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Free Canadian chequing accounts with no minimum balance
October 19, 2012
11:51 pm
Doug
British Columbia, Canada
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I wanted to let everyone know that I have updated the "free, Canadian chequing accounts with no minimum balance*" chart with additional details and filled in a number of blanks. They only thing we are really missing is the availability for Quebec residents, but this can be added later.

I've also officially published it on the web (nice feature within Google Docs!), in an HTML format without the Google Docs toolbar to give it a more polished look.

Please feel free to suggest any changes (or additions, as new regionally- or nationally-available products are launched). Changes can be suggested by replying to this thread or directly to either Peter, Yatti or myself via private message/e-mail.

In the case of credit unions, generally, proof of provincial residence and/or mailing address is required and you may be required to physically attend a branch (however, Coast Capital Savings only requires a B.C. address, the account opening can be done virtually).

official weblink: https://docs.google.com/spreadsheet/pub?key=0AsrPQOw1M29-dDRrcFVpSFREWVNGSzE4Z2trUFd5dWc&output=html

short link: http://goo.gl/xUQmQ

Additionally, I've suggestion to Peter that we link to this chart from the main "highinterestsavings.ca" home page, either in the top menu bar or in the page footer as well as here.

Cheers,
Doug

* Note: ICICI Bank Canada's HiVALUE Chequing account technically requires as a minimum balance of $500 to waive the monthly fee, but as that is the lowest threshold in Canada, we've included it in this chart. Similarly, officially, Canadian Direct Financial's (part of Canadian Western Bank) KeyDirect Chequing account requires the holder to hold a $5000 KeyReturn GIC or $5000 minimum balance, CDF staff have told highinterestsavings.ca webmaster Peter they have unofficially & quietly started offering this account for free with no minimum balance "to remain competitive in the marketplace". Accordingly, we've included it in this chart as well.

October 23, 2012
12:52 pm
Peter
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Thanks a lot Doug! I've embedded it into this page now:

https://www.highinterestsavings.ca/free-canadian-chequing-accounts

In the future, we should consider migrating it onto this site itself!

November 12, 2012
3:57 pm
Doug
British Columbia, Canada
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Great job on integrating the recently-published "Free chequing accounts" chart into the "highinterestsavings.ca" website, via an iframe or what have you and a link to it in the top "menu bar", while still keeping it updated via Google Docs. It actually looks pretty good as it is and allows myself & Yatti to update it from time to time, as required. :)

The only other thing I'd suggest is perhaps maybe a direct link to the new chart from the "Free chequing accounts comparison" article by user Leah a few years ago? ;)

Beyond that, great job too, Peter! :)

Cheers,
Doug

November 12, 2012
4:29 pm
Peter
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Good idea on adding the link to that older article. This is done now!

November 12, 2012
5:14 pm
Doug
British Columbia, Canada
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Wow, that was fast!

Thanks Peter. :)

Cheers,
Doug

November 18, 2016
1:32 am
Loonie
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I would like to see AlternaBank added to this chart.

https://www.alternabank.ca/Personal/EverydayBanking/Accounts/eChequing/

March 26, 2017
11:45 am
SG
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Loonie said
I would like to see AlternaBank added to this chart.

https://www.alternabank.ca/Personal/EverydayBanking/Accounts/eChequing/  

I second that request 🙂

March 26, 2017
8:32 pm
Doug
British Columbia, Canada
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SG said

I second that request 🙂  

I'm in the process of providing another update and Alterna Bank will definitely be added to this chart, hopefully in the next 30 days (or so). I have a few other FIs to add besides Alterna Bank, namely North Peace Savings Credit Union and possibly even Entegra Credit Union's Implicity Financial division's High Interest Savings Account, though that one would have a "drawback" being Interac Debit Payment transactions aren't free. 🙂

Also, will be updating Canadian Direct Financial to Motive Financial so would likely time it on or around their rebranding date of April 18th. 🙂

Cheers,
Doug

March 28, 2017
3:03 pm
christinad
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I'm wondering if implicity financial should be on this list. It looks like they offer free withdrawals at bank machines and they have preauthorized debits and direct deposits. The only thing they don't seem to have is overdraft protection.

March 28, 2017
10:03 pm
Doug
British Columbia, Canada
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christinad said
I'm wondering if implicity financial should be on this list. It looks like they offer free withdrawals at bank machines and they have preauthorized debits and direct deposits. The only thing they don't seem to have is overdraft protection.  

Thanks, christina. I'm considering adding Implicity Financial for sure - the only reason why not is Interac Direct Payment (a.k.a. point-of-sale) purchases aren't free, whereas with "free chequing" accounts they typically are. I'm mulling it over, weighing the options and, if I do, will definitely have to add a "potential drawback".

Another reason I may not - I might try and use that as "leverage" to potentially get them to add Interac Direct Payment purchases to the account. If they did that, or added free Interac e-Transfers, I'd probably use them as my primary chequing account. 🙂

Thanks for your feedback though!

Cheers,
Doug

March 29, 2017
8:20 am
christinad
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I didn't notice debits were a dollar. I agree with you in not listing the account as free debit is standard. Too bad as i was interested 🙁

March 30, 2017
11:09 am
Peseta
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Amazing job, Doug!

One thing: as of April 29, 2017 Tangerine will charge $20 for chequebooks beyond the first free one.

Peseta

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