Bremo › Research › Canadian Banking Fee Study 2026

Canadians Waste /Year on Unnecessary Banking Fees

Bremo Research — April 2026 | Analysis of 1,000+ Canadian bank account comparisons

Average annual fees paid by Canadians with fee-based accounts

/bin/zsh

Annual fees with free Canadian accounts (KOHO, Neo Financial, Simplii)

67%

Of Canadians could switch to a /bin/zsh/month account today

,800

20-year cost of unnecessary banking fees (3% inflation)

Key Findings

Bremo analyzed 1,000+ account comparisons from Canadian users between January and April 2026. The data reveals a consistent pattern: the majority of Canadians with fee-based chequing accounts qualify for free alternatives but have not switched.

Monthly Fee Comparison: Big 5 vs. Free Alternatives

Bank / Account	Monthly Fee	Annual Cost	Free Alternative Available?
TD Everyday Chequing	.95	.40	Yes
RBC Day to Day Banking	.95	.40	Yes
BMO Performance Chequing	.95	.40	Yes
CIBC Smart Account	.95	.40	Yes
Scotiabank Basic Banking	.95	.40	Yes
KOHO Essential	/bin/zsh	/bin/zsh	—
Neo Financial Money Account	/bin/zsh	/bin/zsh	—
Simplii Financial	/bin/zsh	/bin/zsh	—
Tangerine No-Fee Chequing	/bin/zsh	/bin/zsh	—

Who Pays Unnecessary Fees?

Among Canadians who use a fee-based account:

43% are unaware that /bin/zsh/month accounts exist with full-featured banking
31% stay with their bank for habit or convenience, not value
18% believe their fee is waived (it often is not)
8% intentionally pay for premium features (justified)

Sign-Up Bonuses: Additional Value Being Left on the Table

Beyond monthly fees, Canadians are missing one-time sign-up bonuses worth – per account by staying with their existing bank:

Product	Bonus	Requirement
KOHO Essential (code: MI4SHGR5LN)	cash	Open account + spend
Neo Financial (code: J4C9H3K5)	first purchase	Open + first purchase
EQ Bank Savings Plus		Deposit ,000 within 30 days
Simplii Financial Chequing		Direct deposit + debit purchases
CIBC Smart Account		Conditions apply

Methodology

Data source: Anonymized account comparisons submitted via Bremo.io between January 1, 2026 and April 15, 2026. Comparisons were initiated by users seeking to evaluate their current bank against alternatives.

Sample size: 1,047 account comparisons across 8 provinces. Data is self-reported and represents Canadians actively seeking to optimize their banking.

Fee data: Published monthly fee schedules from each bank’s official fee disclosure document as of April 2026. Fees shown are standard rates before waivers.

Limitations: Sample skews toward Canadians already motivated to compare accounts. Actual population-level fee waste may differ. This study does not constitute financial advice.

Citation & Press Enquiries

To cite this research:

Bremo Research. (2026, April). Canadian Banking Fee Study 2026: Canadians Waste /Year on Unnecessary Banking Fees. Bremo. https://bremo.io/research/canadian-banking-fee-study-2026

Data available for journalists: Full dataset (anonymized) available on request. Contact: partnerships@bremo.io

About Bremo
Bremo is a Canadian personal finance platform that helps Canadians find and maximize banking bonuses, credit card rewards, and account promotions. Bremo tracks 500+ financial products across Canada’s major banks and fintech providers.

bremo.io | partnerships@bremo.io

Published: April 2026 | Bremo Research — for informational purposes only, not financial advice.