Is every Canadian chequing account $4 a month?

No. The basic accounts opened on 16 October 2026 were $4, $4.00, or $3.95 at the big banks named above. Tangerine, Simplii, EQ Bank, Vancity Pay As You Go, and Coast Capital Free Chequing printed no monthly fee.

Does keeping a balance remove every monthly fee?

No. Desjardins Basic prints a $1,500 balance for the whole month. RBC, TD Minimum, Scotiabank Basic, BMO Practical, and CIBC Everyday do not print that kind of balance waiver for the account in this table.

Is a no fee account free for every transaction?

Not always. Vancity Pay As You Go has no monthly fee and still charges for some transactions. Coast Capital Free Chequing lists $1.50 to send an Interac e-Transfer. Read the row before you treat $0 as every line.

Where is the NSF fee?

NSF fees are on the Canada NSF fees by bank page, linked above. An NSF fee is a separate line from the monthly plan fee.

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Monthly chequing account fees by bank (Canada)

A basic chequing account at a big Canadian bank is often about $4 a month. On 16 October 2026, RBC Day to Day Banking prints $4. BMO Practical and CIBC Everyday print $4. TD Minimum Chequing, Scotiabank Basic, National Bank The Minimalist, and Desjardins Basic print $3.95. Tangerine, Simplii, EQ Bank, Vancity Pay As You Go, and Coast Capital Free Chequing print no monthly fee. The waiver is the sentence on that bank's page.

Last checked: Oct 2026

The monthly fee and how to avoid it

This table is one common everyday account at each bank. A bigger package at the same bank can cost more and include more transactions. Monthly fees at RBC, TD, Scotiabank, BMO, and CIBC walks through the first five in more detail. NSF fees are in Canada NSF fees by bank.

Opened 16 October 2026. Amounts are Canadian dollars unless the row says otherwise.
Account	Monthly fee	How the bank says you can avoid it
RBC Day to Day Banking	$4	As low as $0 with the Value Program rebate: enrol, hold two or more other eligible RBC products, and do at least one account activity in the previous calendar month (a direct deposit, an eligible bill payment, or a pre-authorized payment). Also $0 with the Seniors Rebate, for an Indigenous person, or for an RDSP beneficiary. RBC applies only one rebate, the highest you qualify for. The account includes 12 debit transactions, then $1.25 each.
TD Minimum Chequing	$3.95	This page does not list a minimum balance that removes the $3.95. TD lists $0 for people who receive the Guaranteed Income Supplement, Indigenous Peoples from Canada, RDSP beneficiaries, and newcomers in their first year in Canada. The footnotes on TD's page are the eligibility rules. 12 transactions are included, then $1.25.
Scotiabank Basic Bank Account	$3.95	$0 if you are eligible. Seniors pricing is $0 a month. A waiver is available for Indigenous Peoples, RDSP beneficiaries, Disability Tax Credit recipients, and Canadians receiving social assistance. Scotiabank may ask for proof. The page does not print a balance that removes the fee. 18 transactions are included, and Interac e-Transfer is free.
BMO Practical	$4	The Practical column does not show a minimum balance that removes the $4. Up to 12 transactions are included, including Interac e-Transfer. Plus is $12.95 or $0 with $3,000, and Performance is $17.95 or $0 with $4,000. Student, newcomer, and senior offers are on BMO's offer pages. This row does not copy those offer terms.
CIBC Everyday Chequing	$4.00	The compare page does not print a balance that removes the $4.00. 18 transactions are included, then $1.25. Interac e-Transfer is included. CIBC Smart is $16.95, or $0 for up to 3 accounts when one Smart account stays at $4,000 at the end of every day. Seniors over 65 can have a basic account with no monthly fee.
National Bank The Minimalist	$3.95	$0 for ages 0 to 24. $3.95 for ages 25 to 59 and for 60 plus. Also $0 for people 65 and over who receive the Guaranteed Income Supplement, for RDSP beneficiaries 18 and over, and for Indigenous peoples. Newcomers can have the first year with no fixed monthly fees. National Bank may ask for proof. The fee guide does not list a minimum balance that removes The Minimalist fee.
Desjardins Basic plan	$3.95	$0 if the balance stays at least $1,500 for the entire month. One day below that and the $3.95 applies. 12 transactions are included. Intermediate, Unlimited, and Unlimited Plus are higher fees with higher balances.
Tangerine Chequing	No monthly fee	Tangerine also says there is no minimum balance. An NSF fee of $10 and optional overdraft protection of $5 a use are different lines.
Simplii No Fee Chequing	No monthly fee	Simplii publishes this account without a monthly package fee. Overdraft protection, if you use it, is a separate charge.
EQ Bank Personal Account	No everyday banking fees	That is the phrase on EQ's fees page. EQ does not have a separate waive page on this site. EQ is not in the NSF table, because that same page does not print the fee for a payment you made that did not clear.
Vancity Pay As You Go	None	There is no monthly package fee and no balance you have to keep to avoid one. You pay for transactions you use: 70 cents in person or by phone, 50 cents for a debit purchase or an ATM withdrawal, 50 cents for a cheque or a pre-authorized payment, and 90 cents to send an Interac e-Transfer. Online and mobile bill payments are free. Those per use fees are charged at month end.
Coast Capital Free Chequing, Free Debit, and More	$0	The chequing comparison lists the monthly fee as $0, and the service fees page lists it as None. There is no balance waiver because the monthly fee is already $0. Sending an Interac e-Transfer is $1.50 on the comparison. A paper statement, if you ask for one, is $3 per membership per month on the service fees page.

Banks not in this table yet

A bigger package, such as TD Unlimited or CIBC Smart, is not the everyday row. Use the account name on your statement. Extra transaction fees are separate lines. EQ Bank has no waive page here. How to download an EQ Bank statement is the EQ page on this site.

Read the account on its own page: RBC, TD, Scotiabank, BMO, CIBC, National Bank, Desjardins, Tangerine, Simplii, Vancity, and Coast Capital.

Questions

Is every Canadian chequing account $4 a month?: No. The basic accounts opened on 16 October 2026 were $4, $4.00, or $3.95 at the big banks named above. Tangerine, Simplii, EQ Bank, Vancity Pay As You Go, and Coast Capital Free Chequing printed no monthly fee.
Does keeping a balance remove every monthly fee?: No. Desjardins Basic prints a $1,500 balance for the whole month. RBC, TD Minimum, Scotiabank Basic, BMO Practical, and CIBC Everyday do not print that kind of balance waiver for the account in this table.
Is a no fee account free for every transaction?: Not always. Vancity Pay As You Go has no monthly fee and still charges for some transactions. Coast Capital Free Chequing lists $1.50 to send an Interac e-Transfer. Read the row before you treat $0 as every line.
Where is the NSF fee?: NSF fees are on the Canada NSF fees by bank page, linked above. An NSF fee is a separate line from the monthly plan fee.

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