Financial Consumer Agency of Canada brings modernized low-cost and no-cost account commitment into force with CAD 4 monthly cap and 14 signatories

The Financial Consumer Agency of Canada (FCAC) has confirmed that, from 1 December 2025, Canadians can access low-cost bank accounts priced at no more than CAD 4 per month and expanded access to no-cost accounts, following implementation of a modernized Commitment on Low-Cost and No-Cost Accounts by 14 federally regulated financial institutions, including Canada’s six largest banks. Under the updated Commitment, signatories must prominently display information about low-cost and no-cost options in-branch and online and ensure staff are trained on these products. Low-cost accounts provide up to 50% more monthly debit transactions, including commonly used electronic fund transfers such as Interac e-Transfers. Eligibility for CAD 0 per month accounts is broadened to include newcomers to Canada in their first year, plus at least one additional group chosen by each signatory from Indigenous peoples, recipients of select provincial or territorial social assistance programs, or recipients of the Disability Tax Credit and/or a supporting family member. Participating institutions are Alterna Bank, Bank of China (Canada), BMO, CIBC, Hana Bank Canada, ICICI Bank, Industrial and Commercial Bank of China, Innovation Federal Credit Union, Laurentian Bank, National Bank, Royal Bank of Canada, Scotiabank, Tangerine Bank and TD Bank. FCAC will monitor compliance with the Commitment and expects signatories to meet all associated requirements.