Banking: Everything you need to know about the best chequing accounts in Canada
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The best chequing accounts in Canada: everything you need to know
Designed to handle day-to-day transactions, Canadian chequing accounts all have their advantages. Those from Scotiabank, BMO and National Bank caught our attention. In our opinion, they are the best chequing accounts in Canada. In the following lines, discover each package, from its main features to its target customers.
Current account-opening bonuses
Updated September 27, 2026: we rechecked the bonuses, fees and plans in this article with Scotiabank, BMO and National Bank. Here are the chequing account opening bonuses available right now. Each one requires eligible transactions, detailed below for each plan. To compare other institutions, use our chequing account comparison tool.
| Plan | Opening bonus | Offer ends | Monthly fee |
|---|---|---|---|
| Scotiabank Preferred Package | $700, plus up to $300 with a savings account or credit card | March 4, 2027 | $16.95 or $0 with a $4,000 balance |
| Scotiabank Ultimate Package | $700, plus up to $300 with a savings account or credit card | March 4, 2027 | $30.95 or $0 with a $6,000 balance |
| Scotiabank Preferred Package for Students and Youth | $200 | November 1, 2026 | $0 (under 25 or full-time students) |
| BMO Performance | Up to $900 | November 2, 2026 | $17.95 or $0 with a $4,000 balance |
| BMO Premium | Up to $900 | November 2, 2026 | $30.95 or $0 with a $6,000 balance |
| BMO Practical | $150 | November 2, 2026 | $4 |
| BMO Blue Rewards | Up to 135,000 Blue Points | November 2, 2026 | $17.95 |
| National Bank, The Connected | Up to $600 | November 3, 2026 | $15.95 or $0 with a $4,500 balance |
| National Bank, The Total | Up to $600 | November 3, 2026 | $28.95 or $0 with a $6,000 balance |
How to determine your checking account needs
To help you make the right choice for your needs, here are a few criteria to consider:
Monthly fees
First of all, are you willing to pay more for greater freedom? Because the higher the monthly fee, the more services are included in the account. Be aware that they may vary depending on your age.
Transaction limit
Indeed, a maximum transaction limit is assigned by the bank. For this reason, you may be charged for each additional transaction over the limit.
Interac Transfers
Interac e-Transfer is a fast and efficient way to transfer funds to a colleague, friend or family member. Nevertheless, learning about the terms and conditions surrounding this type of transaction is a good idea. Generally, there is no charge for receiving funds by email for chequing accounts in Canada. However, other types of operation can also pay off.
Overdraft protection
Has your transaction been rejected for lack of funds? Overdraft protection is there to protect you by providing a short-term loan. Of course, this should never be an option! We recommend that you avoid overdrawing your account. Be warned!
Scotiabank Chequing Accounts
Scotiabank offers five banking packages to individuals. With the Scene+ ScotiaCard debit card, you also earn Scene+ points on your debit purchases.
- Scotiabank Basic Bank Account
- Scotiabank Basic Plus Bank Account
- Scotiabank Preferred Package for Students and Youth
- Scotiabank Preferred Package
- Scotiabank Ultimate Package
Scotiabank Basic Bank Account
Would you like a basic account for all your financial needs? The Scotiabank Basic Bank Account will cost you only $3.95 per month.
It offers 18 free transactions per month and free Interac e-Transfer transactions.
Scotiabank Basic Plus Bank Account
Is a maximum of 25 free debit transactions per month enough for you? Would you like to make transactions at an ATM? Costing just $11.95 a month, the Scotiabank Basic Plus Bank Account could be free if you maintain a balance of $3,000 in the account.
To learn more about the features of the package, this article includes the essential information.
