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Chequing Accounts in Ontario 2026

Which credit unions in Ontario offer no-fee chequing accounts?

6 credit unions in Ontario offer unconditional no-fee chequing, with no minimum balance and no monthly transaction cap:

• Buduchnist Credit Union Limited (members only)
• Ukrainian Credit Union Limited (members only)
• Alterna Bank (open to all Canadians)
• Lighthouse Credit Union (members only)
• The Energy Credit Union Limited (members only)
• Sudbury Credit Union Limited (members only)

A further 18 Ontario credit unions offer conditional no-fee chequing, where the account stays free when you keep a minimum balance, stay under a monthly transaction cap, or both.

How conditional no-fee chequing works

An unconditional no-fee chequing account costs nothing each month regardless of your balance or transaction count. You can keep $0 in the account, run hundreds of debit transactions, and still pay no monthly fee.

A conditional no-fee account stays free only when you meet a specific requirement each month. The most common ones at credit unions are minimum balance and monthly transaction cap:

• Minimum balance. You keep at least a set dollar amount in the account. Drop below it during the month and the monthly fee applies for that month.
• Monthly transaction cap. You stay under a set number of debit or e-Transfer transactions in a month. Go over and per-transaction fees stack on top.

A conditional account can still cost less than a standard-fee account when the requirement fits your normal balance or usage. In months when it doesn't, the monthly fee applies.

What we tracked and what we didn't

For each Ontario credit union we recorded whether a no-fee chequing option exists and what type of condition applies when it's conditional. We didn't record the specific minimum balance amount or monthly transaction limit, because those numbers vary by credit union and change without notice. For exact thresholds at any credit union above, check that credit union's website.

Deposit insurance in Ontario

Chequing deposits at Ontario credit unions are protected up to $250,000 by Financial Services Regulatory Authority of Ontario (FSRA), since a chequing account is non-registered. Registered accounts in Ontario, such as an RRSP or TFSA, are covered with no dollar limit.