Ottawa ON
Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts.
By December 1, 2025, Canadians will benefit from modernized low-cost and no-cost accounts costing no more than $4 per month.
Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus 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
individuals with a valid Disability Tax Credit Certificate and/or their supporting family member
Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options.
Canadians can currently get low-cost and no-cost accounts from signatories under the original 2014 Low-cost and No-cost Accounts Commitment.
The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations.
In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking.
