Best No Fee Chequing Accounts in Canada
Best No Fee Chequing Accounts in Canada
No Fee Chequing accounts offer the best options when it comes to daily banking. Therefore, individuals who want convenience for their finances are best advised to open a chequing account. Most chequing accounts can be accessed online and are easy to manage because they are considered to be relatively cheaper.
You no longer need to pay $15 per month for unlimited debit transactions as there are many no fee chequing accounts available in Canada. Some of the chequing accounts commonly known as no fee chequing accounts are free to run but still come with top class features. In this piece, we'll try to look at some of the best no fee chequing accounts in Canada and try to make a comparison.
The World Economic Forum has rated the Canadian banking sphere as the most sound and leading the global industry since the past 7 years. The Big Five banks of Canada have continued to show significantly high-profit rates despite uncertain economic conditions. Analysts have noted that these banks have surpassed expectations by the second quarter of 2017.
Canada’s banks have been able to make these profits because of the high service charges and bank fees that they charge their customers. Since the fee raise of 2015, customers are paying rising account fees and transactions costs while veterans and senior citizens have noted a reduction in the discounts they previously enjoyed.
Though the Big Five banks do offer you free services, they also require that you maintain a minimum balance each month. This factor is a major downside because it results in the blocking of funds that can be invested or deposited in savings accounts that offer higher interest rates.
With a little research, you’ll find various financial institutions that offer you free accounts and allow you to conduct unlimited transactions without incurring any fees. Here are your options:
Banks that Offer You Free Accounts
The President’s Choice (PC) Financial and Tangerine Bank are both online banking institutions that offer you everyday banking accounts at no charge. Tangerine Bank (previously ING Direct) is a subsidiary of Scotiabank while PC Financial is run by CIBC and Loblaw Companies by way of a partnership venture. The Canadian Insurance Deposit Corporation backs your deposits in both banks. Here are the other features you can avail of:
- Although the banks do not have physical branches, they do offer you personalized customer support out of cafes and gazebos.
- You can avail of 24/7 online customer support in addition to services via mobile phones, mail, and telephone.
- The savings on the cost of maintaining physical branches is transferred to customers by way of lower service costs and higher interest rates.
- No cost savings and chequing accounts
- No limit on transactions or requirement of minimum balances
- Interac e-Transfers, fund transfers, pre-authorized bill payments, and direct deposit facilities also available
It will interest you to know that only PC Financial and ING Direct or Tangerine Bank offer you free chequing accounts with no other applicable conditions. The main banks such as TD Canada Trust, BMO, Scotiabank, CIBC, and RBC all have certain requirements you must meet.
Top 5 No-Fee Chequing Accounts in Canada
Tangerine No Fee Unlimited Chequing Account Canada
For many years, Tangerine (previously ING Direct) has been identified as an online savings bank but in the recent years, the institution released a no fee chequing account known as Chequing Account (formerly Thrive). To take their service a notch higher, Tangerine offers free ABM access through Scotiabank ABM network.
The Tangerine Chequing Account is an online no-fee daily chequing account that actually pays you interest on your hard earned dollars. Users operate their accounts absolutely free of charge as there are no monthly fees and the account does not require a minimum balance. In addition to this, the bank pays interest between 0.25%-1.10% on deposited amount.
PC Financial No Fee Unlimited Chequing Account
Established and run by a partnership venture between Loblaws Superstores and CIBC, the PC Financial is the most viable no fee chequing account option for customers. Here are the features you can avail of:
- Ability to use CIBC ATMs for making bill payments, withdrawals, and deposits at no cost
- Additional banking services available online or at booths located within various Loblaws Superstores in different locations in Canada
- Ability to earn and redeem loyalty PC points at Loblaw Superstores against groceries
- Ability to earn interest on balances in chequing accounts
- Bank provides cheque books free of cost
- No limit on online or ATM transactions and no monthly charges
BMO Performance No Fee Unlimited Chequing Account
The BMO (Bank of Montreal) has a range of chequing accounts for you at no cost but you need to reserve a minimum balance per month. Here are the other features you can avail of:
- No limit on BMO ATM and online transactions each month
- 1 withdrawal at no charge from an external ATM each month
- 2 no-cost Interac email cash transfers each month
- Ability to earn Air Miles on purchases on debit cards (Customers can earn 1 Air Mile per $40 worth of purchases.)
- Ability to save on the monthly fee of $13.95 by maintaining a balance of $3,000 each month
Scotia One Unlimited No Fee Chequing Account
Should you opt to sign up for a Scotiabank chequing account, you can have the monthly fee of $9.95 waived. But, you’ll have to maintain a minimum balance in the account of $3,500 on an average each month. You can also choose from various account options where the minimum balance requirement is $1,500.
TD Canada Trust No Fee Chequing Accounts
TD Canada Trust has various daily chequing accounts that incur a monthly fee. However, by maintaining a minimum monthly balance of at least $1,000, you can have this fee canceled. You can also avail of no limit on the chequing services by reserving a balance of more than $5,000 in your account.
Choose the Best Account for You
Should you opt for one of the free everyday banking solutions, you’ll be surprised to find that you can save more than $200 per year in fees as compared to banking with the major banks of Canada. In addition to same services, you can avail of other benefits such as:
- Ability to use the money blocked in the minimum balance
- Possibility of earning higher interest rates by depositing in savings accounts or other investment opportunities
Choosing the best chequing account that meets your needs can be a complicated process given the various account options out there with different features, fees, and benefits. But, by logging on to https://www.comparemyrates.ca/ you will be able to compare the details on a single platform so you can make an informed decision.
Compare Best Chequing Accounts in Canada
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