In this article, you will learn how to save bank fees in Canada. Below are some of the best banks which offers no fees banking. Several banks in Canada offer no-fee bank account options. Here are a few options to consider:
- Tangerine: Tangerine offers no-fee banking, including a no-fee chequing account and a savings account. They also offer a variety of banking products and services, including mortgages, credit cards, and investments. When you open a chequing account with Tangerine then use Orange Key 67406394S1 and you will get a $50 bonus. Tangerine bank is owned by Scotiabank Below are some of the key features
- 0$ fees on checking account
- Up to 0.10% interest payment on your account balance
- Free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide through Scotiabank’s Global ATM Alliance.
- Free and unlimited Interac e-Transfers
- Simplii Financial: Simplii Financial, which is owned by CIBC, offers a no-fee chequing account, as well as other banking products and services, including credit cards and investments. Below are the key features.
- No monthly or minimum balance is needed for checking and saving bank account
- Free access to all CIBC ATMs across Canada
- Unlimited Interac e-Transfer and debit transactions
- Get real-time USD exchange rates
- I have been using Simpli Financial and use my referral link https://mbsy.co/6qp92v to get a $50 bonus plus, get $400 When you open a No Fee Chequing Account.
- Wealth Simple: Wealthsimple is a financial technology company that provides a range of online financial services, including investment management, savings accounts, and a no-fee chequing account. Here are the key features of Wealth Simple Spend and Save account, , This account checks more boxes than a chequing account.
- $0 monthly account fees
- 4% Interest with no minimum balance
- Unlimited number of transactions, including debit purchases, withdrawals, and bill payments
- Send up to $5,000 per day or $10,000 per week to anyone, anywhere with Interac e-Transfer®.
- Free access to ATMs across Canada
- No Foreign Exchange Fees
- I have been using Wealth Simple for the last 3 years and use this reference link to get rewarded to open an account with Wealth Simple, if you ask referral code then use code UBK02W
- Also if you have an account with Rakuten.CA then you earn $5 for opening account with Wealth Simple. You also earn $30 for registering with Rakuten.CA
- EQ Bank: EQ Bank offers everyday banking account, no separate account for savings/chequing, bank offers no monthly fees and no minimum balance requirements. They also offer Guaranteed Investment Certificates (GICs) with competitive interest rates, US Dollar accounts, TFSA Saving account and RRSP Savings account, here are the key features
- Unlimited transactions with no fees on everyday banking
- Free and unlimited Interac e-Transfers®, bill payments, and Electronic Funds Transfers
- Free withdrawals from any ATM in Canada ( they reimburse any fees)
- No FX fees monthly fees, or other hidden fees
- Alterna Bank: Alterna Bank offers a free checking account with no minimum balance requirements, as well as other banking products and services such as credit cards, loans, and mortgages.
- No monthly fee; No minimum balance is required
- FREE, unlimited day-to-day transactions1
- FREE, unlimited Interac® e-Transfers
- Award-winning No-Fee eChequing Account
- Access to over 3,300 ATMs in THE EXCHANGE® Network – Canada’s largest ATM network, surcharge-free! In the United States, access 40,000 surcharge-free ATM’s through the Allpoint Network.
- Motusbank is owned by the Meridian Credit Union and offers a no-fee chequing account, high-interest savings account, mortgages, personal loans, investments, and more, below are some of the key features
- $0 monthly account fees
- Up to 0.15% interest payments on your account balance
- Unlimited number of transactions, including debit purchases, withdrawals, and bill payments
- The first chequebook is free (25 cheques)
- Mobile app with easy mobile cheque deposits
- Free access to more than 3,700 ATMs across Canada
Save Bank fees in Canada
It’s important to note that while these banks may not have monthly or transaction fees, they may still have other fees for certain services, such as withdrawals from non-network ATMs, or for certain types of transactions, such as foreign currency transactions. It’s always recommended to read the account’s features and fees carefully before signing up for an account, to make sure it meets your specific needs and preferences.
Also, if you are a Permanent resident or Newcomer to Canada, you should know that banks also have special packages for newcomers and you should check them out too.
Experienced-based Conclusion: My objective is to educate you based on my experience. I have been using Simpli Financial and use my referral link https://mbsy.co/6qp92v to get a $50 bonus plus, get $400 When you open a No Fee Chequing Account. I also do banking with Tangerine and by using my Orange key 67406394S1, you will get a $50 bonus, If you want to earn high interest rate with no minimum balance then you should go with Wealth Simple account and if referal code is required then use referal code UBK02W I am extremely delighted with their services. Other Strong reason for the selection of these banks, is that all of these bank are covered by Canada Deposit Insurance Corporation -CDIC. To read more about how your money is save with CDIC, read our article on what to learn from SVB Collapse
Also read : Best Travel Credit Cards In Canada
This article is surely a comprehensive and convenient stop of information one can take into consideration while selecting their savings bank.
Great job done????????
Thanks, Isha for your feedback. I am glad that you found value in this blog post. I am going to publish more content, so please keep visiting vhsfinance1.com.
Regards
Harkkesh Suri
I really enjoyed reading the article. Here is what I think:
Provides valuable information: The article offers practical advice on how Canadians can reduce their bank fees by outlining several tips and strategies to follow.
Easy to read and understand: The language used in the article is clear and concise, making it accessible to readers of all levels of financial literacy.
Offers diverse solutions: The article provides various tips and strategies to help reduce bank fees, so readers can choose the ones that best suit their individual needs and circumstances. This makes the article highly valuable for a broad audience.
To make a firm decision, I prefer a table with a clear contrast between multiple banks, making it easier to make a decision.
Hi Ishan,
Thanks for reading this article and I am glad you find this useful. I will work on feedback and will add a comparison table.
Thanks
Harkkesh Suri
I found this article quite informative.
The details you have provided might help a lot of people switch to these banks. I guess the banks you have mentioned are not that popular because most of them were new for me so I think people might be skeptical getting started with them.
Hi Baivab,
Thanks for reading this article, all these banks have low operating costs due to their digital presence, that’s why they can offer no-fee banking and some of these banks are owned by leading Banks in Canada. All these banks are insured by CDIC- https://www.cdic.ca/ and deposits are insured up to $100,000. Simpli Financial is owned by CIBC and Tangerine is owned by Scotiabank.