Compare chequing accounts in Canada: monthly fees side by side
Quick summary
Most big-bank chequing accounts charge between $4 and $31 a month, and many waive it if you keep a minimum balance. Tangerine charges no monthly fee. For the other costs, seebank fees in Canada.
Checked November 3, 2026. Main source: RBC: chequing accounts (read Nov 4, 2026). See all 6 sources.
Entry-level accounts: few transactions, low fee
These accounts suit people who make a limited number of debits each month. Going over the transaction limit adds a per-transaction charge, so check how your bank counts e-Transfers and bill payments.
| Bank and account | Monthly fee | Included transactions |
|---|---|---|
| RBC Day to Day Banking | $4.00 (some groups pay $0) | 12 debits |
| TD Minimum Chequing | $3.95 | 12 |
| CIBC Everyday Chequing | $4.00 | 18, then $1.25 each |
| BMO Practical Chequing | $4.00 | 12 |
| Scotiabank Basic Bank Account | $3.95 | 18 |
| Tangerine Chequing | $0 | Unlimited debit purchases, bill payments and pre-authorized payments |
Mid-tier accounts: more transactions, fee can be waived
| Bank and account | Monthly fee | Included transactions | Waive the fee |
|---|---|---|---|
| TD Every Day Chequing | $11.95 | 25 | $3,000 minimum balance |
| BMO Plus Chequing | $12.95 | 25 | $3,000 minimum daily closing balance |
| Scotiabank Basic Plus | $11.95 | 25 | $3,000 every day of the month |
| RBC Advantage Banking | $12.95 | Not listed here | $0 for students, youth and newcomers |
A waiver based on balance means you must stay above the minimum every day of the month. One dip below it can bring the fee back for that month.
Unlimited-transaction accounts
| Bank and account | Monthly fee | Waive the fee |
|---|---|---|
| TD Unlimited Chequing | $17.95 | $4,000 minimum balance |
| BMO Performance Chequing | $17.95 | $4,000 minimum daily closing balance |
| Scotiabank Preferred Package | $16.95 | $4,000 every day, or mortgage payments on a new or renewed Scotiabank mortgage for up to a year |
| CIBC Smart Account | $16.95 ($17.95 from January 1, 2027) | $4,000 daily balance |
| RBC Signature No Limit Banking | $16.95 | Check RBC |
| BMO Blue Rewards Chequing | $17.95 | No waiver listed |
Accounts that cost $0 for specific groups
- CIBC Smart for Newcomers: $0 for 2 years.
- CIBC Seniors, Student and Smart Start accounts: $0.
- TD Student Chequing: $0.
- Scotiabank Preferred Package for Students and Youth: $0 (age 25 or older must be a full-time post-secondary student).
- RBC Advantage Banking: $0 for students, youth and newcomers; Day to Day: $0 with the Value Program, age 65 or older, or for Indigenous clients.
- BMO and Scotiabank list lower prices for seniors on several accounts.
What to check before you choose
- How the bank counts transactions. BMO counts money leaving the account, including e-Transfers you send on Practical and Plus. Incoming money such as payroll does not count.
- Whether you can keep the waiver balance every single day.
- Fees outside the monthly fee: overdraft, non-sufficient funds, e-Transfer and cheque charges. See the bank fees guide linked above.
- Upcoming changes. CIBC lists a higher Smart Account fee from January 2027, and BMO says it is changing banking plan fees in February 2027.
- Deposit insurance. All six are CDIC members, so eligible deposits are covered up to the limit per category.
Questions people ask
Which Canadian bank has no monthly chequing fee?
Tangerine lists no monthly fee and no minimum balance on its chequing account. Big banks waive fees on some accounts when you keep a minimum balance, or for students, youth, seniors and newcomers.
How do I avoid chequing account fees?
Keep the minimum daily balance your plan requires, stay within the included transactions, or move to an account for your group, such as student or newcomer plans.
Do these fees change?
Yes. Banks update fee schedules, and CIBC and BMO have already announced changes for early 2027. Confirm on the bank's page before opening an account.
Try it with your numbers
Does your province have its own rules?
Credit union deposits are insured by provincial bodies, and the limit depends on where you live. Pick yours to see where to look. We remember your choice on this device only.