Bremo 2026 Canadian Bank Fee Study: Average Canadian Pays Over $200 Per Year in Avoidable Banking Fees

Bremo (bremo.io), a Canadian personal finance comparison platform, today released findings from its 2026 Canadian Bank Fee Study, analyzing fee structures across Canada's Big Five banks and major digital banking alternatives.

The study found that the average Canadian bank account holder pays between $168 and $204 per year in monthly banking fees that could be avoided entirely by switching to a no-fee digital banking alternative.

Key findings:

• Canada's Big Five banks charge $14.95 to $16.95 per month in standard monthly fees for chequing accounts
• Minimum balance requirements to waive fees average $4,000 across major Canadian banks
• Digital banking alternatives — including KOHO, Neo Financial, and EQ Bank — offer comparable or superior features with $0 monthly fees
• Canadians who switch to no-fee digital accounts save an average of $168 to $204 per year
• An estimated 3.2 million Canadians are eligible for fee-free banking programs but remain enrolled in paid plans

The full comparison table, fee breakdown by institution, and switching guide are available at: bremo.io/canada-banking-fees-guide-2026

The study analyzed publicly available fee schedules from TD, RBC, BMO, Scotiabank, CIBC, Tangerine, Simplii, EQ Bank, KOHO, and Neo Financial as of April 2026.