Learn About Senior’s Bank Accounts in Canada

Enjoy post-retirement banking benefits by learning about the best senior’s accounts.

Senior’s Accounts 101

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.

Who can open a senior’s bank account in Canada?

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.

What are the advantages of having a senior’s bank account?

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:

No monthly fee
Unlimited transactions
Free certified cheques
Paper statements
Discounts for a safety deposit box
Low minimum balance and opening balance requirements
Commission-free travellers cheques

What should I look for in a senior’s account?

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:

Location: If you prefer on-site banking, look for a banking location that is convenient for you to visit.
Transaction Limits: If you need to conduct lots of transactions in a month, a senior’s account with unlimited transactions is a good option to choose.
Travel perks: Are you a frequent traveller or snowbird? If so, take advantage of senior’s accounts that come with free traveller cheques and other travel-related perks.
Interest: Try looking for a senior’s account that offers a good interest rate.

Is a senior’s account always the best option?

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.