No Fee Bank Accounts

How a No-Fee Bank Account Can Help Authors Manage Their Expenses

Being an author means wearing many hats: writer, marketer, business owner, and sometimes even your own accountant. With income that fluctuates month to month, book launch expenses that arrive all at once, and the constant need to reinvest in your craft, managing author finances can feel overwhelming.

One simple shift can make a huge difference: using a no-fee bank account.For authors, this type of account can remove unnecessary stress, eliminate monthly charges, and give you more control over your money.

Here’s how a no-fee account can help streamline your financial life as a writer.

1. No Minimum Balances = Less Stress for Irregular Income

Author income isn’t usually a steady paycheck. You might receive royalty payments quarterly, freelance income one month and not the next, or a large advance that has to stretch across a year.

A no-fee account removes the pressure of maintaining a minimum balance just to avoid charges. Whether your account has $50 or $5,000 in it, you’re never penalized for a slow month. That stability gives you breathing room when income is unpredictable.

2. Unlimited Transactions Make Expenses Simple

Authors often juggle many small expenses:

• Editing

• Cover design

• Ads and marketing

• Subscriptions (software, AI tools, Canva, email services)

• Printing or shipping books for signings

• Travel for events or conventions

When your bank charges for each e-Transfer or transaction, those costs add up quickly—and they eat into your book budget.

A no-fee account with free, unlimited transactions lets you:

• Pay freelancers easily

• Move money between personal and business accounts

• Buy supplies or ads

• Pay for subscriptions

• Issue refunds if you sell books yourself

…all without worrying about surprise fees.

3. Easier Expense Tracking for Taxes

One of the best business habits for authors is keeping your expenses separate from your personal spending. A dedicated no-fee account becomes your “author hub,” making it simple to track deductions such as:

• Research books

• Office supplies

• Editing

• Website hosting

• Advertising

• Travel

• Training or courses

At tax time, everything is clean and easy to pull up for your accountant—or for you, if you DIY.

4. Cashback or Reward Opportunities

Some no-fee accounts come with linked debit or prepaid cards that offer cashback or rewards. For authors, this can offset regular business costs like:

• Groceries while traveling

• Coffee shop writing sessions

• Art supplies

• Adobe, Canva, Vellum, or other subscription fees

It’s a small thing, but over time it becomes meaningful—especially during book launch seasons when spending spikes.

5. Perfect for Organizing Money into “Author Buckets”

A no-fee account helps you move money around without paying extra. You can create a simple system like:

• Main Author Account: Royalty payments + business spending

• Savings Account: Tax set-aside (15–30%)

• Future Projects Fund: Cover art, editing, advertising

• Personal Paycheque Account: What you “pay yourself” monthly

Because transfers are free, it’s easy to stay organized and financially intentional.

6. Ideal for Authors Who Travel for Events or Signings

Many authors attend:

• Comic cons

• Book fairs

• Expos

• Writing conferences

• Library events

• Local markets

A no-fee account reduces costs while traveling, especially if the bank offers ATM fee refunds or flexible access across Canada. Being able to withdraw cash without worrying about added charges is a bonus when you’re on the road selling books.

So Which No-Fee Account Do We Recommend?

There are several no-fee accounts in Canada, but we recommend Neo Financial’s Everyday (no-fee) Account for authors because:

• $0 monthly fees

• Unlimited free transactions

• No minimum balance requirement

• Cashback opportunities on everyday purchases

• ATM fee reimbursements on certain memberships

• Fully digital, easy budgeting through the app

• CDIC-insured funds for safety and peace of mind

Neo offers everything authors need: simplicity, reliability, and a bank account that doesn’t charge you for running your writing business.

You can have up to TEN cash accounts within NEO so you can organize and track your finances easily all within one bank with no monthly fees!

Open your bank accounts here