Managing your everyday finances starts with having the right chequing account. For Canadian homeowners, a great chequing account not only simplifies daily transactions but can also save money on fees and even earn rewards. In 2025, banks in Canada are offering a range of options tailored to various needs, whether it’s unlimited transactions, cashback rewards, or low monthly fees.

This guide explores the best chequing accounts in Canada for 2025, breaking down their features, potential drawbacks, and ideal use cases.

What to Look for in a Chequing Account

Choosing the right chequing account depends on your financial habits and priorities. Key factors to consider include:

Fees: Monthly account fees can add up quickly. Look for accounts with no fees or options to waive them.

Transactions: Unlimited transactions are ideal for busy households, while limited plans might work for light users.

Perks and Rewards: Cashback, travel points, or discounts can add value to your account.

Accessibility: Ensure easy access to ATMs, online banking, and customer support.

Overdraft Protection: For occasional cash flow issues, overdraft protection can be a lifesaver.

Top Chequing Accounts in Canada for 2025

1) Scotiabank Ultimate Package

For homeowners with regular expenses, earning Scene+ points on purchases can translate into free movie tickets or travel rewards.

Monthly Fee: $30 (waived if $5,000 is kept in the account)

Features:

Unlimited transactions and Interac e-Transfers®

Earn Scene+ Rewards on purchases

Free access to Scotiabank Global ATMs

$139 annual fee rebate on eligible credit cards

Drawbacks:

High balance required to waive the fee

2) TD Unlimited Chequing Account

With unlimited e-Transfers, this account is great for homeowners managing frequent household payments.

Monthly Fee: $16.95 (waived if $4,000 is kept in the account)

Features:

Unlimited transactions and Interac e-Transfers®

Free paper statements

Overdraft protection included

Access to TD’s extensive branch and ATM network

Drawbacks:

Fee waiver requires maintaining a high balance

3) RBC Signature No Limit Banking

A household spending $2,000 monthly on eligible purchases could earn points redeemable for travel or merchandise.

Monthly Fee: $16 (waived if $4,000 is kept in the account)

Features:

Unlimited transactions and e-Transfers

Access to RBC Rewards program

Discounts on mortgages and loans

12 free cross-border debits per year

Drawbacks:

Rewards structure may not appeal to all users

4) Tangerine No-Fee Daily Chequing

Ideal for tech-savvy users, this account offers hassle-free online banking with no hidden costs.

Monthly Fee: $0

Features:

Unlimited transactions and e-Transfers

No monthly fees

Seamless integration with Tangerine Savings Accounts

Access to Scotiabank ATMs

Drawbacks:

No physical branches for in-person support

5) Simplii Financial No-Fee Chequing Account

A family paying $1,000 in bills monthly could earn up to $10 cashback.

Monthly Fee: $0

Features:

Unlimited transactions and e-Transfers

No monthly fees

Access to CIBC ATMs

Cashback on bill payments and purchases

Drawbacks:

No physical branches

How to Save on Chequing Account Fees

Fees can erode your savings if not managed carefully. Here are some tips:

Maintain Minimum Balances: Many accounts waive monthly fees if a minimum balance is maintained.

Choose No-Fee Options: Online banks like Tangerine or Simplii offer fee-free accounts without compromise.

Leverage Bundled Services: Some banks offer fee rebates when you bundle a chequing account with a mortgage or credit card.

Monitor Transactions: Avoid exceeding transaction limits on capped plans to prevent additional charges.

Overdraft Protection: Is It Worth It?

Overdraft protection can save you from bounced payments, but it comes at a cost. Typical fees include:

Monthly Fee: $5 to $10, depending on the bank.

Interest Rate: 19-21% annually on overdrawn amounts.

Example:

If you overdraw $500 for 10 days at a 19% annual interest rate, your cost would be:

While $2.60 might seem minimal, frequent overdraft use can add up. Consider your cash flow needs before opting in.

Chequing Accounts vs. Savings Accounts

Although both are essential for managing finances, they serve different purposes:

Chequing Accounts: Best for daily transactions like paying bills, groceries, and e-Transfers.

Savings Accounts: Designed for long-term growth with higher interest rates.

Example of Combined Use:

A homeowner receiving $5,000 monthly could allocate $3,000 to a chequing account for bills and daily expenses and transfer the remaining $2,000 to a high-interest savings account earning 3.50% annually:

This strategy would yield $70 in interest annually, maximizing financial efficiency.

Best Chequing Accounts in Canada for 2025

Choosing the best chequing account in Canada for 2025 depends on your financial habits, whether you prioritize no fees, unlimited transactions, or reward programs. From Tangerine’s simplicity to Scotiabank’s robust perks, there’s an account for every need.

Evaluate your spending patterns, consider bundling services, and keep an eye on fees to make the most of your chequing account. With the right choice, managing your daily finances can be effortless and rewarding.