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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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15 thoughts on “Best Bank Accounts for Seniors in Canada in 2024”

  1. Gravatar for Patricia Tomaszewski

    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?

    • Gravatar for Enoch Omololu

      @Patricia: Yes, the senior accounts have been updated.

  2. Gravatar for Kazi Rahman

    What are the pain points for seniors for banking in Canada?

  3. I love EQ bank.

  4. Gravatar for MARTIN FLETCHER

    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

    • Gravatar for Enoch Omololu

      @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.

  5. Gravatar for Bill

    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.

    • Gravatar for Enoch Omololu

      @Bill: Thanks for these insights!

  6. Gravatar for Enoch Omololu

    @P: We do as well!

  7. Gravatar for Peter Stock

    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.

    • Gravatar for Enoch Omololu

      @Peter: Sorry to hear about the difficulties your mum has gone through with her bank account. I agree that good customer service is just as important as affordable fees.

  8. Gravatar for Tom

    We have the (no fee) RBC No Limit Banking (unlimited transactions.) we also have an old secure LoC, several savings accounts, a US account here and a connected US chequing account/with a Credit Card.
    Now, a teller once observed that we didn’t have any RBC investments so I opened basic TFSAs into which I deposit $25/month into my own and nothing into my wife’s. So, for $25/month savings I have all the perks and the 3 cents/litre discounted gas.
    We also have Simplii chequing and savings accounts.

    • Gravatar for Enoch Omololu

      @Tom: Good strategy! I also have a small RBC RRSP investment account that I haven’t contributed to for several years and it helps me qualify for a chequing fee rebate.

  9. Gravatar for Tom

    Scotiabank Basic Banking is still charging & crediting me $3.95/mo for my bank account as of Dec 2022

  10. Gravatar for Laura

    I started out with a zero fee account with Scotiabank, now it is $6.95 a month and I am being advised that I have to maintain a three thousand dollar daily minimum balance to eliminate the fees, plus being charged for more than 12 transactions per month . If you’re a senior, and your income is less than Three thousand a month, how is this fair? Why isn’t someone putting the brakes on these banks and their greedy bloodsucking ways!

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