Still paying $16 a month?
You can stop.
The average Canadian pays well over $200 a year in bank fees for a chequing account. You do not have to. Here is how no-fee banking actually works and what to check before you switch.
What "no-fee" should actually mean
$0 monthly account fee
No flat monthly charge, and no "keep $4,000 in the account to waive it" clause. Truly free accounts charge nothing to hold your money.
No overdraft or e-transfer fees
Interac e-transfers and basic transactions should be unlimited and free. Watch the fine print on legacy bank accounts that still charge per transfer.
Bonus: interest and cash back
The best no-fee accounts now pay interest on your balance and cash back on spending. KOHO, for example, has no monthly fee, pays interest, and gives cash back, so the account makes you money instead of costing it. See it →
How to switch in a weekend
Open the new account first
Set it up before closing anything. App accounts take minutes.
Move your direct deposit and bills
Point payroll and recurring bills at the new account, wait one cycle, then close the old one once everything has cleared.
Switch to no-fee banking →