The Best Online Chequing Accounts

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Here’s a list of the best online chequing accounts that are offered in Canada. As always, if you enjoy this article, please take the time and become acquainted with our unique and non-biased Financial Literacy Coaching Sessions here.

* Note: PC Financial will be rebranded as Simplii banking as of November 1st, 2017. PC and CIBC are ending their relationship and it is still unknown how this change will affect the products offered. Due to this change, we currently recommend Tangerine Bank as the best Online chequing account.

PC Financial

This free account offers unlimited debit card transactions and free withdrawals from CIBC and PC bank machines. The features that distinguish PC Financial over the competition include more physical banking locations and lower fees for supporting services like replacement bankcards.

PC points are also offered, but you need to spend about $200 to earn $1 worth of free groceries. We expect with a high amount of certainty that this service will be eliminated as of November 1st, 2017 when PC Financial is rebranded as Simplii.

Tangerine Bank

Tangerine’s main chequing account offers unlimited monthly transactions and free withdrawals from Scotiabank’s ATM network. Customer service is offered 24/7 and five physical locations are offered across Canada (two in Toronto). They also offer a free $250 overdraft limit (if paid within 30 days.)

Well that’s the run down of all the main banking accounts that are offered by Canada’s largest banks. As always, thanks for reading, and if you have any questions please contact me at info@ffcoach.ca or 647-289-0012. Also don’t forget to sign-up to our regular newsletter below!


Summary of the Available Online Chequing Accounts

PC Financial’s No Fee Bank Account

-Unlimited Transactions
-Free ATM withdrawals at CIBC and PC locations
-Unlimited free cheques
-24/7 customer service
-1 free replacement card a year and $4.97 for each additional
-Earn PC Points at appliciple locations. 5 points for every $1 spent, which comes to about $1 of free groceries for every $200 spent.
-Available overdraft for a usage fee of $4.97

Tangerine Bank

-Unlimited Transactions
-Free ATM withdrawals on the Scotiabank ATM network and at select Tangerine locations
-50 free cheques
-24/7 customer service
-1 free replacement card and $15 for each additional one
-Free $250 overdraft (must be paid within 30 days),
-Free email money transfers (not to be confused with E-transfers)

 

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