We don't think you should pay a fee just to keep your money with us—you deserve better. That's why we offer our personal accounts with $0 monthly account fees.
Monthly account fees
What's included in the $0 monthly fee?
Tru Essentials Account
$0 Monthly Fee
First 12 debit transactions FREE
Debit transactions involve money leaving your account, and they can include point-of-sale purchases with your debit card, outgoing Interac e-Transfer®, Interac e-Transfer® fulfil requests, outgoing Me-to-Me transfers, in-branch withdrawals, ATM withdrawals, bill payments, cheque clearing, preauthorized debits (PADI) and more. Island Savings credit card and CUMIS pre-authorized debits or bill payments are free using online banking services and mobile apps.
Transactions 13 through 18 will incur a $1.50* fee per debit transaction up to a $9.00 maximum transaction fee per month.
- We will provide no-fee banking with unlimited transactions for members who are under 19 years old. Starting January 1 of the year the primary account holder turns 20 years old, the standard account features and fees will apply as defined above.
A fee may also apply for any additional banking services you use.
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Unlimited credit/deposit transactions. FREE monthly electronic or mailed (if selected) statements. FREE electronic transfers between your Island Savings accounts using online banking or the mobile app. |
High Interest Savings
$0 Monthly Fee
FREE monthly eStatement available in online banking
Included Transactions
Any transactions beyond those included in our monthly package will incur a fee.
1 FREE transaction per month including:
- in-branch withdrawals
- in-branch transfers
- Interac® online payments
- Interac® direct payments
- pre-authorized payments
- THE EXCHANGE® & ACCULINK® ATM withdrawals
A fee may also apply for any additional banking services you use.
FREE electronic transfers between your Island Savings accounts using online banking or the mobile app.
Savings First
$0 Monthly Fee
FREE monthly eStatement available in online banking
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Included Transactions 2 FREE transactions per month including:
A fee may also apply for any additional banking services you use. FREE electronic transfers between your Island Savings accounts using online banking or the mobile app. |
US Dollar Chequing
$0 Monthly Fee
FREE monthly eStatement available in online banking
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Included Transactions 2 FREE transactions per month including:
A fee may also apply for any additional banking services you use.
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Home Sweet Bonus®
$0 Monthly Fee
FREE monthly eStatement available in online banking
Included Transactions
Electronic transfers between own Island Savings accounts using online banking or the mobile app are free & unlimited. No other transactions are included in the monthly package.
A fee may also apply for any additional banking services you use.
Transactions beyond the monthly package limit will incur a fee and are disclosed here:
Additional transactions
| Transaction | Fee (in CAD unless otherwise indicated) (Fees will be charged in $USD on US Dollar chequing accounts) |
| ATM withdrawal (via THE EXCHANGE® and ACCULINK® networks)** | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| ATM deposit (via THE EXCHANGE® and ACCULINK® networks) | Free |
| Cheque clearing | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| In-branch withdrawal | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| In-branch transfer out | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| In-branch utility bill payment / manual bill payment | Tru Essentials Chequing: $1.50 US Dollar Chequing: $2 USD Savings: $2 High Interest Savings: $5 |
| In-branch deposit | Free |
| Electronic transfer between Island Savings accounts using online banking or the mobile app | Free |
| Electronic utility bill | Tru Essentials Chequing: $1.50 Chequing: Free Savings: $1.25 High Interest Savings: $5 Collabria credit card and CUMIS bill payments are free using online banking services and mobile apps |
| Cheque deposit via mobile app | Free |
| Interac e-Transfer® incoming (CAD currency only) | Free |
| Interac e-Transfer® Autodeposit (CAD currency only) | Free |
| Interac e-Transfer® outgoing (CAD currency only) | Tru Essentials Chequing: $1.50 Savings: $1 High Interest Savings: $5 |
| Interac e-Transfer® Request Money | Tru Essentials Chequing: $1.50 Savings: $1 High Interest Savings: $5 |
| Point of sale purchase | Tru Essentials Chequing: $1.50 Savings: $1.25 High Interest Savings: $5 |
| Point of sale return | Free |
| Me-to-Me transfer incoming | Free |
| Me-to-Me transfer outgoing | Tru Essentials Chequing: $1.50 Savings: $1.25 High Interest Savings: $5 |
| Pre-authorized debit (payment) | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| Pre-authorized credit | Free |
**Does not include Interac® ATM withdrawals or International (including US) Cirrus® network ATM withdrawals
Banking service fees
| Item | Fee (CAD unless otherwise indicated) |
| ATM withdrawal (via THE EXCHANGE® and ACCULINK® networks) | Tru Essentials Chequing: $1.50 US Dollar Chequing: $1.25 USD Savings: $1.25 High Interest Savings: $5 |
| ATM withdrawal (via Interac®) | All Chequing: $2.50 Savings: $2.50 High Interest Savings: $6 |
| ATM withdrawal (via International (including US) Cirrus® ATM networks)** | All Chequing: $5 Savings: $5 High Interest Savings: $7 |
