Cards and accounts · Accounts
Monthly account fees, can be waived more often than you think.
Most plans waive the fee above a minimum balance. The rest comes down to the transaction count and the Interac transfers included.
What this page covers
The points to look at
- 01Minimum balance for the waiver, and what it ties up.
- 02Transactions and Interac transfers included, then billed per item.
- 03Overdraft and foreign exchange fees, the two easiest to trigger unnoticed.
A bank account, four fees to spot
| Fee | Why it matters | What to check |
|---|---|---|
| Monthly fee | Often waived above a minimum balance, but that balance ties up your money. | The required balance, and the period it is measured over. |
| Included transactions | Beyond the plan, each transaction is billed individually. | The number included, including Interac transfers. |
| Overdraft | A small overrun can trigger a fee and interest. | The fee per use and the overdraft rate. |
| Foreign exchange | A purchase in a foreign currency carries a rate spread and sometimes a flat fee. | The spread applied to purchases and withdrawals. |
Ask before you open or switch accounts
- 1.Are fees waived for students, seniors or when I bundle products?
- 2.Is the minimum balance measured daily or as an average?
- 3.Are there fees to close the account or move my payments?
- 4.Can my pre-authorized payments be moved easily?
Guides
Read next
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Avoid Bank Fees Without Tying Up Too Much Cash
Compare the fee waiver with the return lost on the tied-up minimum balance before accepting the condition.
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Youth or Student Accounts: Compare Terms After the Promotion
Check the age or status required during the promotion and the fees that will apply after the end date.
Frequently asked
What people ask most
Because a single account blends gross revenue, eligible expenses and personal life, making every tax return laborious and every audit risky. Separate accounts sort continuously: revenue lands on one side, business expenses leave from the other, and your pay becomes an identifiable transfer.
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