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 several 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.
What Is An Unlimited Chequing Account?
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.
Overview Of Unlimited Chequing Accounts In Canada
| 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 Free Chequing, Free Debit, and More Account®
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.
- Monthly fee: $0 (no minimum balance required)
- Number of transactions: Unlimited transactions*. Free withdrawals and deposits.
- Other Perks: Overdraft protection (OAC) + 4000+ ATMs
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.
Simplii Financial No-Fee Chequing Account
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.
- Monthly fee: $0 (no minimum balance required)
- Number of transactions: Unlimited (debit purchases, bills, withdrawals)
- Interac e-Transfers: Free and unlimited
- Overdraft protection: Fixed rate of 19% plus a monthly charge when overdraft protection is used.
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.
TD Unlimited Chequing Account
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.
- Monthly fee: $0 with a $4,000 minimum balance
- Number of transactions: Unlimited
- Interac e-Transfers: Free
BMO Performance Chequing Account
BMO has been around for over two 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.
- Monthly fee: $0 with a $4,000 minimum balance
- Number of transactions: Unlimited
- Interac e-Transfers: Free
- Other perks:
- Get up to a $600* cash bonus with BMO. Plus, a 5.5% promo interest rate** when you open a performance chequing and a Savings Amplifier Account (expires February 29, 2024).
Tangerine No-Fee Daily Chequing Account
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.
- Monthly fee: $0 with a $4,000 minimum balance
- Number of transactions: Unlimited
- Interac e-Transfers: Free
RBC No-Limit Account
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.
- Monthly fee: $10.95
- Number of transactions: Unlimited
- Interac e-Transfers: Free
- Other perks: Save 3¢/L on fuel and earn 20% more Petro-Points when you link your RBC card at Petro-Canada
CIBC Smart Plus Account
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.
- Monthly fee: $0
- Number of transactions: Unlimited
- Interac e-Transfers: Free
- Other perks: Save up to $289 on fees when you take out a CIBC credit card
The Cost Of An Unlimited Chequing Account
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.
Final Thoughts
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.
**See full terms and conditions at coastcapitalsavings.com/switch
