Menu Toggle
Search
  1. Home
  2. Banking
  3. Best Senior Bank Accounts in Canada
Published March 1, 2024
Reading Time
5 minutes

Best Senior Bank Accounts in Canada

Many senior bank accounts offer fee rebates and unlimited transactions. But not all senior accounts are free, and require you to be 60 to 65 or older to qualify.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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 60 to 65 or older to be eligible.

Back to Top

CIBC Smart™ for Seniors

CIBC Smart™ for Seniors
  • Bonus Offer
    $400
  • Monthly Fee
    $0-$10
  • Number of Transactions
    Unlimited
Our Take
  • Canadians aged 65 and older can enjoy sweet savings and helpful perks with this specialized version of the popular CIBC Smart™ Account.
  • Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.
Product Details
  • Get a $400 Costco Shop Card when you open your first chequing account and complete the qualifying actions.
  • The monthly fee for the CIBC Smart™ Account typically starts at $16.95, but seniors automatically receive a $6.95 discount. After that, the monthly fee varies by the number of transactions you make in a month and your account balance. If you maintain a $4,000 minimum balance, you’ll have unlimited transactions and no monthly fee. If you do not, you can pay no monthly fee and have up to 12 transactions, or pay $1.25 each for 13-20 additional monthly transactions.
  • Free Interac e-transfer transactions that count towards your total transactions.
  • Free bank drafts and money orders.
  • A $5 discount on the annual rental fee for a safety deposit box.
  • Access to nearly 4,000 ATMs across Canada.
  • One free non-CIBC ATM withdrawal per month in Canada.
  • Use online and mobile banking to transfer money, pay bills, make purchases and manage your money anywhere, anytime.
  • Apply online and access your bank account instantly. You can also add your debit card to your mobile wallet and start shopping on the first day.
  • Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
  • CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
  • Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
  • Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
  • Only available to Canadians aged 65 and older.
  • Deposits are eligible for insurance from CDIC.

RBC Signature No Limit Banking for Seniors

RBC Signature No Limit Banking for Seniors
  • Bonus Offer
    Get an Apple Watch Series 9
  • Monthly Fee
    $12.95
    Rebates available
  • Number of Transactions
    Unlimited
Our Take
  • RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
  • Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.
Product Details
  • Get the new Apple Watch Series 9 when you switch to RBC & open an eligible RBC bank account by June 3, 2024. Conditions apply.
  • Unlimited debits transactions in Canada, valuable savings and even more.
  • Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
  • FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
  • 3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
  • 5 FREE cross-border debits/month, $1 each thereafter.⁹
  • No minimum balance (even to get rebates).
  • Monthly Fee¹: $16.95 (or less with rebate).²
  • $10.95 or $5 monthly fee with Value Program Rebate.¹⁰
  • $12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
  • Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
  • Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
  • Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
  • Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
  • 1 book of cheques FREE, afterwards Fees Apply¹⁷
  • Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
  • Online, Mobile and Telephone Banking FREE.
  • eStatements FREE.
  • Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
  • Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

Canadian Western Bank Gold Leaf PLUS Account

Canadian Western Bank Gold Leaf PLUS Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • Designed for Canadians 57 and older, the Canadian Western Bank Gold Leaf PLUS Account has no monthly fees, unlimited transactions and free personalized cheques.
  • Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.
Product Details
  • Available to Canadians 57 and older.
  • No monthly fees.
  • Unlimited transactions, including Interac eTransfers.
  • Complimentary paper cheques.
  • Electronic or paper statements.
  • $15 discount on safe deposit box rentals.
  • Option to receive GIC interest monthly with no penalty.
  • Deposits eligible for insurance from CDIC.

