Picking a chequing account is not supposed to feel like shopping for a car. But with banks piling on features, tiered packages, and vague selling points, many people end up focusing on the wrong details. The reality is that most of what gets advertised doesn’t affect your day-to-day banking in any useful way. This article strips the process down to what actually matters — what will save or cost you money, and what will make your financial life easier or harder.
We’ll focus on the main categories that should drive your decision. If you’re just looking for something simple that avoids hidden charges, a No-Fee Chequing Account in Canada might be all you need.
Monthly Fees and Minimum Balance Requirements
Monthly fees are where many banks make their money, especially off people who aren’t paying attention. A standard chequing account from one of the Big Five typically charges between $10 and $17 a month. Some go higher. You can avoid these fees, but only if you park a large amount of cash in the account, untouched.
TD, for example, charges $10.95 a month for its “Every Day” chequing account. To waive the fee, you need to keep $3,000 in the account at all times. That’s not money you’re investing or earning interest on — it’s just sitting there so you don’t get charged for accessing your own money.
BMO’s Performance Plan is $16.95 per month, waived with a $4,000 balance. RBC and CIBC have similar structures. So if you can’t or don’t want to leave that kind of money idle, the monthly fee is effectively non-negotiable.
On the other hand, no-fee chequing accounts come with zero monthly costs and no minimum balance rules. These accounts provide core banking services without nickel-and-diming you each month.
Transaction Limits
Transaction caps are where fees hide. Some accounts limit how many debits, withdrawals, transfers, or bill payments you can make. If you go over, you’re charged per transaction — usually $1 to $1.25. This adds up fast.
TD’s basic account allows 25 monthly transactions. That sounds like a lot until you start counting: a grocery run, an Interac e-Transfer, a bill payment, a gas fill-up — all in one week. You could hit 25 without realizing it, especially if you split your bills or make frequent online purchases.
In contrast, most no-fee accounts include unlimited transactions, which removes the need to monitor how often you use your own money. Knowing you won’t get dinged for one extra bill payment or e-Transfer matters more than a reward point you might never use.
ATM Access and Availability
Unless you bank exclusively online, ATM availability matters. Most traditional banks offer large ATM networks, but charge fees for out-of-network use, often $2 to $3 per withdrawal, not including additional surcharges from the ATM owner.
Some credit unions and online banks partner with larger networks. This means you’re less likely to get charged extra for grabbing cash.
Banks like Tangerine give access to Scotiabank ATMs. Simplii users can use CIBC machines. These partnerships cover most urban areas, but they can be spotty in smaller towns. If you use cash regularly, don’t ignore ATM reach, especially if you’re considering an online-only account.
Interac e-Transfers and Day-to-Day Transfers
Transferring money is now an everyday activity. Rent, splitting dinner, paying the babysitter — Interac e-Transfers have replaced cheques and often cash. Some banks limit how many you can send for free, or cap the dollar amounts per day.
Many basic chequing plans include unlimited e-Transfers, which is good, but you’re still paying $10 or more monthly fee unless you meet the balance requirement.
Unlimited e-Transfers are one of the most important features for many people and should be prioritized over fringe perks like “banking rewards” or partner discounts.
If you send money internationally, the picture changes. Most traditional banks charge steep fees for international wires. Online services like Wise (formerly TransferWise) or Remitly often offer better rates and transparency. But if international transfers are part of your banking life, you’ll need to factor in both the fees and the time delays banks impose.
What Doesn’t Really Matter — and Why It’s Pushed Anyway
Banks talk a lot about features that sound nice but have limited day-to-day impact. These include:
- Sign-up bonuses: Temporary rewards that don’t compensate for long-term fees.
- Points and cashback programs: Often too complex or limited in value to outweigh simpler benefits like fee-free transactions.
- Bundled services: Discounts on credit cards or mortgages can be helpful — but only if you’re planning to use those products.
Focus on What Affects Your Wallet and Time
A chequing account is a utility. You’re not supposed to love it — it’s supposed to work. Monthly fees can drain hundreds each year. Transaction limits create surprise costs. ATM and transfer access affect how freely you can use your own funds. And service quality matters most when you’re under stress.
Stop chasing perks and start checking the basics. It is a proper way to find the right chequing account.
