Savings account fees
Make sure you know what fees you will pay before you open an account – and don't pay for services you don't need.
2 types of fees
1. Transaction fees
- You may be charged when you make purchases with a debit card, withdraw cash or pay bills.
- Fees for using a bank machine (ATM) are often cheaper than using a teller in a branch. But you may pay extra fees if you use an ATM from a different bank or in a different country, or if you make withdrawals over the limit.
- Ask about paying a set monthly fee if you have a lot of transactions each month.
2. Service fees
- You may be charged when you move money between accounts, update your balance or have the bank mail your monthly statement.
- Fees may be waived if you keep a minimum accountAccount An agreement you make with a financial institution to handle your money. You can set up an account for depositing and withdrawing, earning interest, borrowing, investing, etc.+ read full definition balance.
Do you have a lot of transactions each month?
If you’re paying for each transaction, find out if it would save you money to pay a set monthly fee instead.
Compare account fees and charges
Financial institutions compete for your business. It’s worth shopping around to compare fees and packages. Use this Savings Account Selector Tool to compare savings accountSavings account A bank account intended for depositing funds. Pays interest and lets you withdraw cash at any time.+ read full definition fees and charges across Canada.
Take action
Shop around to compare account feesAccount fees The fees you pay to a financial institution for transactions and other services related to the operation of an account.+ read full definition and packages. Make sure you only pay for the services you need.