Banking · Fees
Bank fees in Canada — and how to pay nothing
The big banks charge $11–$17 a month for an everyday chequing account, while the best online banks do the same job for $0 — and some even pay interest on your balance. Here's what each one charges, which no-fee accounts pay you back, and the cleanest way for a retiree to stop paying.
Chequing fees compared
| Bank & account | Monthly fee | Waive with | e-Transfers | Seniors |
|---|---|---|---|---|
| Simplii Financial No-Fee Chequing No fee, full service | $0 | No fee to waive | Unlimited free | Already $0 — no rebate needed |
| Tangerine No-Fee Daily Chequing | $0 | No fee to waive | Unlimited free | Already $0 — no rebate needed |
| EQ Bank Personal Account Pays interest too | $0 | No fee to waive | Unlimited free | Already $0 — no rebate needed |
| Wealthsimple Cash Pays up to 2.25% | $0 | No fee to waive | Unlimited free | Already $0 — no rebate needed |
| RBC Day to Day Banking | $4.00/mo | Not waivable | Limited / capped | $4.00/mo seniors (65+) rebate — fee to $0 |
| TD Every Day Chequing | $11.95/mo | $3,000 balance | Limited / capped | $3.75/mo seniors (60+) discount — fee drops to $8.20 |
| Scotiabank Basic Plus Bank Account | $11.95/mo | $3,000 balance | Limited / capped | $4.00/mo seniors (60+) discount |
| BMO Practical Plan | $4.00/mo | Not waivable | Limited / capped | Free for seniors 60+ — the full fee is discounted automatically |
| CIBC Smart Account | $16.95/mo | $4,000 balance | Unlimited free | Free monthly fee for all seniors 65+ |
Representative everyday-account fees compiled by hand and stamped June 9, 2026. Banks offer multiple account tiers and frequently change pricing — confirm the current fee, transaction limits, and rebate terms on the bank's site before switching. Online-bank deposits are Canada Deposit Insurance Corporation — eligible deposits at a member bank are insured up to $100,000 per category if the bank fails. Online banks are members (or hold your cash at members) just like the big banks. just like the big banks. How we build this table.
Beyond $0 fees
No-fee is table stakes — which account actually pays you?
Every account below charges $0 a month. The real difference is what you get back: some pay real interest on your everyday cash, others hand you a cash bonus for switching (usually for routing in a A recurring automatic deposit — a paycheque, pension, CPP/OAS, or government benefit — paid straight into the account. Most switching bonuses and rate boosts require one. ). Here's how the four big no-fee accounts stack up.
No ATM fees worldwide (rebated), 0% foreign-exchange fee, free e-Transfers, commission-free stock trading
Held in trust at CDIC-member banks — up to $1M coverage
Free e-Transfers and bill pay, ATM fees rebated up to $5 (5×/month)
Equitable Bank — CDIC member, $100k per category
Free unlimited debits, bill payments, and Interac e-Transfers
CIBC-owned — CDIC member, $100k per category
Free e-Transfers, Tangerine + Scotiabank ATM network
Scotiabank-owned — CDIC member, $100k per category
Interest rates and switching bonuses verified June 8, 2026 from each provider's own website (Wealthsimple, EQ Bank, Simplii, Tangerine). Promotional offers carry conditions and change often — confirm the current rate, bonus terms, and expiry on the provider's site before you switch. Best HISA rates · how CDIC coverage works.
Stop the slow leak
A no-fee account plus a high-interest savings account
Pair a $0 chequing account for daily spending with a high-interest savings account for your cash. You pay no monthly fee and your savings finally earns a real rate.
How to pay less
Three ways to cut your banking fees to zero
Bank fees are one of the easiest expenses in a household budget to eliminate — the money is being spent on a service you can get free elsewhere. There are three routes, in rough order of how much they help.
- Switch to a no-fee online bank. Simplii, Tangerine, EQ Bank, and Wealthsimple all offer unlimited everyday banking for $0, including free Interac e-Transfer — the standard way to send money between Canadian bank accounts using just an email or phone number. Big-bank accounts often cap free transfers; the no-fee online banks include them unlimited. . Simplii is part of CIBC and Tangerine is owned by Scotiabank, so you're often getting a big bank's infrastructure without the fee. The only thing you give up is the branch.
- Hold the A minimum balance the bank requires you to keep in the account to waive its monthly fee. The catch: that money sits idle earning nothing, so the waiver can cost more in lost interest than the fee itself. . Most big-bank accounts waive the monthly fee if you keep $3,000–$4,000 in the account. It works, but that balance earns nothing — money that could be in a high-interest savings account earning 3%. The waiver can quietly cost more than the fee it removes.
- Claim every rebate. Seniors' rebates (60+ or 65+ depending on the bank), pension rebates, newcomer and student offers, and multi-product bundles can all knock down or erase the fee. These are often not automatic — you have to ask. Phone your branch and confirm you're getting every discount you qualify for.
The seniors' rebate, bank by bank
If you'd rather keep your existing bank, the A monthly-fee rebate banks give older customers, usually at 60+ or 65+. It is often not automatic: you may have to ask your branch to apply it. is the lever to pull — but it varies a lot. RBC rebates the full monthly fee on Day to Day Banking at 65+, taking it to zero, and BMO does the same on the Practical Plan at 60+. CIBC waives the Smart Account fee for all seniors 65+ — the old pension-deposit condition is gone. TD and Scotiabank are the stingy ones: TD discounts just $3.75 at 60+ (Every Day Chequing still costs $8.20 a month) and Scotiabank's seniors pricing is $7.95. If your bank only shaves a few dollars off, a $0 online account usually still wins, and you keep your savings working in a HISA instead of parked to meet a balance minimum.
