This brief document, prepared by the federal government’s Financial Consumer Agency of Canada (FCAC), is filled with tips to help people select a low-cost bank account.

The authors begin by explaining the features of a low-cost account, which include the use of a debit card and the absence of charges for deposits. Other features, like the number of debits included in the monthly rate, can vary from one bank to another.

They discuss factors to consider when shopping around for a bank account, including whether there are branches of the bank nearby; fees for using bank machines at other financial institutions; the number of transactions included in the monthly fee; and the type of identification required to open an account.