Personal Finance

Best free chequing account

  • Last Updated:
  • Jan 3rd, 2019 6:23 pm
[OP]
Newbie
Dec 4, 2014
21 posts
1 upvote
Toronto, ON

Best free chequing account

I know this question is asked before and it is suggested to have a LOC and use that as a chequing account, but I want to make sure if that is what would be suitable to me.

Me and my wife have joint (all inclusive) chequing account with BMO , where we kept 5k as minimum balance to avoid monthly fee . Both of us contribute some set amount to this account and pay all the household expenses from that account . Right now we are in need of some money and can't keep the minimum balance for next few months .

This is what we need in a chequing account , please let me know if this can be done with LOC -
1. Pay all the bills - credit card, hydro , water , cell phone car insurance etc
2. Pay mortgage
3. cheque book
4. Rarely a bank draft or certified cheque

Please let me know what you suggest .
13 replies
Deal Addict
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Dec 4, 2007
2876 posts
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Quebec
There is several options, most popular one ar
Tangerine
Pcf
Simplii

They are all free, except some charge for chq others charge more for bank draft, etc... Just compare them to select the one that suit the most ur needs.
Penalty Box
Dec 16, 2017
1853 posts
727 upvotes
Raincouver
To add to the above note, you can look at a local credit union as well. Many free acct available for that usage.
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Dec 24, 2007
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sngs0850 wrote:
Jan 2nd, 2019 12:52 pm

This is what we need in a chequing account , please let me know if this can be done with LOC -
1. Pay all the bills - credit card, hydro , water , cell phone car insurance etc
2. Pay mortgage
3. cheque book
4. Rarely a bank draft or certified cheque
1. Yes (can do online or by cheque)
2. You mean pre-authorized payments? Don't know
3. Yes
4. Certified cheques? Don't know
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Dec 3, 2017
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Guelph, ON
Alterna Bank. Good rates, no monthly fees, free e-transfers, and you can use the Exchange network to get your money.
I like credit unions. Proud DUCA member!
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Jun 13, 2018
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HyperTech wrote:
Jan 2nd, 2019 1:56 pm
There is several options, most popular one ar
Tangerine
Pcf
Simplii

They are all free, except some charge for chq others charge more for bank draft, etc... Just compare them to select the one that suit the most ur needs.
A second to this list. I have chequing at Tangerine & Simplii. Added Simplii for the free interact transfers, personalized cheques arrived in a short few days. No cash deposit commitments and no fees.
Penalty Box
Dec 16, 2017
1853 posts
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Raincouver
jacnel wrote:
Jan 2nd, 2019 4:49 pm
Alterna Bank. Good rates, no monthly fees, free e-transfers, and you can use the Exchange network to get your money.
Motive F is better than Alterna!
(Motive has much much more reasonable fund holding)
ritzcrv wrote:
Jan 2nd, 2019 4:51 pm
A second to this list. I have chequing at Tangerine & Simplii. Added Simplii for the free interact transfers, personalized cheques arrived in a short few days. No cash deposit commitments and no fees.
Well all of these online banks are free, which is good.
The main thing is our OP isn't giving much of context. Banking is about convenience too.
There are only a small amount of banks/CUs that actually charge no fee.
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Nov 8, 2017
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CIBC LOC
Free everything except going in the red
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  1. Simplii & Tang (good, especially Simplii)
  2. Alterna Bank or EQ (better)
  3. Motive Financial (best)

Simplii for unlimited chequebooks. Tang for USD account. Both do mortgages, too. Tang also links via micro-deposits, so ok for those who rather skip the hassle of filling out me to me forms.

Motive has best savings accounts by far. Their 1.5% interest savings account can be used as a chequing account, but no chequebooks. Unlimited debits & bill pay from it. Get their chequebook (first one's free) on chequing account if need be. Also, they too offer unlimited e-Transfers.
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Aug 4, 2018
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titaniumtux wrote:
Jan 3rd, 2019 6:31 am
  1. Simplii & Tang (good, especially Simplii)
  2. Alterna Bank or EQ (better)
  3. Motive Financial (best)

Simplii for unlimited chequebooks. Tang for USD account. Both do mortgages, too. Tang also links via micro-deposits, so ok for those who rather skip the hassle of filling out me to me forms.

