NASSAU, BAHAMAS- The Central Bank of The Bahamas’ semi-annual assessment of retail bank charges for the period ending June 2025 shows that, while fees continue to vary across financial institutions, many have edged slightly higher over the past six months.
The recently published semi-annual assessment, highlights both the incremental rise in average account maintenance fees and the continued importance of customer comparisons when selecting financial institutions. The findings reveal that while students and retirees continue to benefit from relatively lower transaction charges, adult clients with chequing or savings accounts remain subject to the highest costs, especially when relying on in-branch or paper-based services.
The Central Bank’s analysis is designed to give Bahamians a clearer view of how commercial banks structure fees for everyday services. Four hypothetical customer profiles were used: a student with less than $300 on deposit making two withdrawals per month, a retiree with a balance below $400 and two monthly transactions, an adult with a chequing account holding less than $500 and conducting four transactions, and another adult with a savings account maintaining just over $1,200 and also executing four transactions monthly. Each scenario was tested under maximum digital use and maximum reliance on physical channels, offering a comparative picture of costs across local clearing banks.
The results show that average charges for digital services edged upward compared to December 2024. A student relying fully on online or ATM-based channels faced average monthly fees of $2.77, slightly higher than the $2.49 recorded six months earlier. For retirees, costs remained stable at $4.18, though they were firmer than the $4.04 seen in June 2024. Adults with chequing accounts continued to pay the most digitally, with monthly averages climbing to $16.92, up from $16.49 in December. Savings account holders saw their digital costs rise to $9.23 per month, compared with $8.84 previously. The figures underline a gradual but persistent increase in banking expenses for the average depositor, even where digital channels are emphasised.
For customers relying primarily on physical delivery channels, charges were notably higher and followed mixed trends. Students using over-the-counter or paper-based services faced $10.78 in monthly costs, slightly above both December and June 2024 levels. Retirees saw physical banking expenses rise to $10.23 from $9.72 six months earlier, though still marginally below the $10.36 recorded the previous year. Adult chequing accounts were the costliest of all, at $27.61 per month, with steady increases across the comparison periods. Adult savings accounts, in contrast, fell marginally to $26.55, down from $26.63 in December and $26.97 the prior June. The spread between digital and physical banking remained substantial, reinforcing the incentive for customers to shift to electronic transactions where possible.
Bank-by-bank comparisons further illustrate the unevenness of the fee landscape. For students, CIBC Caribbean emerged as the least expensive provider in both digital and physical scenarios, with Commonwealth Bank, RBC, and Scotiabank offering similarly low-cost digital outcomes but ranking higher when students used in-branch services. Commonwealth Bank’s policy of not issuing ATM cards to students, aimed at encouraging saving, also influenced its cost profile. For retirees, CIBC again offered the lowest charges across service channels, while institutions such as BOB, Fidelity, and RBC FINCO did not maintain special senior accounts, leaving customers subject to regular fees.
For adults, Fidelity ranked as the most affordable option for digital chequing accounts, while CIBC offered the lowest costs for savings accounts under electronic use. When relying on physical channels, Fidelity was also the cheapest for both chequing and savings. On the high-cost end, Scotiabank stood out as the most expensive provider for adult chequing and savings accounts under digital channels, as well as for student and adult savings accounts under physical service. RBC and RBC FINCO topped the cost spectrum for seniors using digital platforms, while BOB was particularly costly for retiree and adult chequing customers in the physical-service scenario.
The survey also considered credit facilities, focusing on penalties for late or missed payments on a credit card, personal loan, and residential mortgage. Here, costs were unchanged compared with December 2024. Fidelity Bank consistently recorded the lowest fees across all categories, with BOB matching Fidelity’s minimum charge for late credit card payments. At the upper end, RBC, Scotiabank, and CIBC levied the highest penalties for late credit card payments, while RBC and RBC FINCO charged the most for late mortgage repayments. Commonwealth Bank recorded the steepest penalties on personal loans once repayment thresholds were breached.
The Central Bank emphasised that while its comparative tables offer valuable insight, consumer choice is not always unconstrained. Customers often remain tied to a single institution by credit commitments, while limited access to digital platforms or discomfort with online banking can blunt the cost-saving potential of electronic channels. The report concluded that incremental cost increases are most evident in deposit account maintenance, whereas credit-related penalties have remained more stable. Importantly, the findings underscore the continuing policy priority of expanding digital financial inclusion.
