COMPARE ACCOUNTS

High Interest Chequing

Compare the top-rated accounts for High Interest Chequing available right now.

KOHO Financial Inc
KOHO
Financial
Inc
CDIC Insured

KOHO Everything Plan

Canada-wide CAD Chequing Account
3.50%
Interest Rate
$22.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers
Special Offer
Save with annual billing: Pay $177/yr (equals $14.75/mo) instead of $22/mo. Earn 3.50% interest.
Get Started

On KOHO Financial Inc's secure site

KOHO Financial Inc
KOHO
Financial
Inc
CDIC Insured

KOHO Extra Plan

Canada-wide CAD Chequing Account
2.50%
Interest Rate
$18.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers
Special Offer
Save with annual billing: Pay $144/yr (equals $12/mo) instead of $18/mo. Earn 2.50% interest.
Get Started

On KOHO Financial Inc's secure site

PC Financial
PC
Financial
CDIC Insured

PC Money™ Account

Canada-wide CAD Chequing Account
2.20%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Free Interac e-Transfers Welcome Bonus Offer No minimum balance
Features: Online and Mobile Banking
Earn a $100 Welcome Bonus
Get $100 in PC Optimum™ points when you open an account.
Special Offer
Earn a 2.20% everyday interest rate. Earn up to 10,000 points/month with payroll direct deposits and bill payments.
Welcome Bonus
Earn $100
When you open an account
Get Started

On PC Financial's secure site

KOHO Financial Inc
KOHO
Financial
Inc
CDIC Insured

KOHO Essential Plan

Canada-wide CAD Chequing Account
2.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers International Money Transfers
Features: Free Credit Score
Special Offer
Earn 2.00% interest and 1% cash back on essentials. Automated saving tools included (Vault, Goals, Roundups).
Get Started

On KOHO Financial Inc's secure site

Wealthsimple
Wealthsimple
CDIC Insured

Wealthsimple Chequing

Canada-wide CAD Chequing Account
Up to
2.25%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Mobile Cheque Deposit
Features: Access to No-Fee ATM Network, International Money Transfers, Joint Account Option, Self-Directed Investment Options, No minimum balance
Special Offer
Get a 0.5% interest boost with $2k/mo direct deposit. No FX fees. Free bank draft and cheque delivery.
Get Started

On Wealthsimple's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank Joint Account

Canada-wide CAD Chequing Account
1.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Special Offer
Earn a total of 2.75% interest with qualifying direct deposits of $2,000/month. Shared room to deposit up to $500,000.
Get Started

On EQ Bank's secure site

EQ Bank
EQ
Bank
CDIC Insured

EQ Bank Personal Account

Canada-wide CAD Chequing Account
1.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Special Offer
Earn a total of 2.75% interest when you direct deposit at least $2,000/month. Includes 0.5% cash back on card purchases.
Get Started

On EQ Bank's secure site

Neo Financial
Neo
Financial
CDIC Insured

Neo Everyday Account

Canada-wide CAD Chequing Account
0.10%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Overdraft Protection Available
Features: No minimum balance, Online and Mobile Banking
Special Offer
Enjoy free everyday transactions, unlimited e-Transfers, and $0 overdraft fees. Earn cashback on card spending.
Get Started

On Neo Financial's secure site

Tangerine Bank
Tangerine
Bank
CDIC Insured

Tangerine No-Fee Daily Chequing Account

Canada-wide CAD Chequing Account
Up to
0.10%
Interest Rate (Tiered)
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Access to No-Fee ATM Network
Features: Apple Pay Support, Google Pay Support
Earn a $250 Welcome Bonus
Get $250 when you open an account and switch eligible automated and recurring payroll direct deposits (minimum $200/month) for at least 2 consecutive months within 60 days.
Welcome Bonus
Earn $250
When you open an account
Get Started

