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Bank Account Overview

Bank account fees Add to ...

Fees can vary for similar bank accounts and services. Shop around to compare fees and follow these strategies to pay as little as possible in fees and charges.

5 ways to lower account fees

1. Ask for special fees based on your age

Some banks may offer low-fee or no-fee services or rates for seniors. Others may have special accounts for children and teens who are just starting to save.

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2. Watch how many transactions you make

Some accounts let you make as many transactions as you like for a flat monthly fee, but it’s usually higher. Other accounts place a limit on how many transactions you can make for the fee you pay. You'll pay more if you go over your limit.

3. Do your banking as cheaply as possible

Often, you pay less if you use a bank machine or Internet banking instead of a bank teller. But find out if you'll pay extra fees to pay your bills online.

4. Only get the records you need

If you write cheques and you want to get the cancelled cheques back each month, you'll likely pay a fee for this service. You may also pay fees for getting your account balance and for updating your bank book. Switch to paperless banking if you can.

5. Watch your account balance

Some accounts offer lower fees if you keep a minimum balance in your account at all times. You will pay an NSF (not sufficient funds) fee if you make a payment from your account and there is not enough money to cover it. You can also get overdraft protection for your account, up to a certain limit, for which you'll pay a fee.

Shop around and compare fees

Financial institutions compete for your business. It's worth shopping around to compare fees and packages. Use this Saving Account Selector Tool to compare savings accounts across Canada. Use the Banking Package Selector Tool for chequing accounts.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

Follow us on Twitter: @GlobeInvestor

 

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