It’s not fun to spend all of your money on banking fees and be left with a balance that you have to pay at the end of the month.
Banks are known for charging fees like crazy, but there are several banks out there that offer free online bank accounts in Canada to make things easier.
Free online bank accounts in Canada are becoming increasingly popular, and it’s not hard to see why.
Many of these accounts offer features that traditional banks do not, such as no monthly fees and no minimum balance requirements.
In this article, we’ll take a look at some of the best free online bank accounts in Canada and what they have to offer.
Whether you are a student, employee, or retiree, there is a free bank account option for you.
So read on to learn more about the best free online bank accounts in Canada!
Table of Contents
Features of Free Online Banks Accounts in Canada
Before we look at the best free online bank accounts in Canada, let’s look at the features of these types of accounts.
In general, free online bank accounts in Canada offer the same features as any other bank account. This includes things like:
- The ability to set up direct deposit for your paycheck
- Access to online and mobile banking
- A network of ATMs that you can use for free or for a fee
- The ability to use your debit card for point-of-sale transactions
- The ability to send and receive Interac e-Transfers
However, there are some features that are unique to free online bank accounts. The most common features of these accounts are that they are mostly offered by online-only banks.
Digital banks give you the convenience of being able to bank from anywhere. This can be a big help for people who travel often or have a busy lifestyle.
Another common feature of a free online bank account is that you don’t have to pay any monthly fees. This can save you a lot of money, especially if you have multiple bank accounts.
Also, others offer higher interest rates on savings accounts. And some even give you cash back and redeemable points on certain types of purchases.
In addition, almost all of these digital banks are members of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are protected up to a certain limit.
Best Free Online Bank Account in Canada
If you’re looking for a free online bank account in Canada, there are several options to choose from.
Here’s a list of some of the best free online bank accounts in Canada, so you can decide which one is right for you:
1. Tangerine No-Fee Daily Chequing Account
Tangerine is a subsidiary of Scotiabank. It is an online bank that offers several banking products.
The products offered by Tangerine Bank include chequing and savings accounts, mortgages and GICs.
Tangerine provides a no-fee daily chequing account that allows you to make free daily transactions and pays interest on all balances.
When you open a Tangerine No-Fee Daily Chequing Account using the promo code “EARNMORE”, you will enjoy a promotional interest rate of up to 4.25%. You will also get welcome cash back of $400.
Key Features
- The account includes a Client Card which you can use to make purchases online at participating retail stores
- You can make daily transactions without paying any fees
- With the Visa Debit Zero Liability protection offered by Tangerine, you can shop with confidence
- Through Scotiabank’s Global ATM Alliance, you can access 3,500 Scotiabank A B M’sABMs in Canada
- You can use the Cheque-In feature on your Tangerine mobile app to instantly deposit cheques
- There is Overdraft Protection
- You have an option to track and monitor your spending on your account
- The Orange Notifications feature lets you set your settings for receiving essential Account alerts through text messages or email
2. Neo Financial Money Account
Neo Financial is a Canadian digital bank that offers several financial services to make life easy for Canadians.
The Neo Financial Money Account is another great free online bank account you might want to consider.
The account offers one of the highest interest rates you can get in Canada. You can get an interest rate of up to 2.25% on your savings in the account.
And the best part is that it is not a promotional rate. This means you can get the same rate no matter when you open the account.
Key Features
- You will enjoy one of Canada’s highest interest rates that are not promotional
- You can make free unlimited transactions
- No minimum balance requirement
- You can use the bank’s scheduled payments to easily pay your card balance and other bills
3. Simplii Financial No-Fee Chequing Account
Simplii Financial is the digital subsidiary of CIBC. The bank offers several great banking services without charging monthly fees.
The Simplii Financial No-Fee Chequing Account is one of the best accounts in Canada. It comes with a lot of perks that you may not want to miss.
If you open the account by October 31, 2022, and add a qualified direct deposit worth a minimum of $100 monthly for 3 consecutive months, you will get a welcome bonus of $350.
Also, the account comes with a promotional interest rate of up to 4.75%. However, you should note that the interest rate will expire by October 31, 2022.
Key Features
- No minimum balance requirement
- You can save more than $200 a year on monthly fees
- Overdraft Protection is available
- You can make free unlimited transactions
- When you open the account, you can qualify for a Simplii Cash Back Visa Card
- All CIBC ATMs in Canada are at your disposal
4. EQ Savings Plus Account
EQ Bank is the digital subsidiary of Equitable Bank. The bank was founded in 2016 and it offers great online banking services.
The EQ Savings Plus Account is one of the best free online bank accounts in Canada. It offers both chequing and savings account features.
You can get one of the best interest rates in Canada on the account. Without paying any fees, you can get an interest rate of 2.00% on your savings.
