Who is eligible for no-cost accounts
Dec. 05, 2025
Global Korean Post
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As of December 1, Canadians can access bank accounts costing no more than $4 per month. Fourteen federally regulated financial institutions, including Canada’s 6 largest banks, have signed on to and implemented the modernized Commitment on Low-Cost and No-Cost Accounts (Commitment).
Financial institutions that have signed on to the Commitment must prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and have trained staff about these account options.
No-cost accounts have the same features and services as low-cost accounts but with no monthly fee.
Certain groups of people are eligible for this type of account.
You’re eligible for this type of account if you’re:
- 18 or younger
- a student
- a senior who receives the Guaranteed Income Supplement (GIS)
- a Registered Disability Savings Plan (RDSP) beneficiary
- a newcomer to Canada (eligible for the 1st year in Canada)
You may also qualify for this typs of account if you’re:
- Indigenous
- a recipient of the Disability Tax Credit (DTC)
- a recipient of social assistance payments from select provincial or territorial programs
(Source: Government of Canada)
