Low-cost and no-cost accounts
Low-cost accounts
All Canadians can get a bank account with a monthly fee of $4 or less.
Some financial institutions offer these accounts as part of a commitment to provide modern, affordable banking essentials to Canadians. They call these accounts “low-cost accounts.”
Financial institutions must include specific services with these accounts. In addition, they can’t require that you keep a minimum balance in the account.
Your financial institution may offer bank accounts that cost $4 or less but that don’t qualify as a “low-cost account.”
Learn more about the Commitment on Low-cost and No-Cost Accounts.
No-cost accounts
No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.
Certain groups of people are eligible for this type of account.
You’re eligible for this type of account if you’re:
- 18 or younger
- a student
- a senior who receives the Guaranteed Income Supplement (GIS)
- a Registered Disability Savings Plan (RDSP) beneficiary
- a newcomer to Canada (eligible for the 1st year in Canada)
You may also qualify for this type of account if you’re:
- Indigenous
- a recipient of the Disability Tax Credit (DTC)
- a recipient of social assistance payments from select provincial or territorial programs
Included services
Low-cost and no-cost accounts include at least 18 debit transactions per month.
Contact your financial institution to see what types of debit transactions they include in their low-cost and no-cost accounts.
Low-cost and no-cost accounts must also include features at no additional cost.
Learn more about the features included with low-cost and no-cost accounts.
Information your financial institution must provide
Financial institutions offering low-cost and no-cost accounts must:
- specify features and extra service charges associated with the accounts in a way that is clear, simple and not misleading
- display information, in branches and online, about the availability of low-cost and no-cost accounts
- display information, in branches and online, on how to access the Account Comparison Tool
This information is in addition to what you must receive when opening a regular bank account.