Key Features
- You can make Interac e-Transfers at no cost
- The account includes multiple security and fraud monitoring tools
- You can make electronic transfers and bill payments at no cost
- The account also has a referral program that offers up to $20 per referral
5. Motusbank No-Fee Chequing Account
Motusbank is a digital bank that offers a comprehensive retail product range with amiable and knowledgeable customer service to meet the requirements of Canadians.
The Motusbank No-Fee Chequing Account is another great account you might want to consider.
When you open the account, you can get a debit card you can use to easily make your daily purchases.
Key Features
- You can get an interest rate of 0.15% on every dollar you save in the account
- There is no minimum balance requirement
- You can make bill payments, unlimited Interac e-Transfers and debit purchases without paying any fees
- Your first 25 cheques are free
- You can deposit a cheque online from anywhere by simply snapping and sending it
- At no cost, you have over 43,000 surcharge-free ATMs in North America at your disposal
6. Peoples Group ESavings Account
Peoples Group (formerly known as Peoples Trust) is a financial institution in Canada which was established in 1985.
The financial institution has been offering customized services to Canadians since its inception.
With the ESavings Account from Peoples Group, you can earn interest on every dollar you save in the account.
The account offers a competitive interest rate of up to 2.50%. The interest you earn on the account is calculated daily and is paid each month.
Key Features
- You can save more since there are no monthly fees
- There is no minimum balance requirement
- You can use the Peoples Group online portal to manage your finances by viewing your monthly transactions
- You have the flexibility to transfer money to and from your accounts with other financial institutions
7. Motive Financial Cha-Ching Chequing Account
Motive Financial is a Canadian online bank that offers several banking products with low fees and great rates.
The Motive Financial Cha-Ching Chequing Account is one of the great accounts offered by the bank. You can earn an interest rate of 0.25% on the account.
Motive Financial has the second-largest ATM network in the whole of Canada. This means you can access the bank’s ATM wherever you are in Canada
Key Features
- You can make unlimited transactions at no cost
- There is no minimum balance requirement
- The account comes with free 50 customized cheques
8. Alterna Bank No-Fee E-Chequing Account
Alterna Bank is another popular digital bank in Canada that offers several banking services to make life easy for Canadians.
The No-Fee E-Chequing Account offered by Alterna Bank is a great free online bank account that is worth looking at.
When you open the account, you will get an annual interest rate of 0.05% without paying any monthly fees.
Key Features
- No minimum balance requirement
- You can make free unlimited transactions which include Interac e-Transfers
- It includes Overdraft Protection
- With the account, you can have access to more than 3,300 ATMs in THE EXCHANGE Network
9. Motive Chequing Account
The Motive Chequing Account is another great account offered by Motive Financial you might want to consider.
Just like the Motive Financial Cha-Ching Chequing Account the account offers you interest on your savings.
However, while the Motive Financial Cha-Ching Chequing Account offers an interest rate of 0.25%, the Motive Chequing Account offers an interest rate of just 0.15%.
Key Features
- You can make free unlimited transactions without any monthly fees
- The account includes 50 free customized cheques
10. PC Financial PC Money Account
The PC Financial Money Account is an account that offers you several reward points which you can redeem at participating stores.
When you open the account, you can get a welcome offer of up 200,000 points without paying any monthly fees.
Apart from the 200,000 welcome points, you will get on the account, you will also get 10 points for every $1 you spend on purchases using your PC Money Account.
Key Features
- You can make unlimited free daily transactions including Interac e-Transfers
- There is an option for you to block your card or replace it in case you misplace it
- With the PC Financial app, you can access your PC Money Account from anywhere
- You can get your monthly statements digitally
How to Choose the Best Free Online Bank Account in Canada
Now that you have gone through our list of the best free online bank accounts in Canada, you may be wondering how to choose the best one.
As you can see, the free online bank accounts discussed above have similar features but some offers additional perks.
The best way to choose the best free online bank account in Canada is to compare the features of each.
One of the most important factors you need to consider is the interest rate. After all, you want your money to grow as much as possible.
Most of the free online bank accounts offer interest on your savings but some accounts offer high-interest rates than others.
As a result, if you are looking for a no-fee bank account and at the same time looking forward to earning a competitive interest rate on your savings, you should consider an account with a higher interest rate.
Other factors such as welcome bonuses should also be taken into account. Once you have compared all of the features, you will be able to choose the best free online bank account for your needs.
READ ALSO: Best Credit Cards in Canada
Take Away on Free Online Bank Account in Canada
A free online bank account is a great way to save on fees and still get all the features you need.
Fortunately, Canada has a great selection of online banks that offer free accounts with no minimum balance requirement.
However, choosing the best best free online bank account in Canada can be confusing due to the numerous options available.
To help narrow down your search, this article has discussed some of the best free online bank accounts in Canada.
All the bank accounts discussed here have unique features that make them worth considering for your banking needs.
So if you’re looking for a free online bank account, all you have to do is compare the features of each option to find one that best suits your needs.
I hope this article has helped you in your search for the best free online bank account in Canada.
If you found it useful, please share it with your friends and family members who might also be looking for an affordable banking option.
