Personal Finance

Bank Inactivity fee - how to avoid?

  • Last Updated:
  • Oct 7th, 2019 12:55 pm
Deal Addict
Apr 13, 2017
2786 posts

Bank Inactivity fee - how to avoid?

I've opened too many bank accounts over the years - for promotional interest rates, sign up bonuses etc. I dont use many of these accounts anymore and they have near 0 balance.

Closing them is an option, but if they have new promotion for interest, I would need to open a new account.

What is the best way to keep these accounts active? Do all banks consider incoming interac as a transaction that counts towards keeping account active and avoiding inactivity fee?
2 replies
Sr. Member
Feb 13, 2008
714 posts
Edmonton, AB
I make a small deposit every six to eight months. One dollar deposit works for me.
Sr. Member
Feb 1, 2018
972 posts
You're best off closing the ones you really don't need. Most promos are for "new customers only" and will disqualify you if you have had an account open in the not-too-distant past, so if there are truly inactive accounts with nothing in them, you might as well close them.

If there are inactive accounts that you want to keep open, the best way is to look at the individual account fees and do a free transaction every six months or so. For the vast majority of accounts, deposits are free, so depositing a small amount would work. For some accounts, they offer, say, one free interac e-transfer per month, so you could transfer money out with e-transfer.