BEST NO FEE BANK ACCOUNT CANADA
A simple no-fee bank account in Canada can be tough to find. You won’t find it with the big guys, but if you look hard enough, you might find yourself a gem.
Well, lucky for you, we have found a few gems that will sparkle.
In this review, we are looking at the top no-fee bank accounts in Canada, and there are a few. There is no one bank account for everyone. So, we have provided you with a few to look at and determine what fits your banking needs.
Tangerine No-Fee Chequing Account
Variable Interest Rate of between 0.15% and 0.65%
Wealthsimple No-Fee Cash Account
2.4% interest rate on every dollar
Motusbank No-Fee Chequing Account
0.50% interest rate on every dollar
Simplii Financial No-Fee Chequing Account
Variable Interest Rate of between 0.15% and 0.5%
Motive Financial Chequing Account
0.25% of interest rate on every dollar.
Manulife Advantage Account
A combined savings and chequing account
Unlimited with $1000 minimum balance.
TANGERINE NO-FEE CHEQUING ACCOUNT
Since making the change from ING Direct to Tangerine, the orange bank has taken off. As part of the CIBC network, Tangerine clients enjoy access to thousands of ATMs. As well, the online portal is one of the best in the country and is sleek and easy to use.
The account itself is hands down one of the best no-fee bank accounts in the country. First of all, it has no fee and unlimited transactions, including e-transfers.
As well, the Tangerine account enjoys variable interest depending on your balance. The interest varies between 0.15% and 0.65%. If you are looking for a no-fee bank account, you will be hard-pressed to find a better option than Tangerine.
WEALTHSIMPLE NO-FEE CASH ACCOUNT
Wealthsimple has been working hard to expand, and its innovative banking is fantastic. The company has specialized in providing their clients with a natural choice. Why open two accounts, when you can enjoy the benefits of savings and chequing with one.
The cash account offers several benefits and very few drawbacks. First of all, this no-fee bank account is, of course, fee-free. As well, the account provides an aggressive 0.40% interest rate.
Plus, the account comes with no foreign transaction fees, which is a massive benefit for those who travel. Finally, the account has no monthly minimum, and the account is CIPD protected. All in all, the Wealthsimple Cash Account is an excellent option for no-fee bank accounts in Canada.
MOTUSBANK NO-FEE CHEQUING ACCOUNT
Motusbank might not be the most well known, but they are a great option. Motusbank is the latest offering from Meridian Credit Union. This wholly-owned subsidiary is starting to make waves. As this bank is an online-only bank, it is perfect for those who do not need a brick and mortar location.
The no-fee account from Motusbank is an excellent option for those looking to bank online with ease. The account comes with a standard 0.50% interest rate and unlimited transactions. Plus, with access to over 3000 ATMs across the country, you will never be far from your money.
As well, the bank has one of the best online portals, and an easy to use app. With this account, Motusbank has created an account that competes with the other guys.
SIMPLII FINANCIAL NO-FEE CHEQUING ACCOUNT
Simplii Financial, formerly known as PC Financial, is a straight-forward, simple bank. Owned by CIBC, Simplii financial has enjoyed a re-brand, and their new accounts are solid. With a wide variety of accounts and even mortgages, Simplii Financial is more than a local bank.
Since it was PC Financial, Simplii has had reliable accounts. Their current No-Fee Account is no different, and for a simple no-fee bank account, it is excellent. The account offers a no-fee account with unlimited transactions.
As well, Simplii offers a variable interest rate that goes up with your balance. Currently, the interest rate is between 0.15% and 0.50%, but this can change depending on the promos. Finally, with access to the CIBC and Simplii ATM network, you will be hard-pressed to not be near a bank machine. For a simple bank, Simplii Financial’s No-Fee Chequing Account is an easy win.
MOTIVE FINANCIAL CHEQUING ACCOUNT
Motive Financial, owned by the Canadian Western Bank, has several no-fee account offers. This financial institution is online and available across the country. Although they have a wide selection of accounts, we are going to focus on the Motive Chequing Account.
This account offers clients a no-fee and unlimited transaction account without the shenanigans. Plus, with a 0.25% interest rate paid on your account business, this account can make you money.
With access to the second-largest ATM network, Motive is never far away. For an online bank, the Motive Financial No-Fee Account is worth a look for the perks, and client service.
MANULIFE ADVANTAGE ACCOUNT
Although known for its insurance, Manulife has a competitive banking division. Their Advantage Account combines the benefits of a chequing and savings account. This single account is the epicentre of your basic banking needs, and that is never a bad thing.
The account itself comes with a no-fee guarantee. As well, it offers free unlimited transactions with a $1000 minimum balance. The account balance enjoys a flexible interest rate and will allow your money to grow day over day.
With access to over 3000 ATMs, your money is never too far with an Advantage Account. With its no-fee structure and aggressive interest rate, Manulife is worth looking into.
THE BOTTOM LINE
The Tangerine account is a reliable choice. With 2.4% interest, it is hard to beat Wealthsimple’s account. As we said at the beginning, there is no one best bank, though.
The best account for you is going to be different from your neighbour and vice-versa. Thus, you need to find an account that works for your financial situation and goals; it is that simple.
Best big bank connected no-fee bank account: Tangerine No-Fee Account
Best online no-fee bank account: Wealthsimple No-Fee Cash Account
Best overall no-fee bank account: Wealthsimple No-Fee Cash Account