Banking in Canada: accounts, fees and your rights
What your bank can charge, how long it can hold your money and what is protected if it fails, from federal rules and bank fee schedules.
Edited by Krish Paul Updated October 21, 2026 16 guides
What is your idle cash earning?
Many big-bank chequing accounts pay little or nothing. See the difference a better rate makes in a year.
Simple interest before tax. 2.85% was the top regular rate in our savings table, checked October 1, 2026. See current savings rates
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- How Long Can a Canadian Bank Hold a Cheque? The Rules, the Exceptions and What to DoFederal rules cap a cheque hold at 4 to 8 business days and guarantee the first $100 quickly,...
- Is Your Money Safe If a Canadian Bank Fails? The CDIC $100,000 RuleCDIC insures eligible deposits up to $100,000 per category at each member institution, interest included, while mutual funds,...
- What Happens If a Payment Bounces in Canada? The $10 NSF Fee CapFederal rules in force since March 12, 2026 cap a bank's NSF fee at $10, allow only one...
- How Much Are ATM Fees in Canada? What Each Big Bank Charges in 2026RBC, TD and CIBC charge $2 and Scotiabank $1.50 for using another bank's ATM in Canada, before the...
All banking guides
FeesWhat Happens If a Payment Bounces in Canada? The $10 NSF Fee CapFederal rules in force since March 12, 2026 cap a bank's NSF fee at $10, allow only one per two business days and bar it on shortfalls under $10, but...
Rules and safetyIs Your Money Safe If a Canadian Bank Fails? The CDIC $100,000 RuleCDIC insures eligible deposits up to $100,000 per category at each member institution, interest included, while mutual funds, stocks, ETFs and crypto are not covered, and a 2025 proposal to...
FeesHow Much Are ATM Fees in Canada? What Each Big Bank Charges in 2026RBC, TD and CIBC charge $2 and Scotiabank $1.50 for using another bank's ATM in Canada, before the machine owner's own fee, so using your own bank's ATMs or paying...
FeesWhat Happens to a Dormant Bank Account in Canada? The 10-Year RuleA bank balance untouched for 10 years must go to the Bank of Canada after notices at 2, 5 and 9 years, and bank dormancy fees can shrink or erase...
Rules and safetyHow Long Can a Canadian Bank Hold a Cheque? The Rules, the Exceptions and What to DoFederal rules cap a cheque hold at 4 to 8 business days and guarantee the first $100 quickly, but accounts under 90 days old and foreign cheques fall outside those...
AccountsSimplii Financial Adds Budget Folders and Payment Backup: What Changes for ClientsSimplii's folders could help people who budget by envelope, but the new tools are pilots and fees for the Simplii Account are not public yet. Keep a buffer until payment...
Bank bonusesNational Bank: up to $600 cashback on a new chequing account (open by Nov 3)The $300 core is clear: 20 transactions and three deposits in 120 days. The three $100 add-ons need a credit card, a mortgage or $5,000 in savings, so only chase...
Bank bonusesTangerine: $250 cash bonus for moving your pay to a new chequing account (by Oct 31)The easiest bank bonus on the list: no monthly fee, two months of payroll deposits of $200 or more. The amount is smaller, but so is the work.
Bank bonusesScotiabank: up to $1,000 cash bonus on a new chequing account (open by Oct 29)The $700 is the real prize and needs six months of direct deposits. The $200 and $100 add-ons are only worth it if you want the savings account and card...
Bank bonusesBank Welcome Bonuses in Canada, October 2026: Scotiabank, BMO, National Bank and TangerineFour real offers end between Oct 29 and Nov 3. Pick the one that fits your pay and savings, and read the steps first: every bonus has deadlines and some...
AccountsHigh-Interest Chequing vs Savings Account in Canada: Which Pays More? (October 2026)The best chequing rate (2.75%) is only 0.10 points behind the best savings rate (2.85%), so leaving a 0% big-bank account matters far more than which type you pick.
AccountsBest Bank Accounts for Newcomers to Canada (October 2026): Free Banking and Bonuses ComparedBMO and CIBC waive the monthly fee for 2 years, BMO pays up to $900 cash, and RBC takes foreign workers up to 48 months after arrival. Newcomer packages at...
Bank bonusesRBC: free iPad ($649 value) with a new chequing account (open by Nov 2)A good deal if you can get the $4 Value Program fee, since the iPad is then mostly free. At the full $16.95 a month, a year of fees takes...
Bank bonusesBMO: up to $900 cash bonus on a new bank account (open by Nov 2)Worth it if you were going to move your paycheque anyway: the $700 chequing bonus is the easy part. Only add the savings account if you have $10,000 you can...
AccountsBest High-Interest Chequing Accounts in Canada (October 2026)We compared every chequing and hybrid account in Canada that pays real interest. Current rates, the conditions behind them, fees, CDIC coverage and what you would actually earn, updated October...
AccountsBest High-Interest Savings Accounts in Canada (October 2026)We checked savings rates at 12 Canadian banks and fintechs on October 1, 2026. Saven pays 2.85% every day, Oaken 2.80%, and promos run up to 5.00% for 120 days....No guide matches that search yet. Try a shorter word.
Common questions
How much of my money does CDIC protect?
CDIC insures eligible deposits up to $100,000 per category at each member institution, interest included. Mutual funds, stocks, ETFs and crypto are not covered, and a 2025 proposal to raise the limit to $150,000 is not in force. Read the guide
How long can a bank hold my cheque?
Federal rules cap a cheque hold at 4 to 8 business days and guarantee the first $100 quickly. Accounts under 90 days old and foreign cheques fall outside those limits, and a cheque can still bounce after the hold ends. Read the guide
How much is an NSF fee now?
Federal rules in force since March 12, 2026 cap a bank's NSF fee at $10, allow only one every two business days and bar it on shortfalls under $10. Fees a merchant or landlord charges for a returned payment are not covered. Read the guide
What happens to a dormant bank account?
A balance untouched for 10 years goes to the Bank of Canada after notices at 2, 5 and 9 years. Bank dormancy fees can shrink or erase a small balance before then. Read the guide
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General information, not financial, tax or legal advice. Figures come from the linked Gizly guides, each checked against official or provider sources on the date shown in the guide. See how we check the numbers and our affiliate disclosure.