Motive has best savings accounts by far. Their 1.5% interest savings account can be used as a chequing account, but no chequebooks. Unlimited debits & bill pay from it. Get their chequebook (first one's free) on chequing account if need be. Also, they too offer unlimited e-Transfers.
+10 this above

Keep in mind though that Motive Financial is currently unavailable in Quebec (okay here as OP appears to be in Toronto), updating Motive side "link up to five (5) external Canadian financial institution accounts may take up to 3 business days to complete" (rep says max. 5 does not include links you created at external accounts outside Motive), and currently does not have any cheque photo deposit app, which the latter two points you should consider when for example applying (5+ times) instructions already put well together in @titaniumtux's [Tutorial] Link External Accounts to Simplii Financial with this excerpt :
"
FAQ:
How many external accounts can I link to Simplii? - no hard cap, @Shawguy says max 10, could be max 25 (vs. 3 with Tangerine, 10 with EQ, and none with most of the big five)
Why would I link external accounts? - bigger limits than e-transfer (or no limits if doing it over the phone), no cheques involved, no hassle once setup
...
"

Also confirmed with Alterna Bank for that above tutorial, though it lacks EQ's/Tangerine's micro-deposit account linking (best imho), what is "available with your Alterna Bank account, Me-to-Me lets you link all your accounts (rep's support claim unlimited) from different financial institutions" except USD, business/community and multiple signature accounts and has cheque photo Deposit Anywhere on their app (plus available in QC).

Hope that helps more with your decision.
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Dec 17, 2008
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U08052018 wrote:
Jan 3rd, 2019 12:57 pm
@titaniumtux's [Tutorial] Link External Accounts to Simplii Financial with this excerpt :
"
FAQ:
How many external accounts can I link to Simplii? - no hard cap, @Shawguy says max 10, could be max 25 (vs. 3 with Tangerine, 10 with EQ, and none with most of the big five)
Why would I link external accounts? - bigger limits than e-transfer (or no limits if doing it over the phone), no cheques involved, no hassle once setup
Simplii allows max 10 accounts to be linked. This is FACT....prove me wrong... You won't be able to.
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U08052018 wrote:
Jan 3rd, 2019 12:57 pm
+10 this above

Keep in mind though that Motive Financial is currently unavailable in Quebec (okay here as OP appears to be in Toronto), updating Motive side "link up to five (5) external Canadian financial institution accounts may take up to 3 business days to complete" (rep says max. 5 does not include links you created at external accounts outside Motive), and currently does not have any cheque photo deposit app, which the latter two points you should consider when for example applying (5+ times) instructions already put well together in @titaniumtux's [Tutorial] Link External Accounts to Simplii Financial with this excerpt :
"
FAQ:
How many external accounts can I link to Simplii? - no hard cap, @Shawguy says max 10, could be max 25 (vs. 3 with Tangerine, 10 with EQ, and none with most of the big five)
Why would I link external accounts? - bigger limits than e-transfer (or no limits if doing it over the phone), no cheques involved, no hassle once setup
...
"

Also confirmed with Alterna Bank for that above tutorial, though it lacks EQ's/Tangerine's micro-deposit account linking (best imho), what is "available with your Alterna Bank account, Me-to-Me lets you link all your accounts (rep's support claim unlimited) from different financial institutions" except USD, business/community and multiple signature accounts and has cheque photo Deposit Anywhere on their app (plus available in QC).

Hope that helps more with your decision.
+1k!

Posted a thread on a subbies face-off. Not entirely related but a lot of overlap.
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Sep 6, 2018
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Nova Scotia
Can anybody confirm whether Motive or Alterna do hard credit inquiries for new customers?
Last edited by aweawea on Jan 3rd, 2019 7:06 pm, edited 1 time in total.
Penalty Box
Dec 16, 2017
1853 posts
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Raincouver
aweawea wrote:
Jan 3rd, 2019 5:48 pm
Can anybody confirm whether Motive or Alterna do hard crefit inquiries for new customers?
Motive is hard EQ.
Alterna is soft EQ TU
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