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Banking · Rewards on debit

The best cash-back & rewards chequing accounts in Canada

Most chequing accounts pay you nothing to spend — only a handful actually reward debit. And a good cash-back credit card usually out-earns any of them (roughly 2% versus about 1%). So these accounts suit people who prefer debit or want to avoid credit — not reward maximisers.

Verified at the source · June 14, 2026 Fintech rates change often — confirm at the issuer before relying on a number.

The 5 Canadian accounts that reward debit

Ranked by how useful the everyday-debit reward actually is. "True chequing" accounts write paper cheques; "prepaid / hybrid" accounts handle debit, bills and e-Transfers but issue no cheques.

PC Financial
Prepaid / hybrid Points

PC Optimum points on everyday spending — strongest at Loblaw-banner stores

Approx. rate 0.5% base, 1% at Loblaw grocery banners, 2.5% at Shoppers Drug Mart
  • 5 PC Optimum points per $1 on everyday purchases (≈0.5% back at the standard 10,000-points-for-$10 value)
  • 10 points per $1 at Loblaw-banner grocery stores and Joe Fresh (≈1%)
  • 25 points per $1 at Shoppers Drug Mart (≈2.5%)
Monthly fee No monthly fee
Interest Pays interest on the balance — confirm the current rate at the issuer
Best for Anyone who already shops at Loblaws, No Frills, Real Canadian Superstore or Shoppers
The catch: Points are only as good as where you spend — the 0.5% base rate is modest, and PC Optimum is worth most when redeemed at the same stores.

A no-fee spending account on a Mastercard (no cheques). Deposits are CDIC-eligible through President’s Choice Bank.

Verified at the source
KOHO
Prepaid / hybrid Cash back

Tiered cash back on debit, rising with the paid plans

Approx. rate 1% on core categories free; up to 2% on select categories on the top plan
  • Essential (free, with qualifying direct deposit): 1% cash back on groceries, dining and transit
  • Extra (about $144/year): 1.5% on selected categories, 0.25% on everything else, plus 2.5% interest
  • Everything (about $177/year): 2% on selected categories, 0.5% on everything else, plus 3.5% interest
Monthly fee No monthly fee
Fee waiver The Essential plan is free with a qualifying direct deposit or recurring load; Extra and Everything carry an annual fee.
Interest Up to 3.5% on the Everything plan (opt-in); lower on cheaper plans
Best for Spenders who want simple cash back and will use the category bonuses enough to cover a paid plan
The catch: The free plan’s cash back is limited to a few categories; the richer rates require paying an annual fee, which can wipe out the gain unless you spend heavily in the bonus categories.

A reloadable prepaid Mastercard. Funds in the Earn Interest feature are held in trust at Peoples Trust, a CDIC member — coverage is via that trust arrangement, not a direct KOHO membership.

Verified at the source
EQ Bank
Prepaid / hybrid Cash back

0.5% cash back on everything — and your balance keeps earning interest

Approx. rate 0.5% flat cash back, plus interest on the linked balance
  • 0.5% cash back on all purchases, with no categories to track
  • Your money keeps earning the linked account’s interest — 1.00% base, or 2.75% with at least $2,000/month in direct deposits
  • No foreign-transaction fee on purchases — useful when travelling
Monthly fee No monthly fee
Best for People who want one flat, no-fuss rate and to keep earning interest on cash they spend from
The catch: The 0.5% rate is below the best cash-back credit cards, and EQ has no branches or its own ATM network.

A reloadable Mastercard tied to the EQ Bank Personal Account. Deposits are CDIC-insured through Equitable Bank.

Verified at the source
Scotiabank
True chequing Points

The one big-bank chequing account that earns points on debit

Approx. rate 1 SCENE+ point per $5 on debit (≈0.2% at standard value)
  • 1 SCENE+ point for every $5 spent on debit with the Scene+ ScotiaCard (≈0.2% back at the standard 1,000-points-for-$10 value)
  • Capped at 300 points per transaction and 600 points per day
  • A genuine chequing account with cheques, Interac e-Transfers and full branch and ATM access
Monthly fee $16.95/mo
Fee waiver The $16.95 monthly fee is waived with a $4,000 minimum daily balance held every day of the month.
Best for Big-bank customers who want branch banking and a small reward on debit they’d otherwise earn nothing on
The catch: The 0.2% earn rate is low, and the $16.95 fee needs a $4,000 balance to waive — the points are a bonus, not a reason to pay the fee.

A traditional chequing account; deposits are CDIC-insured directly through Scotiabank.

Verified at the source
Neo Money
Prepaid / hybrid Cash back

Cash back on gas and groceries, scaling with your balance

Approx. rate 1% on gas and groceries (category-capped; higher tiers need a large balance)
  • 1% cash back on gas and groceries — the everyday categories, not a flat rate on all spending
  • Higher tiers are available but require holding a larger balance (e.g. $5,000 or $10,000), and monthly caps apply
  • No monthly fee and free Interac e-Transfers
Monthly fee No monthly fee
Interest Pays everyday interest on the balance — confirm the current rate, which Neo updates often
Best for People who want fee-free gas-and-grocery cash back and will not chase the balance-gated higher tiers
The catch: The headline rate applies only to specific categories and is gated by balance and monthly caps — older “up to 5%” marketing no longer reflects the live product.