On Tangerine Bank's secure site

Simplii Financial
Simplii
Financial
CDIC Insured

Simplii No Fee Chequing Account

Canada-wide CAD Chequing Account
0.01%
Interest Rate
$0.00
Monthly Fee
CDIC Insured No Monthly Fees Unlimited Transactions Free Interac e-Transfers Access to No-Fee ATM Network
Features: Welcome Bonus Offer, International Money Transfers, No minimum balance, Online and Mobile Banking, Apple Pay Support
Earn a $350 Welcome Bonus
Earn $300 cash plus a $50 Skip gift card when you set up an eligible direct deposit.
Special Offer
Offer ends March 31, 2026. Includes free Global Money Transfers and a Debit Mastercard.
Welcome Bonus
Earn $350
When you open an account
Get Started

On Simplii Financial's secure site

ATB Financial
ATB
Financial
CDIC Insured

ATB No-Fee All-In Digital Account

Regional CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
Unlimited Transactions Free Interac e-Transfers
Get Started

On ATB Financial's secure site

TD Canada Trust
TD
Canada
Trust
CDIC Insured

TD Student Chequing Account

Canada-wide CAD Chequing Account
0.01%
Interest Rate
$0.00
Monthly Fee
No Monthly Fees Unlimited Transactions Free Interac e-Transfers Welcome Bonus Offer
Earn a $125 Welcome Bonus
Get $125 when you open a TD Student Chequing Account. Plus, save $60/year on Overdraft Protection fees and get international transfer fee rebates for 12 months.
Special Offer
Youth & Parent Offer: Get up to $75 in value ($50 cash + $25 Walmart Gift Card) when opening a new account for a child or teen by June 29, 2026. Conditions apply.
Welcome Bonus
Earn $125
When you open an account
Get Started

On TD Canada Trust's secure site

CIBC
CIBC
CDIC Insured

CIBC Bank USA Smart Account™

Canada-wide USD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions International Money Transfers Online and Mobile Banking US Dollar Account
Special Offer
No currency conversion fees for depositing and withdrawing U.S. funds at CIBC Banking Centres.
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart® for Seniors

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Earn a $500 Welcome Bonus
Get $500 cash when you open a CIBC Smart Account and set up a recurring direct deposit plus 2 pre-authorized debits.
Welcome Bonus
Earn $500
When you open an account
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart® Account for Foreign Workers

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers International Money Transfers Online and Mobile Banking
Earn a $500 Welcome Bonus
Get $500 cash when you open a CIBC Smart Account and set up a recurring direct deposit plus 2 pre-authorized debits. Bundle to earn up to $600 with an eligible credit card.
Special Offer
Send money to over 130 countries with $0 transfer fees via CIBC Global Money Transfer.
Welcome Bonus
Earn $500
When you open an account
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart® Account for Newcomers

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers International Money Transfers Online and Mobile Banking
Earn a $500 Welcome Bonus
Get $500 cash when you open a CIBC Smart Account and set up a recurring direct deposit plus 2 pre-authorized debits. Bundle to earn up to $600 with an eligible credit card.
Special Offer
Includes 30 days of free Canada-wide Koodo service and a 12-month Skip+ free trial.
Welcome Bonus
Earn $500
When you open an account
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart™ Account for Apprentices

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Special Offer
Get a free SPC+ membership and save up to 10¢/L on gas with Journie Rewards.
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart™ for Students

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Earn a $125 Welcome Bonus
Get $125 cash when you open your first chequing account and make 5 Visa Debit purchases online within 2 months.
Special Offer
Includes 12 months of Skip+ for free, a free SPC+ membership, and $50 for every friend you refer.
Welcome Bonus
Earn $125
When you open an account
Get Started

On CIBC's secure site

CIBC
CIBC
CDIC Insured

CIBC Smart™ Start

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
CDIC Insured Unlimited Transactions Free Interac e-Transfers Online and Mobile Banking
Earn a $125 Welcome Bonus
Get $125 cash when you open your first chequing account and make 5 Visa Debit purchases online within 2 months.
Special Offer
Includes 12 months of Skip+ for free, a free SPC+ membership, and $50 for every friend you refer.
Welcome Bonus
Earn $125
When you open an account
Get Started

