How this ranking works
Each account gets a cost score for each usage profile: 100 − (fees a year ÷ $3), floored at 0 — so $0 a year scores 100 and $300 or more scores 0. A profile the account can’t serve (for example, branch visits at an online bank) scores 0.
Weights: Light 20% · Everyday 40% · Branch and cheques 40%. Profiles are defined in the finder; fees come from the true-cost engine described in the methodology.
Rebates for bundles or credit cards, welcome bonuses, app quality and customer service. Those matter, but they can’t be checked from published fee data — so they don’t move the order.
Frequently asked questions
Can seniors get a free bank account?
Seniors who receive the Guaranteed Income Supplement are an eligible group for the no-cost account at the banks that signed the federal low-cost commitment. Many institutions also run seniors’ plans with discounts — those named for seniors are included here.
Are seniors’ discounts included in the cost?
Yes, where the bank publishes a seniors’ price for the plan — for example Scotiabank’s senior pricing and RBC’s Seniors Rebate — and for seniors’ accounts listed with FCAC. Each account page shows the price used and the age rule. Discounts we couldn’t confirm on the bank’s own page aren’t applied, so ask your bank too.
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