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.
Special Offer: Earn up to $700 when you bundle an Ultimate Package, savings account, and registered account. Scotiabank’s Ultimate Package gives you unlimited debit transactions, international money transfers, Interac e-transfers and more. Click "Apply Now" for details.
Best bank accounts for seniors
NerdWallet's take
NerdWallet's take- As the name suggests, the Coast Capital Unlimited Chequing Account offers unlimited transactions as well as a full rebate on monthly fees for seniors.
- Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.
Product details
Product details- No monthly fees.
- Unlimited transactions, including Interac e-transfers.
- Free access to identity theft protection with ID Assist.
- Free cheques and paper statements.
- Free Coast Capital and The Exchange Network ATM Transactions. Pay $2.50 for Interac Network ATM Transactions nationwide.
- Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.
NerdWallet's take
NerdWallet's 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.
Product details
Product details- Earn up to a $950 cash bonus when you open your first CIBC Smart Account and complete the qualifying actions.
- Scale up the three account tiers for benefits as your eligible balances grow.
- Get unlimited transactions, including Interac e-transfers.
- $0 monthly fee.
- 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.
- Take advantage of the annual fee rebates on an eligible credit card.
- Manage your daily spending and grow your savings with help from CIBC Insights and the CIBC Smart Planner.
- Pay no transfer fee to send money internationally with CIBC Global Money Transfer.
- 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.
- Bank in-person, online or in the mobile app.
- Only available to Canadians aged 65 and older.
- Deposits are eligible for insurance from CDIC.
NerdWallet's take
NerdWallet's 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
Product details- The Basic Bank Account is ideal for those who don’t need more than 18 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 $3.95, 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.
NerdWallet's take
NerdWallet's take- Seniors aged 65 and over who only require limited monthly transactions can save on monthly account fees by opting for The Minimalist chequing account and benefit from free Interac e-transfers, special rates for online trading, and other bank features.
- 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
Product details- 18 transactions per month.
- Interac e-transfers free of charge.
- $0 monthly fee for seniors aged 65 and over.
- Free online statements and statements by mail.
- Access to cheque images.
- Special rates for online trading.
- Access to ABMs in THE EXCHANGE network at no additional cost.
- 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.
- Eligible deposits are covered by CDIC.
NerdWallet's take
NerdWallet's 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
Product details- Open an RBC Day to Day Banking account online, and you could earn 15,000 Avion points. Offer ends March 31, 2026. Conditions apply.
- No monthly fee for clients age 65 or older with the Seniors Rebate of 100% off the prorated monthly fee of $4.
- No minimum balance.
- 12 debit transactions of any kind, plus unlimited e-transfers, self-serve transfers, public transit, and virtual Visa debit transactions.
- Free Interac e-transfer transactions.
- Earn Avion points on everyday purchases.
- Save 3¢/L on gas at Petro-Canada.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Save on basic banking privileges with this no-fee chequing account, designed specifically for Canadians aged 65 and older.
- 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
Product details- Get 18 transactions monthly. Additional transactions are $1.25 each.
- Includes free Interac e-transfers.
- $0 monthly fee.
- 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 day one.
- Bank in-person, online or in the mobile app.
- Only available to Canadians aged 65 and older.
- Deposits are eligible for insurance from CDIC.
NerdWallet's take
NerdWallet's 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
Product details- Get a $500 cash reward when you open a new TD Unlimited Chequing Account by June 3, 2026, and complete two of the qualifying actions by August 5, 2026. Offer ends June 3, 2026. Conditions apply.
- Get a $150 additional cash bonus when you bundle the new chequing account with an eligible TD savings account and TD credit card, and complete the eligibility criteria within 30 days of account opening.
- Earn a bonus interest rate of up to 4.50% when you deposit into a new eligible savings account.
- Monthly fee: $17.95. ($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.
NerdWallet's take
NerdWallet's take- With BMO Performance Chequing, seniors get unlimited transactions and Interac e-transfers, access to BMO Global Money Transfer, a family bundle that helps waive monthly fees for loved ones, and a discounted monthly fee.
- The Bank of Montreal (BMO) is one of Canada’s Big Six banks, offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.
