Bank fee calculator

The big-bank everyday chequing accounts in this calculator run $3.95 to $16.95 a month — roughly $47 to $203 a year before you add excess-transaction fees, other-bank ATM charges, or NSF fees. The fee usually buys a set number of monthly transactions; go over and you pay per debit. Online banks (Simplii, Tangerine, EQ Bank, Wealthsimple) charge $0 for unlimited everyday banking — see our best no-fee chequing accounts ranking.

As of March 12, 2026, federal regulations cap non-sufficient-funds (NSF) fees at $10 per event, allow at most one NSF charge per two business days, and ban the fee entirely when the shortfall is under $10. Before the cap, big banks charged $45–$50 per bounced payment. This calculator uses the capped $10 for every bank — EQ Bank charges no NSF fee at all (it has no overdraft, so payments simply decline), and Wealthsimple’s card-based account declines rather than bounces.

TD waives its $11.95 fee with a $3,000 minimum daily balance, Scotiabank’s Basic Plus needs $3,000, and CIBC’s Smart Account needs $4,000 every day of the month. RBC Day to Day and BMO Practical have no balance waiver at all. But the waiver has a hidden cost: chequing pays essentially no interest, so $3,000 parked to dodge a fee earns nothing. At 2.5% in a high-interest savings account, that same $3,000 would earn about $75 a year — often more than the fee you avoided. The calculator shows this trade-off whenever your balance triggers a waiver.

It varies more than most people think. RBC (65+), BMO (60+), and CIBC (65+) drop their everyday-account fee to $0 for seniors. TD only discounts $3.75 — seniors still pay $8.20 a month — and Scotiabank charges seniors $7.95. National Bank’s Minimalist has no general senior discount. Set your age band in the calculator to see senior pricing applied, and read our best bank accounts for seniors guide for the full picture.

The monthly fee genuinely is $0 with unlimited transactions and free Interac e-Transfers at Simplii, Tangerine, EQ Bank, and Wealthsimple — all CDIC-protected directly or through their parent or partner banks (see how CDIC works). The trade-offs are access, not fees: no branches, and some are hybrid accounts without paper cheques. Edge fees still exist — Tangerine charges $1.50 at non-Scotiabank ABMs, and independent ATM operators add their own surcharge unless your bank rebates it (EQ rebates up to $5 five times a month; Wealthsimple rebates ATM fees without limit).

An out-of-network withdrawal can trigger two fees: your own bank’s convenience fee (typically $1.50–$2.00) plus the machine operator’s surcharge ($1.50–$5, per FCAC). This calculator counts only your bank’s side, because the operator surcharge depends on which machine you use. Two other-bank withdrawals a month at $2.00 is $48 a year before surcharges. The fix is cheap: use your own network, or pick an account that rebates ATM fees.

The big banks charge about $5 a month for an overdraft plan, or $5 per use on pay-per-use versions, plus around 19–21% interest on the overdrawn amount. Simplii charges $4.97 only in months you actually use it. EQ Bank has no overdraft at all — payments decline instead, with no fee. Overdraft costs are not part of this calculator’s estimate because they depend heavily on how long you stay overdrawn; the NSF input covers the bounced-payment side.

For most people: a $0 online account as your everyday account, with your cash savings in a high-interest savings account instead of parked in chequing to chase a fee waiver. If you want a branch relationship, pair a no-fee online account for day-to-day spending with a low-cost big-bank account you rarely transact in. Compare your options in our no-fee chequing ranking and the full bank-fees comparison.