The Best No-Fee Chequing Accounts That Earn Interest in Canada (2026)
Stop letting your money sit idle. Discover the best no-fee chequing accounts in Canada that actually pay you high interest on your spending money.
For decades, Canadians have been forced to choose:
- Chequing Account: Easy access to money, but pays 0% interest (and often charges fees).
- Savings Account: Pays interest, but you can’t spend from it directly.
In 2026, that distinction is dead. The rise of “hybrid” accounts means you can now have your cake and eat it too—keeping your money accessible on a card while earning high interest rates that beat most dedicated savings accounts.
If you are looking for the best no-fee chequing account with interest in Canada, here is why the landscape has changed.
The “Hybrid” Revolution
The old way of banking involved constantly transferring money back and forth between “Chequing” and “Savings” to maximize interest. It was tedious.
New fintech players like KOHO have introduced accounts that pay interest on your entire balance, even the money you plan to spend on groceries tomorrow.
Get a head start with a $65 value bonus when you use code C4MNILZARC. Claim your KOHO bonus now →
Top Contenders Compared
Let’s look at the major options for Canadians who want high interest and spending power.
| Feature | Big 5 Banks (Basic Chequing) | EQ Bank (Personal Account) | KOHO (Essential/Everything) |
|---|---|---|---|
| Interest Rate | 0% - 0.01% | ~2.0% - 3.0% | Up to 5.0% |
| Monthly Fee | $4 - $16 | $0 | $0 - $19 (Plan dependent) |
| Card Type | Debit | Prepaid Mastercard | Prepaid Mastercard |
| Cash Back | None (usually) | 0.5% | 1% - 2% |
Why KOHO Wins on “Liquidity”
While EQ Bank offers a great product, KOHO often edges ahead for daily spenders because of the Cash Back component combined with the high interest rate.
With KOHO, you aren’t just earning interest before you spend; you are earning cash back when you spend. This double-dip effect maximizes the value of every dollar.
The Power of 5%
Earning 5% interest on your spending money is significant.
- Scenario: You keep an average balance of $2,000 in your account for rent and bills.
- Big Bank: You earn $0.
- KOHO (at 5%): You earn ~$100/year.
That is a free dinner just for keeping your money in a different app.
Conclusion
The days of paying $15/month for a bank account that pays you nothing are over. By switching to a no-fee, high-interest hybrid account, you put your money to work 24/7.
Learn more: KOHO vs Canadian Banks and KOHO Plans Comparison.
💰 Earn Up to 5% Interest
No fees, high interest, cash back on spending. Use KOHO referral code C4MNILZARC to get up to $65 in sign up bonus value.
