Benchmark MoneyCanada

No Monthly Fee Bank Accounts in Canada

Every account on this page states a monthly fee of zero on the institution's own page. That is a different claim from an account whose fee is waived if you keep a balance, and a very different claim from one that never mentions a fee at all. Neither of those is here.

We track 99 bank accounts with no monthly fee from 41 institutions, 85 of them personal and 14 for a business. Every figure here comes from the institution’s own published pages and fee schedules, last checked 19 August 2026. Where an institution does not publish something we leave it blank rather than guess, which is explained on how we research.

How We Picked

  • A published monthly fee of exactly zero. Not waived, not conditional, not unstated.
  • What you get for nothing. A free account with 12 transactions a month is a free account you will pay for by the fifteenth.
  • The extra transaction fee, because that is what a free account charges once you pass whatever it includes.
  • Interest, where the account pays any. Several of these are savings accounts, which are free almost everywhere.

The 10 Best Bank Accounts with No Monthly Fee

  1. Venn Business Account

    Venn · Unlimited transactions · No monthly fee · 2.75% interest · business account

    This is a money services business rather than a bank or a credit union, so deposits are not insured the way a bank account is.

    Everything published about the Venn Business Account

  2. Float Business Account

    Float Financial · Unlimited transactions · No monthly fee · 2.5% interest · business account

    This is a money services business rather than a bank or a credit union, so deposits are not insured the way a bank account is.

    Everything published about the Float Business Account

  3. EQ Bank Business Account

    EQ Bank · Unlimited transactions · No monthly fee · 2.25% interest · business account

    Everything published about the EQ Bank Business Account

  4. Wealthsimple Business chequing

    Wealthsimple · Unlimited transactions · No monthly fee · 1.25% interest · business account

    Everything published about the Wealthsimple Business chequing

  5. Wealthsimple Chequing (Cash)

    Wealthsimple · Unlimited transactions · No monthly fee · 1.25% interest

    Everything published about the Wealthsimple Chequing (Cash)

  6. Alterna Bank High Interest eSavings Account

    Alterna Bank · Unlimited transactions · No monthly fee · 1.05% interest

    Everything published about the Alterna Bank High Interest eSavings Account

  7. EQ Bank Personal Account

    EQ Bank · Unlimited transactions · No monthly fee · 1% interest

    Everything published about the EQ Bank Personal Account

  8. Kindred Credit Union CUBILL Savings

    Kindred Credit Union · Unlimited transactions · No monthly fee · 0.7% interest

    Open only to residents of Southwestern Ontario. A credit union, so opening the account means buying a membership share of $25.00.

    Everything published about the Kindred Credit Union CUBILL Savings

  9. Desjardins Savings Account (non-registered)

    Desjardins · Unlimited transactions · No monthly fee · 0.55% interest

    Open only to residents of Quebec and Ontario caisses. A credit union, so opening the account means buying a membership share of $5.00.

    Everything published about the Desjardins Savings Account (non-registered)

  10. Libro Credit Union Regular Savings

    Libro Credit Union · Unlimited transactions · No monthly fee · 0.13% interest

    Open only to residents of Ontario; 18+. A credit union, so opening the account means buying a membership share of $5.00.

    Everything published about the Libro Credit Union Regular Savings

The Other 89

Every no fee account we track, in the same order. An account outside the top ten is not a bad account; it is one that lost to the accounts above it on the criteria at the top of this page.

Common Questions

How many bank accounts with no monthly fee are there in Canada?
We track 99 of them. That is what we have verified against the institution's own pages, not a claim about every account that exists, and the number moves as accounts are added and withdrawn.
What is the cheapest no fee account in Canada?
On published monthly fees the cheapest on this page is the Venn Business Account at $0.00 a month. Cheapest is not the same as best value: the account that costs least usually includes the fewest transactions, and the extra transaction fee is where the difference shows up.
How many of these have no monthly fee?
99 of the 99 publish a monthly fee of zero. That is a published zero, not a fee we could not find. Accounts whose institution publishes no fee at all are recorded as blank and are never counted as free.
Can the monthly fee be waived?
On 2 of these the institution publishes a balance that waives the fee. It is worth doing the arithmetic before treating that as free: money kept still to avoid a $16 fee is money earning nothing, and $4,000 in a savings account at 3% would have earned more than the fee costs.
Are unlimited transactions worth paying for?
25 of the accounts here include unlimited transactions. Only if you would otherwise go over the limit on a cheaper account. Extra transactions typically cost around $1.25 each, so an account including twelve of them costs the same as an unlimited one somewhere around the thirtieth transaction of the month. Below that the cheaper account wins, above it the unlimited one does.
Is my money safe at these institutions?
Bank deposits are insured by CDIC and credit union deposits by a provincial insurer, on different terms. A few products in our database are money services businesses rather than banks, and those are flagged on the account itself, because the account looks the same and the protection is not.

Other Lists

Comparing something other than bank accounts with no monthly fee? Compare every account on the way you actually bank, or browse the full directory.

When a Rate Changes, Know About It

Fees, interest rates and welcome offers move without announcement. We check them anyway, so the email is simply what changed, with the old figure and the new one. Twice a month at most, and nothing in a quiet month.

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