Retirement 101 eBook - 3D

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

11 thoughts on “Best Bank Accounts for Seniors in Canada”

  1. Your information is not updated. Scotiabank is now charging $6.95 for a seniors’ account, with a $4.00 credit, so monthly cost is now $2.95. effective March 31. Are your other senior accounts updated?

    Reply
  2. Hello Enoch:

    It seems after looking at all the information, there isn’t one bank nor credit union for my needs. At present, I have all my $200,000 investments with T.D. and a line of credit $125000 on my home equity, which is valued at more than 1 million. I requested a increase to my L.O.C. to $200,000 and after 3 week, there has been no reply and at the last inquiry it sat in a pending file. My pension income is a modest $ 30,000/annually. I was trying to help my relative to buy a home in Victoria and all she needed was the $200,000. At one time, a L.O.C. was based on the home value, but appears that is no longer the situation. Also, I have a separate credit union account, which is used for my daily banking needs. The T.D. staff are most helpful, pleasant and wouldn’t go anywhere else for financial advice. Other than the latter, I would certainly look for another institution or do all my transactions with my credit union.

    Thank you for looking into this matter and any advice would be appreciated.

    Regards, Martin

    Reply
    • @Martin: I wonder if the lack of a response is due to the slower than expected response times that have overtaken the banking industry recently? There are many complaints about similar issues with brokerage accounts at all the Big 5 banks.

      Reply
  3. TD took months to transfer funds to my Credit Union for my RRIF, BUT their Plan 60 is so far charging me no fee for cheques, payments transfers or debit card payments. Also as of June 2021 no fee for a mailed paper statement of monthly account activity that takes the place of the virus spreading passbook.
    Scotia bank however charges for the paper statement since April 2021 after 25 years of it being free.

    Reply
  4. you focus heavily on the fees associated with various bank accounts. as if that were the primary concern for seniors.
    I suggest that you focus on service, and ease of use.
    I am jointly named on my 93 year old ill-sighted mother’s bank account and I am so fed up with her bank that I am looking to switch.
    the problems have mostly been related to things like telephone verification (especially during these Pandemic lockdown days.) Can you imagine asking a 93 year old blind person to rattle off their 16 digit bank card number? and then denying us access to her account because she could not remember what features she had attached to her bank account (Savings, chequing and a credit card.)
    it was cruel treatment.
    Today she and I stopped by a branch (admittedly unannounced) to try to set up a Power of Attorney (so as to eliminate those verification problems). The branch was empty and there appeared to be 5 or more staff around. The manager said “Oh no, we couldn’t possibly free the resources to do that for you today. I can see you ….. tomorrow.?” This for a woman who is not very mobile and who doesn’t get out very often.
    and so I looking for a bank -yes, with low fees for a minimum balance – which understands the challenges seniors face everyday.

    Reply
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