Low-cost accounts cost a maximum of $4 per month in banking fees. The Government of Canada and certain financial institutions have an agreement to provide low-cost basic banking services.

If you meet certain conditions, you may be eligible for a low-cost account at no cost. No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.

The Financial Consumer Agency of Canada (FCAC) provides information on low-cost and no-cost accounts including:

• Services included with a low-cost account
• Information you must receive about low-cost and no-cost accounts
• Where to get a low-cost or no-cost account
• Comparing low-cost accounts