As we age, our financial needs and priorities change. For seniors in Canada, finding the correct bank account can make a significant difference in their financial well-being. However, with so many options available, choosing the best bank account for your specific needs can be overwhelming.
Thankfully, bank accounts are designed specifically for seniors and offer a range of benefits and features, from lower fees to increased interest rates.
In this article, we’ll explore the best bank accounts for seniors in Canada and what you should look for when choosing the proper account for you.
So whether you’re looking for a basic account for everyday transactions or a high-interest savings account, we’ve got you covered.
What are the Benefits of Senior Bank Accounts?
Of course, you know there are perks to being a senior; one is free, no-fee chequing accounts, which are great for everyday purchases.
When choosing a bank account for seniors in Canada. Remember that the best bank account for seniors will depend on individual needs and preferences, so it’s essential to research and compare options from various banks.
When searching for a suitable bank account, consider the following features:
No or low monthly fees – Many banks offer accounts with no monthly or reduced fees for seniors. This can help minimize expenses, especially for those on a fixed income.
Competitive Interest rates – Look for accounts with competitive interest rates to maximize returns on your savings.
Accessibility – Choose a bank with a broad network of branches and ATMs for convenient access to banking services. Additionally, consider banks with user-friendly online and mobile banking options.
Senior-specific accounts – Some banks may offer accounts specifically designed for seniors, with features like preferred interest rates, free or discounted banking services, and additional perks.
Customer service – Good customer service is essential for any banking relationship, so research banks with solid reputations for providing excellent support to their clients.
What are the best banks for seniors?
Some major banks in Canada that you may want to consider include:
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD)
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
It’s crucial to review the account options from each bank and compare them based on the factors mentioned above. Remember, individual circumstances and preferences will dictate the best choice for each person.
The Top Bank Accounts for Seniors in Canada
During retirement, you want to ensure your savings are safe. Major Canadian banks offer several senior-specific bank accounts. You can read reviews of each bank to determine which account you want to choose, as they are all quite similar. Some examples of senior-specific bank accounts in Canada include:
RBC Sixty Plus Account
This account was designed for seniors aged 60 or over, offering a package of services with no monthly fee and discounted rates on additional services.
TD Senior Chequing Account
This account offers benefits to seniors, such as a reduced monthly fee, free paper statements, and several monthly free transactions.
Scotiabank Basic Plus Bank Account
While not exclusively for seniors, this account offers a discounted monthly fee for seniors (60 or over) and provides services tailored to their needs. This is also one of the Best Banking for New Immigrants to Canada.
BMO Practical Plan
BMO offers a monthly fee waiver for seniors (60 or over) on their Practical Plan account, which provides a set number of monthly transactions and other banking services.
CIBC Smart Account for Seniors
CIBC provides a discounted monthly fee and additional benefits to seniors (60 or over) with their Smart Account for Seniors.
What’s the best online bank for seniors?
Online-only banks, also known as digital banks, can offer several advantages for seniors, including convenient access to banking services from anywhere with an internet connection, lower fees and higher interest rates than traditional banks, user-friendly online and mobile banking options, and 24/7 customer service.
These features make online-only banks an attractive option for seniors comfortable with technology and looking for a hassle-free banking experience.
Tangerine Bank – a subsidiary of Scotiabank
Tangerine Bank, an online bank, can be a convenient and low-fee banking option for seniors comfortable with online banking. In addition, seniors on a fixed income can benefit from Tangerine Bank’s low-fee banking experience, with no monthly account fees or minimum balance requirements on chequing and savings accounts.
Moreover, Tangerine Bank’s user-friendly online and mobile banking platform can be easily accessed from anywhere with an internet connection, making banking convenient for seniors with mobility or transportation issues. The bank’s competitive interest rates on savings and investment products can also help seniors maximize their returns on their savings.
