Simplii Financial No-Fee Chequing
$400 welcome bonus
Open account, set up payroll direct deposit ($100+/payment for 3 months)
Banking
The best Canadian bank account for you.
No-fee chequing, fintech-first, big-bonus accounts — ranked and tested.
Take the 30-second match below or browse all current welcome bonuses.
No-fee chequing
Top no-fee chequing accounts.
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Tangerine No-Fee Chequing
Up to $400 welcome bonus
Open chequing + savings, recurring direct deposit
Fintech accounts
Best fintech-first accounts.
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KOHO
$20 + early payday
Sign up with referral code, deposit $50
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Neo Financial
$25 + 10% partner cashback
Apply, get approved, first purchase within 30 days
FAQ
Common questions.
Which Canadian bank account has the best welcome bonus right now?
Simplii Financial No-Fee Chequing pays $400 when you open the account and set up a recurring direct deposit of $100+ for three months. Tangerine sometimes matches that with a bundled chequing + savings offer. Both are owned by Big-5 banks (CIBC, Scotiabank), so you keep full CDIC coverage.
Are KOHO and Neo Financial CDIC insured?
KOHO and Neo are not CDIC members directly. They hold customer balances at CDIC-member partner banks, which means your money is held in a trust at a real bank that does have CDIC coverage. The exact arrangement and limits change — confirm the current CDIC disclosure on the provider's site before depositing more than $5,000-10,000.
Can I leave my Big-5 bank without losing my mortgage / line of credit?
Yes. Mortgages and lines of credit are separate products from your chequing account. You can switch your day-to-day chequing (and the monthly fee) to Simplii, Tangerine, or EQ Bank while keeping your mortgage at RBC, TD, etc. Most Canadians who switch to fintechs run their mortgage at one bank and their daily banking at another.
What's the difference between a digital bank and a fintech?
A digital bank (Simplii, Tangerine, EQ Bank) is a federally regulated bank that just doesn't have branches — you get full CDIC coverage. A fintech (KOHO, Neo) is a tech company that partners with a regulated bank to offer banking-style services. Both can be safe; the fintech route trades a bit of regulatory simplicity for app-first features like budgeting and cashback.