How To Waive Monthly Bank Account Fees in Canada

Bank accounts are a core component of daily life in Canada, and every Canadian has at least one chequing account, if not more. However, many chequing accounts come with a monthly fee, which can add up over the years of using and keeping the account open.

Let’s get into the details of how you can waive the monthly bank account fees that are tied to premium chequing accounts in Canada.

What are Monthly Bank Account Fees?

Monthly bank fees are a fee that is charged on many chequing accounts in Canada, simply for keeping the account open. This often means that no matter how little or how often you use the account, you will be charged the same monthly fee that is tied to your chequing account type, as long as the account is kept open.

Monthly fees vary based on chequing account type, and can range from a few dollars a month to upwards of $30 per month. These fees can add up over the long term, but there is good news, as there are multiple methods to waive monthly bank account fees in Canada.

How to Waive Monthly Bank Account Fees in Canada

Hold a Minimum Balance In Your Chequing Account

The most common method that many Canadian’s use to waive monthly bank account fees is by holding a minimum balance in their chequing account. Nearly all bank accounts that have a monthly fee will offer a fee waiver if the account holder maintains a minimum balance all month long, without ever dropping below that amount. The main exception in the big five banks is that RBC does not offer chequing account monthly fee waivers via minimum balances.

While this is the most straightforward way of waiving monthly bank account fees, it’s important to note there is an opportunity cost to this approach, meaning it might not be a great solution if that money can be better used elsewhere. However, if you are using your chequing account to hold your emergency fund, this method can make sense to save on monthly fees while keeping your money easily accessible.

In the table below, we’ve captured the best bank accounts in Canada and have highlighted the monthly chequing account fee and what the minimum balance is to waive that fee:

Take Advantage of Student Chequing Accounts & Discounts

Students can take advantage of many benefits if they have full-time student status. There are a handful of student-focused chequing accounts in Canada that will discount or waive the monthly fees as long as the account holder provides proof and maintains full-time student status.

The BMO Student Performance Chequing Account is very similar to the BMO Performance Chequing Account in features, except it charges no monthly fee for eligible students.

BMO Student Performance Chequing Account

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BMO Student Performance Chequing Account

The BMO Student Performance Chequing Account offers unlimited debit and INTERAC e-Transfer transactions. Account holders are entitled to one free monthly ATM withdrawal in Canada and up to a $40 BMO credit card annual fee rebate.

SPECIAL OFFER
Up to $175 welcome bonus + $80 FlyerFunds on approval

ACCOUNT TYPE
Chequing

MONTHLY FEE
$0

The other standout student chequing account is the Scotiabank Preferred Package for Students and Youth. This account is very similar to the Scotiabank Preferred Package, except it charges no monthly fee for eligible students.

Scotiabank Preferred Package for Students and Youth

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Scotiabank Preferred Package for Students and Youth

The Scotiabank Preferred Package for Students and Youth offers unlimited debit and Interac e-Transfer transactions with no monthly fees for full-time students.

SPECIAL OFFER
Up to $125 welcome bonus + $60 FlyerFunds on approval

ACCOUNT TYPE
Chequing

MONTHLY FEE
$0

Students could also consider the TD Student Chequing Account, the CIBC Smart for Students Account, or the RBC Advantage Banking Account for Students as options too. Plus, don’t forget that you can still start earning miles and points as a student.

Benefit From Senior Discounts

Canadians who are at least 60 or 65 years old can receive a Seniors Discount on many of the top bank accounts in Canada. While this may only be a discount instead of a full monthly fee waiver (depending on account type), it can still help you save on monthly fees with no additional work.

If you already hold a chequing account in Canada, contact your bank or research on their website to determine if you may be eligible for a Seniors Discount.

Professional Discounts

Some professions or professional associations may receive monthly chequing account fee waivers or discounts.

For example, Scotiabank offers practicing physicians the Ultimate Package account for no monthly fee without needing to hold a minimum balance, in addition to waiving the entire annual fee on several valuable credit cards. 

National Bank also offers several “Offers for professionals”, where they’ll waive the fixed monthly fees on up to 3 bank accounts, offer preferred rates for lines of credit, and even waive the annual fee on credit cards such as the National Bank World Elite Mastercard.  

If you believe you are in an eligible profession or professional association, it would be worth looking into this as a potential opportunity to save or waive your monthly bank account fees.

How to Avoid Monthly Bank Fees Entirely

If you want to avoid monthly banking fees entirely, there are a couple of excellent chequing accounts in Canada that offer no monthly fees while still meeting account holders’ needs.

Simplii Financial No-Fee Chequing Account

The Simplii Financial No-Fee Chequing Account is a great choice for those Canadians who want to completely avoid monthly bank fees without any additional work required.

Simplii No Fee Chequing Account

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Simplii No Fee Chequing Account

The Simplii No Fee Chequing Account offers unlimited debit transactions, Interac e-Transfer transactions, and withdrawals at CIBC ATMs.

Check out our Simplii No Fee Chequing Account review for more details.

SPECIAL OFFER
Up to $350 welcome bonus

ACCOUNT TYPE
Chequing

MONTHLY FEE
$0

Simplii No-Fee Chequing account holders receive unlimited debit and Interac e-Transfer transactions. Plus, they will also receive free withdrawals at CIBC ATMs across Canada. We’ve previously written about how the Simplii No-Fee Chequing Account is one of the best ways to bank with no monthly fees.

Tangerine No-Fee Daily Chequing Account

The Tangerine No-Fee Daily Chequing Account is another great option for Canadians who don’t want to worry about the stress of maintaining minimum balances to waive monthly fees.

Tangerine No-Fee Daily Chequing Account

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Tangerine No-Fee Daily Chequing Account

The Tangerine No-Fee Daily Chequing Account includes unlimited debit and Interac e-Transfer transactions with no monthly fees.

SPECIAL OFFER
Up to $250 welcome bonus + $50 FlyerFunds on approval

ACCOUNT TYPE
Chequing

MONTHLY FEE
$0

Tangerine Daily Chequing account holders receive unlimited debit and Interac e-Transfer transactions. Plus, they will also receive free withdrawals at Scotiabank and Tangerine ATMs in Canada, in addition to being mailed 50 cheques upon their account being opened.

Conclusion

Taking advantage of opportunities to waive monthly fees on your chequing account is an easy way to put money back in your wallet, provided you can implement any of the above methods. For example, if you have a small sum of money that you are keeping as an emergency fund, it can be worth it to hold those funds in your chequing account to save on monthly fees.

As with anything personal finance, examine your personal situation to determine what is the best choice for your needs.