Updated: April 2025  |  bremo.io financial guides

Bank Fees in Canada — How Much Are You Paying? 2025

Canadians pay billions of dollars in bank fees every year. Many people pay fees they don't need to, either because they don't know about free alternatives or because switching seems inconvenient. Here's a clear breakdown of what Canadian bank fees actually cost you.

Monthly Chequing Account Fees

Bank	Basic Account	Mid-Tier	Premium
TD	$10.95	$16.95	$29.95
RBC	$4.00	$11.00	$30.00
BMO	$4.00	$10.00	$30.00
Scotiabank	$3.95	$16.95	$30.95
CIBC	$4.95	$16.95	$29.95
KOHO	$0	$4	$19
Simplii	$0	N/A	N/A
Tangerine	$0	N/A	N/A

ATM Fees in Canada

• Using your own bank's ATM: Typically free
• Using another bank's ATM: $2–$3.50 from your bank
• ATM operator surcharge: Additional $1.50–$3.50 on top
• Using a white-label ATM (convenience store): Up to $6–$10 total

A Canadian who uses out-of-network ATMs twice a week could pay $500–$1,000/year in ATM fees alone.

Interac e-Transfer Fees

Many Big 5 accounts charge for Interac e-Transfers beyond a monthly limit. At $0.50–$1.50 per e-Transfer at lower tiers, frequent senders face real costs. Unlimited e-Transfer accounts are available at the mid-to-high tier or for free at KOHO, Simplii, and Tangerine.

Overdraft Fees

Overdraft protection at Canadian banks typically costs $5–$10 per month plus interest on the overdraft balance. Without overdraft protection, a single NSF (non-sufficient funds) transaction can cost $40–$50. These fees can compound quickly for anyone living close to their balance limit.

Annual Credit Card Fees

Many Canadians pay annual fees on rewards credit cards they don't fully use. Common annual fees range from $99 (entry travel cards) to $150–$600 (premium travel cards). The best no-fee credit cards from Tangerine and KOHO can provide meaningful rewards without any annual fee.

The Total Annual Bank Fee Picture

Fee Waiver Options

Most Big 5 mid-to-premium chequing accounts waive the monthly fee if you maintain a minimum daily balance:

• TD Unlimited: maintain $4,000 daily balance
• RBC Signature No Limit: maintain $4,000 daily balance
• BMO Performance: maintain $4,000 daily balance
• Scotiabank Preferred: maintain $4,000 daily balance
• CIBC Smart Plus: maintain $6,000 daily balance

If you maintain these balances anyway, the monthly fee is effectively free. If you don't, you're paying annually for something free alternatives offer at no cost.

Verdict

Most Canadians pay $150–$600+ per year in bank fees they don't need to pay. Switching to KOHO free and Simplii Financial for daily banking, plus EQ Bank for savings, can eliminate these costs while maintaining full banking functionality.