No fee banking in Canada

Image result for no fee chequing account

Banks and credit unions in North America have the right to charge all sorts of fees on both business and individual accounts. And boy, they do!

Monthly fees on chequing accounts can as high as to $ 30.00. Many financial institutions will waive the fee if you maintain a daily minimum balance in the account.

Said minimum balance has been on the rise and can easily reach $ 3 000.00. Yes, you are reading right, leaving $ 3 000.00 in accounts that usually don’t earn any interest. Ridiculous!

Monthly fees can and will add-up after an extended period of time. I recently changed banks. My ex credit-union charged me $ 7.00/month for 8 years. It adds up to $ 672.00.

I have done some research to find alternatives to monthly banking fees. I have looked for accounts offering unlimited transactions, not under any age requirement, and of course, with no minimum balance.

“NATIONAL” NO FEE CHEQUING ACCOUNTS

ALBERTA NO FEE CHEQUING ACCOUNT

BRITISH COLUMBIA NO FEE CHEQUING ACCOUNTS

MANITOBA NO FEE CHEQUING ACCOUNT

  • Cambrian unfee : this credit union will refund all banking fees with a recurring deposit such as payroll or pension

ONTARIO NO FEE CHEQUING ACCOUNTS

SASKATCHEWAN NO FEE CHEQUING ACCOUNTS

FINAL WORD

I am sure there are other financial institutions offering no fee chequing accounts. The above list is not exhaustive. Feel free to comment if you know of any other no fee chequing accounts in Canada.

Please keep in mind the mentioned institutions do charge other type of fees such as overdraft or cheques orders.

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