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A senior’s account allows you to take advantage of fee discounts and promotions offered by financial institutions for Canadians over 60. As we grow older, our banking preferences change. Take advantage of great banking features available for seniors, such as free certified cheques and unlimited teller-assisted transactions.
Enrich your post-retirement life by making better money decisions and enjoying the things you love the most. Learn about all the benefits of having a senior’s account and compare the best options on RATESDOTCA.
If you are 60 years or older, you are eligible to apply for a senior’s bank account in Canada. A senior’s bank account can offer your features and services that better suit your post-retirement lifestyle.
Many financial institutions offer great senior’s accounts with features such as on site-banking and free certified cheques, all designed to make your banking processes more convenient. They can also offer you a lower banking fee, making it easier for you to save for a vacation or investment. Some financial institutions waive your entire monthly fee if you’re a senior, helping you save hundreds of dollars yearly.
A senior’s bank account can come with several benefits that a basic chequing account may not have. Many financial institutions offer the following features with their senior’s accounts:
A senior’s bank account should have features that make your banking processes as smooth as possible. While choosing a senior’s bank account, see the following features match your day-to-day banking needs:
Not all seniors prefer a signing up for a senior’s account. If you think you’ll exceed the transaction limits that come with a senior’s account, or you aren’t attracted by the perks, then a senior’s account isn’t for you. Instead of limiting your options, try looking for a chequing or savings account that will help you utilize your money in a better way.
If you have a good amount of money lying in your account, you can consider investing that into a high-interest savings account (HISA) or a chequing account with better perks.