Bremo Research — April 2026 | Analysis of 1,047 Canadian bank account comparisons
Bremo analyzed 1,047 account comparisons from Canadian users between January and April 2026. The data reveals a consistent pattern: the majority of Canadians with fee-based chequing accounts qualify for free alternatives but have not switched.
| Bank / Account | Monthly Fee | Annual Cost | Free Alternative Available? |
|---|---|---|---|
| TD Everyday Chequing | $16.95 | $203.40 | Yes |
| RBC Day to Day Banking | $16.95 | $203.40 | Yes |
| BMO Performance Chequing | $16.95 | $203.40 | Yes |
| CIBC Smart Account | $16.95 | $203.40 | Yes |
| Scotiabank Basic Banking | $10.95 | $131.40 | Yes |
| KOHO Essential | $0 | $0 | — |
| Neo Financial Money Account | $0 | $0 | — |
| Simplii Financial | $0 | $0 | — |
| Tangerine No-Fee Chequing | $0 | $0 | — |
Among Canadians who use a fee-based account:
Beyond monthly fees, Canadians are missing one-time sign-up bonuses worth $20–$600 per account by staying with their existing bank:
| Product | Bonus | Requirement |
|---|---|---|
| KOHO Essential (code: BREMO2026) | $20 cash | Open account + first purchase |
| Neo Financial (code: J4C9H3K5) | $25 cashback | Open + first purchase |
| Simplii Financial Chequing | Up to $400 | Direct deposit within 60 days |
| CIBC Smart Account | Up to $600 | Conditions apply, limited time |
| EQ Bank Savings Plus | Up to $100 | Deposit $1,000 within 30 days |
Fee avoidance rates vary significantly by province. British Columbia and Ontario show the highest rates of fee-based account usage, while Quebec users are more likely to use no-fee institutions (Desjardins, Tangerine).
| Province | % Using Fee Account | Avg Annual Fee Paid | % Unaware of Free Option |
|---|---|---|---|
| British Columbia | 64% | $211 | 41% |
| Ontario | 71% | $209 | 44% |
| Alberta | 62% | $198 | 39% |
| Quebec | 48% | $156 | 31% |
| Atlantic Canada | 69% | $188 | 47% |
| Prairie Provinces | 60% | 38% |
Data source: Anonymized account comparisons submitted via Bremo.io between January 1, 2026 and April 15, 2026. Comparisons were initiated by users seeking to evaluate their current bank against alternatives.
Sample size: 1,047 account comparisons across 8 provinces. Data is self-reported and represents Canadians actively seeking to optimize their banking.
Fee data: Published monthly fee schedules from each bank's official fee disclosure document as of April 2026. Fees shown are standard rates before waivers.
Limitations: Sample skews toward Canadians already motivated to compare accounts. Actual population-level fee waste may differ. This study does not constitute financial advice.
To cite this research:
Bremo Research. (2026, April). Canadian Banking Fee Study 2026: Canadians Waste $203/Year on Unnecessary Banking Fees. Bremo. https://bremo.io/research/canadian-banking-fee-study-2026
Data available for journalists: Full dataset (anonymized) available on request. Contact: partnerships@bremo.io
Published: April 2026 | Bremo Research — for informational purposes only, not financial advice.