Several major banks in Canada will soon be offering bank accounts for a minimal monthly fee, thanks to a new government initiative.

According to the Financial Consumer Agency of Canada (FCAC), by December 1 , 13 banks in Canada will ensure that everyone has access to modern banking services at a low cost. As a result, Canadians will benefit from “modernized no-cost and low-cost accounts costing no more than $4 per month.”

“Every Canadian deserves access to affordable, modern banking. That’s why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts — more transactions, fewer fees and better access,” said Philippe Champagne , Minister of Finance and National Revenue. “This is a clear step toward fairer, lower-cost banking fo

See Full Page