Preferred Package for Students and Youth
The Student Banking Advantage Plan no longer appears among the accounts Scotiabank offers. For students and youth, it now offers the Preferred Package for Students and Youth, with no monthly fee if you are under 25 or studying full-time at a post-secondary institution in Canada or the U.S. If you open it between July 2 and November 1, 2026, you’ll receive a $200 welcome bonus. You must complete two eligible transactions within 60 days, for example a direct deposit and a pre-authorized payment that repeat for three months.
This package offers unlimited debit and Interac e-Transfer transactions, Scene+ points and commission-free trades in a Scotia iTRADE account for students and youth.
Scotiabank Preferred Package
The Scotiabank Preferred Package costs $16.95 per month, or $0 with a minimum daily closing balance of $4,000. If you open it between October 30, 2026 and March 4, 2027, you’ll receive a $700 bonus. An additional bonus of up to $300 applies if you also open an eligible registered account ($200) or an eligible Scotiabank credit card ($100).
To earn the $700 bonus, within 60 days of opening you must set up an eligible recurring direct deposit (for example, your pay) that repeats for four consecutive months. Within the same period, you must also complete one eligible transaction: a pre-authorized debit or online bill payment of at least $50, or a Visa Debit purchase online or abroad. Scotiabank deposits the bonus approximately seven months after account opening. People who hold a Scotiabank chequing account, or held one in the last two years, are not eligible.
Scotiabank Ultimate Package
Recommended by several Facebook group members, the Scotiabank Ultimate Package is the most competitive of all. For us, it represents the best option offered by the banner. It costs $30.95 per month, or $0 with a minimum daily closing balance of $6,000 or a Total Relationship Balance of $100,000 in your eligible accounts.
From October 30, 2026 to March 4, 2027, the Ultimate Package comes with the same $700 bonus as the Preferred Package, under the same conditions. It also includes unlimited debit and Interac e-Transfer transactions and an ongoing annual fee rebate of up to $150 on select credit cards. Finally, Scotiabank gives 1 Scene+ point for every $5 in debit purchases with the Scene+ ScotiaCard debit card.
Chequing account with National Bank
Would you like to realize your most significant projects? National Bank offers three banking plans. Since October 26, 2025, The Modest is no longer offered: the bank replaced it with The Minimalist.
- The Minimalist
- The Connected
- The Total
The Minimalist
The Minimalist costs $3.95 per month and includes 18 digital transactions per month, Interac e-Transfers included. It has no monthly fee for ages 0 to 24 (students included), people 65 and over who receive the Guaranteed Income Supplement, RDSP beneficiaries and eligible Indigenous Peoples.
The Connected
The Connected costs $15.95 per month, or $0 with a balance of $4,500 or more. It has no monthly fee for ages 0 to 24 and costs $10.95 for those 60 and over. It offers unlimited digital transactions and Interac e-Transfers. If you sign up for an eligible National Bank Mastercard credit card, you get a one-time $30 rebate and a $5 monthly discount on the fixed monthly fees.
The Total
The Total offers unlimited digital and in-branch transactions, unlimited free Interac e-Transfers, an integrated line of credit of up to $5,000 (subject to credit approval) and 100 free cheques per year.
The Total costs $28.95 per month ($23.95 for those 60 and over), or $0 with a balance of $6,000 or more. If you sign up for an eligible National Bank Mastercard credit card, you get a one-time rebate of up to $150 and a $10 monthly discount on the fixed monthly fees.
Until November 3, 2026, National Bank offers up to $600 in cash back when you open a first chequing account with The Connected or The Total. The $300 base amount requires, within 120 days, signing up for online banking, making 20 eligible transactions (debit purchases or bill payments) and receiving three direct deposits of at least $100. Three $100 amounts can be added: a new eligible National Bank credit card, paying a National Bank mortgage from the account, or a high-interest savings account with at least $5,000. National Bank pays the cash back by the end of the 6th month after opening.
