NASSAU, BAHAMAS: Banking costs continued to climb across The Bahamas during the second half of 2025, with customers paying higher fees for many everyday banking services, according to the Central Bank of The Bahamas’ latest Cost Analysis on Comparability of Bank Fees. However, the report found that consumers who embraced digital banking consistently paid significantly less than those relying on traditional over-the-counter services.
The semi-annual assessment, which compares fees charged by commercial banks as of December 31, 2025, found that average monthly costs increased across most customer profiles compared with both June 2025 and December 2024. While no single institution ranked as the least or most expensive across every category, the report highlighted notable differences in fees depending on the type of account, banking habits and financial institution.
According to the Central Bank, customers who maximize digital banking services continue to enjoy the lowest costs. Average monthly fees for digital banking ranged from $3.39 to $18.03 in December 2025, up from $2.77 to $16.92 six months earlier.
Among the four customer profiles examined, student accounts remained the least expensive to maintain, benefiting from concessionary pricing, followed by retiree accounts. Adult chequing accounts continued to attract the highest average monthly costs.
The report found that the average monthly cost of maintaining a student savings account increased by 22.4 percent, rising from $2.77 in June 2025 to $3.39 by December. Retiree savings account costs rose by 7.7 percent, while adult chequing and adult savings account fees increased by 6.5 percent and 7.2 percent, respectively.
Customers conducting their banking primarily through physical branches continued to face considerably higher costs. Average monthly charges for paper-based and over-the-counter banking ranged from $11.05 to $33.50, compared with $10.23 to $27.61 six months earlier.
The report noted that adult chequing accounts experienced the sharpest increase, with average physical banking costs climbing 21.3 percent between June and December 2025. Student account maintenance fees increased by 10.2 percent, while retiree account costs rose by 8.1 percent over the same period.
The Central Bank’s comparison also highlighted differences among financial institutions. For student accounts, CIBC Caribbean offered the lowest simulated monthly cost regardless of whether customers used digital or physical banking channels, while Commonwealth Bank matched the lowest digital cost but did not provide ATM cards for student account holders. The report found RBC FINCO charged the highest fees for digital student banking, while Scotiabank Bahamas recorded the highest costs for students relying on physical banking services.
For retiree accounts, CIBC again emerged as the least expensive provider across both digital and in-person banking channels. Fidelity Bank offered the lowest costs for adult chequing accounts using digital services, while Commonwealth Bank provided the least expensive adult savings accounts through physical banking channels. Scotiabank ranked among the costliest institutions in several account categories.
The Central Bank also compared fees associated with missed payments on credit cards, personal loans and mortgages. Fidelity Bank maintained the lowest charges across all three lending categories, while Bank of The Bahamas matched the lowest penalty fee for late credit card payments. RBC, Scotiabank and CIBC imposed the highest late payment charges on credit cards, while RBC and RBC FINCO recorded the highest mortgage late-payment fees.
Despite the increase in fees, the Central Bank noted that concessionary pricing for students and senior citizens remains in place across the banking sector. However, it cautioned that comparisons should be viewed carefully, as customers with existing borrowing relationships may not always have the flexibility to switch institutions. The report also acknowledged that access to technology and digital literacy continue to influence customers’ ability to take advantage of lower-cost electronic banking services.
Looking ahead, the Central Bank said it plans to launch public consultations on proposed guidance for the introduction of basic banking accounts, aimed at expanding access to affordable banking services for lower-income individuals earning up to the current national minimum wage
