The best bank accounts for seniors have no monthly fees, unlimited transactions, and come with a range of other perks. But what is the best bank for seniors discounts in Canada?
To find out, we compared seniors’ benefits at different banks and looked for providers that offer free banking for seniors in Canada. If an account or seniors’ banking package represents good value, we’ve included it in the list below. Keep reading to find the best seniors’ bank account for your needs.
Free Interac e-Transfers
Hybrid Bank Account
No-Fee Chequing Account
When you turn 60 or 65, you become eligible for senior benefits from most banks. The discounts on offer vary from one bank to the next but can include:
Some banks will also throw in additional perks to sweeten the deal. For example, some offer a cash bonus if you open a seniors account and then set up regular deposits and bill payments to and from your account. Other banks offer discounts on other products, such as the use of a free safety deposit box or waived credit card annual fees.
There are big savings to be had for savvy seniors, so it’s worth shopping around to find the best deal.
The EQ Bank Notice Savings Account offers one of the highest ongoing savings interest rates in Canada – an impressive 2.35% – 2.75% on every dollar in your account.
It’s a savings account designed for people who don’t need instant access to their money. Choose to access your withdrawal funds after 10 days for a 2.35% savings rate or 30 days for a 2.75% interest rate. Get all of that fir a $0 monthly fee.
EQ Bank is Canada’s seventh largest bank and is also CDIC insured. Just keep in mind that because EQ Bank is an online bank, there are no bank branches and you have to be comfortable doing all of your banking online or through an app.
| Ongoing Interest Rate | 2.75% |
|---|---|
| Promotional Interest Rate | No promotional rate available |
| Monthly Account Fee | $0 |
| Minimum Balance | $0 |
| CDIC Deposit Insurance | $100,000 |
Next on our list of the best bank accounts for seniors in Canada is this fee-free chequing account from Simplii. Designed to make it easy to manage your everyday banking needs online, this account supports unlimited debit purchases, bill payments and withdrawals.
You can also take advantage of free access to over 2,800 CIBC ATMs across Canada, and set up overdraft protection of up to $5,000 for an additional monthly fee. And with the ability to earn up to 0.01% interest on your account balance, plus manage your account entirely online or via mobile banking, the Simplii No-Fee Chequing Account is worth checking out.
Simplii Financial is a CDIC digital bank, which means you there are no bank branches or face-to-face service. That said Simplii’s banking platform is designed so you can manage all of your accounts entirely online or through its mobile app.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | Unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $10 |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $350 |
We think the EQ Bank Personal Account is the best seniors hybrid account for several reasons. From a savings perspective, the account lets you earn interest at a competitive rate of up to 2.75% (with a standard rate of 1.5%), and doesn’t charge a monthly fee that could eat away at your balance.
But the EQ Bank Personal Account also offers the features of an everyday chequing account, with unlimited transactions, free Interac e-Transfers and no minimum balance requirements.
It comes with the EQ Bank Card (a prepaid Mastercard), which offers free withdrawals from any Canadian ATM and the ability to earn cash back on purchases, making this a solid all-around package if you’re searching for a convenient chequing account with the earning potential of a high interest savings account.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $0 |
| Foreign Transaction Fee | 0% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn 2.75% |
If you’re searching for the bank that offers the best seniors’ discounts in Canada then CIBC is our top pick. With its Smart for Seniors program for customers 65 and older, you can access monthly fee discounts on Smart chequing account.
Meanwhile, if you’re looking to grow your bank balance, you can access an annual discount that helps you save on the rental fee for a safety deposit box when you open a CIBC savings account.
CIBC also offers a dedicated Seniors Support Centre, plus priority phone routing for people aged 65 and older, so this bank does plenty to look after its senior customers.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $2 |
| Foreign Transaction Fee | 2.5% |
| Bonus Offer | No offer available |
Looking for a bank account that makes it easy to manage your everyday banking needs and offers the convenience of a safety deposit box as well? RBC’s VIP Banking package might be the answer.
You can make unlimited debit transactions worldwide, there are no minimum balance requirements, and personalized cheques and monthly paper statements are free. And with a $60 per year discount off a safety deposit box, you can securely store valuables with your bank too.
| Monthly Account Fee | $30 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Bonus Offer | Get a new iPad |
The Tangerine No-Fee Daily Chequing Account is a no-fee chequing account that offers plenty of benefits for Canadians of all ages. As its name suggests, this account doesn’t charge any fees for any of your regular daily chequing transactions like bill payments, debit purchases and e-Transfers.
You can also take advantage of free access to 3,500 Scotiabank ABMs nationwide and 44,000 ABMs worldwide, while your first book of 50 cheques is free (subsequent chequebooks cost $50 each).
