0.00%
Earn a total cash bonus of up to $900 plus a Walmart+ membership for up to 12 months.
CA$17.95
CA$4,000
Unlimited transactions
The BMO Performance Chequing Account stands out as the top choice because it offers unlimited transactions and a substantial cash bonus of up to $900 for new account holders. Its combination of features, including the ability to waive the monthly fee with a minimum balance, makes it a compelling option for those looking for flexibility and rewards.
Pros:
- Unlimited transactions
- Cash bonus up to $900
Cons:
- Monthly fee of CA$17.95
- Minimum balance requirement
2.Scotiabank Preferred Package
Scotiabank
0.00%
Earn up to $700 or more with specific qualifying activities.
CA$16.95
CA$4,000
Unlimited transactions
What sets the Scotiabank Preferred Package apart is its inclusion of a credit card annual fee rebate, making it an attractive option for those who also use credit cards. The account's features, combined with the potential for a significant welcome bonus, provide excellent value for everyday banking needs.
Pros:
- Unlimited transactions
- Credit card annual fee rebate
Cons:
- Monthly fee of CA$16.95
- Minimum balance requirement
3.TD Unlimited Chequing Account
TD Canada Trust
0.00%
Offers a welcome bonus valued at up to $750.
CA$17.95
CA$4,000
Unlimited transactions
The TD Unlimited Chequing Account shines for its straightforward fee structure and the opportunity to earn a welcome bonus of up to $750. This account is particularly appealing for those who value unlimited transactions and are willing to maintain the required balance to avoid monthly fees.
Pros:
- Unlimited transactions
- Welcome bonus up to $750
Cons:
- Monthly fee of CA$17.95
- Minimum balance requirement
N/A
Offers a welcome bonus up to $900 cash.
CA$0
N/A
Unlimited transactions for two years
The BMO New Start Program is the best option for newcomers to Canada, providing two years of no monthly fees and free global money transfers. This program is designed specifically to help new residents establish their banking needs without the burden of fees, making it an invaluable resource for those starting fresh in a new country.
Pros:
- No monthly fees for two years
- Free global money transfers
Cons:
- Limited to newcomers
- No fixed interest rate
Final Words
In summary, August 2026 presents a variety of attractive bank account options in Canada, from the BMO Performance Chequing Account's unlimited transactions to other competitive offerings. Be sure to compare features, fees, and bonuses to find the account that best suits your financial needs.
Frequently Asked Questions
The BMO Performance Chequing Account offers unlimited transactions and has a monthly fee of CA$17.95. If you maintain a balance of at least CA$4,000, you can avoid this monthly fee.
The Scotiabank Preferred Package includes a monthly fee of CA$16.95 and offers unlimited transactions, making it a competitive option for those looking for flexible banking.
The TD Unlimited Chequing Account also features unlimited transactions and a monthly fee of CA$17.95, similar to the BMO Performance Chequing Account. It is designed for customers who prioritize transaction flexibility.
Chequing accounts with monthly fees often provide benefits such as unlimited transactions, which can be cost-effective for individuals who conduct many transactions regularly.
When choosing a bank account, consider factors such as monthly fees, interest rates, transaction limits, and additional benefits like overdraft protection or account bonuses.
Yes, many banks, including BMO, offer promotions like cash bonuses for opening new accounts. For instance, BMO has a promotion where new customers can receive up to CA$900 if they open a Performance Chequing Account.
If you do not maintain the required minimum balance in accounts like the BMO Performance Chequing Account, you will incur the monthly fee associated with that account.
