What is a low-cost bank account in Canada?

The Financial Consumer Agency of Canada says all Canadians can get a bank account with a monthly fee of $4 or less. Some institutions offer that account as a low-cost account under a public commitment. A low-cost account cannot require a minimum balance. It includes at least 18 debit transactions a month. An account that costs $4 or less is not automatically a low-cost account. A no-cost account has the same features and no monthly fee. The page lists a no-cost account for people who are 18 or younger, students, seniors who receive the Guaranteed Income Supplement, Registered Disability Savings Plan beneficiaries, and newcomers in their first year in Canada. It also lists Indigenous people, Disability Tax Credit recipients, and people who receive social assistance from select provincial or territorial programs. The institution checks the documents. This page does not say a particular person will be approved.

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