Types of bank accounts in Canada
Quick summary
The main types are chequing, savings and joint accounts. Everyone can get a low-cost account for $4 a month or less, and some groups can get a no-cost account. Compare the monthly fee and the number of transactions. Next step: compare chequing and savings accounts.
Checked November 2, 2026. Main source: Financial Consumer Agency of Canada, Bank accounts. Checked November 2, 2026.. See all 4 sources.
The main types
- Chequing account: for everyday money. Your pay goes in, and you pay bills and shop from it.
- Savings account: for money you want to keep. It earns interest.
- Joint account: a chequing or savings account that two or more people can use.
- Low-cost and no-cost accounts: chequing accounts with a small fee or no fee.
Source: Financial Consumer Agency of Canada, Bank accounts. Checked November 2, 2026.
Chequing and savings
Use chequing for spending and savings for money you do not need right away. Many people keep both.
See our guide for fees, what the Big Six banks charge and how your money is insured.
Joint accounts
Each holder can usually deposit, withdraw, pay and transfer money. The holders share responsibility for what happens in the account.
- Another holder's actions can affect you.
- An overdraft can create debt for everyone on the account.
- If one holder dies, some provinces and territories may limit access to the money for a time. Ask the bank what would happen.
Source: Financial Consumer Agency of Canada, Joint bank accounts. Checked November 2, 2026.
Low-cost and no-cost accounts
Low-cost accounts cost $4 a month or less and are open to all Canadians. No-cost accounts have a $0 monthly fee for some people.
FCAC lists these groups for no-cost accounts: people age 18 or younger, students, seniors who get the Guaranteed Income Supplement, RDSP beneficiaries, newcomers in their first year, Indigenous people, Disability Tax Credit recipients and people who get select provincial or territorial social assistance.
Since December 1, 2025, fourteen federally regulated institutions, including the six largest banks, have committed to show these accounts clearly and to offer more monthly debit transactions on low-cost accounts. Ask the bank which group it offers a $0 account to.
Sources: Financial Consumer Agency of Canada, Opening a low-cost or no-cost bank account, and its November 2025 news release. Checked November 2, 2026.
What to ask before you open an account
- What is the monthly fee, and how can I get it waived?
- How many debit transactions are included?
- What do overdraft and NSF fees cost?
- Does the account earn interest?
- Is my money insured, and by whom?
Questions people ask
What are the main types of bank accounts?
Chequing, savings and joint accounts. Low-cost and no-cost accounts are chequing accounts with a small fee or no fee.
Can I get a bank account for free in Canada?
Some groups can, including people age 18 or younger, students, newcomers in their first year and seniors who get the Guaranteed Income Supplement. Ask your bank which group it covers.
What is the most a low-cost account can cost?
FCAC says low-cost accounts cost $4 a month or less and are available to all Canadians.
What is a joint account?
An account that two or more people can use. The holders share responsibility, so another holder's actions can affect you.