Moving to Canada is expensive enough without paying $15–$20 a month just to keep your money somewhere. The good news: there are genuinely great no-fee bank accounts available in Canada right now, and you don't have to sacrifice features to get them.
What Counts as a "No-Fee" Account?
A no-fee chequing account means no monthly maintenance fee. You should still watch for other charges like NSF (non-sufficient funds) fees, wire transfer fees, or fees for using ATMs outside your bank's network. True no-fee accounts eliminate the base monthly charge and usually include unlimited debit transactions.
Top No-Fee Accounts in 2026
EQ Bank Personal Account: One of the most popular choices, EQ Bank offers no monthly fees, no minimum balance, and a solid everyday interest rate. You get unlimited transactions and free Interac e-Transfers. The catch: it's online-only, so no physical branches.
Simplii Financial (owned by CIBC). Great for newcomers who want a big-bank feel without the fees. Free chequing, unlimited transactions, and access to CIBC ATMs. New to Canada? Simplii has a dedicated newcomer banking offer.
Tangerine Bank (owned by Scotiabank). Another solid online bank with no-fee chequing and savings accounts. You get access to Scotiabank ATMs for free withdrawals.
Wealthsimple Cash: A newer player that's become very popular with younger Canadians. No fees, peer-to-peer payments, and cash back on purchases.
Neo Financial: Offers a no-fee account with cash back on everyday spending, which is rare for a chequing account.
What About the Big Banks?
The Big Five (RBC, TD, Scotiabank, BMO, CIBC) typically charge $4–$17/month for chequing accounts, but most waive fees if you maintain a minimum balance (usually $3,000–$4,000). For newcomers, they offer special packages, often free for the first year, which is a good way to get established before deciding.
Ottawa-Specific Tip
In Ottawa, you'll find Simplii and Tangerine ATMs are fairly common, but for branch access, you'll want a Big Five bank or a local credit union. If you live near Kanata, Barrhaven, or Orléans, check out the credit unions in those areas. They often have better rates and fewer fees than the major banks.
The Bottom Line
For most newcomers, we recommend opening a no-fee digital account (EQ Bank or Simplii) for day-to-day spending, plus a Big Five account if you need in-person branch services or a chequebook. This combination gives you the best of both worlds, no fees on everyday banking plus the security of a traditional bank when you need it.
