EQ Bank's Personal Account wins this comparison outright — $0 monthly fee, unlimited transactions, and 2.75% interest sitting on top of your everyday cash. Nothing else on this page pairs a chequing account with that kind of rate. Simplii Financial and Tangerine are solid no-fee picks if you don't need the interest, while big-bank accounts still charge monthly fees unless you park a sizeable minimum balance — money that could be earning interest somewhere else.
Centsable's editorial team, fact-checked and updated July 2026.
Our editors' top picks from the full list below, based on rate, fees, and real-world value.
EQ Bank's Personal Account earns 2.75% on your everyday balance with no monthly fees -- functions like a HISA that you can also spend from directly.
All providers we track, sorted by rate. Click any column header to re-sort.
| Account | Monthly Fee | Free Transactions | Interest | Min. Balance for Free | Apply |
|---|---|---|---|---|---|
| EQ Bank — Personal Account | $0 | N/A | 2.75% | None | Open → |
| Steinbach Credit Union — High Interest Savings Account | N/A | N/A | 2.25% | N/A | Open → |
| Assiniboine Credit Union — Variable Savings (FHSA/TFSA/RRSP/RRIF) | N/A | N/A | 1.65% | N/A | Open → |
| Meridian Credit Union — High Interest Savings Account | N/A | N/A | 0.85% | N/A | Open → |
| FirstOntario Credit Union — High Interest eSavings Account | N/A | N/A | 0.80% | N/A | Open → |
| Affinity Credit Union — Investor Savings | N/A | N/A | 0.80% | N/A | Open → |
| Tru Cooperative Bank (Island Savings) — High Interest Savings Account | N/A | N/A | 0.64% | N/A | Open → |
| Innovation Federal Credit Union — Savings Account | N/A | N/A | 0.60% | N/A | Open → |
| Vancity — Jumpstart High Interest Savings | N/A | N/A | 0.60% | N/A | Open → |
| Conexus Credit Union — Savings Account | N/A | N/A | 0.55% | N/A | Open → |
| East Coast Credit Union — High Interest Savings Account | N/A | N/A | 0.55% | N/A | Open → |
| Desjardins — Regular Savings Account (registered) | N/A | N/A | 0.55% | N/A | Open → |
| Coastal Community Credit Union — High Interest Savings Account | N/A | N/A | 0.50% | N/A | Open → |
| Coast Capital Savings — High-Interest Savings Account | N/A | N/A | 0.30% | N/A | Open → |
| National Bank — The CAD Progress Account | N/A | N/A | N/A | $0 | Open → |
| RBC Royal Bank — Day to Day Banking | N/A | N/A | N/A | $0 | Open → |
| Provincial Credit Union — Savings Account | N/A | N/A | N/A | N/A | Open → |
| Alterna Savings — High Interest Savings Account | N/A | N/A | N/A | N/A | Open → |
| DUCA Financial Services Credit Union — High-Interest Savings Account | N/A | N/A | N/A | N/A | Open → |
| Servus Credit Union — Savings Account | N/A | N/A | N/A | N/A | Open → |
| Libro Credit Union — Savings Account | N/A | N/A | N/A | N/A | Open → |
| Cambrian Credit Union — Chequing/Savings | N/A | N/A | N/A | N/A | Open → |
| Neo Financial — Neo Chequing | N/A | N/A | N/A | N/A | Open → |
| Simplii Financial — No Fee Chequing Account | N/A | N/A | N/A | N/A | Open → |
Rates as of July 23, 2026. Promotional rates apply to eligible new deposits only.
Ranked by rate, fees, CDIC coverage, and overall value for Canadians.
EQ Bank EQ Bank's Personal Account earns 2.75% on your everyday balance with no monthly fees -- functions like a HISA that you can also spend from directly.
Open Account →Rates as of July 23, 2026. Rates subject to change without notice. Promotional rates apply to new eligible deposits only. Centsable may earn a commission if you apply through our links — this does not affect our ratings.
Our full take on each pick — who it's for, what we like, and what to watch out for.
EQ Bank's Personal Account earns 2.75% on your everyday balance with no monthly fees -- functions like a HISA that you can also spend from directly.
Best for: Best high-interest chequing alternative | Rate: 2.75% | Fee: $0 | CDIC: Yes
Best for: | Rate: 2.25% | Fee: | CDIC:
Best for: | Rate: 1.65% | Fee: | CDIC:
Best for: | Rate: 0.85% | Fee: | CDIC:
Best for: | Rate: 0.80% | Fee: | CDIC:
Best for: | Rate: 0.80% | Fee: | CDIC:
Best for: | Rate: 0.64% | Fee: | CDIC:
Best for: | Rate: 0.60% | Fee: | CDIC:
Everything you need to know, answered clearly.
EQ Bank's Personal Account leads — it's free, earns 2.50% on your balance, and includes unlimited transactions and free e-Transfers. For traditional no-fee chequing with full branch-bank infrastructure, Simplii Financial (CIBC) and Tangerine are both excellent.
Big-6 banks charge $4–$30/month as a revenue stream. Most waive the fee if you maintain a minimum balance ($3,000–$6,000). Digital banks (EQ Bank, Simplii, Tangerine) have eliminated fees by operating with lower overhead than branch-based banks.
Yes. CDIC member digital banks (EQ Bank, Simplii, Tangerine) offer the same deposit insurance as big-6 banks. Verify ATM access, confirm payroll direct deposit works, and set up bill payments before closing your old account.
Absolutely — and it's often the best strategy. Keep chequing at a free digital bank for daily spending, savings at a high-interest bank (Oaken or EQ Bank) for the best rate. Interbank transfers are free and take 1–3 business days.
Key factors: monthly fee (avoid if possible), free transaction count, e-Transfer limits, ATM network, and any interest earned on the balance. For most Canadians, unlimited free transactions and $0 monthly fee are non-negotiable.
Our editorial team researches and updates this page on a monthly basis. We evaluate products on five criteria: interest rate (weighted most heavily), fees and minimums, CDIC deposit insurance, ease of use, and additional account features. We do not accept payment to rank products — our recommendations are editorially independent. We may earn a commission if you apply through our links; this does not influence our ratings or which products appear on this page.
Data sources: We pull rates directly from each institution's website and verify them on the date shown. Promotional rates are noted separately and sourced from the institution's published offers at time of writing.
Read our full ratings methodology or browse our related guides.