TD Unlimited Chequing Account for Seniors

TD Unlimited Chequing Account for Seniors
  • Bonus Offer
    Up to $400
  • Monthly Fee
    $11.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
Our Take
  • The TD Unlimited Chequing Account is a convenient way to manage your daily expenditures, with unlimited transactions, free Interac e-transfers and a first-year annual fee rebate on select TD credit cards up to $139.
  • TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product Details
  • Earn $350 by opening a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account by June 3, 2024 and complete two of following by July 31, 2024: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Set up a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app.
  • Earn up to 5.55% Savings Interest Rate by opening a new TD ePremium Savings Account by June 3, 2024: Earn 3.70% Bonus Savings Interest Rate for 90 days on any balances up to $1,000,000.00. Earn a posted interest rate of 1.85% on balances of $10,000 or greater.
  • Earn an extra $50 by applying, be approved and add Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by June 3, 2024.
  • Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
  • Unlimited transactions included per month.
  • Free Interac e-transfer transactions.
  • Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
  • Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
  • No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
  • Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
  • Use TD MySpend to track monthly spending and improve spending habits.
  • Direct deposit for paycheques, mobile deposit for all other cheques.
  • Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
  • CDIC protection for eligible deposits.

RBC Day to Day Banking for Seniors

RBC Day to Day Banking for Seniors
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    12
Our Take
  • RBC’s Day to Day Banking for Seniors may be a no-fee limited transaction chequing account, but it comes with free unlimited e-transfers and eligible public transit debits.
  • Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.
Product Details
  • Ideal chequing account for those with limited banking needs.
  • Get 12 debit transactions per month, and pay $1.25 for each transaction thereafter.
  • The account also comes with unlimited free e-transfers and debits for eligible public transit.
  • Receive free monthly eStatements and paper statements with cheque images on accounts receiving the Seniors Rebate.
  • Regular fees apply when using services, such as non-RBC ATMs, international transactions and safety deposit lockers.

Scotiabank Preferred Package with Seniors’ Discount

Scotiabank Preferred Package with Seniors’ Discount
  • Bonus Offer
    Up to $400*
  • Monthly Fee
    $12.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
Our Take
  • Seniors get a monthly account fee discount, unlimited transactions, e-transfers and a first-year annual fee waiver of up to $139 on select credit cards with the Scotiabank Preferred Package.
  • Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product Details
  • Earn up to $400 with a Scotiabank Preferred package and an investment plan¹.
  • Earn an additional 0.05% on your Momentum Plus Savings Account
  • Unlimited debit transactions and Interac e-transfer transactions
  • First year annual fee waiver (up to $150) on select credit cards
  • Earn points on every day purchases with the Scene+™ program
  • 4 more perks
  • Monthly fee for seniors is $12.95 per month.
  • No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.
  • Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.

TD All-Inclusive Banking Plan for Seniors

TD All-Inclusive Banking Plan for Seniors
  • Bonus Offer
    Up to $600
  • Monthly Fee
    $22.45
    Waived with minimum balance
  • Number of Transactions
    Unlimited
Our Take
  • You get unlimited transactions, no TD fees at ATMs, and an annual fee rebate on TD credit cards when you open a TD All-Inclusive Banking Plan.
  • TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.
Product Details
  • Earn $350 by opening a new account and completing two of the following by March 31, 2024: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app.
  • Earn up to $200 by depositing $10,000 -$24,999 into the New Savings Account within 30 days of account opening and maintain the balance for 90 days. Plus, get additional cash offers with the deposit tiers and earn: $50 for $2,500-$4,999 deposit, $100 for $5,000-$9,999 deposit, $200 for $10,000 – $24,999 deposit, $500 for $25,000-$49,999 deposit, $1,000 for $50,000 -$99,999 deposit, $2,000 for $100,000+ deposit.
  • Earn an extra $50 by adding a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by January 31, 2024.
  • Monthly fee rebate when you maintain a minimum monthly balance of $5,000.
  • Unlimited transactions per month.
  • Annual fee rebate on TD credit cards
  • No TD fees at Non-TD ATMs or Foreign ATMs.
  • Free to send or request money using Interac e-Transfer®.
  • Free premium perks that include a small safety deposit box, certified cheques, money orders, and personalized cheques at no additional cost.
  • With TD Fraud Alerts, suspicious transactions on your TD Access Card can be blocked and unblocked in real-time.
  • Earn big rewards on the little things including 50% more Stars at participating Starbucks stores. Simply link your eligible TD Access Card with Visa Debit with your Starbucks Rewards account to start earning. Conditions apply.
  • Choose one or more bank accounts from the following, a TD All-Inclusive Banking Plan, a TD ePremium Savings Account, or a TD Borderless Plan, with one application that works for you.
  • Benefits of banking with TD: TD app; TD MySpend to track finances; TD Mobile Deposit; Direct Deposit; Overdraft Protection; Simply Save Program to grow savings.
  • Open your account online by filling out your secure application in approximately 5 minutes.
  • Deposits are eligible for CDIC insurance.

