TLDR
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A no fee account here means a standard chequing account with no monthly fee, it’s ideal for young adults to manage money without a monthly cost.
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No monthly fee bank accounts for teens, students, post grads and young adults often include perks like unlimited debits or no-fee ATM access.
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Even no monthly fee bank accounts can have extra charges or limitations. Take time to compare options and choose the features that matter most to you.
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With a range of account options available, it’s easy to find the a no monthly fee bank account in Canada to match your spending habits and banking needs.
When you’re fresh out of school or early in your career and trying to build a life (and your savings), bank account fees can feel like an unwelcome expense. Even small charges—for things like debit transactions or transferring money to friends—can add up quickly.
If you are a full time student, you can have a no monthly fee bank account regardless of your age. The good news now is, if you are under 25, you may also qualify for no monthly fee banking regardless if you are a student or not. Many Canadian banks now offer no monthly fee bank accounts designed to help young adults keep more of their money while they build healthy financial habits. Find out what these bank accounts include, whether you’re eligible and how you can make the most of them.
No Monthly Fee Bank Accounts: The Basics
A “No Monthly fee bank account” is exactly what it sounds like—an account without a monthly maintenance fee. You might also see these accounts described as no-fee bank accounts, no-cost bank accounts or free banking. In Canada, major banks and credit unions offer them as part of a federal agreement with the Government of Canada, which helps ensure that consumers have access to affordable everyday banking options.
What are the advantages of a no monthly fee bank account?
The biggest benefit is obvious: save money by avoiding a monthly fee. But these accounts also help young adults build financial independence by making it easier to track spending and help grow savings—without the stress of an added monthly charge. Many student and youth-oriented accounts transition seamlessly into standard bank accounts, so you don’t need to open a new account when your needs change. For young people just starting out, the combination of savings, flexibility and simplicity can be helpful.
Who is eligible for a no monthly fee bank account?
Eligibility depends on the type of account and the financial institution offering it. Many banks provide no monthly fee chequing accounts for young adults under 25, while others focus on students, newcomers to Canada or seniors. Even if you’re not a full-time student, you may still qualify for no monthly fee banking—something worth looking into before you open your next bank account. The process is simpler than you might think—this five-step guide shows you how.
What is the difference between no monthly fee and low-cost bank accounts?
It’s worth noting that no monthly fee and low cost aren’t quite the same thing. A no monthly fee bank account usually means you don’t pay a monthly fee for everyday features like debit purchases, Interac e-Transfer transactions, or mobile deposits. A low-cost bank account charges a small monthly fee—often around $4—but still gives you a set number of transactions and services at an affordable rate.
Because Canadian banks have to offer at least one low-cost option, you’ll always have access to affordable everyday banking, even if you don’t qualify for a no monthly fee account. The Government of Canada also offers a handy comparison tool to help you review low-cost and no-cost accounts across different banks.
Dig deeper: Some no monthly fee accounts come with limits on certain transactions, like ATM withdrawals or international transfers, so know what’s included before you sign up. RBC Money Academy has a full breakdown of how no monthly fee chequing accounts work.
What No Monthly Fee Bank Accounts Typically Include
No monthly fee chequing accounts usually cover the basics of everyday banking, though details vary between financial institutions. Here’s what you can typically expect, along with where you might still see fees:
| Feature | What It Means for You |
| No monthly fee | Pay no monthly maintenance fee if you meet the eligibility requirements. |
| Unlimited debit transactions | Make unlimited day-to-day purchases with a debit card. |
| Free Interac e-Transfer transactions | Send money to friends or family without paying per transfer. |
| No-fee bill payments | Pay bills online, through a mobile app or at ATMs without extra charges. |
| ATM withdrawals at no cost | Withdraw cash at no cost at your bank’s ATMs. |
| Convenient online and mobile banking | Manage accounts anytime, deposit cheques from your mobile phone and set up alerts to track spending. |
| Monthly e-statements | Access electronic statements at no charge. |
Note: There can be a fee for services like overdraft protection, cheque orders and international wire transfers, even if your account itself has no monthly fee.
How to Avoid Additional Banking Fees
Even with a no monthly fee account, it’s possible to run into extra charges if you’re not careful. Here are some common fees to look for—and how to avoid them:
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Transaction limits: Some accounts cap the number of free monthly debit purchases or Interac e-Transfer transactions. Track your usage to stay within the limit.
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ATM fees: Banks often charge for cash withdrawals from another bank’s ATM or international cash machines. Use your own bank’s ATM network to avoid those extra costs.
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Overdraft fees: Spending more than your balance can trigger overdraft charges. Keep an eye on your account balance and consider setting up alerts.
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Paper statement fees: Some banks charge to send you a statement in the mail. Switch to e-Statements, which are typically free.
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International service fees: Using your debit card abroad or sending international transfers often comes with added costs. Check the fee schedule before traveling or transferring money.
Paying attention to these details can help you save on banking fees and keep your “no monthly fee” account without extra fees .
Dig deeper: Not sure what counts as a banking fee? Some charges are easy to overlook, like paper statement fees or out-of-network ATM withdrawals. Learn what bank fees are and how to keep them from eating into your budget.
How to Choose a No Monthly Fee Bank Account
There are important differences between no monthly fee bank accounts. As you’re considering opening an account, it helps to look beyond the “$0 monthly fee” offer and think about what features and services matter most to you.
Some factors to weigh when comparing accounts:
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ATM network: How easy is it to withdraw cash without paying extra fees?
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Digital tools: Does the mobile app let you deposit cheques, set up alerts and track your spending?
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In-person service: Do you want the option to do some transactions face to face, or are you comfortable banking entirely online?
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Customer service: How easy is it to get support if something goes wrong—through a call centre, live chat or in-branch visit?
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Bank’s track record: Is the bank well-established, or is it a newer online-only player?
It also helps to think about where you’ll open your account. Online-only banks often lead with free banking as their main draw, but they don’t usually offer in-branch service or wide ATM networks. Larger financial institutions may provide no monthly fee bank accounts through special programs, giving you the added benefit of ATM access, in-branch transactions and strong digital tools.
Taking the time to consider these details will help you choose an account that matches your lifestyle. If you’re ready to start comparing options, this guide to chequing accounts is a good place to begin.
FAQs
Yes. Many banks, including RBC, offer no monthly fee bank accounts for teens and students and any clients under the age of 25. These accounts help young people build financial independence early on while avoiding unnecessary fees. RBC Money Academy highlights some key factors to consider when choosing a student bank account.
No monthly fee accounts are just one option. You can also save money by:
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Setting up automatic transfers to savings (even small amounts add up over time).
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Looking for student perks and cashback offers on everyday purchases through your bank or credit card.
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Using digital money management tools to keep an eye on everyday spending. NOMI Budgets—available on the RBC Mobile app—makes it simple to create a budget and stick to it.
Yes. At RBC, you can open certain accounts without an initial deposit. Once your account is active, you’ll need to fund it before making transactions to avoid triggering Non-Sufficient Funds (NSF) fees.
It depends on your needs. For teens and students, a no monthly fee youth or student bank account is often a good choice. For someone who is over 25 and starting their career a low-fee or unlimited transaction account to manage more frequent spending may be preferred. Compare your options with this account selector tool.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
