Last updated: October 2026
EQ Bank vs Tangerine vs Simplii: Best No-Fee Chequing Account in Canada (2026)
Paying $17 a month for a chequing account is a choice, not a requirement. Canada’s three best-known digital banks — EQ Bank, Tangerine, and Simplii Financial — all offer chequing with $0 monthly fees, no minimum balance, and unlimited transactions. So which one deserves your paycheque?
All three are CDIC-insured (Simplii deposits are held by CIBC; Tangerine is owned by Scotiabank; EQ Bank is Equitable Bank’s digital arm), so your money is protected up to $100,000 per category at each. The real differences are interest, ATM access, and the surrounding product lineup.
Head-to-head comparison
| Feature | EQ Bank | Tangerine | Simplii Financial |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| Minimum balance | None | None | None |
| Transactions | Unlimited | Unlimited | Unlimited |
| Interest on chequing balance | Yes — hybrid account pays the Personal Account rate (1.00%, or 2.75% with $2,000+/month direct deposit) as of Oct 2026 | No (separate savings account at 0.30% base) | ~0.01% |
| ATM network | None of its own; third-party ATMs with partial fee reimbursement | 3,500+ Scotiabank ATMs | 3,400+ CIBC ATMs |
| Free cheques | N/A | First chequebook free | Yes |
| Credit card | Prepaid Mastercard (cash back) | Money-Back Mastercard (2% in 3 categories) | Cash Back Visa |
| Savings / TFSA / RRSP | Yes | Yes | Yes (TFSA/RRSP savings) |
| Available in Quebec | Yes | Yes | No |
| Interac e-Transfers | Free, unlimited | Free, unlimited | Free, unlimited |
EQ Bank: the interest play
EQ’s standout feature is that its main account is a hybrid chequing-savings account — your everyday balance earns interest. As of October 2026, the Personal Account pays 2.75% with at least $2,000 in monthly direct deposits, otherwise 1.00%. EQ also charges no foreign transaction fees on its card, which is unusual for a free account.
The catch: no ATM network. You can use any ATM but may pay the operator’s surcharge, with only partial reimbursement. If you regularly need cash, this is a real drawback. EQ is best as a high-interest home for money you mostly move digitally.
Learn more about EQ Bank on the provider’s website.
Tangerine: the all-rounder
Tangerine is the closest thing to a full-service bank with no fees: chequing, savings, GICs, mortgages, and the excellent Money-Back Credit Card (2% cash back in up to three categories you choose, no annual fee). You get 3,500+ Scotiabank ATMs nationwide, a well-rated app, and frequent savings promotions (e.g., 4.50% for five months on new savings deposits as of late 2026, open through November 30, 2026).
The catch: the base savings rate is a low 0.30%, so you’re playing promo-hop to earn real interest. But as a daily chequing account, it’s superb.
Learn more about Tangerine on the provider’s website.
Simplii Financial: the CIBC-backed workhorse
Simplii keeps it simple: no-fee chequing, unlimited transactions, free cheques, and access to 3,400+ CIBC ATMs. Its New to Canada Banking Program is a plus for newcomers. The app is functional but consistently rated below Tangerine’s and EQ’s.
The catch: Simplii isn’t available in Quebec, and its savings rates are unremarkable (its 4.60% five-month HISA promo ended Oct 31, 2026; the regular tiered rate is now 0.30%–1.00% by balance). Simplii also offers the widest product shelf of the three — mortgages, loans, and mutual funds through CIBC.
Learn more about Simplii Financial on the provider’s website.
Fees that still exist at “no-fee” banks
No monthly fee doesn’t mean no fees at all. Watch for these:
- ATM surcharges: Tangerine and Simplii reimburse nothing at out-of-network ATMs — stick to Scotiabank and CIBC machines respectively, or you’ll pay the operator’s fee (often $2–$3). EQ Bank reimburses third-party ATM fees up to $5 per withdrawal (up to five times a month), credited within 10 business days.
- Overdraft: all three offer optional overdraft protection, and it isn’t free — interest or per-use fees apply. If you occasionally dip below zero, compare the overdraft terms before you need them.
- Foreign transactions: debit-card foreign purchases typically carry a ~2.5% conversion fee at Tangerine and Simplii. EQ’s card is the exception with no FX fee. For travel spending, pair any of these accounts with a no-FX-fee credit card (see our foreign transaction fee guide).
- Cheques and drafts: Simplii includes free cheques; Tangerine gives you the first book free; EQ doesn’t do paper cheques at all. Bank drafts cost extra everywhere.
Which one should you pick?
- You want your chequing balance to earn interest → EQ Bank (if you can live without a big ATM network).
- You want the best all-in-one no-fee package → Tangerine (chequing + savings + a genuinely good cash back credit card).
- You want free cheques and CIBC ATM access → Simplii Financial (if you’re outside Quebec).
Honestly, there’s no wrong answer — many Canadians hold two of the three, using one for daily spending and another for savings. Since none charges a fee or requires a minimum balance, trying more than one costs nothing. As always, confirm current rates, fees, and promotions with the official provider before opening an account, since digital banks adjust offers frequently.
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