees for TD ATMs, and TD won’t charge fees if you use other ATMs across Canada
  • E-transfers: Unlimited
  • Monthly fee: $0 – $16.95
  • Minimum balance to waive fee: $4,000
  • Extra features: Up to $400 welcome bonus, first-year rebate on select TD credit cards, 50% more stars at Starbucks with purchases, senior discount

CIBC logo

CIBC Unlimited Chequing Account

CIBC’s Unlimited Chequing Account is a solid option for those who prefer to bank with a major financial institution. This account shines with the $400 welcome bonus. Costco shoppers will be delighted to earn a $400 gift card. 

You can waive the $16.95 monthly fee by maintaining a $4,000 balance. Otherwise, this account offers unlimited transactions, including debit purchases, bill payments, and CIBC ATM withdrawals, making it suitable for high-volume users. Notably, you can reduce the monthly fee with fewer monthly transactions.

CIBC’s Unlimited Chequing Account Main Features

  • Transactions: Unlimited
  • ATM: $0 fees for CIBC ATMs + 1 free non-CIBC ATM withdrawal per month
  • E-transfers: Unlimited
  • Monthly fee: $0 – $16.95
  • Minimum balance to waive fee: $4,000
  • Extra features: Welcome bonus of a $400 Costco Shop Card, free for students under 25 and discount for seniors, save up to 10 cents per litre on gas with Journie Rewards partners

EQ Bank Logo

EQ Bank Personal Account + Bank Card

EQ Bank offers a hybrid account, creating a powerhouse account. The EQ Bank Personal account combines a high-interest rate, cashback debit card, and unlimited transactions. 

With a 4% interest rate, this option surpasses most chequing and savings accounts in Canada. Additionally, you’ll earn 0.5% cashback on spending with the Bank Card. This is amplified with no FX fees and ATM rebates. This means EQ Bank will reimburse fees that the ATM provider charges.  

To top it off, the account offers unlimited free transactions like Interac e-transfers, bill payments, and electronic funds transfers.

EQ Bank Personal Account + Bank Card Main Features

  • Transactions: Unlimited
  • ATM: $0 from any ATM across Canada, Plus EQ reimburses ATM fees
  • E-transfers: Unlimited
  • Monthly fee: $0
  • Minimum balance to waive fee: N/A
  • Extra features: 4% interest rate, No FX fees, 0.5% cash back on all purchases

Pros Of Unlimited Chequing Accounts

  • No transaction limits: With an unlimited chequing account, you can perform as many transactions as you need without worrying about additional fees or penalties.
  • Convenience: These accounts eliminate the need to track your transactions, making them a hassle-free option for frequent banking users.
  • Potential cost savings: Depending on your transaction volume, an unlimited chequing account may be more cost-effective than paying per-transaction fees with a traditional account.

 Cons Of Unlimited Chequing Accounts

  • Monthly fees: Some unlimited chequing accounts come with a monthly fee, which could offset any potential savings if your transaction volume is low.
  • Limited access to branches: Online or digital banks primarily offer unlimited chequing accounts, which may have limited physical branch locations.
  • Additional account requirements: Some banks may require you to maintain minimum balances or services to qualify for an unlimited chequing account.

Who Is An Unlimited Chequing Account Right For?

Unlimited chequing accounts are ideal for individuals who:

  • Conduct a high volume of transactions regularly, such as frequent debit purchases, bill payments, or ATM withdrawals
  • Prefer the convenience of not having to track transactions or maintain a minimum balance to avoid fees
  • Value simplicity and transparency in their banking experience, without hidden fees or complicated fee structures

How To Choose An Unlimited Chequing Account?

  1. Monthly fees: Evaluate whether the potential savings from unlimited transactions outweigh any monthly fees associated with the account.
  2. ATM access: Consider the bank’s ATM network and any fees associated with using non-network ATMs.
  3. Additional features: Look for accounts that offer extra features like high-interest savings accounts, credit card options, or budgeting tools that align with your financial needs.
  4. In-person banking: If you prefer access to in-branch banking services or are fine doing all your banking online.
  5. Customer service: Research the bank’s reputation for customer service and support, especially if you prefer in-person assistance.
  6. Minimum balance requirements: Some accounts may require a minimum balance to waive monthly fees or qualify for certain features.

Conclusion

Choosing the right unlimited chequing account simplifies banking by eliminating transaction tracking and fees. With options ranging from digital banks to major institutions, there are accounts suited for all needs. Consider factors like monthly fees, ATM access, additional features, and minimum balances to find the best fit for your transaction volume. 

While unlimited accounts benefit high-volume users, those with fewer transactions may prefer fee-free traditional chequing. Most digital banks, such as Simplii or Tangerine, offer free unlimited transactions. 

Large banks also offer unlimited accounts if you prefer an in-branch experience. However, you must maintain a minimum balance or pay a monthly fee. 

Unlimited Chequing Account FAQs

Can I have multiple unlimited chequing accounts?

Yes, you can have multiple unlimited chequing accounts with different banks or financial institutions.

Are unlimited chequing accounts available for business accounts?

Yes, multiple financial institutions also offer unlimited accounts for business banking. These typically have $100 monthly fees but tend to offer perks such as waived annual fees on credit cards.

Can I switch to an unlimited chequing account from my existing account?

Many banks allow you to switch between different account types, including unlimited chequing accounts. However, the process and any associated fees may vary, so it’s best to contact your bank directly to understand the steps and requirements.

Are e-transfers included in the unlimited transactions for these accounts?

Yes, most unlimited chequing accounts in Canada include unlimited e-transfers as part of the unlimited transactions offered.

Can I use any ATM with an unlimited chequing account?

While most unlimited chequing accounts offer fee-free transactions at their network of ATMs, using non-network ATMs may incur additional fees. Review the account’s terms and conditions to understand any potential ATM fees.

Lucas Elliott avatar on Loans Canada
Lucas Elliott

Lucas, a Toronto native, holds an Honours BBA (Finance) degree obtained from Wilfrid Laurier University. His career has spanned venture capital and blockchain startups. Aside from writing at Loans Canada, Lucas is a Hardbacon contributor, and content specialist at Croton Content. Additionally, his passion for exploring the world has taken him to an impressive 28 countries across Europe, North America, Asia, and Central America.

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