To top it off, this account is one of the few chequing accounts in Canada that offers the ability to earn 0.1% interest on your balance, so it’s well worth a look if you want your money to work harder for you.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| NSF Fee | $10 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Earn $250 |
If you only have minimal banking needs, this chequing account from TD could be just what you need. If you’re collecting GIS (or are a Registered Disability Savings Plan beneficiary), the $3.95 monthly fee on the TD Minimum Chequing Account is waived.
You won’t pay any transaction fees on your first 12 transactions per month, and that includes up to two transactions completed in a branch or via phone banking. You can also manage your money via online and mobile banking, deposit cheques from the TD mobile app, and get instant access to your pension with direct deposits into your account.
| Monthly Account Fee | $3.95 |
|---|---|
| Free Transactions | 12/month |
| Interac e-Transfer Fee | $0.50 - $1.00 |
| In-Network ATM Fee | $0 |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | N/A |
The Scotiabank Basic Bank account offers free banking for seniors in Canada. The $3.95 monthly fee is waived for account holders who are 60 or older, so you don’t have to worry about fees eating into your hard-earned balance.
You get 18 free debit transactions per month, including e-Transfers, and this account is also eligible for overdraft protection. Other features include a Visa debit card, access to online and mobile banking, and the convenience of mobile cheque deposits.
| Monthly Account Fee | $3.95 |
|---|---|
| Free Transactions | 18/month |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $0 |
| Foreign Transaction Fee | 2.5% |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | N/A |
If you’re searching for the best RBC seniors accounts, check out our top pick, the RBC Day-to-Day Banking account. Thanks to the RBC seniors rebate, you won’t pay any monthly fees on this account.
A total of 12 free transactions per month are included, while unlimited free public transit debits make it easy to get around. You can also access free monthly paper statements with cheque images so you can monitor your transaction history.
But where this banking package really shines is when you pair your RBC seniors account with the RBC Value Program, allowing you to earn at least 1 Avion point for every $10 you spend in-store and online. And if you open at least three other product categories with RBC in addition to your account, you can earn 1 point for every $3 you spend on debit.
Those points can then be used to buy gift cards and merchandise from major brands, book flights and travel deals, pay down your credit card balance and more. So if you want to get additional perks and benefits from your everyday banking, there are plenty of good reasons to check out this senior-friendly account.
| Monthly Account Fee | $4 |
|---|---|
| Free Transactions | 12/month |
| Interac e-Transfer Fee | unlimited |
| In-Network ATM Fee | $1.25 |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | Get $150 |
If you’re looking for the best BMO seniors account and you only have minimal banking needs, the Practical Plan Account is our pick. There are no monthly fees if you’re 60 or over, and you can make up to 12 transactions per month.
Free Interac e-Transfers are included (up to a $3,000 daily maximum), and you can manage your money online, via the BMO mobile app, or by visiting your nearest branch.
| Monthly Account Fee | $4 |
|---|---|
| Free Transactions | 12/month |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | |
| Bonus Offer | Earn up to $150 |
BMO Performance Chequing Account
It’s hard to go past The Minimalist if you’re searching for seniors discounts from National Bank. As its name suggests, this account is designed for people who don’t need to perform a whole lot of transactions, as it supports 18 transactions per month (including two in-branch transactions).
If you’re between the ages of 60 to 64, the account fee is a low $3.95 per month, but this drops to $0 once you turn 65 and show proof of eligibility for GIS.
Other features include support for Interac e-Transfers, mobile cheque deposits, and free paper and online statements. Throw in the fact that you can use National Bank and THE EXCHANGE network ABMs for free and it’s easy to see why this account is well worth a look if you’re searching for the best seniors chequing account.
| Monthly Account Fee | $3.95 |
|---|---|
| Free Transactions | 18/month |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | |
| Bonus Offer | N/A |
Looking for the best TD seniors account? There’s a lot to like about the Minimum Chequing Account. If you’re 60 or older and collecting GIS, the usual monthly fee of $3.95 is waived. You can perform up to 12 transactions per month, including two in-branch transactions or EasyLine Telephone Banking transactions, and overdraft protection is included.
Plus, because you can deposit cheques into your account either using the TD mobile app or by visiting one of TD’s 1,100 branches across Canada, the TD Minimum Chequing Account makes it easy to manage your day-to-day spending.
| Monthly Account Fee | $3.95 |
|---|---|
| Free Transactions | 12/month |
| Interac e-Transfer Fee | $0.50 - $1.00 |
| In-Network ATM Fee | $0 |
| CDIC Deposit Insurance | $100,000 |
| Bonus Offer | N/A |
As for the best CIBC seniors account, our pick is the CIBC Smart for Seniors. Once you reach the age of 65, you become eligible for a wide range of perks under the program.
