Updated March 2026 · Low-income banking Canada · 6-minute read
Low-income Canadians — whether on minimum wage, social assistance, EI, disability benefits, or simply working part-time — cannot afford to pay $10–$16/month in bank account fees. That's $120–$192/year, the equivalent of 5–8 hours of minimum wage work, going directly to a bank that provides no additional value over no-fee alternatives. Every Canadian has the right to access a basic bank account at no charge — the federal government's Access to Basic Banking Services regulations guarantee this. But several no-fee banks go further, offering cashback rewards, savings interest, and financial tools that actually help low-income Canadians build financial resilience.
Best Bank for Low-Income Canadians: KOHO
Code 45ET55JSYA · $0 fees always · $100 bonus · No minimum balance — never penalized for a low account balance
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Best Banks for Low-Income Canadians — 2025 Rankings
KOHO BEST — NO FEES EVER
$0/month — no minimum balance
KOHO is the best bank for low-income Canadians because it charges $0 in fees — no monthly fee, no minimum balance, no e-Transfer fees, no insufficient funds fee from the account itself. KOHO accepts government benefit direct deposits (EI, OW, ODSP, CCB, GST credit) and provides a Visa card accepted everywhere. Code 45ET55JSYA earns $100 on sign-up — real money for a low-income household. KOHO's 5% grocery cashback saves real dollars on food costs. Spending analytics help stretch every dollar further.
- $0 monthly fees — no exceptions
- $100 bonus (code 45ET55JSYA)
- No minimum balance requirement
- Government benefit direct deposit
- 5% grocery cashback (promo)
- Spending analytics to stretch income
Get $100 — Code 45ET55JSYA →
EQ Bank
$0/month + 3% savings
EQ Bank's 3% savings account is the best way for low-income Canadians to grow even small savings. A $500 tax refund or GST credit deposited to EQ Bank earns $15/year vs. $2.50 at a big bank — small amounts still earn real interest at EQ Bank. Even $200 in emergency savings at 3% is better than $0. EQ Bank's TFSA allows low-income Canadians to accumulate tax-free investment room they can fill later when income increases.
- 3.00% savings — even small amounts
- TFSA — accumulate room for better times
- GST/CTB refund savings
- $0 monthly fees
- CDIC-insured
Open EQ Bank Free →
Tangerine BEST TRADITIONAL
$0/month always
Tangerine's no-fee chequing account with Scotiabank ATM access is the best traditional-style bank for low-income Canadians who want no fees but access to physical ATMs. The Scotiabank ABM network (3,500+ machines) provides free cash access across Canada — important for low-income households who rely on cash for budgeting. Tangerine's automatic savings feature lets you automate small savings transfers, building a reserve gradually even from a limited income.
- $0 fees always
- 3,500+ Scotiabank ATMs free
- Government benefit direct deposit
- Automatic small savings feature
- Simple, trusted interface
Open Tangerine Free →
Simplii Financial
$0/month
Simplii (CIBC) provides no-fee chequing with CIBC ATM access — one of Canada's largest ATM networks. For low-income Canadians who receive CIBC-processed payroll or EI deposits, Simplii's no-fee account accepts all deposits with unlimited e-Transfers. Simplii's mobile app is clean and straightforward, and CIBC's nationwide ATM presence ensures cash access wherever you are in Canada.
- $0 monthly fees
- CIBC ATM network (nationwide)
- EI and government benefit deposit
- Unlimited e-Transfers
Open Simplii Free →
Canada's Basic Banking Right
$0 — guaranteed by law
Under Canada's Access to Basic Banking Services regulations, federally regulated banks must open a basic account for any Canadian who meets minimum ID requirements — even those with past credit problems, bankruptcies, or no credit history. If you've been denied a bank account, you can invoke your right to a basic account. Big banks (TD, RBC, BMO, CIBC, Scotiabank) must comply. The basic account includes a debit card, direct deposit, and e-Transfer — at no charge.
- Legal right to a bank account
- Cannot be refused for bad credit
- Two pieces of ID required
- $0 monthly fee guaranteed
- Applies to all federally regulated banks
Learn Your Banking Rights →
BMO Performance Chequing (Waivable)
$0 with qualifying deposit
BMO's Performance Plan waives its monthly fee with a minimum monthly balance. For low-income Canadians receiving EI ($2,000+/month), CERB successors, or provincial social assistance above the threshold, this may waive fees entirely. BMO's widespread ATM network and in-person accessibility are useful for those who need physical bank services. BMO's financial literacy programs and newcomer banking services support low-income Canadians building financial stability.
- Fee waived with qualifying balance
- Widespread ATM and branch access
- Financial literacy resources
- Newcomer and community programs
Open BMO →
Low-Income Canadian Banking Guide (2025)
- Never pay bank fees: KOHO, Tangerine, Simplii, and EQ Bank are all $0 — there is no reason to pay monthly banking fees in Canada
- Get the $100 KOHO bonus: Code 45ET55JSYA — real money for a low-income household, earned by using KOHO's free account
- GST/HST credit: Ensure your bank account accepts CRA direct deposit — file your taxes even with zero income to receive GST credits
- CCB (Canada Child Benefit): Up to $7,787/year per child under 6 — make sure CRA has your banking information for direct deposit
- TFSA: Even $20/month at EQ Bank builds TFSA contribution room for when income grows
- Banking rights: Any federally regulated bank must open a basic account for you — no exceptions for credit history
Frequently Asked Questions — Best Banks for Low-Income Canadians 2025
Can low-income Canadians open a bank account with no ID?
Federal regulations require a minimum of two pieces of government-issued ID to open a basic bank account in Canada. Acceptable combinations include: one government-issued photo ID (driver's license, passport, provincial ID) plus a second piece such as a SIN card, health card (in some provinces), or utility bill. If you have only one piece of ID, some banks and credit unions have alternative identification programs. Indigenous Canadians may use Band membership cards. Contact the Financial Consumer Agency of Canada for more help.
What government benefits can be deposited to a KOHO account?
KOHO accepts direct deposits from: Canada Employment Insurance (EI), Canada Child Benefit (CCB), GST/HST credit, Ontario Works (OW), Ontario Disability Support Program (ODSP), CPP, OAS, and employment payroll. To set up CRA direct deposit, log in to My CRA Account online or call 1-800-959-8281 and provide your KOHO account number and Peoples Trust routing transit number (available in KOHO app settings). This typically takes 1–2 payment cycles to activate.
What is the Canada Poverty Reduction Strategy banking component?
The Government of Canada's Access to Basic Banking Services regulations (2021) require federally regulated banks to open accounts for anyone who presents acceptable ID, even with a history of bankruptcy, NSF charges, or credit issues. Banks cannot require a minimum deposit, minimum balance, or credit check to open a basic personal account. If a bank refuses to open an account for you, contact the Financial Consumer Agency of Canada at 1-866-461-FCAC or at fcac-acfc.gc.ca.
Disclaimer: Information based on publicly available data as of early 2026. Government benefit amounts are subject to annual adjustments. This is not financial advice. Bremo.io may earn referral compensation from partner links.