Bank fee calculator
A monthly bank fee feels small. Over ten years it's a vacation, or a good start on an emergency fund. See your number.
BudgetHelp's calculators give estimates based on what you enter. They're for education and planning, not financial, tax or investment advice. Check important decisions with a qualified professional.
You don't have to pay to bank
Online banks and some brokerages offer chequing accounts with no monthly fee. You still get a debit card, e-Transfers and bill payments. The trade-off is usually fewer branches, which many people never use anyway.
Switching takes an afternoon. Read how to stop paying bank fees in Canada for a step-by-step plan.
No-fee and low-cost options
Simplii Financial No Fee Chequing
No monthly account fee and unlimited debit transactions. A good everyday account for bills and spending.
Open with SimpliiWealthsimple Chequing and investing
Chequing with no monthly account fees, plus TFSA, RRSP and FHSA investing accounts in one app.
Join WealthsimpleQuestrade Low-cost investing
Self-directed and managed investing with TFSA, RRSP and FHSA accounts, built for keeping costs low.
Open with QuestradeGet a welcome bonus. Open and fund an eligible account through these links and you may get a cash bonus once you meet the offer's conditions. Each company sets its own amounts and rules, and they change, so check the offer terms on their site.
Disclosure: these are referral links. If you open an account through one, BudgetHelp may also get a referral bonus, at no cost to you. We don't recommend specific investments. See our referral disclosure.
Bank fee questions
How much do Canadians pay in bank fees?
Many chequing plans at the big banks cost roughly $11 to $20 a month unless you keep a minimum balance, often several thousand dollars. Add e-Transfer, ATM or overdraft fees and it can be more. Your statement shows exactly what you pay.
Are no-fee bank accounts safe?
Look for deposit insurance. Eligible deposits at CDIC member institutions are insured up to $100,000 per category. Credit unions are covered by provincial insurers. Check the institution's site to confirm coverage for the account you open.
How do I switch banks without missing a payment?
Open the new account first. Move your direct deposit, then your pre-authorized payments and bills one by one. Keep the old account open for a month or two until nothing new comes through, then close it. Our no-fee banking guide walks through each step.