Disclosure: This post may contain affiliate links. We may earn a commission if you sign up through our links, at no extra cost to you.
2026 is another expensive year for Canadians and most people are still losing money to fees they don’t need to pay. Things like:
- Monthly chequing account fees
- ATM charges
- Minimum balance traps
- Paying to access your own money
This guide compares the best chequing accounts in Canada for 2026 based on banking habits, fees, and real-world usage, not bank marketing.
You might also like:
Best High-Interest Savings Accounts in Canada
Best Budgeting Apps in Canada
🥇 Top 5 Best Chequing Accounts in Canada (2026)
| Bank / App | Monthly Fees | Best For | Why It Stands Out |
|---|---|---|---|
| EQ Bank Personal Account | $0 | Everyday users | Zero fees + simple setup |
| KOHO Spending Account | $0–$9 | Debit + cashback | Cashback + financial tools |
| Scotiabank Preferred Package | $0–$16.95 | In-person banking | Big bank security + branches |
| Tangerine Chequing | $0 | Beginners | Easy setup + promos |
| Simplii Financial No-Fee Chequing | $0 | CIBC ecosystem | Big bank system without fees |
🏆 1. EQ Bank Personal Account – Best Overall (2026)
Why it’s #1:
- No fees, no minimum balance
- Clean online experience
- Ideal for everyday spending + bills
Best for:
- Young adults
- Side hustlers
- People sick of paying bank fees
💳 2. KOHO Spending Account — Best for Cashback + Debit
Not a traditional chequing account, but works like one for most.
Why KOHO stands out:
- Debit-based system with perks
- Cashback from 0.5%–5% depending on plan
- No credit check required
Pairs perfectly with a HISA + cashback card.
🏦 3. Scotiabank Preferred Package – Best Big Bank Option
Why choose this:
- Access to branches across Canada
- Visa Debit for worldwide purchases
- Physical support if you want a human to talk to
🍊 4. Tangerine Chequing – Best Beginner Bank Account
Why it works:
- Easy onboarding
- Strong promo bonuses for new users
- Reliable digital tools
💸 5. Simplii Financial – Best for CIBC Users
Best if you want the benefits of a big bank without the fees.
🧠 How to Choose the Right Chequing Account (Quick Chart)
| If you want… | Choose |
|---|---|
| $0 fees, best all-around | EQ Bank |
| Cashback + debit tools | KOHO |
| In-person support | Scotiabank |
| Beginner-friendly setup | Tangerine |
| Big bank ecosystem | Simplii |
🏗 The Smart Banking Setup (Canada 2026)
Your foundation should look like this:
1️⃣ Chequing account → Income & bills
2️⃣ HISA → Emergency + short-term savings
3️⃣ TFSA / RRSP → Long-term investing
Best Investing Apps in Canada
Best Dividend ETFs in Canada
📌 FAQ (Quick Answers)
What’s the best no-fee chequing account in Canada?
EQ Bank or Tangerine for most users.
Which bank gives the best sign-up bonus?
Scotiabank and Tangerine change promos often, so compare offers.
Can newcomers or students open these accounts?
Yes. EQ Bank, KOHO, Tangerine, and Simplii are newcomer-friendly.
Should chequing and savings be in separate banks?
Yes — separation reduces overspending and helps savings grow.
Final Thoughts
The best chequing account is the one that saves you money every single month.
Pick one today, open it in under 10 minutes, and stop letting banks charge you for existing.
