Tag: no fee chequing account

Cut unnecessary costs with one simple change to your banking – MoneySense
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Recently, 14 financial institutions—including all 6 Big Banks—agreed with the Financial Consumer Agency of Canada (FCAC) to offer low- and no-cost bank accounts to all Canadians. Bank account shopping just got more profitable.

Is a different bank account really going to save me money?

If you already have a low- or no-cost bank account that meets your needs, making a change isn’t necessary. But for everyone else, there could be hundreds of dollars riding on it.

If you have a standard chequing account with any of the big banks, you’re probably paying between $15.95 and $17.95 per month. Over a year, that works out to around $200! That’s a couple hundred you could put towards your retirement savings (or into a rainy day fund).

About low- and no-cost accounts

On December 1, 2025, the Commitment on Low-Cost and No-Cost Accounts came into effect in Canada. It means that 14 financial institutions agree that for no more than $4 per month, all Canadians can access a bank account that includes:
- A minimum of 18 transactions per month
- Free digital monthly statements
- Cheque writing privileges
- No minimum balance
- No account switching fees with the same signatory
- No extra charge for deposits, debit card, pre-authorized payment forms
- No extra charge for monthly printed statements, and cheque image return or on-line cheque image viewing
- Joint accounts, if the situation is warranted (e.g., married/common-law couple etc.)
- Other services, for a reasonable fee
A $4.00 banking fee over twelve months is only 48 bucks.

The best online banks and credit unions in Canada

Some Canadians might even be eligible for a full fee waiver. Check with your bank if you are:

Other options for low- and no-cost bank accounts

Even if your bank hasn’t joined the FCAC agreement, it’s likely they still offer low-fee accounts. If you’re a member of any of the identified groups above, ask whether they will reduce your fees. Research accounts or banking packages for students, seniors, and newcomers.

Digital banks frequently offer no-fee accounts. They also tend to have very competitive interest rates and unique financial products. If you’re comfortable with doing your finances online, check into this option.

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A step-by-step guide for how to switch bank accounts

One of the main reasons people hesitate to switch banks is that they worry it will be a hassle. Switching accounts, or even moving to a new bank, is actually quite simple. Here’s how:

If you’re switching accounts within a bank, you can usually do this in person, online, or via your bank’s app.
1. Open the new account.
2. Transfer your money from the old account to the new one via a teller or online/mobile banking.
3. Redirect any automatic withdrawals, scheduled bill payments, and direct deposits to the new account.
4. Close the old account.
You’ll follow the same steps to switch banks; the only difference is in how you move your money. Since it will be between two different financial institutions, you’ll need to use Interac e-Transfer or an electronic funds transfer. Some banks may ask you to make the deposit through their bank machines.

One of the benefits of moving to a digital bank is that money transfers are simple. Usually, you can connect your new account to your old one—all online—and transfer the funds there. Check with both banks before you begin.

Still not convinced?

There are lots of reasons why people put off moving their money, even when they see the real costs of bank fees. Some people worry that they’ll make a costly mistake doing the transfer. Others feel secure when all their financial products are with the same institution. Some people just don’t like change—a fact the banks depend on to keep collecting your fees!

Still, if you’re looking for a way to cut household costs, starting with unnecessary bank fees is a pretty simple one. Just four steps and you can start planning what you’ll do with the extra cash in your account.

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About Keph Senett

Keph Senett writes about personal finance through a community-building lens. She seeks to make clear and actionable knowledge available to everyone.
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Keph Senett

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December 9, 2025
A one-of-a-kind solution is helping Canadians build a better financial future – MoneySense

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Building better financial futures

Sure, you get all the premium banking features you’d expect, including free Interac e-Transfers, more included ATM transactions, credit card rebates and online ID theft monitoring, but the Elevate Chequing Account also comes with access to Coursera’s global online learning platform for free. (Limitations apply. Visit coastcapitalsavings.com/elevate to learn more.) Valued at $538 per year, this benefit gives individuals and entrepreneurs the opportunity to learn in-demand skills and earn industry micro-credentials to help boost their earning potential.

