To support the Government of Canada’s guidelines on low-cost and no-cost bank accounts that are coming into force today, the Financial Consumer Agency of Canada has updated its Account Selector tool. Consumers can now use the tool to calculate their monthly banking fees based on discounts for which they may qualify. The tool makes it easier to compare low-cost and no-cost accounts at various financial institutions and to choose the accounts that best meet their needs.
The enhanced guidelines increase, from 8 to 12, the minimum number of transactions included in low-cost account packages, which are available to anyone, while the maximum monthly fee remains $4. The same packages are available at no cost to youth, students, Registered Disability Savings Plan beneficiaries and seniors receiving the Guaranteed Income Supplement.