TD will offer no-fee bank accounts to Indigenous people beginning Nov. 28, the bank announced Tuesday.
The new offering follows an agreement the federal government and the Financial Consumer Agency of Canada (FCAC) negotiated with at least 13 banks, including Canada’s six largest, to provide new low-cost and no-cost accounts. The agreement was announced in the 2024 fall economic statement, with accounts to be made available by Dec. 1, 2025.
Under the agreement, those eligible for the Disability Tax Credit (DTC) certificate and social assistance recipients from select provincial or territorial programs may also qualify for no-fee accounts.
The free TD account includes 12 debit transactions a month, unlimited e-transfers and no minimum balance requirement, meeting the FCAC’s minimum standards. In addition, it offers unlimited public transit transactions at most Canadian public transit agencies and no monthly fee on an overdraft protection plan.
“These updates support TD’s participation in the Financial Consumer Agency of Canada’s updated voluntary Commitment on Low-Cost and No-Cost Accounts,” TD said in a release.
RBC previously introduced no-fee banking accounts for Indigenous people in August.