Low-cost and no-cost accounts
Low-cost accounts cost a maximum of $4 per month in banking fees. The Government of Canada and certain financial institutions have an agreement to provide low-cost basic banking services.
If you meet certain conditions, you may be eligible for a low-cost account at no cost. No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.
You may be eligible to get this type of account if you’re part of the following groups:
- youth
- students
- seniors getting the Guaranteed Income Supplement (GIS)
- Registered Disability Savings Plan (RDSP) beneficiaries
Contact your financial institution to learn more and find out if you qualify for a no-cost account.
Services included with a low-cost account
Low-cost accounts include at least the following services, if they're also available to the financial institution’s other retail customers:
- at least 12 debit transactions per month, including at least 2 in-branch transactions where available
- ability to write cheques
- a debit card
- unlimited deposits
- monthly printed statements
- ability to set up pre-authorized payments
- cheque image return or online cheque image viewing
You’ll pay service fees for each additional transaction you make.
Read your account agreement or contact your financial institution for details.
Information you must receive about low-cost and no-cost accounts
Financial institutions offering low-cost accounts must:
- specify features and extra service charges associated with low-cost and no-cost accounts. They must do this in a way that is clear, simple and not misleading
- display information about the availability of low-cost and no-cost accounts in branches and online
- display information, in branches and online, on how to access the Account Comparison Tool
Use the Account Comparison Tool to find the account that best suits your needs.
The information about low-cost accounts is in addition to the information you must receive when you open a regular bank account.
Where to get a low-cost or no-cost account
The following financial institutions have signed a public commitment to offer low-cost and no-cost accounts:
- BMO Bank of Montreal
- CIBC
- HSBC
- Industrial and Commercial Bank of China
- KEB Hana Bank Canada
- Laurentian Bank
- National Bank
- RBC Royal Bank
- Scotiabank
- TD Canada Trust
Other financial institutions which aren't part of the public commitment also offer accounts with low or no monthly fees.
Comparing low-cost accounts
The following table lists the financial institutions that have signed a public commitment to offer low-cost and no-cost accounts. It shows the main features of the low-cost accounts.
| Financial institution Account name |
Monthly fee | Maximum number of monthly debit transactions | Minimum monthly balance (for monthly fees to be waived) |
|---|---|---|---|
| BMO Practical Plan |
$4.00 | 12 (in-branch and self-serve transactions) | — |
| CIBC Everyday® Chequing Account |
$4.00 | 12 (in-branch and self-serve transactions) | — |
| HSBC Performance Chequing - Limited |
$4.00 | 14 (in-branch and self-serve transactions) | — |
| Industrial and Commercial Bank of China Basic Chequing Account |
$4.00 | 12 (in-branch and self-serve transactions) | $1,000 |
| KEB Hana Bank Canada Low-Cost account |
$3.00 | Includes 3 in-branch and 10 self-serve transactions | $500 |
| Laurentian Bank Basic Account |
$4.00 | 12 (in-branch and self-serve transactions) | — |
| National Bank The Minimalist Chequing Account |
$3.95 | 12 (includes 2 in-branch transactions) | — |
| RBC Day to Day Banking |
$4.00 | 12 (includes in-branch and self-serve transactions) | — |
| Scotiabank Basic Banking Account |
$3.95 | 12 (includes 4 in-branch transactions) | — |
| TD Canada Trust Minimum Chequing Account |
$3.95 | 12 (includes 2 in-branch transactions) | — |
Types of transactions included in low-cost accounts listed in Table 1
Self-serve debit transactions include transactions you make:
- at an automated teller machine (ATM)
- by Internet
- by automated telephone banking
In-branch debit transactions usually include transactions performed by employees or representatives of a financial institution:
- in-branch
- while speaking to a customer service agent over the telephone
Network access fees aren’t included unless otherwise specified. You usually pay a network access fee when you use an ATM that your financial institution doesn’t own.
Extra fees may apply to in-branch bill payments. Check with your financial institution for information on fees for in-branch bill payments.
You may check your balance in-branch or using self-serve options with certain banks' low-cost accounts. When you do, it doesn’t reduce the number of monthly transactions you’re permitted. Check with your financial institution for its policy on balance inquiries.
If the bank waives account fees when you maintain a minimum balance, you must maintain the minimum balance throughout the entire month.
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