Low-cost account guidelines

The objective of these guidelines is to ensure Canadians have access to basic banking services at a nominal cost through a low-cost account and that youths, students, Guaranteed Income Supplement (GIS) recipient seniors and Registered Disability Savings Plan (RDSP) beneficiaries have these same services at no cost through a no-cost account. The guidelines represent the minimum service level for low-cost and no-cost banking services.

Minimum features



Banks will provide the FCAC with up-to-date information on low-cost and no-cost accounts.


The guidelines are indeterminate, and as low-cost and no-cost banking needs change, banks will expand services to meet the needs of consumers.


Banks bring the guidelines into force by January 15, 2015.

Free printed credit card statements

Separate from this low-cost account and no-cost account commitment, banks commit to provide free monthly printed credit card statements.

For information on the financial institutions that offer low-cost accounts, please visit our Bank accounts page

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