Best Bank & Accounts for Seniors in Canada

The best senior bank accounts charge no fees and offer various discounts to help keep your savings safe a little longer. Sometimes you need to be a certain age to open a senior checking account, while some banks waive fees for seniors’ regular checking accounts. While there are several free accounts for seniors, their features are essential and may not cover all the financial transactions you conduct.

Many premium bank accounts may not have enough features to cover your financial transactions unless you pay for extra features. Seniors who aren’t interested in additional features can even use a bank account for free. Unfortunately, many seniors’ free bank accounts lack essential elements and are nearly unusable.

Seniors in Canada can access a bank account that suits their banking needs with zero monthly fees or less. Premium bank checking accounts often offer a basic banking package with free transactions or offer eligible seniors a discount on regular checking account fees. In addition, you can link your premium checking account to high-interest savings account online banking provides.

With the advent of online banking services that don’t pay the cost of brick-and-mortar locations, some banks are taking advantage of these savings by offering interest-free checking accounts. When comparing savings accounts, look for banks that provide high daily interest rates and low transaction fees. Also, savings accounts are generally not recommended for everyday transactions, as many savings accounts limit the number of transactions you can make before paying fees. To avoid possible fees, it’s best to transfer money from your savings to a check when you need it.

Most people have at least two accounts (a savings account and a checking account), so they can reap the benefits of high-interest rates and flexibility in terms of the number of transactions. In most cases, the best way to save money is to open special accounts offered by various banks. However, seniors who want all their bank accounts at one bank may need to determine if the bank provides a full range of financial products, including savings, investments, safe boxes and insurance packages.

Best Bank Accounts For Seniors Canada

Seniors who enjoy online banking can opt for a digital bank account, which saves a lot of money in the long run. Some senior accounts also include benefits that may consist of free checks, bills of exchange, paper statements, security deposit discounts, and more. CIBC offers additional benefits to the CIBC Senior Account Package, such as free cashier’s checks and money orders, as well as a $5 discount on annual safe deposit box rentals. Canadian seniors can sign up for a CIBC Smart Checking Account for CA$4.95 per month, but due to the CA$4.95 rebate, the banking product is virtually free.

RBC, CIBC, Scotiabank, BMO and TD offer basic premium checking accounts with no monthly maintenance fees or minimum balances. TD BMO RBC CIBC Scotiabank all major Canadian banks offer advanced discounts on their regular checking accounts. It is common for major Canadian banks to pay fees in full on their primary checking account for seniors. Let’s look at the premium bank accounts offered by the major banks CIBC TD RBC BMO, Scotiabank.

In addition, the typical large bank savings account offers ridiculously low-interest rates; no one should worry about such an account, senior or not. Some banks and credit unions offer savings accounts for seniors and provide exceptional benefits for Canadians aged 60 and over. Although Citibank Basic Banking is not an account specifically for seniors, Citibanks Basic Banking will not charge a monthly fee of $12 for individuals aged 62 or over. In addition, the Citibank Basic Banking package offers unlimited check writing and free ATM fees and a savings account with a competitive interest rate, making it the best choice for seniors.

US Bank Easy Checking is a premium checking account with no monthly service fee for any account holder over 65, regardless of balance or cash flow. With an Easy Checking account, you’ll get free commissions and discounts on paper checks and safe deposit boxes, making TD Banks our choice for the best senior benefit bank. The TD Bank 60 Plus Checking Account combines a low starting balance, free checking and discounts on certain loans. With this account, you’ll receive free paper checks, paper statements and money orders, as well as a 0.25% discount on personal mortgages and Bank of America personal loans.

Axos Bank Golden Checking is a highly profitable checking account with virtually no fees for individuals aged 55 and over. Although Ally Bank Interest Checking is not age-restricted, it does have some benefits for older account holders, such as free standard checks (one book per order, no order volume limit). Ally Bank Interest Checking also has a handy Round-Up feature that automatically rounds check transactions to the nearest dollar. Then, it deposits the remainder into Ally’s savings account (also free and has a solid return on all balances).

You can also transfer funds to another high-yield checking or savings account not listed here, especially one for seniors or others, such as a large premium checking account from popular institutions like Discover Bank and Citigold (r) one. By choosing the correct account, you can easily save hundreds of hard-earned money a year and enjoy other bank rebates.

Aside from the benefits CIBC provides for seniors; there are not many benefits for seniors other than a $4 to $5 monthly bill payment rebate. One notable difference is that, unlike other institutions on our list, CIBC offers five types of premium accounts, ranging from simple checking accounts to bundles that include premium credit cards and U.S. dollar premium accounts.

Also Read:

Best Online Bank in Canada

Best Banks in Canada

Best Banking for New Immigrants to Canada

Sources

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