Along with savings accounts, chequing accounts are the most common type of bank account among Canadians. But unlike savings accounts, chequing accounts are designed to allow account holders to make a number of transactions every month. Whether you use it to withdraw funds, deposit cheques, or pay bills, chequing accounts are a staple in the financial world of Canadians.
That said, many chequing accounts place a limit on the number of transactions that can be performed every month. If you go over that limit, you’ll be charged a fee for every additional transaction. This can be costly for many Canadians who have very active chequing accounts.
Luckily, several chequing account options allow for an unlimited number of transactions per month. Anyone who makes many transactions every month might want to look into unlimited chequing accounts.
In this article, we’ll offer our top picks of the best unlimited chequing accounts in Canada.
A regular chequing account offers a secure place for consumers to stash their money that is used for daily spending or bill paying. They’re not meant to store money for the long run, as would be the case with a savings account. Instead, a chequing account is meant for spending.
An unlimited chequing account is more specific and is just what the name implies: it’s a chequing account that places no limit on the number of transactions you can make. That way, you’re free to do your day-to-day banking without having to worry about whether or not you’re going over your limit and will be charged a fee as a result.
Some banks that offer these accounts may also provide you with a set number of online money transfers for free, and there are often no minimum balance requirements.
| Monthly Fee | Min Balance | Transaction Limits | e-Transfer Fees | Overdraft Rate | |
| Coast Capital Free Chequing, Free Debit, and More Account® | $0 | N/A | Unlimited transactions* | Free | $5/month + 21% interest/ year on negative balances |
| Simplii Financial™ No-Fee Chequing Account | $0 | N/A | Unlimited | Free | $4.97 + 19% interest on the overdrawn amount |
| TD Unlimited Chequing Account | $0 with a minimum balance ($16.95 with less than minimum) | $4,000 | Unlimited | Free | $4/month, + 21% interest/year on overdrawn amount |
| BMO Performance Chequing Account | $0 with minimum balance ($16.95 with less than minimum) | $4,000 | Unlimited | Free | $5/month + interest on the overdrawn amount |
| Tangerine No-Fee Daily Chequing Account | $0 | $0 | Unlimited | Free | $5/use + 19% interest on the overdrawn amount |
| RBC No-Limit Banking | $10.95 | $0 | Unlimited | Free | $5/month + interest on the overdrawn amount |
| CIBC Smart Plus Account | $0 with minimum balance ($29.95 with less than minimum) | $6,000 | Unlimited | Free | Included |
Coast Capital is a member-owned cooperative that has been helping its members reach their financial goals for 80 years. They are a certified B Corporation that offers financial services such as loans, mortgages, investment accounts and basic banking products.
If you’re looking for an unlimited chequing account, Coast Capital offers one for free (The Coast Capital Free Chequing, Free Debit, and More Account®). No minimum balance is required and users will get access to free transactions, free withdrawals, and free deposits. Moreover, Coast Capital has 4000+ ATMs across Canada that you can access and a mobile app to perform all your banking transactions.
For a limited time, new Coast Capital members can get up to $500** cash plus no monthly fees* with their Free Chequing, Free Debit, and More Account®. This offer expires on December 30, 2022.
Simplii Financial is an online-only bank and the digital banking arm of CIBC. Nearly everything is unlimited with Simplii Financial’s No-Fee Chequing Account, including debit purchases, withdrawals, bill payments, and Interac e-Transfers. There’s no minimum balance required nor any monthly fees, either. Simplii™ offers its clients free daily banking, which makes it one of the most budget-friendly and convenient banks in Canada.
When you open your first Simplii Financial No-Fee Chequing Account, you can earn $350 after setting up a minimum of 3 eligible direct deposits. Limites apply and the offer ends on October 31st, 2022.
TD Bank is one of the largest banks in Canada. Headquartered in Toronto, Ontario, the bank holds offices across the globe, offering a variety of banking products to millions of customers around the world.
TD offers an unlimited chequing account that not only removes limits placed on the number of transactions you can make every month but also comes with free Interac e-Transfers. You can have your monthly fee waived if you maintain a minimum balance of $4,000 and withdraw funds from any TD ATM across Canada for free.
BMO has been around for over 2 centuries and is headquartered in Montreal. The bank now offers a wide array of banking products and services, including its unlimited chequing account.
The BMO Performance Chequing Account allows unlimited banking transactions and waives the monthly fee with a minimum balance of $4,000. Interac e-Transfers are free, and you can earn up to $350 when you open a chequing account online and set up automatic deposits and bill payments.
Plus earn an additional $50 when family members open their own separate accounts with no fees with the BMO Family Bundle. And if you’re interested in taking out any one of BMO’s credit cards, you can get up to $40 in annual fees rebated every year.
Once known as ING DIRECT, Tangerine is one of the more popular online-only banks in Canada. Tangerine offers a full suite of banking products that you would typically see with the average big bank, but one of the more popular products is the Tangerine No-Fee Daily Chequing Account. In addition to free unlimited transactions every day, you’ll also get free Interac e-Transfers and won’t have to maintain a minimum balance.
In addition, the Tangerine No-Fee Daily Chequing Account comes with an Automatic Savings Program (ASP) that can help you put your money away and watch it grow.
RBC is one of the oldest banks in Canada with a well-established track record. Among its many banking products is its No-Limit Account, which promises an unlimited number of debit transactions every month, along with unlimited Interac e-Transfers. While there is a $10.95 monthly fee, you can slash that in half or even bring it down to zero by taking advantage of RBC’s MultiProduct Rebate.
You can save a bundle at the gas pump if you link your Petro Points account to an RBC debit or credit card. Doing so can help you save 3¢/L on gas at any Petro Canada location, plus you’ll earn 20% more Petro Points when you use your RBC card to fill up.
CIBC is one of Canada’s Big Five banks that has no shortage of banking products, including its Smart Plus Account. This account features unlimited transactions, including free Interac e-Transfers. Overdraft protection service fees are included, and if you maintain the $6,000 minimum account balance, your monthly fee will be waived.
Bank drafts, money orders, personalized cheques, and stop payments are free of charge, and you can save up to $289 on annual credit card fees if you sign up for any one of CIBC’s credit card products.
There are several fees that banks may charge for their chequing accounts, including the following:
When looking at the different chequing accounts available, be sure to assess all the fees that come with each banking product so you can determine how much you’ll be paying each month. Luckily, there are plenty of options that come with minimal fees, if any at all.
Most of the contenders on our list of the best unlimited chequing accounts in Canada come with no monthly fees or extra charges for excessive transactions, helping you keep more money in your pocket every month.
If you tend to perform a large number of transactions every month, then you may want to consider opening a chequing account that does not place any restrictions on transactions. Otherwise, the costs for each additional transaction over the limit can add up quickly. Consider any of the above-mentioned chequing accounts that place no limits on transactions, and start spending worry-free!
*Transactions include cheques, Coast Capital Savings® and THE EXCHANGE® Network ATM withdrawals, Interac® Direct Payment, preauthorized payments, bill payments, transfers (between Coast Capital Savings accounts), and withdrawals. Other conditions apply. Please see details here.
**Conditions apply. Limited time.
Rating of 5/5 based on 1 vote.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Borrow up to $50,000 from Fairstone and be automatically entered to win up to $5,000!*
Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.
