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.
Check out these tax credits and deductions for seniors.
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.
Check out these credit cards for no foreign transaction fees.
| 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 |
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.
Interested in more of Scotiabank’s services? Check out their Scotiabank Prepaid Reloadable Visa.
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.
Check out BMO’s lifestyle credit card, the BMO eclipse Visa Infinite* Card.
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.
Thinking of switching banks? Learn how to close your current bank account.
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.
Learn how to spot and avoid e-transfer scams.
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.
Watch out for these bank withdrawals fees.
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.
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.
Learn more about inflation and how it can affect your savings.
If you’re a senior, there are several reasons why you may want to look into opening a senior chequing account:
Find out more about the different banking fees.
While there are many advantages of opening a senior chequing account, there are also some drawbacks to consider:
Make transactions while earning interest through these hybrid bank accounts.
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.
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Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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