Enjoy benefits like free e-Transfers and one free non-CIBC ATM withdrawal per month. You can make up to 12 monthly transactions with no monthly fee, but unlimited transactions are available if you’re happy to pay a fee of $0 per month. Free bank drafts and money orders are also included, and CIBC often offers cash bonus signup promotions for new customers.
| Monthly Account Fee | $0 |
|---|---|
| Free Transactions | unlimited |
| Interac e-Transfer Fee | $0 |
| In-Network ATM Fee | $2 |
| Foreign Transaction Fee | 2.5% |
| Bonus Offer | No offer available |
If you want to find the best bank account for seniors in Canada, you’ll need to compare options from a range of providers. However, before you start comparing, you’ll need to consider the type of account you want to open.
Look for the following features when comparing chequing accounts:
If you want to build a bigger savings balance, consider the following factors when comparing savings accounts for seniors:
Seniors discounts allow you to access a range of banking discounts and rewards. These offers vary between banks but often include features such as:
Seniors discounts are usually available to customers aged 60 or 65 and older. If you already have an account, check with your bank to find out whether you’re eligible for any discounts. Here’s a quick summary of what’s available from major banks around the country.
Royal Bank of Canada (RBC): If you’re 65 and older, the RBS senior’s rebate allows you to enjoy no monthly fees on a Day to Day Banking Account. A monthly fee applies to other RBC chequing accounts, but the fee is discounted thanks to the senior’s rebate.
Toronto-Dominion Bank (TD): Seniors (60 years or older) who collect GIS can take advantage of a waived monthly fee on the TD Minimum Chequing Account. The TD senior’s rebate also allows you to access a discounted monthly fee on its All-Inclusive Banking Plan, Unlimited Chequing Account and Every Day Chequing Account.
Scotiabank: The Scotiabank seniors discount (for people 65 and older) allows you to access no monthly fees on a Basic Bank Account, and a $4 monthly fee discount on other chequing accounts.
Bank of Montreal (BMO): Seniors discounts are available to anyone aged 60 or older and apply to all BMO chequing accounts. This includes no monthly fee with a Practical Plan chequing account.
Canadian Imperial Bank of Commerce (CIBC): Under the CIBC Smart for Seniors program, available to customers 65 and older, you can get the CIBC Smart Account for free.
National Bank of Canada: Seniors (65+) pay no monthly fee on The Minimalist Chequing Account. Fee discounts also apply to other chequing accounts.
For more discounts on essential services, such as utilities or drugstore discounts for seniors, please visit the Canadian Seniors Directory.
Before you apply for a senior’s chequing account special offer, make sure you’re aware that some deals might not be as good as they seem. Here’s why:
When you’re ready to open a seniors bank account, here’s what you need to do:
Of course, if you’d rather deal with a person, you can head to your nearest branch to apply. Just make sure you have proof of ID and any other required documents with you.
The main factor that determines your eligibility for senior benefits from your bank is your age. The age requirement varies from one bank to another, but you’ll usually need to be at least 60 or 65 years old to qualify.
In some cases, you may also need to meet other criteria to access seniors banking benefits, such as:
If you don’t meet the age requirements for a seniors banking discount, or if you’re just searching for a bank account that best suits your needs, there are plenty of other options to consider.
Some of the accounts worth checking out include:
Looking for an account that makes it easy to manage your everyday banking and doesn’t charge any monthly fees? Major banks and a range of alternative financial institutions offer accounts with $0 or waived monthly fees, so shop around to compare your options.
Check out our guide to the best no-fee chequing accounts to start comparing your options.
A high-interest savings account allows you to build wealth without lifting a finger. These accounts offer easy online access to your money and can be linked to your chequing account so you can set up regular deposits. And with no monthly fees, you might be surprised just how quickly you can reach your savings goals.
Find out more in our guide to high-interest savings accounts.
Digital banks operate completely online and don’t have any brick-and-mortar branches. This means they have lower overheads than the major banks, which in theory allows them to offer competitive interest rates and account features.
Find out more in our digital banking guide.
If you need financial support in retirement, there are multiple seniors benefits to help you maintain your lifestyle. These include:
Other useful links to check out include:
Most banks offer seniors discounts in Canada, so you can save plenty of money by shopping around for the best-value bank accounts for seniors. While we’ve chosen CIBC as the best bank for seniors in Canada, the best bank for you will vary depending on what you’re looking for in an account — no monthly fees, high transaction limits, a large ATM network, or maybe just helpful customer service. Once you know what you want from a bank, you can start searching for your perfect match.
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