When I first immigrated to Canada, I opened a CIBC account. It was one of the Big 5 banks, had branches everywhere — seemed like the obvious choice. A few months after my student visa ended, I checked my statements and noticed $16.95 disappearing every single month. That’s the monthly account maintenance fee. You get it waived if you keep a minimum balance in your chequing account, but if not — it’s gone. That’s $203 a year for doing absolutely nothing.
This post breaks down how to get your Canadian bank fees down to $0, based on my own research and experience comparing accounts.
Why Are Canadian Bank Fees So High?
Canada’s Big 5 banks (TD, RBC, BMO, Scotiabank, CIBC) typically charge $10–$17/month in account maintenance fees. They’ll waive it — but usually only if you maintain a minimum balance of $3,000–$4,000 in your chequing account. That’s a lot of money to keep parked when you’re getting started as a newcomer.
What the Big 5 Actually Charge
| Bank | Plan | Monthly Fee | Fee Waiver (Min. Balance) |
|---|---|---|---|
| TD | Everyday Chequing | $10.95 | $3,000+ |
| RBC | Day to Day Banking | $4.00 | None (per-transaction fees) |
| BMO | Performance Chequing | $16.95 | $4,000+ |
| Scotiabank | Basic Banking | $3.95 | None (per-transaction fees) |
| CIBC | Smart Account | $4.95+ | Balance conditions apply |
The “low-fee” plans from RBC and Scotiabank limit the number of transactions — if you use your account regularly, you can end up paying more than the standard plans.
How to Get to $0
Option 1: Credit Unions
Outside the Big 5, credit unions like Vancity and Coast Capital (BC-based) offer plans with much lower fees — or no fees at all.
- Coast Capital: No-Fee Chequing Account — literally $0/month, unlimited transactions
- Vancity: Also runs newcomer-specific programs
If you’re in BC, credit unions are worth taking seriously. Unlike the Big 5, they’re not covered by CDIC — but BC credit union deposits are backed by 100% provincial deposit protection, so safety isn’t a concern.
Option 2: Online-Only Banks
The most reliable path to $0 fees is an online bank. No branches, no fees.
| Bank | Monthly Fee | Notes |
|---|---|---|
| Simplii Financial (CIBC subsidiary) | $0 | Unlimited transactions, affordable international transfers |
| Tangerine (Scotiabank subsidiary) | $0 | Sign-up bonuses for new accounts |
| EQ Bank | $0 | High-interest savings focus (covered in Part 2) |
Because Simplii and Tangerine are subsidiaries of Big 5 banks, they carry the same stability. Simplii customers can also use CIBC ATMs for free.
My Recommended Setup
Main chequing: Simplii Financial ($0/month)
Savings: EQ Bank (high interest — see Part 2)
Credit card: A rewards card that matches your spending (Part 3)
Run your daily spending through Simplii, park your savings in EQ Bank for the interest, and layer on a good rewards credit card. That’s a complete Canadian banking setup with $0 in monthly fees.
The Takeaway
Canadian bank fees aren’t inevitable — they’re just the default. The Big 5 are convenient, but that convenience costs $200+ a year if you’re not actively managing it. Switching to a credit union or online bank is easier than most people think, and the savings add up fast.
In Part 2, we’ll cover where to park the money you’re saving on fees — comparing HISAs and high-interest banks including EQ Bank and Canadian Tire Bank.
📌 Part 2: Best High-Interest Savings Accounts in Canada — HISA Comparison (2026)
📌 Part 3: Cash Back or Points? Choosing the Right Credit Card in Canada as an Immigrant