Bank Fee Waiver Calculator: When Your Free Period Ends

Key takeaways

RBC, TD and Scotiabank waive the fee for 12 months; BMO and CIBC for 24 months
After that you pay $12.95 to $17.95 a month on unlimited plans
At TD, Scotiabank, BMO and CIBC a $4,000 daily balance keeps the plan free
Set a reminder one month before the end date and review your plan

How newcomer fee waivers work

Each big bank waives the monthly fee on one chequing plan for new arrivals. The clock starts when the account is opened (or activated, if you opened it before arriving). When the free period ends, the regular fee is charged automatically each month.

Bank and plan	Free months	Fee after	Balance that waives it
RBC Advantage Banking	12	$12.95	No balance waiver
TD Unlimited Chequing	12	$17.95	$4,000
Scotiabank Preferred Package	12	$16.95	$4,000
BMO Performance Chequing	24	$17.95	$4,000
CIBC Smart Account	Up to 24	$16.95	$4,000

Fees as of October 5, 2026. National Bank’s offer works differently: no fixed fee in year one, then reduced fees in years two and three, then its Connected package. Use “Other bank” for National Bank or any other plan.

How the calculator counts

It adds the free months to your opening date. For example, 12 months from March 15, 2026 is March 15, 2027.
If the opening date is the 31st and the end month is shorter, it uses the last day of that month.
It checks your lowest balance against the plan’s minimum. The minimum must be met every day of the month, not just on average.
The yearly cost after the free period is 12 times the monthly fee, or $0 if your balance qualifies.

Banks may count from your first statement or the first full month. Your welcome letter or the offer terms show the exact rule.

Worked example

Amira opened TD Unlimited Chequing on March 15, 2026, and usually keeps about $1,500 in it. Her free period ends on March 15, 2027. After that she pays $17.95 a month, or $215.40 a year, because $1,500 is below TD’s $4,000 minimum. If she moved to TD Every Day Chequing ($11.95, free with $3,000), she would save $72 a year even without the balance.

Your $0 option in your first year

Separate from the newcomer packages, 14 banks (including RBC, TD, Scotiabank, BMO, CIBC and National Bank) have committed to offer a $0 a month account to newcomers in their first year in Canada. After that, the same account costs no more than $4 a month. It includes at least 18 debit transactions a month, Interac e-Transfers, free digital statements and cheque writing. If you only need a simple account, ask for it by name: a “low-cost” or “no-cost” account.

What to do before the free period ends

Count your transactions. If you make fewer than 25 a month, a mid-level plan (TD Every Day, BMO Plus, Scotiabank Basic Plus) costs less.
Ask for a basic account. Banks offer low-cost accounts for $4 a month or less, with at least 18 transactions.
Consider a no-fee bank. Simplii, Tangerine and EQ Bank have no monthly fees. See best bank accounts for newcomers.
Check bonus timing. Do not close the account before your newcomer bonus is paid.

See the full three-year cost with the cost of banking calculator, or compare the Big 5 offers.

Common questions

How long is the newcomer fee waiver at Canadian banks?

As of October 5, 2026: 12 months at RBC, TD and Scotiabank, and up to 24 months at BMO and CIBC.

Will my bank tell me when the free period ends?

Not always. The fee simply appears on your statement. Set a calendar reminder one month before the end date.

Can I avoid the fee after the free period?

Yes. Keep the minimum daily balance (often $4,000), switch to a cheaper plan, ask for a low-cost account, or move to a no-fee online bank.

Does the waiver start when I open the account before arriving?

Usually it starts when the account is activated in Canada. RBC says its 12-month waiver applies from arrival. Confirm with your bank.

Sources

Checked against these sources on October 5, 2026. Spotted something out of date? Tell us.

Monthly fee waiver calculator: when does your free period end?

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