Updated March 2026 · Monthly bank fees Canada · 6-minute read
The average Canadian with a standard chequing account at a Big 5 bank pays $16.95/month — or $203/year — just for the privilege of having a bank account. This guide shows you exactly what each bank charges, how to get fees waived if you stay, and how to switch to $0-fee banking permanently.
KOHO: $0 Monthly Fees Forever + $100 Bonus
Code 45ET55JSYA · 5% cashback promo · 3% interest on savings
Claim $100 Bonus →
The True Cost of Monthly Bank Fees Over Time
Monthly fee at TD/RBC/Scotiabank (Everyday Banking)$16.95/mo
Annual cost$203.40/yr
5-year cost$1,017
10-year cost$2,034
20-year cost (career banking)$4,068
Switching to KOHO saves:$0 forever
Monthly Bank Fees — Full Comparison 2025
| Bank | Basic Plan | Standard Plan | Premium/All-Inclusive | Waiver Balance | Senior/Student Discount |
|---|
| KOHO | $0/mo | $9/mo (Premium) | $19/mo (Everything) | N/A — always free base | N/A |
| EQ Bank | $0/mo | $0/mo | $0/mo | N/A — always free | N/A |
| Tangerine | $0/mo | $0/mo | $0/mo | N/A — always free | N/A |
| TD Bank | $10.95/mo | $16.95/mo | $29.95/mo | $4,000–$5,000 min balance | Free for students; 25% off for seniors |
| RBC | $11.95/mo | $16.95/mo | $30.00/mo | $4,000 min balance | Free student plans; senior discount |
| BMO | $10.90/mo | $16.95/mo | $30.00/mo | $4,000 min balance | Free student plans; senior discount |
| CIBC | $6.95/mo | $14.95/mo | $29.95/mo | $3,000–$6,000 balance | Free student plans; CIBC Smart for Seniors |
| Scotiabank | $11.95/mo | $16.95/mo | $30.95/mo | $3,000–$5,000 balance | Free student plans; senior discount |
| National Bank | $10.95/mo | $15.95/mo | $28.95/mo | Balance waiver varies | Student discounts available |
| Desjardins | $10.95/mo | $14.95/mo | $24.95/mo | Balance waiver varies | Coop member perks |
How to Get Monthly Bank Fees Waived at Big Banks
If you want to stay at a Big 5 bank and eliminate monthly fees, here are the legitimate strategies:
| Strategy | How It Works | Which Banks | Catch |
|---|
| Minimum balance waiver | Keep $3,000–$5,000 in your chequing account | All Big 5 | Money earns 0–0.01% vs EQ's 3% |
| Student plan | Enroll in full-time post-secondary education | All Big 5 | Must be verified student; ends at graduation |
| Senior discount | Age 60–65+ depending on bank | All Big 5 | Partial discount only at some banks |
| Bundle with mortgage | Hold mortgage + chequing at same bank | TD, RBC, BMO, Scotia | May not be best mortgage rate |
| Newcomer plan | First 1–2 years as new Canadian resident | All Big 5 | Temporary — fees resume after grace period |
| Government benefits deposit | Direct deposit of specific government payments | Select banks | Limited to qualifying benefit recipients |
The Better Alternative: Switch to $0 Banking Permanently
- KOHO: $0 monthly fees forever, $100 bonus (code 45ET55JSYA), 5% cashback on groceries (promo), 3% interest on spending balance
- EQ Bank: $0 monthly fees, 3% everyday savings interest, reimbursed ATM fees, full CDIC insurance
- Tangerine: $0 monthly fees, 5% promo savings rate, Scotiabank ATM access, Scotiabank-backed security
- All three are CDIC-insured and fully regulated by Canadian financial authorities
Frequently Asked Questions — Monthly Bank Fees Canada 2025
What is the monthly fee at the major Canadian banks in 2025?
Standard plans cost: TD $16.95/mo, RBC $16.95/mo, BMO $16.95/mo, CIBC $14.95/mo, Scotiabank $16.95/mo, National Bank $15.95/mo. Premium all-inclusive plans run $29.95–$30.95/mo. KOHO, EQ Bank, and Tangerine all charge $0/mo on base plans. The difference is $200+ per year.
Can I really get TD or RBC to waive their monthly fees?
Yes — the most reliable way is to maintain the minimum balance (typically $4,000–$5,000 in your chequing account) throughout the month. However, consider the opportunity cost: $4,000 kept at a big-bank chequing account earns nearly nothing, while $4,000 at EQ Bank at 3% interest earns about $10/month — more than enough to cover a bank fee even if you paid it.
Is KOHO as safe as TD or RBC for banking in Canada?
Yes — KOHO is backed by Peoples Trust, a federally regulated Canadian financial institution, and deposits are CDIC-insured up to $100,000. KOHO's spending accounts are protected by the same CDIC framework that covers TD and RBC deposits. The main difference is KOHO has no physical branches — banking is done entirely through their app, which is why they can offer $0 fees.
What is the cheapest Big 5 bank plan in Canada?
CIBC's Smart Account starts at $6.95/month — the lowest entry price among the Big 5. However, CIBC's balance waiver requires $3,000 minimum. For $0 fees with no minimum balance requirement, KOHO, EQ Bank, and Tangerine are significantly better options for most Canadians.
How do I cancel my big bank account and switch to KOHO or EQ Bank?
Open your new KOHO or EQ Bank account first (takes 5–10 minutes online). Move any direct deposits to the new account. Update all pre-authorized payments to your new account number. Wait one full billing cycle to ensure no payments are missed. Then call your old bank to close the account in person or by phone. Most banks require you to visit a branch or call — they rarely allow online account closure.
Do students really get free banking in Canada?
Yes — all Big 5 banks offer free or heavily discounted banking for full-time post-secondary students. TD, RBC, BMO, CIBC, and Scotiabank each have student plans with $0 monthly fees and some additional perks. However, these plans end when you graduate or leave school. KOHO remains $0 for life with no proof of student status required.
Disclaimer: Fee information is based on publicly available data as of early 2026 and subject to change. KOHO 5% cashback is a promotional rate. This page is for informational purposes only. Bremo.io may earn referral compensation from partner links.