These banks in Canada now offer free and low-cost accounts
Canada’s major banks are now offering free and low-cost bank accounts thanks to a new government initiative.
Starting Dec. 1, 2025, Canadians can get bank accounts costing no more than $4 per month at fourteen federally regulated financial institutions. This includes the Big Six banks: TD Bank, CIBC, RBC, BMO, Scotiabank, and the National Bank of Canada.
These financial institutions have implemented the modernized Commitment on Low-Cost and No-Cost Accounts, which was announced by the Financial Consumer Agency of Canada (FCAC) in June.
“Access to modern, affordable banking is essential, and for many, having these accounts at no cost is critical,” said FCAC Commissioner Shereen Benzvy Miller in a statement.
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According to mortgage broker Ratehub.ca, banks in Canada typically charge anywhere from $3.95 to $14.95 per month.
Banks that have committed to the initiative must prominently display information about the availability of low-cost and no-cost accounts in-branch and online. They must also have trained staff about these account options.
Under the initiative, Canadians can access low-cost accounts offering up to 50 per cent more debit transactions per month. These include transactions like Interac e-Transfers.
To be eligible for a bank account that costs $0 per month, you must be a newcomer who’s in your first year in Canada, or at least one of the following groups, to be selected by each signatory:
- Indigenous peoples
- Canadians receiving social assistance payments from select provincial or territorial programs
- Recipients of the Disability Tax Credit (DTC), and/or their supporting family member
FCAC advises Canadians to shop around for banking services that meet their needs and offers unbiased resources to help consumers make informed decisions.
You can check out its bank account comparison tool and its guide to choosing a financial institution.
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Here is the full list of federally regulated banks that are offering free and low-cost accounts:
1. Alterna Bank
2. Bank of China (Canada)
3. BMO
4. CIBC
5. Hana Bank Canada
6. ICICI Bank
7. Industrial Commercial Bank of China
8. Innovation Federal Credit Union
9. Laurentian Bank
10. National Bank
11. Royal Bank of Canada
12. Scotiabank
13. Tangerine Bank
14. TD Bank
With files from Irish Mae Silvestre