On CIBC's secure site

Scotiabank
Scotiabank
CDIC Insured

Preferred Package for Students and Youth

Canada-wide CAD Chequing Account
0.00%
Interest Rate
$0.00
Monthly Fee
No Monthly Fees Unlimited Transactions Free Interac e-Transfers Welcome Bonus Offer
Earn a $175 Welcome Bonus
Kickstart your finances with a $175 welcome bonus.
Special Offer
Earn an additional 0.05% interest on your MomentumPLUS Savings Account. No monthly account fee on a Scotia U.S. Dollar Daily Interest Account.
Welcome Bonus
Earn $175
When you open an account
Get Started

On Scotiabank's secure site

Chequing Accounts Guide Canada-focused, plain-English

Choose a chequing account that actually fits your life

A chequing account is your day-to-day money hub: pay bills, get paid, tap your debit card, send Interac e-Transfers, and set up pre-authorized payments. This guide helps you compare accounts clearly—without hype.

5-minute checklist before you pick

Monthly fee
Is it $0, or can it be waived with conditions (like a minimum balance)?
Transactions
Unlimited vs a set number of debits, bill payments, and e-Transfers.
ATM access
Your bank’s network, fees for out-of-network ATMs, and cash withdrawal limits.
Digital tools
Mobile app quality, alerts, budgeting tools, card controls, and AutoDeposit support.
Overdraft & NSF
Know the fees, interest, and how to avoid “surprise” charges.
Branch needs
If you deposit cash often, branch + ATM availability matters more.
Tip: If you’re sorting by “Lowest Monthly Fee”, also check whether the fee is conditional (for example, waived only if you keep a minimum daily balance).

How to use this page

Use the filters to match your needs (fees, features, provider type) and then sort the list. “Our Picks” is a convenience view—always confirm details on the provider’s official page.

Best for
Everyday banking
Compare
Fees + features
Watch
Overdraft/NSF
Always
Read fee schedule

Common chequing account fees (and what they mean)

Fees vary by institution—always verify current terms
Fee type What it is How to reduce it
Monthly account fee A recurring fee for maintaining the account and its included services. Look for $0 accounts or fee waivers (often tied to balance, bundles, or eligibility).
Transaction fee A charge when you exceed included transactions (debits, bill payments, etc.). Choose an account with enough included transactions for your monthly routine.
Interac e-Transfer fee Some accounts include e-Transfers; others charge per transfer or have limits. If you send money often, prioritize accounts that include e-Transfers.
ATM fees Charges for using out-of-network ATMs (sometimes from both the ATM owner and your bank). Use your institution’s ATM network, or choose an account with broad fee-free access.
Overdraft interest/fees Costs when transactions are approved while your balance is below $0 (with overdraft protection). Set low-balance alerts, keep a buffer, or link a savings account if offered.
NSF fee A charge when a payment is returned unpaid because there aren’t enough funds. Enable alerts, watch scheduled withdrawals, and consider overdraft protection where appropriate.
Paper statement / branch service fees Some services can cost extra (paper statements, certain teller transactions). Go paperless and use digital tools when it fits your needs.
Overdraft vs. NSF (quick clarity)
Overdraft protection may allow transactions to go through when your account dips below $0, usually with interest and/or fees. NSF typically happens when a payment is declined/returned unpaid due to insufficient funds. Read the account’s fee schedule so you know what applies to your situation.
Policy update to be aware of (Canada)
Federal rules are scheduled to cap NSF fees on personal deposit accounts at $10 for federally regulated financial institutions starting March 12, 2026, and to restrict how often they can be charged. (Credit unions may have different rules depending on province.)

Chequing vs. savings (when to use which)

Most people use chequing for spending and payments, and savings for money they don’t need daily. Some banks let you link the two to move money quickly (and sometimes to help avoid overdraft).

