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.

Financial institutions that have signed on to the Commitment must prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and have trained staff about these account options. 

Under the modernized Commitment, Canadians can access low-cost accounts offering up to 50% more debit transactions per month. These include widely-used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups are eligible for accounts costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory:

·       Indigenous peoples

·       Canadians receiving social assistance payments from select provincial or territorial programs 

·       recipients of the Disability Tax Credit (DTC) and/or their supporting family member 

FCAC expects signatories to meet all the requirements and will monitor their compliance with the Commitment.

Quotes

Our government is making strides to reduce costs for Canadians. The coming into force of the low-cost no-cost commitment will make banking more affordable and support people that need it most. This complements the pro-consumer actions in Budget 2025 to deliver lower prices, better service, and more choice that are needed to build a stronger economy.

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue

The Financial Consumer Agency of Canada is committed to protecting the rights and interests of Canadians, especially those most vulnerable. Access to modern, affordable banking is essential, and for many, having these accounts at no cost is critical. I’m pleased that 14 financial institutions have stepped up to offer these accounts nationwide, and I encourage others to join this effort so even more Canadians can benefit. 

Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada