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Home - Canada.caSick of bank fees? Here are some alternativesBy Leslie Young Senior National Online Journalist, Health Global NewsSo, I am going to answer this question froma Canadian perspective, as this is where I live and also have one of these accounts. So here goes, this is how it works, and further down, we will look at some of the institutions and what they are offering. So, here goesHome - Canada.caLow-cost and no-cost accounts[Low-cost accounts cost a maximum of $4 per month in banking fees. The Government of Canada and certain financial institutions have an agreement to provide low-cost basic banking services.If you meet certain conditions, you may be eligible for a low-cost account at no cost. No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.You may be eligible to get this type of account if you’re part of the following groups:youthstudentsseniors getting the Guaranteed Income Supplement (GIS)Registered Disability Savings Plan (RDSP) beneficiariesContact your financial institution to learn more and find out if you qualify for a no-cost account.Services included with a low-cost accountLow-cost accounts include at least the following services if these services are also available to the financial institution’s other retail customers:at least 12 debit transactions per month, including at least 2 in-branch transactions where availableability to write chequesa debit cardunlimited depositsmonthly printed statementsability to set up pre-authorized paymentscheque image return or online cheque image viewingYou’ll pay service fees for each additional transaction that you make.Read the terms and conditions of your account or contact your financial institution for details.Information you must receive about low-cost accounts and no-cost accountsFinancial institutions offering low-cost accounts must:identify features and extra service charges associated with low-cost and no-cost accounts in a way that is clear, simple and not misleadingdisplay information about the availability of low-cost and no-cost accounts in branches and onlinedisplay information, in branches and online, on how to access the Account Comparison Tool to compare accountsThe information you get about low-cost accounts is in addition to the information your financial institution must give you when you open a regular bank account.Learn what information financial institutions must tell you when you open an account.Where to get a low-cost or no-cost accountThe following financial institutions have signed a public commitment to offer low-cost and no-cost accounts:BMO Bank of MontrealCIBCHSBCIndustrial and Commercial Bank of ChinaKEB Hana Bank CanadaLaurentian BankNational BankRBC Royal BankScotiabankTD Canada TrustMany other financial institutions which aren't part of the voluntary agreement also offer accounts with low or no monthly fees.Use the Account Comparison Tool to find the account that best suits your needs.Compare low-cost accountsThe following table lists the financial institutions that offer low-cost accounts. It shows the main features of the accounts.Table 1: Comparison of low-cost accountsFinancial institutionAccount nameMonthly feeMaximum number of monthly debit transactionBMOPractical Plan$4.0012 (in-branch and self-serve transactions)—CIBCEveryday Chequing Account$3.9012 (in-branch and self-serve transactions)—HSBCPerformance Chequing - Limited$4.0014 (in-branch and self-serve transactions)—Industrial and Commercial Bank of ChinaBasic Chequing Account$4.0012 (in-branch and self-serve transactions)$1,000KEB Hana Bank CanadaLow-cost account$3.00Includes 3 in-branch and 10 self-serve transactions$500Laurentian BankTransact a little$4.0012 (includes 2 in-branch transactions)National BankThe Minimalist Chequing Account$3.9512 (includes 2 in-branch transactions)—RBCDay to Day Banking$4.0012 (includes in-branch and self-serve transactions)—ScotiabankBasic Banking Account$3.9512 (includes 4 in-branch transactions)—TD Canada TrustMinimum Account$3.9512 (includes 2 in-branch transactions)$2,000Use the Account Comparison Tool to find other features associated with these accounts.Types of transactions included in low-cost accounts listed in Table 1Self-serve debit transactions include transactions you make:at an automated teller machine (ATM)by Internetby automated telephone bankingIn-branch debit transactions usually include transactions performed by employees or representatives of a financial institution:in brancheswhile speaking to a customer service agent over the telephoneNetwork access fees aren’t included unless otherwise specified. You usually pay a network access fee when you use anATMthat your financial institution doesn’t own.Extra fees may apply to in-branch bill payments. Check with your financial institution for information on fees for in-branch bill payments.When you check your balance, either in-branch or using self-serve options, with CIBC's and RBC Royal Bank’s low-cost accounts, it doesn’t reduce the number of monthly transactions you’re permitted. Check with your financial institution for its policy on balance inquiries.If the bank waives account fees when you maintain a minimum balance, you must maintain the minimum balance throughout the entire month.]https://www.howtosavemoney.ca › free-chequing-accountsFree Chequing Accounts Canada: Save $200 A Year In Bank FeesI have a confession.