Low and No-Cost Banking

Did you know you can access low- or no-cost banking?

Low-Cost Accounts

Low-cost accounts cost a maximum of four dollars per month in banking fees. The Government of Canada and certain financial institutions have an agreement to provide low-cost basic banking services.

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.”

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.

• Learn more about the types of debit transactions your financial institution must include in your low-cost or no-cost account.
• Learn more about the features included with low-cost and no-cost accounts.

Learn more about services included in low and no-cost accounts. You can also contact your financial institution for more information about low or no-cost accounts.