Low-cost accounts summary

Under the terms of a public commitment with the federal government, certain financial institutions have voluntarily agreed to offer low-cost accounts to consumers for $4 or less per month. Check with your financial institution for more information.

The following table lists the financial institutions that offer low-cost accounts and illustrates the main features.

In addition, you may be eligible to have your account fees waived under certain circumstances and receive your account at no cost.

Financial institution  Footnote 1
--
Account name
Monthly fee Maximum number of monthly debit transactions Minimum monthly balance Footnote 3
(for monthly fees to be waived)
Handling fee for each in-branch bill payment Other features
In-branch Self-serve Footnote 2
BMO Bank of Montreal
--
Practical Plan
$4.00 12 $1,500
CIBC
--
CIBC Everyday Chequing Account
$3.90

12

(including 2 in-branch transactions)

$1,000 Free access to PC Financial ABMs
HSBC
--
Performance Chequing - Limited
$4.00

14 

(includes up to 2 in-branch transactions)

$1.50
Industrial and Commercial Bank of China​
--
Basic Chequing Account
​$4.00 ​12 $1,000​

​Free online cheque image viewing.
​KEB Hana Bank Canada
--
Low cost account
​$3.00 10​ ​3 ​$500 ​$1.50
​Laurentian Bank
--
Transact a little
$4.00

12

(includes up to 2 in-branch transactions)

$2.00
National Bank
--
Accessible
$3.95

12 

(includes up to 2 in-branch transactions)

$2.00 $1.00 handling fee applies for each ABM bill payment. Free access to ABMs of THE EXCHANGE® Network.
Royal Bank
--
RBC Day to Day Banking
$4.00 12 $1.00 One free additional debit per automated pay deposit.
Scotiabank
--
Basic Banking Account
$3.95 12
(includes up to 2 in-branch transactions)

$1.00
TD Canada Trust
--
Minimum Account
$3.95 12 (includes up to 2 in-branch, $1.00 per additional transaction)
$1,500 $1.00

Many other financial institutions offer accounts with low or no monthly fees. FCAC offers an interactive Account Selector Tool to help you compare accounts and find the one that best suits your needs.

Footnotes

Footnote 1

Some banks that did not sign the agreement or other financial institutions that are not under federal jurisdiction (such as credit unions and caisses populaires) may offer accounts similar to the low-cost accounts listed in this table. Ask your financial institution if they offer such an account. In-branch debit transactions include withdrawals, transfers of funds, bill payments and balance inquiries that are performed by employees or representatives of a financial institution, either in branches or while speaking to a customer service agent over the telephone. CIBC's and Royal Bank's in-branch balance inquiries do not reduce the number of monthly transactions permitted.

Return to footnote 1 referrer

Footnote 2

Self-serve debit transactions include withdrawals, transfers of funds, bill payments and balance inquiries at an ABM or by Internet or automated telephone banking. They also include cheque writing, Interac® direct payments and pre-authorized debits. Network access (Interac®) ABM fees, usually charged when you use an ABM not belonging to your financial institution, are not included, unless otherwise specified. CIBC's and Royal Bank’s self-serve balance inquiries do not reduce the number of monthly transactions permitted.

Return to first footnote 2 referrer

Footnote 3

The minimum balance must be maintained throughout the month for the monthly fee to be waived.

Return to footnote 3 referrer

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