Once Canadians reach “senior” status, they’ll find a plethora of discounts and deals available only to those over the age of 60. For example, retailers often advertise “senior days” where consumers over a certain age can take advantage of deals that aren’t available to the general public.
But in addition to benefiting from discounted shopping, seniors can also save on their banking. As we age, our financial needs change. And many financial institutions offer bank accounts that cater to these changes. If you’re over the age of 60 and are looking to open a chequing account that will help you save a little money, then a senior chequing account may be right for you.
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What Is A Senior Chequing Account?
As the name suggests, a senior chequing account is designed specifically for seniors. These accounts typically come with reduced monthly fees and promotions offered by the financial institution. With the right account, you can save hundreds of dollars every year. For instance, some accounts come with zero monthly fees, free certified cheques, or unlimited transactions.
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Best Senior Chequing Accounts
| Monthly Fee | Transaction Limit | Additional Features | |
| Scotiabank Senior Account (60+ years old) | $0 | – 12 free transactions per month – $1.25 each after that | – Earn SCENE points – Get up to $4 off the regular price of all other Scotiabank accounts |
| BMO Practical Plan Account (60+ years old) | $0 | – 12 free transactions per month – $1.25 each after that | – Get up to $4 off the regular price of all other BMO accounts – Add a savings account for free – Earn up to $350 when opening a chequing account |
| TD Minimum Chequing Account (60+ years old and receiving GIS) | $0 | – 12 free transactions per month – $1.25 each after that | – Get up to 25% off the regular price of all other TD accounts – EasyWeb View Cheque service |
| RBC Day to Day Banking (65+ years old) | $0 | – 12 debit transactions per month – $1.25 after that | – Save 3¢/L on gas and receive 20% additional Petro Points at Petro-Canada location – NOMI Find & Save feature in the mobile app will help you reach your savings goals – Earn $60 when you open a Day to Day account (conditions apply) |
| CIBC Smart for Seniors (65+ years old) | $0 – $10 | – Up to 12: $0/month – 13 – 20: $1.25 each – Unlimited: $10/month | – Get $300 as a new CIBC chequing account holder – Free drafts and money orders – Discounts on safety deposit boxes |
Scotiabank Senior Basic Bank Account
With Scotiabank’s Basic Account, you won’t have to worry about any monthly fees. While the monthly fee for this type of account is normally $3.95, you’ll pay $0 after the senior discount. In fact, senior monthly fee discounts apply on other Scotiabank accounts, including the Ultimate Package, Preferred Package, and Basic Plus Bank Accounts.
You’ll get up to 12 free transactions every month, as well as 2 free e-transfer transactions. And if you enjoy keeping up with the latest flicks, then this account may be perfect for you. You can earn 1 SCENE point for every $5 spent on debit purchases. Those points can add up quickly, providing you with free movie tickets to catch some of the newest releases coming out in theatres.
- Monthly fee: $0
- Transaction limit: 12 free transactions per month (maximum of 4 teller-assisted); $1.25 each after that
- e-Transfers: 2 free e-transfers a month; $1.50 each after that
- Perks: Earn SCENE points; get up to $4 off the regular price of all other Scotiabank accounts
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BMO Practical Plan Account
BMO has a lot to offer those aged 60 years or older, including chequing accounts with zero monthly fees and 12 free monthly transactions. Plus, you can earn up to $350 when you open a BMO chequing account and can add a savings account for free. Moreover, if there are two or more adults in your home, you can qualify for the BMO Family Bundle to gain even more savings.
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- Monthly fee: $0
- Transaction limit: 12 free transactions per month; $1.25 each after that
- e-Transfers: unlimited (within monthly transaction limit)
- Perks: Get up to $4 off the regular price of all other BMO accounts; add a savings account for free; earn up to $350 when opening a chequing account
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READ ARTICLETD Minimum Chequing Account
If you prefer to do your banking in person with the help of a teller, the TD Minimum Chequing Account comes with 2 free teller-assisted transactions every month and a nominal fee of $1.25 above that. You’ll have a total of 12 transactions included with your account membership and will be eligible to receive up to 25% off all other TD accounts.
