How the waiver works
Each bank pairs its top chequing package with a rebate on the annual fee of a selected credit card. The package itself has a monthly fee, which the bank typically waives if you keep a minimum daily balance. Hit that balance and you get both the account and the card for free.
- Scotiabank — Ultimate Package: fee rebate on select cards such as the Scotiabank Gold American Express and Scotia Momentum Visa Infinite.
- TD — All-Inclusive Banking Plan: fee rebate on select cards such as the TD Aeroplan Visa Infinite and TD First Class Travel Visa Infinite.
- CIBC — Smart Plus account: fee rebate on select cards such as the CIBC Aeroplan Visa Infinite.
- BMO — Performance/Premium plans: fee rebate on select cards such as the BMO Ascend World Elite.
Confirm the current terms
Eligible cards, balance thresholds and rebate amounts change. Check the bank's account page before you switch — we'll keep this guide updated as programs change.
Cards commonly eligible for a fee rebate
$200Scotiabank · Amex
Scotiabank Gold American Express
+$920 · First Year Free
$200Scotiabank · Visa
Scotiabank Momentum Visa Infinite
+$600 · First Year Free
$25TD · Visa
TD Aeroplan Visa Infinite
+$925 · First Year Free
$100TD · Visa
TD First Class Travel Visa Infinite
+$1,100 · First Year Free
CIBC · Visa
CIBC Aeroplan Visa Infinite
+$850 · First Year Free
$200BMO · Mastercard
BMO Ascend World Elite Mastercard
+$700 · First Year Free
Is it worth it?
Compare the card's annual fee with what you'd lose by keeping the minimum balance in chequing instead of a high-interest account. If the interest you give up is less than the fee you save, the waiver wins. It also raises a card's first-year net value by the full fee amount.