Canadians Gain Access to New $4 Low-Cost Bank Accounts
Ottawa, ON – December 1, 2025 — Starting today, Canadians can benefit from more affordable banking as fourteen federally regulated financial institutions—including the country’s six largest banks—roll out modernized low-cost and no-cost bank accounts. The updated measures follow the Financial Consumer Agency of Canada’s (FCAC) announcement in June 2025, modernizing the original commitment first introduced in 2014.
Under the new Commitment on Low-Cost and No-Cost Accounts, participating financial institutions are required to clearly promote these account options both in-branch and online. Staff have also received training to ensure Canadians are fully informed about their eligibility and the features these accounts offer.
The revamped low-cost accounts now provide up to 50% more monthly debit transactions, including frequently used services such as electronic fund transfers and Interac e-Transfers®. In addition, eligibility for no-cost accounts has expanded. Newcomers to Canada during their first year now automatically qualify, along with at least one of the following groups—chosen by each participating institution: Indigenous peoples, Canadians receiving social assistance from designated provincial or territorial programs, and recipients of the Disability Tax Credit (DTC) or their supporting family members.
FCAC says it expects all signatories to meet the full set of requirements and will actively monitor compliance to ensure Canadians receive the intended consumer protections and cost savings.
Below is the list of 14 participating banks:
- Alterna Bank
- BMO
- CIBC
- Hana Bank Canada
- ICICI Bank
- Industrial Commercial Bank of China
- Innovation Federal Credit Union
- Laurentian Bank
- National Bank
- RBC
- Bank of China (Canada)
- Scotiabank
- Tangerine Bank
- TD Bank
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