Best Senior Bank Accounts in Canada
Nov 13, 2024For folks who are at least 60 years of age, senior chequing accounts may offer unlimited transactions, free cheques and no monthly fees.
ALSO CONSIDER: Best chequing accounts | Best No-fee Chequing Accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts
Senior chequing accounts often come with unlimited transactions, free cheques and no monthly fees. Although, not all banks offer dedicated senior bank accounts — some simply waive or discount monthly fees for regular accounts that can still help you save money. You typically need to be at least 60 to 65 years of age to be eligible.
Best bank accounts for seniors
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BACK TO TOPNerdWallet Canada selects the best senior bank accounts based on several criteria. Factors in our evaluation methodology include services, branch banking availability, number of included transactions, seniors discounts and more. The accounts considered for this list are available to Canadians in more than one province.
Summary of our picks for the best senior bank accounts
CIBC Smart™ for Seniors
Canadian Western Bank Gold Leaf PLUS Account
Coast Capital Unlimited Chequing Account for Seniors
RBC Day to Day Banking for Seniors
Scotiabank Basic Bank Account for Seniors
National Bank The Minimalist Chequing Account for Seniors
TD Unlimited Chequing Account for Seniors
RBC Signature No Limit Banking for Seniors
Scotiabank Preferred Package with Seniors’ Discount
TD All-Inclusive Banking Plan
Desjardins Everyday Unlimited Plus Plan for Seniors
What to know about senior bank accounts
A senior bank account typically offers many of the same benefits as a standard chequing account, like a debit card, cheque-writing privileges and online banking — with little to no monthly fees.
Types of senior bank accounts
Most financial institutions in Canada have special account offerings for seniors to help them carry out daily banking transactions without incurring high service fees. These options include:
Senior chequing accounts: Dedicated accounts that come with daily banking features for senior citizens at low to no monthly fees.
Senior banking plans: Packages or bundles include chequing and savings accounts as well as other financial offerings like credit cards or estate planning services.
Senior discounts: Eligible seniors receive rebates on standard chequing account fees.
Common features of a senior chequing accounts and plans
Perks and features vary by provider, but senior accounts typically offer the following benefits:
Waived or discounted monthly fees.
Unlimited transactions.
Free personalized cheques.
Free paper statements.
How to find the best senior bank account for you
Before you sign up for an account, consider the following factors:
Monthly fees. Some seniors’ accounts carry monthly fees that can eat into your savings.
ATM access. Fees for third-party ATMs are common, so you may want to opt for a bank with a well-established ATM network.
In-person support. Customer service for online accounts, like those offered by digital banks, is limited to phone, email and live chat support.
Transaction limits. Not all seniors accounts have unlimited transactions, so if you anticipate using your account frequently, be mindful of transaction fees.
Compare your options to find the account or banking plan that best fits your finances.
Considerations for a senior chequing accounts and offers
Senior bank accounts have plenty of advantages, but no account is perfect. Be on the lookout for the following potential drawbacks:
One-time account fees. An account without monthly fees may still have one-time one-time fees per use of services, like out-of-network ATM withdrawals, stop payments, wire transfers and more. Read the fine print before you sign up to identify any account fees you may encounter.
Monthly fee rebates. Some banks don’t have dedicated bank accounts for seniors. Instead, they offer fee rebates, and these discounts may not eliminate the monthly account fee.
Online-only account access. If you opt for an account from a digital bank, you won’t be able to visit a branch for in-person support. If you prefer to transact face-to-face, you may not want an account from an online bank.
Review your spending habits. The optimal account for your financial needs will depend on how you typically spend and save your money. If you have an existing bank account, look at your monthly statement. How often do you make ATM withdrawals, write cheques or swipe your debit card? Get an idea of a typical month of transactions to find an account that includes features you use most.
How to open a senior bank account
You can open new bank accounts online from the financial institution’s website or at a branch. Online applications can be completed at any time. If you prefer to apply in person, call ahead to schedule an appointment at your local branch during business hours.
You must typically provide the following information during the application process:
Full name and residential address.
Birth date.
Email address.
Social Insurance number.
Employment status.
Who should consider a senior chequing account?
Anyone who is over the age of 59 and qualifies for a senior chequing account should consider applying. You typically need to be 60 to 65 or over, but a senior bank account could be worthwhile if you’re eligible. Many accounts offer discounted or waived account fees and come with banking features, which could be worthwhile.
Alternative bank account types seniors should consider
If you don’t qualify for a senior bank account or simply want to explore your options elsewhere, there are plenty of alternatives.
Account Type | Pros | Cons |
|---|---|---|
No monthly fees. Unlimited transactions are common. | Rarely offers access to branch banking. Low to no interest. | |
Hybrid bank accounts | Can be used as a savings and chequing account. Competitive interest rates. | Limited availability in Canada, and typically only offered by online banks. Frequent ATM use could result in many added charges. |
High interest savings accounts (HISAs) | Earn a high rate of interest to help your money grow. Usually no fees. | Some HISAs require you to keep a minimum account balance. The highest rates are typically only found at online banks. |
https://www.nerdwallet.com/ca/p/best/banking/best-chequing-account-offers | Earns rewards points. Often comes with unlimited transactions. | Monthly fees are common. Regular fees after the intro offer ends. |
Frequently asked questions
How old do I have to be to qualify for a senior chequing account?
How old do I have to be to qualify for a senior chequing account?
To qualify for senior accounts and discounts at most financial institutions, customers generally need to be at least 60 to 65 years of age.
What is the best bank for seniors?
What is the best bank for seniors?
Based on your needs, you can find a bank that offers a no fee account or rebates for seniors on services that you most care about.
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