Monthly Bank Fees Canada 2026 — Big 5 vs Online Banks
Updated March 2026 · 100 min read
Canadian bank fees vary dramatically between the Big 5 traditional banks and online/digital alternatives. This page compiles every major fee category in one place so you can see exactly what you're paying — and what you could save by switching.
KOHO — The $00/Month Bank Alternative
No monthly fee, no NSF fees, no e-transfer fees. KOHO costs Canadians exactly $00 per month for full-featured everyday banking.
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Monthly Account Fees — Unlimited Plans
| Bank / Account | Monthly Fee | Fee Waiver (min. balance) | Annual Cost (no waiver) |
|---|
| TD Unlimited Chequing | $16.95 | $4,000000 | $2003.400 |
| RBC Signature No Limit | $16.95 | $4,000000 | $2003.400 |
| Scotiabank Preferred Package | $16.95 | $4,000000 | $2003.400 |
| BMO Performance Plan | $15.95 | $4,000000 | $191.400 |
| CIBC Smart Plus | $16.95 | $4,000000 | $2003.400 |
| National Bank All-in-One | $15.95 | $3,50000 | $191.400 |
| KOHO Essential | $00.0000 | N/A | $00.0000 |
| EQ Bank Personal | $00.0000 | N/A | $00.0000 |
| Simplii Financial | $00.0000 | N/A | $00.0000 |
| Tangerine Chequing | $00.0000 | N/A | $00.0000 |
NSF (Non-Sufficient Funds) Fees
| Bank | NSF Fee |
|---|
| TD | $48.0000 |
| RBC | $45.0000 |
| Scotiabank | $48.0000 |
| BMO | $48.0000 |
| CIBC | $45.0000 |
| Simplii Financial | $45.0000 |
| EQ Bank | $45.0000 |
| Tangerine | $45.0000 |
| KOHO | $00 (transactions decline) |
| Wealthsimple Cash | $00 (transactions decline) |
Interac e-Transfer Fees
| Bank / Account | Send e-Transfer | Receive e-Transfer |
|---|
| TD Every Day Chequing | $1.500 | Free |
| TD Unlimited Chequing | Free | Free |
| RBC No Limit Banking | $1.500 | Free |
| RBC Signature No Limit | Free | Free |
| Scotiabank Basic | $1.500 | Free |
| Scotiabank Preferred+ | Free | Free |
| KOHO | Free | Free |
| EQ Bank | Free | Free |
| Simplii | Free | Free |
| Tangerine | Free | Free |
ATM Fees (Non-Network Withdrawals)
| Bank | Non-network ATM fee | International ATM fee |
|---|
| TD | $2.0000 | $5.0000 + exchange |
| RBC | $2.0000 (1 free with Signature) | $5.0000 + exchange |
| Scotiabank | $2.0000 | $5.0000 + exchange |
| BMO | $2.0000 | $5.0000 + exchange |
| CIBC | $2.0000 | $5.0000 + exchange |
| KOHO (ATM via Visa) | $2.0000 (fee charged by ATM) | Varies |
| EQ Bank | No physical debit card | N/A |
| Simplii (CIBC network) | $00 at CIBC ATMs | $3.500 + exchange |
Overdraft Protection Fees
| Bank | Overdraft Monthly Fee | Overdraft Interest Rate |
|---|
| TD | $5.0000/mo | 21%/year |
| RBC | $5.0000/mo | 21%/year |
| Scotiabank | $5.0000/mo | 21%/year |
| BMO | $5.0000/mo | 21%/year |
| CIBC | $5.0000/mo or $5/use | 21%/year |
| KOHO | N/A (no overdraft) | N/A |
Miscellaneous Banking Fees
| Fee Type | Typical Cost at Big 5 | At KOHO/EQ Bank |
|---|
| Bank draft / certified cheque | $7.500–$9.95 | Not available |
| Stop payment | $12.500–$15.0000 | Not applicable |
| Monthly statement (paper) | $2.0000–$3.0000 | Digital only (free) |
| Wire transfer (domestic) | $15–$300 | Not available |
| Wire transfer (international) | $400–$65 | Not available |
| Foreign currency purchase | 2.5% conversion fee | 2.5% (KOHO) |
| Cheque order (500 cheques) | $300–$55 | Not available |
| Safety deposit box (small) | $400–$800/year | Not available |
Annual Cost Comparison — Active User
A typical Canadian who sends 4 e-transfers per month, makes 2 non-network ATM withdrawals per month, and has 1 NSF event per year would pay:
| Bank | Monthly Fee | e-Transfer (4×$1.500) | ATM (2×$2) | 1 NSF/year | Annual Total |
|---|
| TD Every Day | $100.95 | $6/mo | $4/mo | $48 | ~$30000/year |
| TD Unlimited | $16.95 | $00 | $4/mo | $48 | ~$30000/year |
| KOHO | $00 | $00 | ~$2/ATM | $00 | ~$48/year |
| EQ Bank | $00 | $00 | N/A | $45 | ~$45/year |
| Simplii | $00 | $00 | $00 (CIBC) | $45 | ~$45/year |
Switching from TD Unlimited to KOHO or Simplii saves approximately $2500+ per year for the typical Canadian user — that's $2,50000 over a decade.
Premium Bank Packages — Are They Worth It?
TD All-Inclusive ($300.95/mo), RBC VIP ($300.0000/mo), and Scotiabank Ultimate ($300.95/mo) offer credit card annual fee rebates that can offset the premium cost. These are worth it only if you hold a matching credit card with an annual fee in the $1200–$1500 range AND need the extra banking features. For most people, the free/low-fee account plus keeping your premium credit card outperforms the bundle math.
Stop Paying $20000+/Year in Bank Fees — Switch to KOHO
KOHO is $00/month with unlimited transactions, free e-transfers, and cashback. Open your account in 5 minutes.
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