[I'm a new grad and I still pay monthly fees for my chequing account.And I have to watch how many transactions I do per month so I don’t go over my limit, resulting in even more fees…And every month, I ask myself, "Why do I still pay fees when no-fee alternatives exist?"And today, that’s what I’m asking you, tooSure, many Big 5 accounts offer free services…with the caveat that a monthly minimum balance is maintained. But this ties up money that could otherwise be growing as an investment or in a higher-interest savings account.Outside the Big 5, there are alternative institutions that offer accounts with unlimited transactions and no fees.And they’ve been expanding their ATM network, so you don’t have to worry about being condemned to constant ATM-withdrawal fees.Want to take advantage of no-fee banking and some great interest rates? Set up an EQBank savings account and get 2.30% – one of the best interest rates in Canada.Interested? Here are 4 no-fee, Canada-wide chequing accounts for you to consider:Tangerine No Fee Daily Chequing Account,Alterna Bank No-Fee chequing Account,Simplii Financial No Fee Chequing Account, andManulife Advantage Account.What they all can offer youAll 4 of these accounts will give you the following benefits:$0 monthly fee: Of course, or else they wouldn’t be here.No minimum balance: You won’t need to keep a minimum balance in your account in order to make use of that precious $0 monthly fee.Mobile cheque deposit: Simply take a picture of your cheque with your phone in order to deposit it into your account.Free paperless statements: Access to your bank statements online so there’s no monthly waiting or paper waste.Canada-wide service: None of the accounts have any region locks other than Canada.CDIC insurance: All your deposits (up to $100,000) is covered by the Government’s service.Unlimited transactions: No cap for transactions, via cheque, online, or otherwise.Tangerine No Fee Daily Chequing AccountThe Tangerine option is a no-fee daily banking account that earns tiered interest, from 0.15% all the way up to 0.65%.Since Tangerine is owned by Scotiabank, you can use all 3,600 Scotiabank ATMs in Canada for free. And you get access to Alliance members ATMs worldwide, giving you another 44,000 ATMs when traveling, all free of charge.The account comes with a free book of 50 cheques. Once you run out, you'll have to pay $20 for each new book of cheques.Current promotionRight now, they’re running an offer of up to a $200 cash bonus offer.The first $50 you get from setting up your account before January 31, 2019, using the OrangeKey "Orange50," and depositing at least $100.Open A Tangerine Account: Click HereUse This Orange Key: Orange50For the next $150, you just need to switch your payroll direct deposits to your Tangerine Chequing Account by November 30, 2018, and the $150 will be paid to you after 3 months of deposits.OR you can switch 2 pre-authorized payments (at least $50 each) to your Chequing Account by November 30, 2018. Again, your $150 will be paid to you after 3 months of payments.Related: Never A Better Time To Open A Tangerine Bank AccountThe Alterna No-Fee chequing AccountThough Alterna Savings is a credit union, its subsidiary, Alterna Bank, extends its service across Canada using The Exchange Network’s ATMs.It offers free, easy banking that’s accessible online and through their mobile app.Its interest rate (0.05%) is the lowest among the 4 I’m comparing today, but since it's a chequing account, this shouldn’t play too big of a role.The account also has the lowest overdraft fee ($2.50), but that’s because it’s not a fee at all, it’s a protection feature that’s charged monthly.The other banks have overdraft protection that is only charged when you use it, leaving Alterna alone on this one.So keep in mind that if you want overdraft protection, the account isn’t any fee anymore.Simplii Financial No Fee Chequing AccountSimplii Financial is owned by CIBC, one of the Big 5 banks in Canada.Like Tangerine, you get access to all ATMs Canada-wide that are owned by Simplii’s big brother. This gives you about 3,400 CIBC ATMs to choose from, at no fee to you.Also like Tangerine, Simplii’s interest rates are given based on the amount of money in your account. With less than $1,000, you’ll only be getting 0.05% interest, but this can be increased tenfold once you reach more than $25,000.Something cool about this account: you get personal cheques for free.Related: PC Financial Virtual Banking Is No More – But There Are AlternativesCurrent promotionSimplii has a great cash-bonus offer for up to $200 going on until January 31st, 2019.For the first $100, all you have to do is set up your chequing account, then set up payroll or pension direct deposits. You’ll get your $100 after you receive 2 payments.And for the rest of the money, you need to complete one or more the following:set-up and complete a recurring pre-authorized bill payment,add your Simplii debit card to Apple Pay, Samsung Pay, or Google Play, orregister for Interac e-Transfer Autodeposit.Each activity is worth $25, and you can repeat them until you reach $100.Note: All activities must be completed within 3 months following the month you opened the account.Manulife Advantage AccountManulife’s no-fee chequing account option is definitely a unique one.It works as a combination chequing AND savings account, giving you the withdrawal options of a chequing account, but with an interest rate of 1.40% – by far the highest offered by the 4 accounts we’re looking at, and relatively-high even for savings accounts standards.Like Alterna, it uses The Exchange Network ATMs, giving you free access to about 3,300 ATMsCanada-wide.Though you don’t need to keep a minimum balance in order to qualify for the $0 monthly fee, you do need to maintain $1,000 to get all your transactions free, including Interac e-Transfer.Related: The War On Debt: Shopping For A Better Deal From The BankChoose the account that best meets your needsFree everyday banking can bring in savings close to or exceeding $200 a year when compared to the fees of an unlimited chequing account offered by a Big 5 bank.And the services they offer are similar, if not better, than conventional banking accounts with monthly fees.Choosing one of the free banking options can also free up money tied up in minimum balance requirements, allowing savings to grow faster either through higher saWhat they all can offer youDo you think the fee is worth it?What can you do with your monthly fee bank account that you couldn’t with one of these no-fee alternatives?Are you considering switching to a no-fee account]?