Scotiabank Basic Bank Account for Seniors

Scotiabank Basic Bank Account for Seniors
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    12
Our Take
  • The Basic Bank Account is a no-frills chequing account with limited transactions and a 100% monthly fee rebate for seniors.
  • Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.
Product Details
  • The Basic Bank Account is ideal for those who don’t need more than 12 debit transactions per month. Thereafter, a charge for additional debit transactions may apply.
  • It comes with free Interac e-transfer transactions.
  • Seniors over 60 qualify for an automatic monthly account fee discount of $4.00, which covers the full fee.
  • Additional fees apply for shared ABM services, international debit transactions and other services not included in the chequing account plan.

National Bank The Total Chequing Account for Seniors 60 and over

National Bank The Total Chequing Account for Seniors 60 and over
  • Bonus Offer
    N/A
  • Monthly Fee
    $23.95
    Waived with minimum balance
  • Number of Transactions
    Unlimited
Our Take
  • The Total account for customers aged 60 and over comes with unlimited transactions, loads of free services and specially curated features like legal and estate assistance, and more.
  • National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.
Product Details
  • Unlimited access to all digital and counter transactions.
  • Unlimited and free Interac e-transfers.
  • Up to $150 off after enrolment of an eligible credit card.
  • Receive a $5.00 discount on the $28.95 monthly fee.
  • Free online statements and account statements by mail.
  • 100 free cheques per year.
  • Integrated Line of Credit of up to $5,000.
  • Pay with mobile or contactless payments by using Apple Pay or Google Pay on your smartphone or Interac Debit contactless payments.
  • Access mobile cheque deposit by taking a photo of your cheques through the National Bank app on your phone or tablet to deposit your funds in a few clicks.
  • Special rates for online trading.
  • Legal and estate assistance included.
  • Overdraft protection.
  • Access to cheque images.
  • Free stop payments for pre-authorized cheques and debits.
  • Free use of the CIRRUS and Interac network
  • Access to ABMs in THE EXCHANGE network at no additional cost.
  • Eligible deposits are covered by CDIC.
Back to Top

Methodology

NerdWallet 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

    Back to Top

    What to know about senior bank accounts

    By SHANNON TERRELL

    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.

    Nerdy tip: 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 60 to 65 or older and qualifies for a senior chequing account should consider applying. You typically need to be 60 to 65 or older, but a senior chequing 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 TypeProsCons
    No fee chequing accountsNo monthly fees.

    Unlimited transactions are common.
    Rarely offers access to branch banking.

    Low to no interest.
    Hybrid bank accountsCan 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.
    Chequing Account Offers and PromotionsEarns rewards points.

    Often comes with unlimited transactions.
    Monthly fees are common.

    Regular fees after the intro offer ends.

    Frequently asked questions about senior bank accounts

    How old do I have to be to qualify for a senior chequing account?

    Most financial institutions require customers to be 60 to 65 or older to qualify for senior accounts and discounts.

    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. See our selections of 10 noteworthy chequing accounts.

    DIVE EVEN DEEPER

    Best Banks for Newcomers in Canada for 2024

    Best Banks for Newcomers in Canada for 2024

    Compare leading Canadian banks that have special accounts, plans and financial services with welcome offers for newcomers to choose the best bank for your needs.

    Best Motive Financial GIC Rates

    Best Motive Financial GIC Rates

    Motive Financial GICs offer competitive interest rates in registered and non-registered plans, though at a steep minimum deposit requirement than other online banks.

    Best Tangerine Bank GIC Rates

    Best Tangerine Bank GIC Rates

    Tangerine Bank GICs are available in short and long terms with high-interest earning registered, non-registered and U.S. dollar investments.

    Best Simplii Financial GIC Rates

    Best Simplii Financial GIC Rates

    Simplii Financial GICs consistently offer attractive regular interest rates on RRSP and non-registered plans investments, starting at $100.

    Back To Top