Best for
Bills, debit purchases, payroll deposits, e-Transfers
Emergency fund, short-term goals, holding cash between expenses
Interest
Often little or none (varies)
Typically higher than chequing (varies)
Transactions
Usually designed for frequent activity
May have limits or different fee structures
Debit card
Almost always included
May not include a debit card, depending on institution
Simple setup: keep spending money in chequing + keep a separate buffer in savings. Move money as needed (and schedule transfers around bill due dates).

Safety, fraud, and deposit protection (Canada)

Many Canadians ask: “Is my money protected?” For CDIC member institutions, eligible deposits (including chequing) are insured up to $100,000 per deposit category, per member institution, including principal and interest. Credit unions are generally covered by provincial deposit insurance programs, which can differ by province.

Deposit insurance basics
Coverage depends on the type of institution and applicable program rules.
Smart security habits
Use MFA, alerts, and keep devices updated.
Low-balance alerts MFA / passkeys Card controls

Pick the right account style (common scenarios)

There’s no “best” chequing account for everyone. Here are practical patterns that tend to work—then use the filters above to find accounts that match.

Low-fee everyday
Good if you mostly tap/pay bills and want predictable costs. Prioritize $0 or low monthly fees and included e-Transfers.
Unlimited activity
Good if you do many debits/bill payments. Check what counts as a “transaction” in the fee schedule.
Student / newcomer
Often focused on lower fees and easy setup. Confirm eligibility, ID requirements, and any time limits on offers.
Cash deposit friendly
If you handle cash often, prioritize branch/ATM availability and check deposit limits or special teller fees.
Friendly reminder: “Fee waiver” accounts can be great—just make sure the waiver condition is realistic for you. If not, a true low-fee account may be cheaper overall.

Chequing accounts FAQ

Short answers, real-world focus

Chequing accounts are designed for everyday transactions like debit purchases, bill payments, payroll deposits, Interac e-Transfers, and pre-authorized debits (PADs).

Many chequing accounts earn little or no interest, though some accounts may pay a modest rate. If earning interest is a priority, you may want to compare savings or high-interest accounts (and confirm any conditions).

Overdraft protection may allow a transaction to go through when your balance is below $0, usually with interest and/or fees. NSF generally happens when a payment is returned unpaid due to insufficient funds. Which one applies depends on your account setup and the transaction type.

For CDIC member institutions, eligible deposits (including chequing) are insured up to $100,000 per deposit category, per member institution (including principal and interest). Credit unions are typically protected by provincial deposit insurance programs, which can differ by province.

Many institutions let you open accounts online, but requirements can vary (for example, identity verification, residency, and age rules). Always check the provider’s official application steps.

It depends on the account. Some include e-Transfers, while others charge per transfer or include limited free transfers. Check the account’s fee schedule and transaction limits.

AutoDeposit is an Interac e-Transfer feature that deposits incoming transfers directly into your account without security questions. Availability and setup may depend on your institution.

Institutions may place holds on cheque deposits to manage fraud and clearing risk. Hold rules vary by institution and by the type of deposit. Ask the provider for their hold policy if this matters to you.

Interest earned in non-registered accounts is generally taxable. Depending on your situation and the amount of interest, your financial institution may issue a tax slip (such as a T5). For personal tax questions, consider a qualified tax professional.

Turn on low-balance alerts, track scheduled bill payments, keep a small buffer, and understand what counts as a “transaction.” If you use overdraft protection, read both the fees and the interest terms.

Mini glossary (fast definitions)

PAD Pre-authorized debit (automatic withdrawals like insurance or subscriptions).
Interac Debit + e-Transfer network widely used in Canada.
NSF Non-sufficient funds—an unpaid/returned transaction due to low balance.
Overdraft A feature that may allow spending below $0, usually with fees/interest.
Fee waiver A condition that can reduce/remove monthly fees (often balance-based).
Hold A temporary restriction on access to deposited funds (commonly for cheques).