With Coursera, Coast Capital members can access 11,000-plus courses and job-ready professional certificates across sectors and industries from 325 leading universities and companies. It’s a proven platform, as more than report career benefits, including getting a new job, securing a promotion and gaining applicable career skills, each of which can contribute to earning more.

“We’ve been told that if we just budget more effectively or skip our morning coffee run, we can get ahead financially,” explains Catherine Wood, chief strategy, product and marketing officer at Coast Capital. “Budgeting and saving are important, but in many cases these strategies are no longer enough. With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to earn more to improve their financial reality. At Coast Capital, we believe that starts with access to education and training that empowers people to begin, advance, or even change their careers.”

_{Image courtesy of Coast Capital}

Removing barriers to get ahead

In an omnibus poll commissioned by Coast Capital and hosted on the Angus Reid Forum, almost two-thirds of Canadians said they need to enhance their education or skills training to stay competitive in the workforce, yet 86% of those considering pursuing additional training feel there are significant barriers. The most common roadblocks identified were the cost of education, available time, and lack of motivation or confidence.

With Coursera, members can access courses, guided projects, professional certificates and designations in business, technology, data science, health and more. And with this free access, it’s more than affordable to learn from the likes of Yale, Princeton and other globally recognized schools, and to earn professional certifications from companies like Alphabet (Google), IBM and Meta (Facebook and Instagram).

Accessing Coursera from anywhere at any time gives you the convenience and flexibility to learn when it suits your schedule. And, do you know someone who could benefit from Coursera? You can share your free access with another Coast Capital account holder.

“Budgeting and saving are important but in many cases these strategies are no longer enough. With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to earn more to improve their financial reality. At Coast Capital, we believe that starts with access to education and training that empowers people to begin, advance or even change their careers.”

Catherine Wood, Chief Strategy, Product and Marketing Officer, Coast Capital

Start building a better financial future by becoming a Coast Capital member and taking advantage of up to $1,200 in total value when you open an Elevate Chequing Account. (Conditions apply.)

Partner content provided by Coast Capital.

This is a paid post that is informative but also may feature a client’s product or service. These posts are written by the client and edited by MoneySense.

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Ken Donohue

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September 27, 2024
Wealthsimple Cash review 2024 – MoneySense
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What is the Wealthsimple Cash card?

The Wealthsimple Cash card is a prepaid Mastercard available to anyone with a Wealthsimple Cash account. With this card, you can use the funds in your account to make purchases in-store or online. It’s essentially a debit card.

Despite the simplicity, the Wealthsimple Cash card has two significant features. First, you’ll earn 1% back in rewards on all purchases. This cash back can be applied to your account or invested into stocks or crypto through your Wealthsimple self-directed account.

Additionally, the card has no foreign transaction fees. Most traditional credit cards charge a foreign transaction fee of 2.5% when you make a purchase in any currency that’s not Canadian dollars. The Wealthsimple Cash card also waives foreign transaction fees on ATM withdrawals, so having the card is a cheap way to get cash in the local currency when you travel. (You may still be charged a fee by the retailer or financial institutional involved in your transaction, or a fee by the ATM provider.)

Is Wealthsimple Cash safe?

The deposits in your Wealthsimple Cash account are insured for up to $500,000 through the Canada Deposit Insurance Corporation (CDIC). This is five times the amount of CDIC insurance protection typically offered by HISAs in Canada.

This doesn’t mean the money in your Wealthsimple Cash account is held with five separate banks. Instead, it’s backed by five different CDIC member institutions that each provide up to $100,000 in coverage.

Wealthsimple Cash pros and cons

Wealthsimple Cash and the Wealthsimple Cash card are tied together, so you must consider the pros and cons of each before deciding if they suit you.

