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How to Bank for Free in T&T

  • wealthchecktt
  • Mar 22
  • 3 min read

Updated: Jun 5

It seems that there is a fee for almost everything these days. Banks, in particular, have gotten quite fee-happy in the last couple of years and the fee-nomenon is almost impossible to escape. However, there are still a few no-fee options that you can take advantage of...for now


Bank Accounts with NO Maintenance Fees




Did you know that banks don't actually keep our money locked up in a safe until we want to use it? Instead, they lend it out to other customers who must pay it back over time. They apply interest charges to these loans and BOOM...that's how they make money from our money. Instead of paying us to use it, they have the gall to make us pay just to keep an account open. Fortunately, there are certain bank accounts that allow us to escape this fee trap.


No Monthly Fees (No Conditions)

No Monthly Fees (Minimum Balance Must be Maintained)



No Monthly Fees (Special Conditions)



Debit Cards with NO ATM/POS Fees


Debit cards give us convenient access to the money in our bank accounts. While they're usually given to us for free, they're not always free to use at ATMs or POS terminals. Thankfully, some banks absorb the costs so we can spend freely.


Withdraw Freely in T&T (NO Local ATM Fees)


Shop Freely in T&T (NO Local Point-Of-Sale Fees)


Shop Freely Abroad (NO International Point-Of-Sale Fees)

*A fee applies if the transaction is not successful.


Credit Cards with NO Annual Fees


Scotiabank No Fee VISA Classic
Scotiabank No Fee VISA Classic

Technically, there are no local credit cards that do not have an annual fee (outside of promotional offers). However, there is one credit card whose annual fee can be waived every year if a certain spend requirement is met or exceeded.


Scotiabank | No Fee VISA Classic credit card - annual fee is waived if spend is at least TT$1,250 monthly, on average


All credit cards that give cash back rewards can potentially pay for themselves if you spend enough to earn cash back that at least equals the annual fee. The same applies to credit cards that allow you to earn reward points that you can redeem for cash back.


N.B. Credit card interest charges are essentially the penalty fee for borrowing money from the bank and not paying back on time. It is possible to avoid this fee altogether by always paying off the entire balance due before the due date every month.


Online/Mobile Banking Platforms with NO Transfer Fees


While we can access all digital banking platforms for free (hope that never changes!), banks have started charging us transaction fees ranging from $1.25 to $2.00 when we need to send money to an account at another bank. However, two banks have yet to introduce these fees.


  • ANSA Bank | Online Banking

  • Republic Bank | Online & Mobile Banking


Customer Contact Channels that are FREE to Access


When it's not possible to visit a branch (or we just don't want to), we should be able to get in touch with our banks for assistance. Email is a free and very convenient channel but responses can be delayed. Real-time communication channels, like phone calls, are ideal when we need to speak to a bank representative directly. There's nothing worse than having to pay for a phone call while we wait on the line to have an issue resolved. The banks themselves don't earn any revenue when we contact them but customers would always appreciate a toll-free phone number for the Customer Care/Call Centre.


  • ANSA Bank | 866-ANSA (2672) or Web Chat at ansabank.com

  • CIBC Caribbean Bank | 866-743-2257

  • First Citizens Bank | Web Chat at firstcitizensgroup.com/tt

  • JMMB Bank | 800-JMMB (5662)

  • RBC Caribbean Bank | 800-1RBC (1722)

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