| ATM deposit (via THE EXCHANGE® and ACCULINK® networks) | Free |
| Personalized ATM card | $5 plus tax |
| Bank confirmation | Standard: $30 plus tax Comprehensive: $50/hour plus tax ($50 minimum) |
| Chargeback | $8 per item |
| Cheques printed in branch | $2 plus tax per sheet (excluding new account opening at $0.50/cheque plus tax) |
| Ordering cheques | Cost varies The price of personalized cheques is set by an authorized third party and ranges in price, depending on several factors, such as the colour, style, customizations and other add-ons selected by you. Contact us at 1-888-597-1083 for a quote. |
| Cheque retrieval/record search | $3 per item Comprehensive search (not available in branch): $50/hour plus tax ($25 minimum) |
| Cheque received for collection | $30 |
| Cheque held for collection | $20 |
| Coverdraft | $5 |
| Dormant Accounts | (If account deemed inactive prior to October 19, 2023) Charged after 2 years of inactivity: $2.50/month |
| (If account deemed inactive after October 19, 2023) Charged after 5 years of inactivity: $2.50/month One-time admin fee charged after 5 years of inactivity: $42.50 | |
| Foreign currency/cheque ATM Deposit | Foreign currency/cheque deposited to CAD account via ATM: $5 |
| Hold post-dated item (per item left on deposit) | $3 |
| Night deposit services | 100 disposable bags: $30 plus tax (any size) lost key replacement: $15 plus tax |
| Overdraft | Overdraft protection under $5,000: $3/month Unauthorized overdraft: $5/item |
| Returned Items | Per item returned due to non-sufficient funds (NSF): $48 (the NSF fee is charged in addition to the automatic unauthorized overdraft fee—see 'Overdraft' above) For post or stale date, body, figure, signature missing: Free |
| Statements | Mailed statement: $2/statement, free for Tru Essentials Account holders Cheque images with e-statement PDF: $2/statement In-branch transaction printout: $5 per month requested Statement re-print: $50 (per statement range) |
| Stop payments (in branch, via phone or online banking) | $13 (all or partial details provided) |
| Telephone transfers (internal transfer between accounts) | $5 |
| Third party demands | Per official cheque issued: $20 Administration fee when satisfied: plus $50 |
| Account transfer to another financial institution or credit union | $25 (in addition to early account closure fee if applicable) |
| Unqualified item (unencoded; where manual posting is required) | $10/item (includes cheques drawn in U.S. funds on CAD account) |
Personal loan & line of credit fees
| Item | Fee (in CAD unless otherwise indicated) |
| Application Fee | Free |
| Loan renewal | Free |
| Loan discharge | Free |
Morgage fees
| Item | Fee (in CAD unless otherwise indicated) |
| Application fee | Free |
| Readvance/Subsequent Advance Fee | $100 |
| Amortization schedule | Free |
| Blend & extend | $500 |
| Cancellation of application | Free |
| Construction mortgages | Owner Occupied - Construction Fee: 1% Per draw: $150 For speculative and purpose built rental: 1% |
| Land only purchase or refinance | 0.50% |
| Mortgage Renewal | Free |
| Early Mortgage Renewal | $75 |
| Mortgage discharge | $75 |
| Interim/bridge financing | 1% fee on actual interim financing piece |
| Title search | $25 |
Registered plan fees
| Item | Fee (in CAD unless otherwise indicated) |
| Set up | Free |
| Activity | Partial transfer out: $100 Homebuyers withdrawal: Free Lifelong Learning Plan withdrawal: Free RRSP/RRIF cash withdrawal: Free Archived account info recovery: $30/hour plus tax RESP BCTESG transfer out: $25 |
| Duplicate receipt - T4 | RRSP/RRIF: Free RESP/RDSP: $5 |
| Closeout of Account | Full transfer out/close: $100 Account closed within 6 months of opening: $50 |
Miscellaneous fees
| Item | Fee (in CAD unless otherwise indicated) |
| Bank drafts (members only) | U.S.: $10 USD Foreign: $10 Stop Payment (U.S. and Foreign): $25 |
| Office cheques (members only) | $10 |
| Cash, coin & foreign funds cheques | USD currency exchange: Free (members only) Exchange coin: Free Special cash order: $10 plus tax (members only) GBP & Euro cheques: $30 |
| Estate | Administer and settle estate account: $100 plus tax |
| Letters | Immigration, Reference, Access, etc.: $30 plus tax Interest advice: $30 plus tax (mortgages, etc.) |
| Non-member charges | Coin machine usage: 10% Cashing cheque: $5 |
| Photocopies | $0.50/item plus tax |
| Utility bill trace service | $15 $25 for items more than one year after the payment date |
| Interac e-Transfer® trace service | $10 |
| Safety deposit box rental (Note that GST will be added to these prices) |
($10 discount for members 60 years and older) 1.5" x 4.5": $66 +GST1.5" x 5": $66 +GST 2" x 5": $90 +GST 2.5" x 5": $100 +GST 3" x 5": $110 +GST 3.25" x 5": $105 +GST 3.75" x 5": $105 +GST 4" x 5": $105 +GST 5" x 5": $140.25 +GST 2.5" x 10": $127.50 +GST 3" x 10": $142.50 +GST 5" x 10": $225 +GST 10" x 10": $375 +GST |
| Safety deposit box key replacement | $20 plus tax |
| Safety deposit box drill | $200 plus tax (additional expenses may apply for remote locations) |
| Wires in CAD | Incoming wire transfer: $15 Outgoing wire transfer: $30 |
| Wires in USD | Incoming wire transfer: $15 USD Outgoing wire transfer: $30 USD |
| Wire transfer trace service (missing originator info for incoming wire transfer, trace requests outgoing, recall of outgoing and amendments to outgoing) | $30 |
*Product terms, features and fees are subject to change, and we will provide appropriate notice as applicable and as may be required.