Best Senior Bank Accounts in Canada
ALSO CONSIDER: Best chequing accounts | Best no-fee chequing accounts | Best new bank account offers and promotions
Senior chequing accounts often come with unlimited transactions, free cheques and no monthly fees.
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 for a senior account or discount.
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
Coast Capital Unlimited Chequing Account for Seniors
National Bank The Minimalist Chequing Account for Seniors
RBC Day to Day Banking for Seniors
Scotiabank Basic Bank Account for Seniors
CIBC Smart™ for Seniors
Laurentian Bank Seniors 60+ Advantage Unlimited Account
TD Unlimited Chequing Account for Seniors
Scotiabank Preferred Package with Seniors’ Discount
RBC Signature No Limit Banking for Seniors
Desjardins Everyday Unlimited Plus Plan for Seniors
TD All-Inclusive Banking Plan
Benefits to look for in a senior bank account
Senior bank accounts are offered to people who've reached a certain age, often 60 or 65.
These accounts have the same features as a standard chequing account — a debit card, cheque-writing privileges and online banking — but with little or no monthly fees. Some banks bundle senior chequing accounts with savings accounts, credit cards or other services.
NerdWallet gives the highest ratings to senior bank accounts with:
No monthly fees. Our rating system rewards accounts without any monthly fees. Some accounts have fees but waive them if you meet account balance or direct deposit minimums. In those cases, we prefer balance minimums that aren’t too high — under $3,000 is best.
Free online transfers. You shouldn’t have to pay to make Interac e-transfers.
Plenty of options. A big ATM network and a wide selection of branch locations add convenience.
Some senior accounts have extra perks that we don’t include in our rankings. These may include free cheques and free paper statements. They may not sway your decision, but they’re good to know about.
Downsides to be aware of in senior bank accounts
When comparing senior bank accounts, pay attention to:
Limits on debit transactions. If you frequently pay by debit, check whether fees kick in after a certain number of transactions per month.
Rebates that don’t eliminate fees. Some banks offer seniors discounts for standard chequing accounts in lieu of a dedicated account with “senior” in the branding. In the end, the features matter more than the name — just make sure that the discount brings the monthly fee to $0. Otherwise, keep looking.
Where you can get customer service. Limited or no in-person customer service options could be a hurdle. Even if you rarely bank in person now, consider whether your preferences might change in the future.
What to expect when opening a senior bank account
Be ready to apply by reviewing the following:
There isn’t a single age of eligibility for senior accounts. Sixty is common, but some age minimums are higher.
Confirm your eligibility before applying. You’ll likely need to prove your age, but since a government document is a typical requirement to open any account, it isn’t an extra burden.
Once your new account is set up, update the payment information for any bills you pay via chequing or debit.Order cheques. Some banks provide them for free.
How to choose the best senior bank account for you
Our star ratings distill how well an account works for most people. To make sure an account is the right fit for your specific needs, answer the following questions:
Do you meet the requirements to completely eliminate all monthly fees? This usually means having an average balance of a few thousand dollars or direct deposit set up.
What are the most debit card transactions and e-transfers you’ve made in one month? Look for an account that won’t charge fees for the way you plan to use the account.
How will you get cash? Look for in-network ATMs near places you visit frequently. If in-person banking is important to you, make sure there’s a branch near you.
Alternatives to consider
If you don’t qualify for a senior bank account or simply want to explore your options elsewhere, there are plenty of alternatives.
- Other types of chequing accounts
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.
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.
Earns rewards points.
Often comes with unlimited transactions.
Monthly fees are common.
Regular fees after the intro offer ends.
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