Seniors in Canada can access bank accounts that cater to their banking needs and have zero or lower monthly fees.
These accounts are typically accessible when you turn 60 or 65 years old. They may either be dedicated to only seniors or are regular accounts with discounted fees.
If you are looking to open a chequing or savings account to save money as a senior, the accounts below may be worth checking out.
What Are Senior Bank Accounts?
A seniors’ chequing bank account is one specifically targeted at senior citizens. This account often offers a basic banking package with free transactions, or it may offer eligible seniors a fee discount on regular chequing accounts.
Some seniors’ accounts also come with perks that may include free cheques, drafts, paper statements, safe deposit box discounts, and more.
The qualifying age for a seniors’ account or discount varies between banks and may range from 60 to 65 years and older. You may have to actively opt for a senior account, as the big banks will hardly prompt you to do so.
Seniors can also find attractive discounts and free chequing accounts at credit unions.
Finally, you can pair your seniors’ chequing account with a high-interest savings account offered by an online bank.
Best Bank Accounts for Seniors
Let’s look at the paid and free seniors’ bank accounts offered by the top 5 banks (CIBC, TD, RBC, BMO, and Scotiabank).
1. CIBC Smart for Seniors Account
Seniors qualify for the CIBC Smart for Seniors Account starting at age 65. It offers:
- $0 monthly fee
- 12 free transactions per month ($1.25 for each extra)
- Free bank drafts and money orders
- A $5 discount on the annual rental for a safe deposit box
- It requires no minimum balance
Transactions exceeding the account limit cost $1.25 each up to a maximum of $10 per month. You can opt for unlimited transactions by paying a $10 monthly fee.
The CIBC Smart Chequing Account normally costs $6.95 per month; however, seniors get a $6.95 discount to make it free.
Seniors can pair this account with savings using a CIBC Premium Growth Account and/or CIBC US$ Personal Account.
CIBC Chequing Account Option: CIBC Smart Plus Account. This costs $23/month (including a $6.95 discount) and offers unlimited transactions.
Related: Best CIBC Chequing Accounts
2. BMO Practical Plan Account for Seniors
The BMO Practical Plan chequing account is free for seniors aged 60 or older. It offers:
- $0 monthly account fee (a $4.00 saving)
- 12 free transactions/month and $1.25 for each extra
- It requires no minimum balance
You can combine this account with a free Premium Rate Savings account.
BMO chequing account option: BMO Plus Account (costs $6.95 after the $4.00 discount is applied). It offers 25 free transactions every month.
Related: Best BMO Credit Cards in Canada
3. RBC Day to Day Banking for Seniors
This entry-level RBC chequing account is available to seniors aged 65 or older for free after a $4.00 discount is applied.
It offers:
- $0 monthly account fee
- 12 free transactions ($1.25 for each extra)
- It requires no minimum balance
No teller-assisted transactions are included with this package.
When you link your RBC debit card, you can save 3 cents per litre of gas purchased at Petro-Canada locations and also earn 20% more in Petro-Points.
RBC chequing account option: RBC No Limit Banking Account (costs $6.95/month after they apply a $4 discount). It offers unlimited debit transactions.
Related: Best RBC Student Credit Cards
4. Scotiabank Basic Bank Account for Seniors
This entry-level Scotiabank chequing account is available to seniors 60 or older and offers:
- $0 monthly account fee
- 12 free transactions per month (including 2 Interac e-Transfer; $1 each after)
- No minimum balance required
- Additional transactions cost $1.25 each
Accountholders earn 1 SCENE point for every $5 spent on debit purchases. You can also earn Scotia Rewards points instead.
Scotiabank chequing account option: Scotiabank Basic Plus Account ($7.95/month and 25 free transactions) or Scotiabank Preferred Package ($12.95/month and unlimited transactions). The monthly account fees reflect a $4 discount.
Related: Best Scotiabank Chequing Accounts
5. TD Minimum Chequing Account for Seniors
The TD Minimum Chequing Account is designed for those with minimal banking needs. Seniors 60 years or older who are collecting the Guaranteed Income Supplement get a discount of $3.95 on the monthly fee.
It offers:
- $0 monthly account fee
- 12 free transactions (it includes up to 2 teller-assisted transactions); $1.25 for each after
- It requires no minimum balance
This account does not include free Interac e-Transfer. You pay $0.50 each for e-Transfers under $100 and $1.00 each for e-Transfers over $100. Regular transaction fees may also apply.
