Bank account fees can cost more than the monthly amount shown when you open a chequing account. Transaction charges, ATM withdrawals and overdraft-related costs can all affect what you actually pay.
Knowing how these fees work can help you choose an account that matches the way you bank.
How much do Canadian bank accounts cost?
There is no standard fee across Canadian banks. Each financial institution sets its own charges, and the cost can vary depending on the account and the services included.
Some chequing accounts have a monthly fee, while others offer unlimited transactions or waive the fee when you maintain a certain balance.
For example, an account with a $15 monthly fee costs $180 per year before considering any other charges:
$15 × 12 = $180
A lower monthly fee does not always mean a lower overall cost. If the account has fewer included transactions, you could pay more through additional charges.
What fees can you be charged?
The most common bank account fees come from a few different services.
Monthly fees
Many chequing accounts charge a monthly fee for the banking services included in the package.
The fee may cover a set number of transactions, unlimited transactions or other features. Some banks also waive the monthly charge when you maintain a minimum balance.
Transaction fees
Some accounts limit the number of transactions included each month.
If you exceed that limit, the bank may charge you for additional transactions. The types of transactions included can also vary between accounts.
This makes your usual banking activity important when comparing accounts. Someone who makes only a few transactions each month may not need an account with unlimited transactions.
ATM fees
Using an ATM outside your bank’s network can result in additional charges.
The Financial Consumer Agency of Canada identifies three potential types of ATM fees:
- regular account fees;
- network access fees;
- convenience fees charged by another financial institution or private ATM operator.
Depending on the ATM and financial institution, the total cost of a withdrawal can reach several dollars.
Using your own bank’s ATMs when possible can help reduce these charges.
NSF fees
An NSF fee can apply when there isn’t enough money in your account to cover a payment, such as a cheque or pre-authorized debit.
The rules changed in March 2026. Federally regulated banks cannot charge more than $10 for an NSF fee on a personal deposit account. They also cannot charge the fee more than once within two business days for the same account or charge an NSF fee when the overdraft is less than $10.
These protections apply to personal deposit accounts, not business accounts.
Can you avoid monthly account fees?
In many cases, yes. Some banks waive the monthly fee if you maintain a specified minimum balance. Other accounts have no monthly fee at all.
Before choosing an account based on a fee waiver, consider whether keeping the required amount in a chequing account makes sense for you.
If you are holding several thousand dollars there solely to avoid a monthly charge, the benefit may not outweigh what that money could earn elsewhere.
You can also reduce other charges by:
- staying within your monthly transaction limit;
- using your bank’s ATMs;
- keeping enough money in the account to cover upcoming payments;
- checking whether you qualify for a lower-cost account.
What are low-cost and no-cost bank accounts?
Since December 2025, Canadians have access to modernized low-cost and no-cost account options through participating financial institutions.
A low-cost account can cost no more than $4 per month and cannot require a minimum balance. It must include at least 18 debit transactions per month along with other specified services.
Some groups can qualify for a no-cost account, including:
- people aged 18 or younger;
- students;
- seniors receiving the Guaranteed Income Supplement;
- Registered Disability Savings Plan beneficiaries;
- eligible newcomers during their first year in Canada.
Indigenous people, recipients of the Disability Tax Credit and recipients of certain provincial or territorial social assistance payments may also qualify, depending on the applicable requirements.
These accounts can be useful if you mainly need basic banking services and don’t need a premium account package.
How can you reduce bank account fees?
Start by looking at how you actually use your account.
Check your recent statements and look for:
- monthly account charges;
- additional transaction fees;
- ATM fees;
- overdraft or NSF charges;
- services you rarely use.
Then compare those costs with other account options.
For example, paying $12 per month for an account with more included transactions could be cheaper than paying $5 per month and regularly exceeding the transaction limit.
Your bank must provide information about the service charges that apply to your account. Federally regulated financial institutions must also give advance notice of increases to existing fees or new fees.
What should you compare before opening an account?
Don’t look only at the monthly fee.
Check the:
- monthly fee;
- number of included transactions;
- cost of additional transactions;
- ATM fees;
- minimum balance requirements;
- overdraft and NSF charges;
- services included with the account;
- conditions for waiving the monthly fee.
The right account depends on how you use your money. A low-cost account may be enough for someone with simple banking needs, while someone who makes frequent transactions may benefit from paying more for a broader package.
The monthly fee is only part of the cost
The cheapest account on the list is not necessarily the cheapest account for you.
A few extra dollars per month may be worthwhile if they eliminate transaction or ATM charges you would otherwise pay. On the other hand, there is little reason to pay for features you rarely use.
Looking at your actual banking habits gives you a better picture of what your account really costs.
Frequently Asked Questions
Are bank account fees the same at every Canadian bank?
No. Financial institutions set their own fees, and charges can differ between banks and account types. Fees can also change over time.
Can I get a bank account with no monthly fee?
Yes. Some accounts have no monthly fee, and eligible customers can access no-cost accounts through participating financial institutions.
What is the maximum NSF fee in Canada?
For personal deposit accounts at federally regulated banks, the NSF fee is capped at $10 as of March 12, 2026. Additional restrictions apply to how often the fee can be charged.
How much do ATM fees cost in Canada?
The cost depends on the ATM, your financial institution and your account. FCAC reports potential total fees ranging from $0 to $9 for different ATM situations in Canada.
Can a bank change its account fees?
Yes. However, federally regulated financial institutions must provide advance notice when they increase existing fees or introduce new ones.
Do all bank accounts have transaction fees?
No. Some accounts include a set number of transactions, while others offer unlimited transactions. The terms depend on the specific account.
How can I find a cheaper bank account?
Compare your current fees and transaction usage with other accounts. Canada’s Financial Consumer Agency also provides an Account Comparison Tool that allows consumers to compare account fees, transactions and services.