Wealthsimple Cash pros
- High interest rate: You can earn from 4% to 5% interest on your savings.
- Strong CDIC protection: Your funds are insured for up to $500,000 via CDIC insurance.
- No foreign transaction fees: When using the Wealthsimple Cash card, you won’t pay foreign transaction fees on purchases or ATM withdrawals.
Wealthsimple Cash cons
- Potential distractions: Through the account’s rewards scheme, Wealthsimple encourages you to use your savings to invest in riskier assets such as cryptocurrency and stocks.
- Not a true credit card: The Wealthsimple Cash card is a prepaid Mastercard, not a credit card. So, you’re limited to what’s in your account (which may not be a bad thing).
- Does not build credit: Since it’s a prepaid product, you do not build a credit history with the Wealthsimple Cash card.
Alternatives to Wealthsimple Cash

Wealthsimple Cash’s claim of being Canada’s highest-interest chequing account is accurate, but you shouldn’t immediately dismiss the competition. It’s always best to weigh your options to see what fits you best.

There are a handful of savings accounts offering high interest rates in Canada. But Wealthsimple’s closest competition is EQ Bank’s new Notice Savings Account. With this account, you can earn up to 5% interest on your deposits with no minimum asset requirements and no fees. However, there is a catch. There’s a 10-day or 30-day waiting period to withdraw your funds if you want to earn 4.5% or 5% interest, respectively. EQ Bank does offer a personal account from which you can withdraw your funds at any time, but you’ll only earn up to 4% interest (it includes 2.5% interest by default and another 1.5% if you direct deposit your pay). EQ Bank also offers a no foreign exchange fee prepaid Mastercard that can be used for purchases and ATM withdrawals.
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Barry Choi

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July 11, 2024
The feds wants fewer banking fees, more help for mortgage holders – MoneySense

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What is the Government of Canada proposing?

Minister Freeland’s proposal tackles four areas: mortgages, bank account fees, junk fees and dispute resolution. Junk fees include as the cost Canadians pay for non-sufficient funds (NSF), overdraft protection, debit transactions and Interac e-Transfers. Here’s how:

New mortgage guideline for banks

In early October, Minister Freeland met with the CEOs of Canada’s largest banks to discuss the government’s new mortgage guideline, issued by the FCAC, that asks banks to proactively assist Canadian mortgage-holders who are struggling to meet rising costs. In particular, the guideline focuses on home owners who are at risk of defaulting on their mortgage.

The guideline asks that banks identify consumers who are at risk and explore assistance in the form of fee waivers, no-cost financial education, lengthened mortgage amortization periods and mortgage relief measures.

Eliminating some bank account and junk fees

The government has tasked the FCAC with “setting expectations” for banks to provide free or low-cost banking options and with “encouraging” them to remove junk charges.

Although there are numerous no-fee bank accounts available to Canadians, they are typically online-only. For chequing accounts at a Big Six bank, costs can range from $4 to $40 monthly, with extra charges of around $1 to $1.50 for Interac e-Transfers, over limit transactions, and out-of-network ATM use. Penalties for non-sufficient funds can be a whopping $45 to $50. Currently, the big banks offer low- or no-cost options to youth, students and seniors, and Freeland is hoping to expand eligibility to even more Canadians.

Resolving disputes with banks

In a 2020 report, the FCAC identified dispute resolution as a problem for Canadian banking customers, noting that allowing banks to choose between two separate complaint bodies—the Ombudsman for Banking Services and Investments (OBSI) and the ADR Chambers Banking Ombuds Office (ADRBO)—created inefficiencies and delays. So, another government measure seeks to remedy this by designating the OBSI, an independent and transparent non-profit, as the sole complaints body for banking.

Why is the federal government taking these steps?

The housing crisis, the rising costs of living and high interest rates are putting enormous financial pressure on Canadians, many of whom are taking on debt just to get by.

According to the government press release, these measures are intended to “ensure Canadians are treated fairly by their banks,” to make life more affordable and to reduce inflation. Additionally, they are intended to guard against the dangers of the current Canadian housing market by taking action now to avoid mass foreclosures in the future.

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Keph Senett

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October 26, 2023