Are you still paying bank fees?

Thankfully for anyone who enjoys avocado toast, the trend of villainizing breakfast as a savings-stealer seems to be mostly over. Those who railed against spending on this savoury treat were perhaps ignoring a different way money seems to seep out of our bank accounts: monthly bank fees. According to our research, some Canadians may be spending up to $200 per year on bank account monthly fees, unless they maintain a minimum balance to waive the fee¹. While many of us have come to accept these fees as “just part of the deal”, it doesn’t have to be that way. Your money can still earn interest, be safe and secure, and be monthly fee-free.

There’s a litany of blog posts from money experts with lists of ways you can decrease or avoid certain bank fees. Much of the time this involves haggling with several different levels of bureaucracy, and who has the time (or desire) to spend that much time on the phone? Not you, we’re guessing, judging by the fact you’re reading a blog from a digital bank.

From our inception, EQ Bank has challenged the notion of what everyday banking should be. We deliberately stay away from gimmicks and accounts you don’t need, focusing instead on seamless digital banking where every customer gets the same best rates—without nonsense like minimum balances and lineups. And monthly bank fees? No way. In fact, we even keep a list of all the fees we don't charge.

The bottom line?

¹Based on research conducted by Equitable Bank on May 28, 2021. Research considered monthly account fees charged for personal chequing accounts offered by TD Canada Trust, Bank of Montreal and Bank of Nova Scotia that have a minimum monthly balance of less than $4,000 at the end of each day in each month. Promotions and Senior’s discounts excluded.