TD chequing account option: TD Every Day Chequing Account (costs $8.20/month with seniors’ discount). It includes 25 transactions.
Related: Best Cash Back Credit Cards in Canada
Best Credit Union Bank Accounts for Seniors
Many credit unions offer chequing accounts designed with seniors in mind. Typically, only residents of the province where the credit union is located can become members.
Some of the best seniors’ accounts offered by credit unions include:
6. Meridian Senior Chequing Account
Meridian is one of the largest credit unions in Ontario and Canada.
Its senior chequing account offers:
- $0 monthly account fee
- Free certified cheques and one free basic cheque order per year
- Unlimited free transactions
- 4 CAD bank drafts a month; $3.25 each after
- 4 free Interac e-Transfers per month
- Free paper statements
- It requires no minimum balance
Eligibility for this account starts at age 60.
Related: Meridian Credit Union Review
7. Servus Credit Union Senior Unlimited Account
Servus Credit Union is Alberta’s largest credit union. Its Senior Unlimited account is available to those over the age of 60 and offers:
- $0 monthly account fee
- 100 free cheques per year
- Unlimited Interac e-Transfers, bill payments, and credit union ATM withdrawals
- 5 free overdrafts
- $10 annual discount on a safe deposit box rental
Service fees may apply when you use non-credit union ATMs.
Related: Servus Credit Union Review.
8. Affinity Credit Union 65+ Chequing Account
Affinity Credit Union is a Saskatchewan-based credit union and one of the top 10 largest in Canada.
Its 65+ chequing account offers:
- $0 monthly account fee
- Unlimited transactions and Interac e-Transfers
- 100 free cheques per year
- It requires no minimum balance
Related: Affinity Credit Union Review
9. Steinbach Credit Union Golden Chequing
Steinbach Credit Union is based in the province of Manitoba. Its Golden Chequing Account is for members aged 60+ and offers:
- $0 monthly account fee
- Unlimited transactions
- One free order of personalized cheques every year
- Discount on your annual safety deposit box rental
- Interest paid on your balance
- It requires no minimum balance
Related: Steinbach Credit Union Review
Best Online Bank Accounts for Seniors
If you are generally comfortable with banking online, a free digital bank account could save you money. Often, these online banks also pay you interest on your chequing account balance.
All three accounts below are regular and are not specific to only seniors over 60.
10. EQ Bank Savings Plus Account
EQ Bank is a subsidiary of Equitable Bank and offers a savings account that works like a hybrid. It offers:
- $0 monthly account fees
- One of the highest interest rates in Canada
- Free unlimited transactions
- Free unlimited Interac e-Transfers
- No minimum balance
- Free mobile cheque deposits
- Joint accounts available
If you are looking for a place to park your savings and earn high-interest rates, the EQ Bank Personal account is one of the best in Canada.
This account is best paired with a traditional or free online chequing account.
11. Simplii Financial No-Fee Chequing Account
Simplii Financial is a division of CIBC. Its chequing account offers:
- $0 monthly account fee
- $400 sign-up bonus when you open a free chequing account (limited-time offer)
- Free unlimited debit transactions and bill payments
- Free Interac e-Transfers
- Earn interest on your balance (up to 0.10%)
A Simplii account can work as a supplement to your traditional chequing and provide unlimited transactions, so you can avoid fees. Learn more about this account in this Simplii Financial chequing account review.
12. Tangerine No-Fee Chequing Account
Tangerine is a division of Scotiabank. It offers a chequing account with:
- $0 monthly account fees
- Unlimited debit transactions
- Unlimited free Interac e-Transfers
- No minimum balance
- First chequebook of 50 cheques is free; $50 per book after
- Pays interest on your account balance (up to 0.10%)
- Access to a savings account
If you use drafts, they cost $10 each. Learn more about Tangerine Bank.
