The popularity of online chequing accounts among Canadians continues to soar. These accounts offer unparalleled convenience, accessibility, and cost-effectiveness for managing daily finances in our increasingly digital world. With many options from traditional banks and innovative online-only institutions, finding the perfect chequing account to suit your unique needs has never been easier.
In this article, we’ll dive into the best online chequing accounts in Canada for 2024, comparing crucial factors such as fees, transaction limits, interest rates, and additional perks.
Best Online-Only Chequing Accounts
| Monthly Fee | Interest Rate | Transactions | Interac e-Transfers | Cash Back/Rewards | |
| Simplii Financial™ No-Fee Chequing Account | $0 | 0.01% to 0.10% | Unlimited | Unlimited, free | N/A |
| EQ Bank Personal Account | $0 | Up to 4% | Unlimited | Unlimited, free | 0.5% cash back |
| Neo Money™ Account | $0 – $4.99 | 4% | Unlimited | Unlimited, free | 0.5 – 5% cash back, up to 15% promotions |
| KOHO | $4 – $19 | Up to 5% | Unlimited | Unlimited, free | 0.25% – 5% cash back on eligible purchases (depending on account plan) |
| Tangerine No-Fee Daily Chequing Account | $0 | 0.01% – 0.10% | Unlimited | Unlimited, free | N/A |
| Wealthsimple Cash | $0 | 4% (up to 5% based on total assets) | Unlimited | Unlimited, free | 1% cash back with Wealthsimple Card |
| BMO Performance Chequing Account | $16.95 (waived with a $4,000 minimum balance) | None | Unlimited | Unlimited, free | N/A |
| CIBC Smart Account | $0 – $16.95 | None | Pay per transaction ($16.96 maximum) | Counted as transactions | N/A |
Simplii Financial™ No-Fee Chequing Account
The Simplii No Fee Chequing Account is a strong contender for Canadians seeking an everyday account with no fees and unlimited transactions. New customers can also take advantage of a promotional offer to earn up to $400 in credits when opening an account
Our Take
Simplii Financial’s No Fee Chequing Account lives up to its name, offering customers a no-frills, no-fee account with unlimited transactions. As a subsidiary of CIBC, Simplii combines a big bank’s security and stability with an online platform’s convenience and cost-effectiveness.
With free access to over 3,400 CIBC ATMs across Canada, this account is a top choice for those seeking a reliable, fee-free daily banking solution. Simplii’s easy-to-use online and mobile banking make it an excellent online chequing account.
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.
Account Features
- No monthly fees
- Unlimited debit purchases, Interac e-Transfers, and bill payments
- Free access to over 3,400 CIBC ATMs across Canada
- Overdraft protection up to $5,000 ($4.97 monthly)
- Earn 0.01% to 0.10% interest on your account balance
EQ Bank Personal Account
The EQ Personal Account delivers a competitive interest rate of up to 4% with zero fees and unlimited transactions, blending the top features of savings and chequing accounts into a single versatile option.
Our Take
EQ Bank’s Personal Account is a standout choice for those looking to maximize their savings potential. With a high standard interest rate of up to 4%, and no monthly fees or minimum balance requirements, this account allows your money to grow unhindered.
The appeal of this account is significantly boosted by the EQ Bank Card, which offers rebated ATM withdrawals, 0.50% cash back on purchases, and no foreign exchange fees, making it an excellent option for intelligent savers and spenders.
Account Features
- Up to 4% everyday interest rate
- 2.50% interest on everyday banking
- 1.50% bonus interest when you direct deposit your pay
- No monthly fees or minimum balance requirements
- Unlimited Interac e-Transfers, bill payments, and Electronic Funds Transfers
- Rebated ATM withdrawals
- No foreign transaction fees or inactivity fees
- CDIC deposit insurance
- 0.5% cash back on card spending
Neo Money™ Account
The Neo Money Account offers an impressive 4% interest rate on every dollar in your account. It also provides 0.5% – 5% cash back at over 10,000 partner retailers. You can also earn up to 15% with promotional first-time purchases.
Our Take
The Neo Money Account is a game-changer for those looking to earn more on their daily spending. With its 4% interest rate and generous cash back program, this account rewards you for everyday purchases.
Included with the account, the Neo Money™ card allows you to earn cash back on all purchases, with rates ranging from 1% on gas and groceries to 5% on average for restaurants, bars, and cafes. You’ll earn a minimum of 0.5%.
