Your Emergency Fund Icing Fund, and Sadaqah Fund receive and send back transfers to the Inbox.
Because all you’re doing with these accounts is internal transfers (none of these accounts need cards attached to them), you want to find the cheapest account options.
Account Name | Purpose |
Sadaqah Fund | Future donations |
Emergency Fund | Unplanned large expenses. |
Icing Fund | Planned large expenses (multiple accounts if saving for different goals). |
You can learn more about why you should have multiple chequing accounts by reading about the START Plan.
Bank/Credit Union | Institution Type | Account Name | Monthly Fee | Notes |
|---|---|---|---|---|
Alterna Savings | Credit Union | No-Fee eChequing Account | CA$0.00 | Ontario and Quebec only |
ATB Financial | Traditional Bank | Pay-As-You-Go Chequing | CA$0.00 | Alberta only |
BMO | Traditional Bank | Practical Plan Chequing | CA$4.00 | |
CIBC | Traditional Bank | Everyday Chequing Account | CA$4.00 | |
Coast Capital | Digital Bank | Free Chequing, Free Debit, and More Account® | CA$0.00 | British Columbia only |
Conexus Credit Union | Credit Union | No-Fee Chequing | CA$0.00 | Saskatchewan only |
EQ Bank | Digital Bank | Personal Account | CA$0.00 | Call customer support to decline interest. |
Innovation Credit Union | Credit Union | No-Fee Chequing | CA$0.00 | Saskatchewan only |
Motive Financial | Digital Bank | Cha-Ching Chequing Account | CA$0.00 | Call customer support to decline interest. |
Neo Financial | Digital Bank | Neo Money Account | CA$0.00 | |
PC Financial | Digital Bank | PC Money Account | CA$0.00 | |
RBC | Traditional Bank | Day to Day Banking | CA$4.00 | |
Scotiabank | Traditional Bank | Basic Bank Account | CA$3.95 | |
Servus Credit Union | Credit Union | Pay-As-You-Go Chequing | CA$0.00 | |
Simplii Financial | Digital Bank | No-Fee Chequing | CA$0.00 | Call customer support to decline interest. |
Tangerine | Digital Bank | No-Fee Daily Chequing | CA$0.00 | Maximum of 2 chequing accounts permitted. Call customer support to decline interest. |
TD | Traditional Bank | Minimum Chequing Account | CA$3.95 | |
Vancity | Credit Union | Pay-As-You-Go Chequing | CA$0.00 | British Columbia only. |