Watch the fees beyond the monthly fee
The headline monthly fee is only part of the cost. The ones that quietly add up are e-Transfer fees once you pass a monthly cap, out-of-network ATM fees of $2–$3 plus the machine operator's charge, and overdraft or Non-Sufficient Funds fee — what the bank charges when a payment bounces because the account is short. Federally capped at $10 per item since March 12, 2026; banks charged $45+ before the cap. — NSF is now federally capped at $10 per item (it ran $45+ before March 2026), but overdraft interest still applies. A "cheap" $4/month account with per-use transaction charges can end up costing more than a flat plan if you bank actively. A no-fee unlimited account removes the guesswork — there's nothing to track because everything is included.
Frequently asked questions
What is the average bank fee in Canada?
A big-bank everyday chequing account runs $4–$17 a month depending on the plan — roughly $117 a year on average across the accounts in our table — before you add e-transfer fees, out-of-network ATM charges, or overdraft costs. The fee usually buys you a set number of monthly transactions; go over and you pay per item. Online banks (Simplii, Tangerine, EQ Bank, Wealthsimple) charge $0 for unlimited everyday banking, which is why a no-fee account is the simplest way to stop paying these fees entirely.
How can seniors get bank fees waived?
Every big bank offers a seniors' rebate, but the age and amount differ. RBC rebates the full monthly fee on Day to Day Banking at 65+, and BMO makes the Practical Plan free at 60+; CIBC waives the Smart Account fee for all seniors 65+ (the old pension condition is gone). TD only discounts $3.75 at 60+ — Every Day Chequing still costs $8.20 — and Scotiabank's seniors pricing is $7.95. The rebate is often not automatic — you may have to ask. If your discount only knocks a few dollars off, a $0 online account usually still comes out ahead.
How do I avoid monthly chequing fees entirely?
Three ways. First, switch to a no-fee online bank — Simplii, Tangerine, EQ Bank, and Wealthsimple all offer unlimited everyday banking for $0, with free Interac e-Transfers. Second, hold the minimum balance — most big-bank accounts waive the monthly fee if you keep $3,000–$4,000 in the account, though that's dead money earning nothing. Third, claim every rebate you qualify for — seniors', newcomer, student, or bundled-product discounts. For most retirees, the no-fee online account is the cleanest fix.
Is it safe to bank with an online-only bank?
Yes. The online banks in our table are CDIC members (or hold balances at CDIC member banks), so your deposits are insured up to $100,000 per category, exactly like a big bank. Simplii is part of CIBC and Tangerine is owned by Scotiabank, so you're often dealing with a big bank's deposits behind a no-fee brand. The trade-off is no branches — everything is done by app, phone, and ATM network. See our CDIC guide for how the insurance works.
What hidden fees should I watch for beyond the monthly fee?
The monthly fee is only part of it. Watch for Interac e-Transfer fees (some big-bank accounts charge per transfer once you exceed a cap), out-of-network ATM fees ($2–$3 plus the operator's charge), overdraft fees, NSF fees (federally capped at $10 per item since March 12, 2026 — they used to run $45+), paper-statement fees, and inactivity fees. A "low" $4/month account with per-use transaction charges can cost more than a flat plan if you bank actively — which is another reason a no-fee unlimited account is simpler to reason about.
Should I keep a minimum balance to waive the fee, or switch banks?
It depends on the opportunity cost. Keeping $3,000–$4,000 idle in a chequing account to waive a $12–$17/month fee saves you $143–$203 a year — but that same money in a high-interest savings account at, say, 3% would earn $90–$120 a year. So the balance waiver can quietly cost you more than the fee it avoids. A no-fee online chequing account sidesteps the trade-off entirely: no fee, and your savings stays in a HISA earning interest.
Which no-fee bank account pays the most interest?
Among no-fee everyday accounts, Wealthsimple Cash pays the most — 1.25% to 2.25% on your balance depending on tier (1.25% standard, 1.75% at $100k in assets, 2.25% at $500k). EQ Bank is close behind and often better for retirees: 1.00% base, rising to 2.75% when you route a $2,000+/month direct deposit — and a pension counts. By contrast, the big banks pay nothing on chequing, and Tangerine and Simplii pay little to nothing on their no-fee chequing accounts. Rates verified June 8, 2026; confirm the current rate before switching.
What chequing switching bonuses can I get right now?
Two no-fee accounts run cash offers worth grabbing. Simplii pays $300 cash plus a $50 Skip gift card when you set up $100+/month in direct deposits for three months (ends September 30, 2026). Tangerine pays $250 for switching a $200+/month payroll direct deposit for two months (ends October 31, 2026). Wealthsimple has no standing welcome bonus. The big banks dangle larger bonuses — often $300–$900 — but those are tied to fee-charging accounts with direct-deposit requirements, so weigh the bonus against a year of monthly fees. Offers verified June 8, 2026.
This page is for educational purposes only and is not financial advice. Bank fees, account tiers, rebate eligibility, and transaction limits vary by institution and change frequently; figures shown are representative everyday-account fees compiled by hand and last checked June 9, 2026. Confirm current pricing and rebate terms on the bank's website before opening or switching accounts. CDIC coverage applies only to eligible deposits at member institutions. See our methodology for how we choose products, keep figures current, and make money.