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Otherwise, if you’re comfortable doing your banking online, the TD Minimum Chequing Account comes with a handy mobile app that lets you bank and trade remotely and safely, along with the TD Mobile Deposit feature that allows you to deposit cheques with your mobile phone as soon as you receive them.
- Monthly fee: $0 (must be receiving the Guaranteed Income Supplement)
- Transaction limit: 12 free transactions per month (maximum of 2 teller-assisted); $1.25 each after that
- e-Transfers: $0.50 for amounts less than $100 and $1.00 for amounts more than $100
- Perks: Get up to 25% off the regular price of all other TD accounts; EasyWeb View Cheque service
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RBC Day To Day Banking
RBC offers an attractive Day to Day banking account that requires no monthly fees and offers unlimited e-Transfers per month. You’ll get 12 free transactions monthly and can earn $60 just for opening an account as long as you meet the associated conditions.
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The account comes with a variety of other perks. For starters, you can earn 3¢ per litre of gas and get 20% additional Petro Points when you fill up at any Petro-Canada location. You’ll need to link your debit or credit card to your Petro-Points card and use the linked card to pay in order to reap these rewards. Plus, the RBC Day to Day banking account comes with the NOMI Find & Save feature available in the mobile app that will help you save, even during your Golden Years.
- Monthly fee: $0
- Transaction limit: 12 debit transactions per month; $1.25 after that
- e-Transfers: Unlimited
- Perks: Save 3¢/L on gas and receive 20% additional Petro Points at Petro-Canada locations; NOMI Find & Save feature in the mobile app; earn $60 when you open a Day to Day account (conditions apply)
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READ ARTICLECIBC Smart For Seniors
CIBC rewards clients who’ve reached the age of 65 years with special discounts on all its accounts, including the Smart Chequing Account For Seniors. By opening this account as a new CIBC client, you may qualify to receive $300. You’ll also get discounts on safety deposit box rentals, and money orders and drafts are free. Plus, you’ll get a lower monthly fee on your account, free e-Transfers, and extra transactions on a savings account.
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- Monthly fee: $0 to $10 (includes a $4.95 monthly fee discount)
- Transaction limit: Up to 12: $0/month; 13 – 20: $1.25 each; Unlimited: $10/month
- e-Transfers: Free
- Perks: Get $300 as a new CIBC chequing account holder; free drafts and money orders; discounts on safety deposit boxes
Benefits Of A Seniors Chequing Account
If you’re a senior, there are several reasons why you may want to look into opening a senior chequing account:
- Low or no monthly fees. The service fees that typically come with a chequing account are typically waived for banking clients over a certain age.
- Free certified cheques. Depending on the account you open, you may not be charged for certified cheques, bank drafts, or money orders.
- High number of transactions included at no extra charge. Some accounts allow an unlimited number of transactions to be made each month for seniors.
- Paper statements. While younger banking consumers may prefer to receive their statements online, seniors may be more traditional with their banking and might prefer paper statements that list all monthly transactions made. Most typical accounts charge for paper statements, so having this feature at no extra charge is a nice perk.
- Teller-assisted transactions. Older banking clients also like to stick to banking in-person, and senior chequing accounts often come with a select number of teller-assisted transactions per month for free.
- Safety deposit box. If you like the security of having certain valuables stored in a safety deposit box, many senior chequing accounts offer discounts on rentals.
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Drawbacks Of A Seniors Chequing Account
While there are many advantages of opening a senior chequing account, there are also some drawbacks to consider:
- Basic services. For some, senior bank accounts may offer everything required. But for others, these accounts may be a bit too basic. If you require additional services, you could be paying extra for them, which can add up by the end of every month. If you think you’ll go over the account’s transaction limits, then a senior chequing account may not be right for you.
- Perks included may be of no use. Even though many senior chequing accounts offer a handful of perks, you might not find these additional bonuses useful.
Final Thoughts
If you’re age 60 years or older and are looking for a simple chequing account that comes with minimal fees, paper statements, and teller-assisted transactions, then a senior account may be worth looking into. Otherwise, if your banking needs are still somewhat complex, then perhaps another type of account that offers more features may be appropriate for you.
