No Fee Chequing Account Comparison

By Krissy Morley

October 27, 2011

By Denis Agar

UPDATE [September 18, 2009] I am quite sad to report to you the loss of one of the pillars of the free chequing market - Citizens Bank. The e-mail went out August 5th, 2009 - after a tough recession and heavy competition from PC Financial, Vancity, Citizens' parent company, has decided to throw in the towel on that grand experiment. Citizens, we were all the better for knowing you, and your loss will be keenly felt.

As I'm sure you know, there are an enormous amount of banking options out there. What always stuns me is that the vast majority of them aren't worth a second glance. Here, I profile the glorious few that blow all other accounts out of the water. One disclaimer before I continue: If you're still interested in conducting operations with a living, breathing teller at a physical bank location, expect to pay for it. None of the accounts profiled here include any considerable face-to-face contact. For most day-to-day activities, though, that shouldn't pose any problems. Generally, I will include chequing accounts in this review if they include two of the following three features:

  • Offers an interest rate higher than 2%
  • The minimum balance for avoiding monthly fees is at most $1000.
  • Includes unlimited transactions
If you find an account that would fit, please send RFD an e-mail!

To make the review a little simpler, I've compiled a list of things that you can assume all these accounts have. They are the bare minimum.

  • All activity can be conducted either by phone, online or at an ATM.
  • The following things are free and unlimited:
    • online or telephone transfers
    • direct deposit
    • ATM deposits

Let's get right into it!


This article is provided for informational purposes only. The information was gathered through independent research and we have made every effort to check the accuracy of the information provided. If there is an error in the information below, please send an e-mail to suggest@redflagdeals.com so that we may confirm its existence and correct it.

Furthermore, the piece should be treated as opinion in nature, as with all sound financial decisions, research should be done on an individual basis based on individual circumstances. This article may serve as a part of that process but it is by no means the end of it. RedFlagDeals.com is in no way claiming that we are qualified to provide financial advice.


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