Chequing account with BMO
Are you looking for first-rate banking experience? Just want a basic account? BMO Chequing Accounts offer unlimited Interac transfers and the possibility of checking your credit score at any time. Here are the different packages:
- Performance
- Premium
- Plus
- Practical
- Blue Rewards
Performance
The Performance package costs $17.95 per month, or $0 with a minimum daily balance of $4,000. It offers unlimited everyday banking transactions and up to $40 off the annual fee on eligible BMO credit cards. If you open it by November 2, 2026, you can get up to $900 in cash and a Walmart+ membership for up to 12 months:
- Chequing account: $700
- Savings Amplifier Account: $150
- Goal created in My Financial Progress: $50
Premium
With BMO’s most comprehensive plan, get a preferred exchange rate on U.S. dollars. The Premium plan costs $30.95 per month, or $0 with a minimum daily balance of $6,000. It offers unlimited transactions and a rebate of up to $150 per year on the annual fee of an eligible BMO credit card. Until November 2, 2026, it comes with the same bonus as the Performance plan: up to $900 in cash.
To earn the $700 chequing bonus, open the account by November 2, 2026, provide a valid email address and make a deposit. Then, by December 31, 2026, you must receive a recurring direct deposit of $500 or more (payroll, government or pension) and make two bill payments or two pre-authorized debits of $50 or more, to two different payees. The $150 bonus requires depositing at least $10,000 in a Savings Amplifier Account within 30 days, then keeping that balance for 180 days. BMO pays the bonuses by June 30, 2027. Customers who already hold a BMO chequing or savings account are not eligible.
Plus
Plus costs $12.95 per month, or $0 with a minimum daily balance of $3,000. It includes 25 transactions per month, and each Interac e-Transfer you send counts toward that limit. It also comes with a Canadian and U.S. dollar savings account at no cost. However, the Plus plan does not qualify for any account-opening bonus at the moment.
Practical
Practical costs $4 per month and includes 12 transactions per month, plus a Premium Rate Savings Account at no cost. Until November 2, 2026, this plan comes with a $150 cash bonus, under the same conditions as the Performance chequing bonus.
Blue Rewards
The Air Miles plan no longer appears among BMO’s chequing accounts. For rewards, BMO now offers the Blue Rewards plan, at $17.95 per month, with unlimited transactions.
This plan earns 2x the Blue Points on eligible grocery, gas, wholesale club and EV charging purchases, and 1 Blue Point for every $2 spent elsewhere. Until November 2, 2026, its welcome offer reaches 135,000 Blue Points, provided, among other things, that you give BMO a valid Blue Rewards member number:
- Chequing account: 105,000 Blue Points
- Savings Amplifier Account: 22,500 Blue Points
- Goal created in My Financial Progress: 7,500 Blue Points
Making an informed choice
It is important to shop around before making your final choice. Take the time to look at all packages thoroughly, from features to target audience. That way, you’ll find what suits you best, depending on your age and needs.
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Frequently asked questions about chequing accounts
What is the best chequing account in Canada?
There is no single best chequing account: the right choice depends on your needs. Scotiabank, BMO and National Bank all offer competitive packages, often free if you keep a minimum balance. Compare monthly fees, the transaction limit and included Interac e-Transfers using our chequing account comparison tool.
How can I avoid monthly chequing account fees?
Most banks waive monthly fees if you keep a minimum balance in the account. For example, Scotiabank’s Preferred Package becomes free with a $4,000 balance, and National Bank’s The Connected is free with a $4,500 balance. In addition, students and seniors often qualify for free or discounted accounts.
Can you get a bonus when opening a chequing account?
Yes. Several banks offer welcome bonuses for opening a new package, subject to conditions (direct deposits, transactions, etc.). These amounts change regularly: check our up-to-date articles on Scotiabank and BMO offers for the current bonuses.
What is the difference between a chequing account and a savings account?
A chequing account is for day-to-day transactions (payments, transfers, withdrawals) and pays little or no interest. A high-interest savings account is meant to grow your money and usually limits transactions. Many Canadians use both in parallel.
