We have reviewed over 50 bank accounts from a myriad of financial institutions. This includes all major banks and credit unions. We have then gathered a list of our favorites. They are the 6 best No Fee Bank Accounts in Canada, as of December 2022.
TD Student Chequing Account
The TD chequing account is a great account for those who want to avoid fees. It has no monthly fee and you can get interest on your whole account balance. You can also withdraw from any machine on the TD ATM network without incurring any extra fees. The major downside is that it is only offered to the 23 years old or younger.
EQ Bank Savings Plus Account
The EQ Bank Savings Plus Account is a great choice for those who are looking for a no-fee bank account with high interest rates. It offers a 2.50% interest rate and there are no monthly fees. However, the EQ Bank Savings Plus Account does have some restrictions such as not being able to write cheques or make withdrawals at ATMs.
Alterna Bank’s No Fee eChequing Account
Alterna Bank’s No Fee eChequing Account is another great option for those who are looking for accounts without any fees. It offers a 0.05% interest rate on balances and there are no monthly fees. However, like the EQ Bank Savings Plus Account, the Alterna Bank No Fee eChequing Account has some restrictions such as not being able to write cheques or make withdrawals at ATMs outside of the Exchange Network (or Allpoint Network in the US).
The HSBC Premier Chequing Account
The HSBC Premier Chequing Account is a great choice for those who are looking for a no-fee bank account. However, the HSBC Premier World Elite chequing account does have some restrictions such as requiring individuals to have a mortgage of more than $500k or assets under management of more than $100k.
CIBC eAdvantage Savings Account
CIBC’s eAdvantage Savings Account is a great option for those who are looking for high interest rates without any fees. It offers a 0.75% to 1.40% interest rate on balances and there are no monthly fees. The caveat is that transactions fees are at a whopping $5 each. Be sure to limit your transactions if you go for that option.
The PC Money (spending) Account
The PC Money Account is another great option for those who are looking for accounts with no fees. It offers unlimited transactions with no minimum balance required. The downside is that no interest is paid. They refer to it as a “spending account” because of that.
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