Fully updated in August 2026.

【Key idea】 When you have both a bank account and a credit card, or additional products, with the same bank, you can often receive package benefits. For example, higher-tier accounts can usually waive a credit card’s annual fee. Each bank handles this a little differently, so this article compares the relevant benefits from Canada’s Big Five banks.

The table below compares the highest-tier accounts generally offered through each bank’s regular branch network. In most cases, only these accounts can waive the annual fee on an Infinite-level credit card. Each bank has slightly different rules for supplementary-card rebates.

Bank Account Monthly fee How to waive the monthly fee Maximum credit card annual fee waived
RBC RBC VIP Banking $30.00 The fee can be reduced to $18.05 by meeting the multi-product requirements Up to $120 waived on one credit card each year
BMO Premium Chequing Account $30.95 $6,000 Up to $150 waived on one credit card each year
TD All-Inclusive Banking $30.95 $6,000 Up to $139 waived on one credit card each year, plus one supplementary card, up to $75
CIBC CIBC Smart Account $16.95 Tier 1 customers must maintain $4,000 to waive the monthly fee; Tier 2 customers with $40,000 in total investments and Tier 3 customers with $100,000 in total investments pay no monthly fee Tier 1: no credit card annual-fee rebate; Tier 2: up to $50 on one primary card each year; Tier 3: up to $139 on one primary card each year, plus up to three supplementary cards, up to $50 each
Scotiabank Ultimate Package $30.95 $5,000, or $30,000 in total savings Up to $150 waived on one credit card each year

⚠️ This article does not cover private-banking accounts. It compares branch accounts intended for the general public. When considering a premium account, the main question is whether you need its other value-added services. The sections below explain the value of each bank’s annual-fee waiver and summarize its account benefits so you can choose based on your needs.

RBC Royal Bank of Canada

RBC’s RBC VIP Banking account is clearly positioned as a premium account:

  • The monthly fee is $30. There is no deposit requirement, but the fee cannot be waived completely.
  • RBC uses the number of product categories you hold to determine the monthly-fee rebate. RBC has four product categories: credit cards, investment products, mortgages, and small-business accounts.
    • With a chequing account plus two product categories, you receive a $6 monthly rebate, paying $24.
    • With a chequing account plus three product categories, you receive up to an $11.95 monthly rebate, paying $18.05.
    • Customers aged 65 or older pay a discounted monthly fee of $22.50.
  • One credit card annual fee can be waived each year, up to a maximum value of $120. Eligible cards include:

Other bank benefits include:

  • Up to 12 free bank drafts each year, plus free personal cheques;
  • Up to $60 off a branch safe-deposit box;
  • Overdraft protection, and possible management-fee waivers when you open a self-directed investment account;
  • No RBC fee for using a non-RBC ATM. ⚠️ This means RBC does not charge its own fee, but the operator of the non-RBC ATM may still charge a fee.

The lower-tier RBC Signature No Limit Banking account can also waive the annual fee on one RBC ION+ Visa worth up to $48 and one WestJet RBC Mastercard worth $39, or provide a partial rebate of $35 on another higher-fee credit card.

BMO Bank of Montreal

BMO’s Premium Chequing Account is its highest-tier bank account:

BMO’s other benefits are more varied:

  • Family members can join a family bundle and receive separate no-fee chequing and savings accounts. There is no limit on the number of family members, but they must share one address and the total number of accounts is capped at 20.
  • Free international money transfers to 50 countries;
  • Preferred foreign-exchange rates between U.S. and Canadian dollars, up to the equivalent of US$5,000 per day;
  • Free installation of OnGuard identity-theft protection software, valued at $150;
  • No BMO fee for using a non-BMO ATM. ⚠️ BMO does not charge its own fee, but the operator of the non-BMO ATM may still charge a fee;
  • An additional 0.25% on one- to five-year GICs, which cannot be combined with other offers;
  • $12 off a branch safe-deposit box each year.

The lower-tier Performance Plan can also waive one credit card fee, up to $40.

TD Canada Trust

TD’s TD All-Inclusive Banking Plan is its corresponding premium plan:

Other benefits include:

  • Free personal cheques, bank drafts, and a small safe-deposit box;
  • No TD fee for using a non-TD ATM, including outside Canada. ⚠️ TD does not charge its own fee, but the operator of the non-TD ATM may still charge a fee;
  • Small perks through TD’s partnerships with retailers such as Starbucks and Uber;
  • A $3 discount on the U.S. cross-border Borderless Plan.

The lower-tier Unlimited Chequing Account only waives the first-year annual fee on the credit cards listed above.

Further reading: TD’s “warm upgrade”: Does a chequing account only waive the first year of a credit card’s annual fee?

CIBC Canadian Imperial Bank of Commerce

CIBC currently offers the CIBC Smart Account, with customers divided into tiers based on their assets. The tier is determined by the monthly average combined balance of chequing and savings accounts, GICs, and investment accounts such as Investor’s Edge and mutual funds held with CIBC:

  • Tier 1: $0–$39,999
  • Tier 2: $40,000–$99,999
  • Tier 3: $100,000+

CIBC Smart Account:

Other account benefits include:

  • Free personal cheques, bank drafts, and other banking services;
  • No CIBC fee for using a non-CIBC ATM worldwide. ⚠️ CIBC does not charge its own fee, but the operator of the non-CIBC ATM may still charge a fee;
  • Register for JOURNIE and link a CIBC credit or debit card to receive an additional 3 cents per litre off. You can collect points at Chevron, Pioneer, Fas Gas, and Ultramar stations and receive an additional discount of up to 10 cents once you accumulate enough points.

Scotiabank

Scotiabank’s Ultimate Package includes an unlimited chequing account:

Other account benefits include:

  • Free personal cheques and bank drafts, plus a small branch safe-deposit box at no charge, valued at $60;
  • No Scotia fee for using a non-Scotia ATM worldwide. ⚠️ Scotia does not charge its own fee, but the operator of the non-Scotia ATM may still charge a fee;
  • An additional rate on selected GICs; the exact amount is not listed on the website;
  • Ten free trades in the first year after opening an iTRADE self-directed account, valued at $100, followed by five free trades per year;
  • A partnership with the Scene+ rewards program.

The lower-tier Preferred Package only waives the first-year annual fee on the credit cards listed above.

Summary

The Big Five Canadian banks each have different strengths. Here are a few points I consider important:

Value of credit card annual fees that can be waived:

  • Single-card value: BMO = Scotiabank > CIBC = TD > RBC
  • Value for multiple supplementary cards: CIBC > TD > BMO = Scotiabank > RBC
  • Monthly-fee cost-effectiveness: TD > Scotiabank > BMO = CIBC > RBC
  • ⚠️ This cost comparison considers only the monthly fee, the value of the credit card annual-fee rebate, and the requirements to waive the monthly fee.

For example, TD’s monthly fee is $29.95, for an annual total of $29.95 × 12 = $359.40. If you must keep $5,000 in the account to waive the monthly fee, that is equivalent to a 7.18% guaranteed-deposit rate. Adding the credit card annual-fee waiver, ($139 + $359.40) / $5,000 = 9.97%.

Use your own preferences and the credit cards you value most to make a rational comparison and choose the account that works best for you. Discussion is welcome.

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