Tangerine Bank offers a range of banking products and services, including savings and chequing accounts, credit cards, mortgages, and investment products, providing seniors with a one-stop shop for their banking needs. In addition, with 24/7 customer service via phone, email, or chat, seniors can receive assistance whenever needed. Overall, Tangerine Bank can be a hassle-free and accessible banking option for seniors.
Simplii Financial – a subsidiary of CIBC
Simplii Financial, an online-only bank and subsidiary of CIBC, can be an excellent option for seniors looking for a low-fee banking experience with competitive interest rates. In addition, seniors on a fixed income can benefit from Simplii Financial’s no-fee banking experience without monthly account fees or minimum balance requirements on chequing and savings accounts.
Moreover, Simplii Financial’s user-friendly online and mobile banking platform is easily accessible, making banking convenient for seniors with mobility or transportation issues. With 24/7 customer service via phone or chat, seniors can get assistance outside regular banking hours.
Simplii Financial also offers a range of banking products and services, including savings and chequing accounts, credit cards, mortgages, and investment products, providing seniors with a one-stop shop for their banking needs. In addition, the bank’s affiliation with CIBC provides additional assurance and accessibility for its customers.
EQ Bank – a subsidiary of Equitable Bank
EQ Bank is a popular online-only bank that can be an excellent option for seniors looking for a low-fee banking experience with high-interest savings accounts. With competitive interest rates on savings accounts and GICs, seniors can maximize their returns on savings. In addition, EQ Bank’s user-friendly online and mobile banking platform is particularly beneficial for seniors with mobility or transportation issues who prefer banking from home.
Moreover, EQ Bank’s range of banking products, including savings accounts, GICs, and international money transfers, can provide seniors with a one-stop shop for their banking needs. Deposits are also insured by the Canada Deposit Insurance Corporation (CDIC), providing additional assurance to seniors that their funds are safe and secure.
Overall, EQ Bank can offer seniors a convenient and reliable banking option with easy-to-use digital banking tools and competitive interest rates.
Read about Neo Financial vs EQ Bank, two contenders for online banking in Canada.
Alterna Bank – a subsidiary of Alterna Savings
Alterna Bank, an online-only bank and subsidiary of Alterna Savings, can be an excellent option for seniors looking for a low-fee banking experience with high-interest savings accounts. In addition, Alterna Bank offers competitive interest rates on its savings account and GICs, allowing seniors to maximize their savings returns.
They also offer a user-friendly online and mobile banking platform that can be accessed from anywhere with an internet connection, which can be particularly beneficial for seniors with mobility or transportation issues.
In addition to offering a range of banking products and services, such as savings accounts, GICs, and mortgages, Alterna Bank is committed to supporting local communities. This aligns with the interests of many seniors who may be more community-oriented.
The bank’s deposits are insured by the Canada Deposit Insurance Corporation, providing seniors with additional assurance that their deposits are safe and secure. Overall, Alterna Bank can offer a convenient and reliable banking option for seniors looking for a low-fee banking experience with high-interest savings accounts, user-friendly online and mobile banking, and community involvement.
What Senior Bank Account Will You Choose?
There are several excellent bank account options available for seniors in Canada. Each of the banks discussed in this article offers unique features and benefits, making them attractive choices for seniors depending on their individual needs and preferences.
Tangerine Bank, Simplii Financial, and EQ Bank can be excellent options for seniors comfortable with online banking. These online-only banks provide low-fee banking experiences with competitive interest rates, easy-to-use online and mobile banking platforms, and a range of banking products and services.
For seniors who prefer brick-and-mortar banks, RBC, TD, and BMO offer senior-specific accounts with unique features and benefits, such as discounted or waived fees, unlimited transactions, and travel insurance.
Ultimately, the best bank account for seniors depends on their needs and preferences. Seniors should take the time to research and compare different options, considering factors such as fees, interest rates, convenience, and customer service. Then, by choosing the correct bank account, seniors can enjoy a hassle-free banking experience that meets their needs and helps them efficiently manage their finances.