Finance Minister Joe Oliver is at the Good Companions Seniors Centre in Ottawa today, where he is expected to announce new rules offering no-cost bank accounts.

Oliver's announcement will be be LIVE on CBCnews.ca starting at noon ET.

The Globe and Mail reports that eight Canadian banks have agreed to allow free accounts with 12 transactions a month for youth and low-income seniors on a pension who qualify for the Guaranteed Income Supplement.

It's not clear how these accounts would be different from the free accounts the banks have traditionally offered seniors who are longtime customers, as well as youth who they hope will be encouraged to develop good banking practices.

Oliver's announcement is billed as new action by the government to protect consumers and save Canadians money.