No Fee Banking in New Brunswick 2025

Stop paying monthly bank fees. The best free banking options available to every New Brunswick resident in 2025.

How Much Are NB Residents Paying in Bank Fees?

The average Canadian pays $180–$360 per year in bank account fees. In New Brunswick, where household incomes average below the national median, these fees represent a larger proportional burden. A family paying $25/month to their bank is spending $300/year — the equivalent of a week of groceries — for a service that is now available completely free through digital banking options.

No-Fee Banking Options in New Brunswick

Option	Monthly Fee	Cash Back	ATM Access	Languages
KOHO (Free Plan)	$0	1% on groceries/transport	Interac network	EN/FR
Tangerine	$0	2% on select categories	Scotiabank ATMs	EN/FR
Simplii Financial	$0	Limited	CIBC ATMs	EN
EQ Bank	$0	None (savings focus)	Limited	EN
PC Money	$0	PC Optimum points	Limited	EN/FR
Big 5 Banks (student)	$0 (student only)	None	Full network	EN/FR

Why KOHO is the Best No-Fee Option for NB

KOHO stands out among free banking options for New Brunswick residents for several reasons:

• Truly free: $0/month with no minimum balance requirement
• Cash back: 1% back on groceries and transportation purchases automatically
• Bilingual: Full French and English app — ideal for NB's bilingual population
• Interac e-Transfer: Send and receive money instantly with no fees
• Mastercard: Accepted everywhere, including online purchases and contactless payments
• Instant notifications: Real-time spending alerts keep you on budget
• Savings features: Round-up savings and goal-based savings vaults built in

How to Avoid All Bank Fees at Traditional Banks

If you prefer to keep a traditional bank account, there are legitimate ways to waive monthly fees:

• Maintain the minimum monthly balance (typically $3,000–$5,000 depending on the account)
• Use a student account (free at most banks while enrolled in post-secondary education)
• Use a senior account (free at most banks for customers 60–65+)
• Combine banking products (some banks waive fees if you have a mortgage with them)
• Switch to a credit union — many offer very low or waived fees for members

The Real Cost of "Free" Minimum Balance Accounts

Keeping $4,000 in a fee-waiving chequing account earning 0% interest means you're effectively paying opportunity cost. That $4,000 in a high-interest savings account at 4–5% earns $160–$200/year — comparable to the fees you're avoiding. KOHO eliminates this trade-off entirely.