Canadians can now access free and low-cost bank accounts featuring more monthly transactions
December 1, 2025 As of today, Canadians can access bank accounts costing no more than $4 per month. Fourteen federally regulated financial institutions, including Canada’s 6 largest banks, have signed on to and implemented the modernized Commitment on Low-Cost and No-Cost Accounts (Commitment) announced by the Financial Consumer Agency of Canada (FCAC) in June of this year. The previous commitment was introduced in 2014.