A hybrid spending account. Balances are held with a CDIC-member partner bank — coverage is through that partner, not a direct Neo membership.

Verified at the source

At a glance

Every account that rewards debit, side by side.

Account Reward Approx. rate Monthly fee Type
PC Financial PC Money Account Points 0.5% base, 1% at Loblaw grocery banners, 2.5% at Shoppers Drug Mart No monthly fee Prepaid / hybrid
KOHO KOHO (Essential / Extra / Everything) Cash back 1% on core categories free; up to 2% on select categories on the top plan No monthly fee Prepaid / hybrid
EQ Bank EQ Bank Card Cash back 0.5% flat cash back, plus interest on the linked balance No monthly fee Prepaid / hybrid
Scotiabank Preferred Package Points 1 SCENE+ point per $5 on debit (≈0.2% at standard value) $16.95/mo True chequing
Neo Money Neo Money Cash back 1% on gas and groceries (category-capped; higher tiers need a large balance) No monthly fee Prepaid / hybrid

What does not pay debit rewards

These come up constantly, so we'll state it plainly — none of the following reward you for spending on debit. Stop hunting.

  • Tangerine. Its no-fee chequing pays interest but earns no debit rewards — Tangerine’s cash back is on its Money-Back credit card only.
  • Simplii Financial. The no-fee chequing pays interest but earns nothing on debit — cash back is on the Simplii Cash Back Visa only.
  • RBC, TD, BMO, CIBC (standard chequing). Traditional big-bank everyday chequing accounts pay no rewards on debit purchases.
  • Wealthsimple Cash card. Its prepaid-card cash back was DISCONTINUED on September 30, 2025. The “2% on everything” you may see advertised is Wealthsimple’s separate Visa Infinite credit card, not the spending card.
Debit rewards vs a cash-back credit card. A good cash-back credit card typically earns about 2%, while these debit and prepaid accounts top out around 1% or less in most everyday categories. So the accounts on this page are best for people who prefer not to use credit, are rebuilding credit, or simply want to bank fee-free — not for squeezing out the highest possible reward. If you pay a credit card in full every month, that route generally earns more.

Related guides

Frequently asked questions

Do any chequing accounts pay cash back in Canada?

Only a handful do, and most of them are prepaid or hybrid spending accounts rather than true chequing accounts. KOHO pays 1% cash back on core categories for free and up to 2% on its paid plans, EQ Bank pays a flat 0.5% on everything, and Neo Money pays 1% on gas and groceries. PC Financial and Scotiabank reward debit with points instead of cash. The vast majority of everyday chequing accounts pay nothing at all on debit.

Which account earns the most on everyday spending?

It depends where you spend. The PC Money Account can earn the most in the right stores — 5 PC Optimum points per $1 (about 0.5%) everywhere, 10 points per $1 (about 1%) at Loblaw-banner groceries, and 25 points per $1 (about 2.5%) at Shoppers Drug Mart. For flat, no-category cash back, KOHO reaches up to 2% on its top plan and EQ Bank pays 0.5% on everything. The Scotiabank Preferred Package earns the least at roughly 0.2% on debit.

Is debit cash back better than a cash-back credit card?

Usually not. A good cash-back credit card typically earns about 2% on spending, while these debit and prepaid accounts top out around 1% or less in most everyday categories. That makes them best suited to people who prefer not to use credit, are rebuilding credit, or simply want to bank fee-free. If you carry a balance or want the highest earn rate, a credit card paid in full each month generally wins. These accounts are about convenience and avoiding credit, not maximising rewards.

Do Tangerine or Simplii pay cash back on debit?

No. Tangerine's no-fee chequing pays interest but earns no debit rewards — its cash back lives on the Tangerine Money-Back credit card only. Simplii Financial is the same story: its no-fee chequing pays interest but nothing on debit, and the cash back is on the Simplii Cash Back Visa instead. The standard everyday chequing accounts at RBC, TD, BMO and CIBC likewise pay no rewards on debit purchases.

Are prepaid rewards accounts like KOHO and PC Money CDIC-insured?

Your deposits are protected, but through a partner. PC Money deposits are CDIC-eligible through President's Choice Bank. KOHO holds funds in its Earn Interest feature in trust at Peoples Trust, a CDIC member, so coverage flows through that trust arrangement rather than a direct KOHO membership. Neo Money balances sit with a CDIC-member partner bank, and the EQ Bank Card is tied to an EQ Bank account that is CDIC-insured through Equitable Bank. In each case coverage is through the underlying member institution, not the fintech itself.

This page is for educational purposes only and is not financial advice. Reward rates, fees and conditions on fintech and prepaid accounts change frequently; details shown were verified by hand at each issuer's page and last checked June 14, 2026. CDIC coverage applies only to eligible deposits at member institutions; for prepaid and hybrid accounts, deposits are held with a CDIC-member partner, and coverage flows through that partner. Confirm current terms on the issuer's website before opening an account.