The ability to open multiple Neo Money Accounts and personalize your account names, icons, and savings goals makes it easy to organize your finances and stay on track.
Account Features
- 4% interest rate on account balance
- Uncapped cash back at over 10,000 partner retailers
- 0.5% – 5% cash back with Neo Money card
- Up to 15% cash back promotions
- Multiple account options for personalized savings goals
- No monthly fees
- Unlimited transactions
KOHO Interest-Earning Chequing Account
KOHO is a great option for many Canadians based on its mobile app, flexible subscription plans, and unique cash back and savings features.
Our Take
KOHO provides premium features to those willing to pay a monthly fee. KOHO offers a range of subscription plans to suit different needs and budgets. The Essential plan, at $4 per month, provides 1% cash back on groceries, transportation, food, and drink purchases. For those seeking higher rewards, the $19 per month Everything plan offers 2% cash back on those same categories. Additionally, the Everything plan includes an impressive 5% interest rate on your entire account balance.
The app’s unique features, like RoundUps and the Credit Building add-on, help you save effortlessly and build your credit. While KOHO isn’t a bank, your funds are held with a CDIC-insured partner institution for added security.
Account Features
- Earn up to 2% cash back on groceries, transportation, food, and drink
- Earn 50% extra cash back with select partners
- Earn up to 5% interest on your entire account balance
- Intuitive and user-friendly mobile app
- Flexible subscription plans starting at $4/month
- RoundUps feature to help you save
- Credit Building add-on to improve your credit score for an additional fee
- Custom card colours for extra personalization
Tangerine No-Fee Daily Chequing Account
The Tangerine No-Fee Daily Chequing Account offers no monthly fees, unlimited transactions, and up to 0.10% interest rate on your balance. The $400 welcome bonus is a nice touch.
Our Take
Tangerine’s No-Fee Daily Chequing Account is a well-rounded choice for daily banking needs. It combines the convenience of unlimited transactions with no account fees and a fantastic welcome offer.
This account offers free access to over 3,500 Scotiabank ATMs nationwide and mobile cheque deposits. You will also receive a free Tangerine debit card with fraud protection, ensuring a seamless banking experience.
New customers can receive up to $400 in cash back from eligible online transactions. They can also earn a $100 bonus by completing two steps. First, they need to open their first savings account. Second, they must set up automatic monthly transfers of at least $50 from their chequing account to their savings account for two months in a row.
Account Features
- No monthly fees
- Unlimited transactions
- 0.10% interest rate on account balance
- Free access to over 3,500 Scotiabank ATMs across Canada
- Mobile cheque deposits
- Free Tangerine debit card with fraud protection
- Automatic Savings Plan to help you save
Wealthsimple Cash
The Wealthsimple Cash account offers an impressive 4% standard interest rate, potentially earning up to 5% based on your total assets with Wealthsimple. It also provides unlimited free transactions and 1% cash back on all purchases.
Our Take
With no monthly fees, unlimited transactions, and a high interest rate, Wealthsimple has everything you need in an excellent online chequing account. The Wealthsimple Card allows you to earn 1% back on cash, stocks, or crypto purchases.
Other key features include the ability to receive your paycheque early and the absence of foreign transaction fees. Even if the highest interest rate is not accessible to all, the base rate is competitive, enabling the growth of your funds and access to the account’s powerful features.
Account Features
- 4% standard interest rate, up to 5% based on total assets with Wealthsimple
- No monthly fees or transaction fees
- Unlimited free transactions and Interac e-Transfers
- Wealthsimple Card with 1% cash back on all purchases
- No foreign transaction fees
- Early access to paycheque
BMO Performance Chequing Account
The BMO Performance Chequing Account is the best online bank account offered by a Big Six bank, providing unlimited transactions, Interac e-Transfers, and a generous welcome bonus of up to $600.
Our Take
BMO’s Performance Chequing Account is a top choice for those who prefer the security and convenience of banking with a major financial institution.
The account’s unlimited transactions and Interac e-Transfers make it suitable for frequent debit users, while the potentially waived monthly fee and welcome bonus add to its appeal. The inclusion in the BMO Family Bundle allows family members to enjoy the same benefits from separate accounts.
Although the monthly fee of $16.95 is higher than some online-only alternatives, the comprehensive features and access to BMO’s extensive branch and ATM network make this account a solid option for everyday banking needs.