Product details
Product details- (a) Earn $500 when you: Open and fund a new BMO Performance or Premium Plan Chequing Account by June 1, 2026. And complete 2 qualifying criteria by July 31, 2026. (b) Earn $100 when you: Set up a recurring direct deposit of $500 or more by July 31, 2026 and maintain it for one year. (c) Earn a Walmart Delivery Pass Subscription for up to 12 months when you: Open a Savings Amplifier Account by June 1, 2026, deposit any amount by June 30, 2026, and sign up for or update your existing Walmart Delivery Pass by July 31, 2026. (d) Earn $150 when you: Open a Savings Amplifier Account by June 1, 2026, and deposit $10,000 or more within 30 days of opening and maintain that balance for 3 months. (e) Earn $50 when you: Apply 1 Goal and 1 Strategy in My Financial Progress Plan by July 31, 2026. (f) *Terms and conditions apply. Visit bmo.com/cash.
- Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
- Add an account and subtract the fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
- Enjoy unlimited transactions when visiting a BMO branch or ATM and when using BMO Online, Mobile, and Telephone Banking.
- Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account. Enjoy all the perks of a BMO credit card, with lower fees.
- Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
- Enjoy all these benefits for $13.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000.
- The Performance Plan chequing account is eligible for CDIC insurance.
NerdWallet's take
NerdWallet's take- Thanks to the Merit Service on Everyday Accounts, Canadians over the age of 59 can get a modest discount on Desjardins' comprehensive Unlimited Plus Plan.
- Desjardins is a caisse populaire based in Quebec. It offers personal and business banking, wealth management and insurance services across North America.
Product details
Product details- Get unlimited transactions, including debit card, ATM, online and branch transactions.
- Eligible to receive caisse member dividends.
- Receive free monthly paper statements.
- Get up to $15 off on safety deposit box rental annually.
- Deposits eligible for insurance from the Autorité des marchés financiers (AMF) or provincial regulatory agencies, such as the Financial Services Regulatory Authority (FSRA).
NerdWallet's take
NerdWallet's take- Despite its somewhat high monthly cost, the RBC VIP Banking account provides solid value, including rebates on annual credit card fees and the waiving of RBC Direct Investing maintenance charges.
- 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
Product details- Open an eligible RBC chequing account, and get the new Apple Watch. Offer ends by June 1, 2026. Conditions apply.
- Unlimited tap, swipe and debit transactions worldwide.
- Free Interac e-transfer transactions.
- $22.50/month after the Seniors Rebate.
- No minimum balance requirement.
- No monthly fee for up to two additional CAD accounts and one USD account.
- Free cross-border debits.
- Save up to $120 on the annual fee of an eligible credit card.
- Earn Avion points on everyday purchases.
- Save 3c/L on gas at Petro-Canada.
- If you're not satisfied within the first four months, we'll refund up to three months of monthly fees.
- CDIC cover on eligible deposits.
NerdWallet's take
NerdWallet's take- Seniors get a monthly account fee discount, unlimited transactions, e-transfers and a first-year annual fee waiver of up to $150 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
Product details- Earn up to $700 when you open a new chequing account between March 3, 2026 and July 2, 2026 and complete the qualifying tasks.
- Get $500 when you complete two of the tasks within 60 days of account opening. (1) Set up and receive one monthly eligible automated recurring direct deposit (for payroll or pension) for a minimum of six consecutive months. (2) Set up and make a minimum of one monthly eligible recurring pre-authorized transaction (for your mortgage, insurance or rent) of at least $50 for a minimum of 6 consecutive months. (3) Make one eligible bill payment (like a phone or utility bill) of at least $50 with online or mobile banking.
- Get an additional $100 when you open a new Money Master Savings Account, and set up either Pay Yourself First or the Savings Finder tool and maintain it for at least 90 days.
- Get another $100 when you open your eligible registered account within 60 days of account opening and before July 2, 2026.
- Earn an additional 0.05% on your Momentum Plus Savings Account
- Unlimited debit transactions and Interac e-transfer transactions
- First-year annual fee rebate on select credit cards (up to $150)
- 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 Aug 1, 2025. Subject to change.
Methodology
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
CIBC Smart™ for Seniors
Scotiabank Basic Bank Account for Seniors
National Bank The Minimalist Chequing Account for Seniors 65 and older
RBC Day to Day Banking for Seniors
CIBC Everyday® Chequing Account for Seniors
TD Unlimited Chequing Account for Seniors
BMO Performance Chequing Account for Seniors
Desjardins Everyday Unlimited Plus Plan for Seniors
RBC VIP Banking for Seniors
Scotiabank Preferred Package with Seniors' Discount
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.
🔔 As of March 12, 2026, federally regulated financial institutions must cap non-sufficient funds (NSF) fees at $10 for personal accounts. Even with the new rules, NSF fees can still add up. Choose a chequing account with reasonable overdraft fees and balance alerts to avoid surprise charges.
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.
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.
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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