Canada’s Major Banks Sign On to Offer $0 Fee Accounts—See the Full List

Thirteen federally regulated financial institutions—including Canada’s six largest banks—have agreed to improve their low-cost and no-cost bank accounts as part of a new federal commitment, the government announced today.

Starting December 1, 2025, all participating banks will offer accounts that:

• Cost no more than $4 per month
• Include 50% more debit transactions, such as Interac e-Transfers
• Expand eligibility for free accounts, including newcomers in their first year and at least one group chosen by each bank (e.g., Indigenous peoples, social assistance recipients, or individuals with a valid Disability Tax Credit Certificate)

The move aims to make everyday banking more affordable and accessible, especially as more Canadians use online banking.

“More transactions, fewer fees, and better access,” said Minister of Finance François-Philippe Champagne. “This is a clear step toward fairer, lower-cost banking for all.”

Banks that signed the commitment will promote these account options clearly online and in branches and ensure staff are trained to explain them. The Financial Consumer Agency of Canada (FCAC) will monitor how the changes are implemented and ensure compliance.

Here are the 13 participating institutions so far:

• Alterna Bank
• BMO
• CIBC
• Hana Bank Canada
• ICICI Bank
• Industrial Commercial Bank of China
• Innovation Federal Credit Union
• Laurentian Bank
• National Bank
• RBC
• Scotiabank
• Tangerine Bank
• TD Bank

The FCAC’s Commissioner, Shereen Benzvy Miller, said the changes are a win for consumers and encouraged more financial institutions to join.

CIBC announced today that it has received the highest ranking in customer satisfaction for both Online Banking and Mobile Banking among Canada’s Big Five banks according to the latest studies from J.D. Power.

There are other online-only banks that have zero fees, such as KOHO and Wealthsimple. But this list is for traditional banks. In order to get free banking nowadays, most banks will require a minimum balance in your account. TD recently increased its minimum amount for its popular All-Inclusive account to $6,000 (up from $5,000) to avoid monthly fees.