The Best Chequing Accounts

Note: This page on the Best Chequing accounts was last updated on June 18th, 2019. Information is subject to change, and it’s important to verify the details with the financial institution before you open an account or make any changes.

Choosing The Best Chequing Account For You

Choosing the best chequing account can easily save you hundreds of dollars a year and streamline your financial behaviour. However it can also be tricky, there are so many different options out there and it can be difficult to even know where to begin.

To decide on the best chequing account for you, first ask yourself the following questions;

  1. How often do you plan to use your account? All account fees are based on estimated transactional usage, and it’s important to choose an account that matches your desired lifestyle.
  2. Do you want any extra services or benefits? Such as; unlimited email money transfers, reward points, identity protection, and more.

Rating Canadian Chequing Accounts

All of the chequing accounts have be broken down into three main categories based on transactional usage (Unlimited, Medium, and Low). With the best accounts and runner-ups chosen from each category .

A full listing of all of the accounts can be found below and You can find online, senior, student and youth options here.

As always, you can find out more about The Friendly Financial Coach, Toronto’s only non-biased financial literacy coach, here. All coaching sessions are non-biased and presented in a relaxed environment.

 

Unlimited Transactions 

RBC is the clear winner of this category, their No Limit Banking account is the best unlimited account offered by the five main banks.  This account offers unlimited transactions, unlimited e-transfers, and paper statements for the low price of $10.95 a month. 

The runner-ups are BMO’s Performance Plan and Scotiabank’s Preferred Package. Both of these accounts offer similar fees, however they have additional benefits that can be very valuable to come.

BMO’s Performance plan offers On Guard identify theft protection, which can offers lost wallet services, identify theft monitoring, and a response service that can protect you if your identify has been stolen. While Scotiabank’s Performance Plan offers 1% cashback on purchases (within restrictions).

Medium Transaction Usage (under 25 a month)

All of the banks have very similar medium usage chequing accounts that typically offer 25-30 transactions for $9.95-$10.95 a month. 

The winner of this category is RBC’s No Limit Banking account, which offers unlimited transactions and e-transfers. 

The Runner-up is The Bank of Montreal’s Plus Plan. This account offers 30 transactions for $10.95 a month, offers free e-transfers (within transaction limit), and also offers the option to waive the monthly fee if a minimum monthly balance of $3,000 is maintained.

Low Transaction Usage (Under 12 Transactions a month)

The best choices are BMO’s Practical Plan, RBC’s Day to Day Banking, and CIBC’s Everyday Chequing Account. All of these accounts offer similar transaction limits at nearly the same price, but BMO offers the ability to send free e-transfers (within transaction limits) and waive the monthly account fee when $2,000 is held as a minimum balance. RBC and CIBC each only offer one of these benefits.

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 amazing newsletter! 


Complete Chequing Account List

Unlimited Transaction


Scotiabank Preferred Package

  • Monthly fee of $15.95
  • Monthly fee waived if account balance stays over $3,000
  • Unlimited transactions at ATMs, but only 1 monthly transaction at tellers
  • Unlimited monthly e-transfers
  • Receive 1% on purchases (up to $30,000 annually).

CIBC Smart Account

  • Minimum fee is $4.95 (12 transactions) and $1.25 for each additional up to $14.95 for unlimited transactions.
  • Unlimited e-Transfers
  • Monthly fees are waived if the balance is always above $3,000 and there is either; i) one monthly direct deposit or ii) two pre-authorized monthly payments.

Unlimited Chequing Account

  • Monthly fee of $16.95
  • Unlimited e-transfers
  • Monthly fee waived if account balance stays over $4,000
  • Rebate on selected credit cards
  • No TD Fee at Canadian ATMs (however, ATM may still charge fee)

BMO Performance Plan

  • Monthly fee of $15.95
  • Unlimited e-transfers
  • Monthly fee waived if account balance stays over $4,000
  • 1 free non-BMO withdrawal a month (does not waive fee charged by other bank.)
  • On Guard Identity Protection Services

No Limit Banking

  • Monthly fee of $10.95
  • Unlimited free e-transfers a month
  • Free paper Statements
  • Website Link

RBC Signature No Limit Banking

  • Monthly fee of $15.95
  • Unlimited e-transfers
  • Free Overdraft (must still pay interest)
  • 3 free monthly withdrawals at non-RBC bank ATMs ($2 afterwards)
  • 5 free monthly cross border transactions ($1 afterwards)
  • Free Basic Cheques
  • Free Paper Statements
  • 6 free drafts a year

BMO Air Miles Plan

  • Monthly fee of $15.95
  • Unlimited transactions
  • Unlimited e-transfers
  • Earn 1 Air Mile for every $30 spent to a maximum 50 Air Miles a month. Air Miles are also given as incentives for other account transaction.

Medium Transaction Usage


Scotiabank Basic Banking Plan

  • Monthly fee of $10.95
  • 25 transactions a month/$1.25 for each additional transaction
  • Monthly fee waived if account balance stays over $3,000
  • 2 free e-transfers a month/$1 for each extra after
  • Option to earn extra Scene Points and other rewards

CIBC Smart Account

  • Minimum fee is $4.95 (12 transactions) and $1.25 for each additional up to $14.95 for unlimited transactions
  • Over 16 transactions will cause this account to cost more than others in its category
  • Unlimited e-Transfers
  • Monthly fees are waived if the balance is always above $3,000 and there is either; i) one monthly direct deposit or ii) two pre-authorized monthly payments.

TD Every Day Chequing Account

  • Monthly fee of $10.95
  • 25 Transactions a month/$1.25 for each additional transaction
  • Monthly fee waived if monthly balance is over $3,000
  • Free e-transfers within transaction limits

BMO Plus Plan

  • Monthly fee of $10.95
  • 25 Transactions a month/$1.25 for each extra
  • Unlimited free e-transfers (within transaction limits)
  • Monthly fee waived if account balance stays over $3,000

No Limit Banking

  • RBC does not have a medium usage account, but the closest price point in the no limit banking account
  • Monthly fee of $10.95
  • Unlimited free e-transfers a month
  • Free paper Statements
  • Website Link

Low Transaction Usage


Scotiabank Basic Banking Account

  • Monthly fee of $3.95
  • Up to 12 transactions a month, with a max of 4 at tellers/$1.25 for each extra transaction
  • 2 monthly e-transfers/$1.50 for each extra
  • Option to earn extra Scene Points and other rewards

CIBC Everyday Account

  • Monthly fee of $3.90
  • 12 transactions a month/$1.25 for every extra transaction
  • $1.50 for each e-transfer

TD Minimal Chequing Account

  • Monthly fee of $3.95/$1.25 for each extra transaction
  • Up to 12 transactions a month, with a max of 2 at tellers
  • E-transfers are $0.50 for amounts under $100 and $1 for all amounts over $100

BMO Practical Plan

  • Monthly fee of $4
  • Up to 12 monthly transactions/$1.25 for each extra transaction
  • Unlimited free e-transfers (within transaction limits)
  • Free Monthly Statements

RBC Day To Day Banking

  • Monthly fee of $4
  • Up to 12 monthly transactions/$1.25 for each extra transaction
  • Unlimited free e-transfer (within transaction limits)
  • Free Paper statements 
5 2 votes
Article Rating

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x