2026 Newcomer Banking Cost Study
How much do major-bank newcomer accounts cost once the introductory fee waiver ends? We modeled monthly account fees using current public terms from CIBC, BMO, RBC and Scotiabank.
| Bank / account | Newcomer fee waiver | Standard monthly fee | 3-year modeled fees | 5-year modeled fees |
|---|---|---|---|---|
| CIBC CIBC Smart Account | 24 months | $16.95 | $203.40 | $610.20 |
| BMO BMO Performance Chequing | 24 months | $17.95 | $215.40 | $646.20 |
| RBC RBC Advantage Banking | 12 months | $12.95 | $310.80 | $621.60 |
| Scotiabank Preferred Package | 12 months | $16.95 | $406.80 | $813.60 |
Headline findings
CIBC and BMO currently publish the longest newcomer monthly-fee waivers in this comparison at 24 months. RBC and Scotiabank use 12-month newcomer periods on the accounts modeled here.
Under a simple “pay the standard monthly fee after the promotion” assumption, the five-year modeled monthly-account fees are driven by both the length of the free period and the standard fee that follows it. The model deliberately ignores welcome bonuses and other rebates so the recurring account cost is visible on its own.
What the model includes
We calculate only the advertised monthly chequing-account fee after the newcomer waiver. If a bank publishes a balance-based waiver, that is listed separately but is not assumed in the headline model. We do not subtract promotional cash bonuses, credit-card rebates or rewards.
What the model excludes
ATM charges, overdraft, wire fees, paper statements, investment-account benefits, credit-card annual-fee rebates and the economic cost of keeping a minimum balance are excluded. Those can matter to a real customer, but mixing them into one number would make the comparison harder to audit.
Why a five-year view matters
Newcomer offers are temporary. A strong first-year package can become an ordinary paid chequing account later. Looking at several years helps separate a welcome offer from the recurring cost you could face if you keep the account unchanged.
Bank-specific fee pages
CIBC newcomer account fees & calculator →
BMO newcomer account fees & calculator →
RBC newcomer account fees & calculator →
Scotiabank newcomer account fees & calculator →
Primary sources
Scotiabank Preferred Package →
Use the data
Download the research CSV →
The Newcomer Bank Fee Calculator lets you change the time horizon and model simple balance-based fee waivers where applicable.
Research snapshot: September 12, 2026. Banking terms can change. Re-check provider disclosures before applying.