Account Features
- Unlimited transactions and Interac e-Transfers
- $16.95 monthly fee, waived with a minimum balance of $4,000
- One free non-BMO ATM withdrawal per month
- Up to $40 annual rebate on select BMO credit cards
- Inclusion in BMO Family Bundle for shared benefits
- Access to BMO’s extensive branch and ATM network
CIBC Smart Account
The CIBC Smart Account offers a unique pay-as-you-go model with a monthly fee that varies based on the number of transactions made. This allows infrequent users to save on fees while still providing the option for unlimited transactions. You can also get an incredible $400 welcome bonus as a Costco gift card.
Our Take
The CIBC Smart Account is an interesting choice for those who want the flexibility to pay only for their transactions. The CIBC Smart Account has a base monthly fee of $6.95, which includes up to 12 transactions. For unlimited transactions, the monthly fee is capped at $16.95 or the fee is rebated if you maintain a daily balance of $4000. This pricing structure can be cost-effective for those making fewer monthly transactions.
However, it’s crucial to understand that many everyday banking activities count toward the transaction limit. These include Interac e-Transfers, debit purchases, and bill payments.
For seniors aged 65 and above, the CIBC Smart Account offers additional discounts and benefits. These perks help offset the monthly fees and provide more value for older customers.
Account Features
- $6.95 monthly fee for up to 12 transactions, $16.95 for unlimited, fee rebated if $4000 daily balance is maintained
- Interac e-transfers, debit purchases, bill payments, and more count as transactions
- Special discounts and fee waivers for seniors (ages 65+)
- Up to 10 cents per litre savings at participating gas stations with linked Journie Rewards program
- Access to CIBC’s branch and ATM network
What Makes an Online-Bank Chequing Account Different From Big Banks?
Online-only banks typically have lower overhead costs than traditional banks, as they don’t maintain physical branches. This allows them to offer accounts with lower or no monthly fees, higher interest rates, and more flexible transaction limits. Many online banks also provide cash back debit cards, which are less common among big banks.
However, some of the features offered by online banks are becoming increasingly similar to those provided by traditional banks. These include mobile cheque deposits, real-time spending insights, and automated savings tools. As technology advances, the gap between online and big banks is narrowing in terms of digital features and convenience.
Benefits Of Online-Only Bank Chequing Accounts
- Lower or no monthly fees
- Higher interest rates on account balances
- Generally unlimited transactions
- Innovative features and tools to help you manage your money
- Occasionally has no-fee access to large ATM networks
Drawbacks Of Online-Only Bank Chequing Accounts
- No in-person customer service at physical branches
- Depositing cash can be difficult or impossible
- Don’t offer the same specialty services that traditional banks do
- Not ideal for those uncomfortable with technology
What Do You Need To Open An Online Chequing Account
To open an online chequing account, you’ll typically need to provide:
- Personal information (name, address, phone number, email)
- Social Insurance Number (SIN)
- Government-issued ID (driver’s license, passport, etc.)
- Employment information (if applicable)
The process of opening an online chequing account is straightforward:
- Visit the bank’s website and select the desired account
- Fill out the online application form with your personal and financial information
- Verify your identity by providing the required documents
- Fund your account with an initial deposit
- Start using your account for daily banking needs
Final Thoughts
The world of online chequing accounts in Canada has evolved to offer Canadians an array of options tailored to their unique financial needs and preferences. From no-fee accounts with unlimited transactions to interest-earning options and innovative mobile apps, there’s an online chequing account for every online banking customer.
By carefully considering fees, interest rates, transaction limits, and additional perks, you can find the perfect account to simplify your daily banking and help you reach your financial goals. Whether you prioritize low fees, high interest, or cutting-edge tech features, the best online chequing accounts of 2024 have something to offer.
As digital banking continues to advance, it’s an exciting time to explore the options and take control of your money in the new era of online chequing.
Frequently Asked Questions
What is the easiest bank account to open online in Canada?
What is the best no-fee chequing account in Canada?
Can you open a chequing account online in Canada?
What are the best interest rates for online chequing accounts?
- Neo Money Account: 4% interest rate on account balance
- Wealthsimple Cash: 4% standard interest rate, with the potential to earn up to 5% based on your total assets with Wealthsimple
- EQ Bank Personal Account: Up to 4% interest on balances up to $500,000
- KOHO: Up to 5% interest on your balance, depending on the account plan