Compare Seniors’ Bank Accounts in Canada
| CIBC | BMO | RBC | Scotiabank | TD Bank | Servus CU | Meridian CU | Affinity CU | Steinbach CU | Tangerine | Simplii | |
| Account name | Smart for Seniors | Practical Plan | Day to Day Banking | Basic Bank | Minimum Chequing | Senior Unlimited | Senior Account | 65+ Chequing | Golden Chequing | No-Fee Chequing | No-Fee Chequing |
| Monthly fee | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Age discount available | 65+ | 60+ | 65+ | 60+ | 60+; must be collecting GIS | 60+ | 65+ | 60+ | 60+ | N/A | N/A |
| What’s included? | 12 free transactions; free bank drafts & money orders; $5 discount on safe deposit box | 12 free transactions | 12 free transactions; teller-assisted transactions not included | 12 free transactions | 12 free transactions; does not include Interac e-Transfers | Unlimited transactions; $10 discount on safe deposit box; 100 free cheques/year | Free debits; 4 free CAD drafts/mth; 4 free Interac e-Transfers/mth; free paper statements; free certified cheques | 100 free cheques/year; unlimited Interac e-Transfers | Unlimited transactions; discount on safe deposit box; interest paid on balance; 1 free cheque order/year | Unlimited transactions; first cheque book free; interest paid on balance | Unlimited transactions; free cheques; interest paid on balance |
| Fees for extra transactions | $1.25 each | $1.25 each | $1.25 each | $1.25 each | $0.50 to $1.00 per Interac e-Transfer; $1.25 per extra debit transaction | Unlimited debits and bill payments | Unlimited debits and bill payments | Unlimited debits and bill payments | Unlimited debits and bill payments | Unlimited debits and Interac e-Transfers | Unlimited debits and Interac e-Transfers |
| Can apply discount to other chequing a/c | Yes; $6.95 discount | Yes; $4.00 discount | Yes; $4.00 discount | Yes; $4.00 discount | Yes; discount varies | N/A | N/A | N/A | N/A | N/A | N/A |
Advantages of a Seniors’ Bank Account
A senior bank account comes with a discount on the monthly fee. If you are okay with a no-frills basic account, you may even get the account for free.
Other perks and benefits of using a bank account for seniors include:
- Free personalized cheques
- Free transactions, including Interac e-Transfer
- Discount on safe deposit box rentals
- Free certified cheques
- Free money orders
- Lower minimum balance requirement to waive the monthly fee
- Interest on your account balance
Only the credit union offers above provide many or all of these perks. The other options rarely do so for free.
Look at what’s available in the package before applying since the offerings vary considerably between banks.
Disadvantages of a Seniors’ Bank Account
Most free seniors’ bank accounts are very basic and may not meet your needs. If you are not careful, you could even spend more on bank fees.
For example, if the account offers 12 free transactions and you exceed it, the additional cost per transaction could easily wipe out any monthly fee savings.
Also, the perks included may not be useful to you. For example, you may not need money orders or bank drafts.
If you are comfortable with online banking, you may not need as many free cheques, making this perk less valuable.
Credit unions offer the best banking packages for seniors; however, they are often not as accessible (i.e. branches and ATMs) as the big banks, e.g. TD, BMO, RBC, Scotiabank, and CIBC.
What To Look For in a Seniors’ Bank Account
Whether it is a chequing or savings account for seniors, here are a few things to consider before signing up:
Is the bank or credit union accessible? If you prefer to conduct your transactions in person at a branch, or you like to chat with the tellers, you want a bank with branches in your area.
The same goes for access to the bank’s free ATMs.
What banking package suits your lifestyle or financial needs? If you conduct many transactions per month, an unlimited transaction account may be better, even if it means paying a monthly fee.
Access to other accounts and services. If you want to consolidate all your accounts in one place, see if the financial institution offers savings, investments, insurance, etc.
Often, the only way to save money is to shop around and open specific accounts with different providers. For example, the best savings account rates are usually offered by non-traditional banks and credit unions.
Seniors’ Bank Account FAQs
It depends on your needs. While there are several free seniors’ accounts, their features are basic and may not cover all the financial transactions you conduct. Fees may apply to out-of-package transactions.
All the top five biggest banks, i.e. RBC, CIBC, Scotiabank, BMO, and TD, offer a basic seniors’ chequing account with no monthly maintenance fees or minimum balance. You can also find similar offerings at credit unions.
Read the fine print. Fees may apply if you exceed your free transactions, need a bank draft or certified cheque, or use a different ATM.
Do you know of other seniors’ bank accounts that belong on this list? Leave them in the comments.
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?
@Patricia: Yes, the senior accounts have been updated.
What are the pain points for seniors for banking in Canada?
I love EQ bank.
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
@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.
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.
@Bill: Thanks for these insights!
@P: We do as well!
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.
@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.
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.
@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.
Scotiabank Basic Banking is still charging & crediting me $3.95/mo for my bank account as of Dec 2022
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!