Best basic accounts from a big bank: 

Scotia Basic Banking Account*

Scotiabank chequing accounts are good as a rule, but this particular account stands out by combining the advantages of a big bank with the allure of a flexible rewards plan. At only $3.95 per month, the Scotia Basic Bank Account handles your day-to-day banking. Plus, unlike most other basic accounts, it allows account holders to collect loyalty points on debit card transactions. For every $5 you spend, you receive 1 point in either the SCENE or Scotia Rewards program. Account holders get 12 free monthly transactions plus two free Interac e-Transfers; you’ll pay $1.25 and $1.00, respectively, for extras.

• Monthly fee: $3.95
• # of transactions: 12 per month, of which 4 can be at a teller; additional transactions are $1.25
• Interac e-Transfers: 2 free per month
• Extras: Free paperless and paper statements; earn Scene rewards for entertainment purchases or Scotia Rewards for travel and merchandise; Apple and Android mobile banking apps
• Service charges: Many, including $1.50 for each Interac withdrawals

Get more details about the Scotia Basic Banking Account*

Runner up:

RBC Day to Day Bank Account

With similar offerings as the Scotia Basic Banking Account at almost the same price, the RBC Day to Day Bank Account is also worth a look. Both accounts include 12 free transactions per month, but the RBC package has an edge by offering unlimited free Interac e-Transfers. (The RBC chequing account fees are $1.25 per transaction if you go over your allotted amount, on top of the $4 monthly fee.) Another perk is that you get instant savings of $0.03/litre at Petro-Canada. That said, it doesn’t offer rewards earnings which ultimately keeps this account from the top spot in the category. 

• Monthly fee: $4
• # of transactions: 12 per month; additional transactions are $1.25
• Interac e-Transfers: Unlimited
• Extras: Savings at Petro-Canada; free after Seniors’ rebate; mobile banking app for Apple and Android
• Service charges: Many, including $2.00 for Interac access at non-RBC ATMs

Best premium bank account for bundles:

Scotiabank Ultimate Package*

If you’re looking to bundle up on services to get a better deal, check out the Scotiabank Ultimate Package. Like many premium accounts, it offers perks like unlimited transactions, unlimited Interac and free cheques, but the Ultimate goes one or two steps further. Perhaps the biggest advantage of this account, and why we added this to our list of best chequing accounts in Canada, is that you can receive an annual fee waiver of up to $139 on a credit card from Scotiabank, like the Scotiabank Gold American Express or Scotiabank Momentum Visa Infinite. Maybe it’s the ability to earn your choice of SCENE or Scotia Rewards points for debit transactions. Or, you might like the unlimited free global non-Scotiabank ABM withdrawals, the free safety deposit box, the 10 free equity trades at Scotia iTrade in your first year, or the additional 0.10% on your Momentum Plus Savings Account. You get the idea: This is a valuable bundle with perks that easily pay off the fees of $30.95 per month. And, if you don’t like that rate, simply waive it by keeping a $5,000 minimum in the account. 

• Monthly fee: $0 or $30.95 (monthly fees waived by maintaining at least $5,000 in your account)
• # of transactions: Unlimited
• Interac e-Transfers: Unlimited
• Extras: 10 free equity trade at Scotia iTrade in the first year; free safety deposit box; earn SCENE or Scotia Rewards on purchases; get additional 0.10% on your Momentum Plus Savings Account 
• Service charges: Some, including $2.25 for paper statement

Get more details about the Scotiabank Ultimate Package*

Best rewards chequing account:

PC Money Account

The PC Money Account is the newest offering from President’s Choice Bank and already it’s making waves. Joining the burgeoning no-fee online banking scene, the PC Money Account offers a solid slate of services like free, unlimited monthly transactions including Interac e-Transfers, point-of-purchase debits, deposits and withdrawals at PC ATMs and bill payments. However, there are no actual chequebooks with this account. Instead of writing a cheque, you’ll have to e-Transfer the money instead. 

The headline feature, though, is that rewards are applied to your everyday spending. When you use your PC Money Account card, a prepaid card that effectively works like a debit card, you’ll earn valuable (and easy-to-redeem) PC Optimum points. 

Use the PC Money Account bank card at Shoppers Drug Mart and get 25 points per dollar (equivalent of 2.5% in savings). You’ll earn 10 points per dollar (1%) everywhere you use the card. Plus, when you sign up you can get a bonus of up to 50,000 PC Optimum points, worth $50 in merchandise. These points can be used against grocery, drug store, and gas purchases at Loblaw Companies banner stores and partners, like Shoppers Drug Mart, No Frills and the Real Canadian Superstore. Simply redeem at checkout.

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