Best Senior Bank Accounts in Canada - NerdWallet (2024)

Our Take

• Canadians aged 65 and older can enjoy sweet savings and helpful perks with this specialized version of the popular CIBC Smart™ Account.
• Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Product Details

• Get a $400 Costco Shop Card when you open your first chequing account and complete the qualifying actions.
• The monthly fee for the CIBC Smart™ Account typically starts at $16.95, but seniors automatically receive a $6.95 discount. After that, the monthly fee varies by the number of transactions you make in a month and your account balance. If you maintain a $4,000 minimum balance, you’ll have unlimited transactions and no monthly fee. If you do not, you can pay no monthly fee and have up to 12 transactions, or pay $1.25 each for 13-20 additional monthly transactions.
• Free Interac e-transfer transactions that count towards your total transactions.
• Free bank drafts and money orders.
• A $5 discount on the annual rental fee for a safety deposit box.
• Access to nearly 4,000 ATMs across Canada.
• One free non-CIBC ATM withdrawal per month in Canada.
• Use online and mobile banking to transfer money, pay bills, make purchases and manage your money anywhere, anytime.
• Apply online and access your bank account instantly. You can also add your debit card to your mobile wallet and start shopping on the first day.
• Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
• CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
• Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
• Only available to Canadians aged 65 and older.
• Deposits are eligible for insurance from CDIC.

Our Take

• RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Product Details

• Get an iPad when you switch to RBC & open an eligible RBC bank account by September 30, 2024. Conditions apply.
• Unlimited debits transactions in Canada, valuable savings and even more.
• Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
• FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
• 3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
• 5 FREE cross-border debits/month, $1 each thereafter.⁹
• No minimum balance (even to get rebates).
• Monthly Fee¹: $16.95 (or less with rebate).²
• $10.95 or $5 monthly fee with Value Program Rebate.¹⁰
• $12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
• Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
• Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
• Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
• Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
• 1 book of cheques FREE, afterwards Fees Apply¹⁷
• Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
• Online, Mobile and Telephone Banking FREE.
• eStatements FREE.
• Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
• Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

Our Take

• Designed for Canadians 57 and older, the Canadian Western Bank Gold Leaf PLUS Account has no monthly fees, unlimited transactions and free personalized cheques.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product Details

• Available to Canadians 57 and older.
• No monthly fees.
• Unlimited transactions, including Interac eTransfers.
• Complimentary paper cheques.
• Electronic or paper statements.
• $15 discount on safe deposit box rentals.
• Option to receive GIC interest monthly with no penalty.
• Deposits eligible for insurance from CDIC.

Our Take

• The TD Unlimited Chequing Account is a convenient way to manage your daily expenditures, with unlimited transactions, free Interac e-transfers and a first-year annual fee rebate on select TD credit cards up to $139.
• TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Product Details

• Earn $400 by opening a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account by September 26, 2024 and complete two of following by November 30, 2024: 1. Set up a Recurring Direct Deposit. 2. Set up a Recurring Pre-Authorized Debit Payment. 3. Make an Online Bill Payment.
• Get $200 by depositing $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Explore additional cash offers with the following deposit tiers. Earn: $50 for $2,500 deposit; $100 for $5,000 deposit; $200 for $10,000 deposit.
• Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
• Unlimited transactions included per month.
• Free Interac e-transfer transactions.
• Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
• Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
• No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
• Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
• Use TD MySpend to track monthly spending and improve spending habits.
• Direct deposit for paycheques, mobile deposit for all other cheques.
• Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
• CDIC protection for eligible deposits.

Our Take

• RBC’s Day to Day Banking for Seniors may be a no-fee limited transaction chequing account, but it comes with free unlimited e-transfers and eligible public transit debits.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Product Details

• Ideal chequing account for those with limited banking needs.
• Get 12 debit transactions per month, and pay $1.25 for each transaction thereafter.
• The account also comes with unlimited free e-transfers and debits for eligible public transit.
• Receive free monthly eStatements and paper statements with cheque images on accounts receiving the Seniors Rebate.
• Regular fees apply when using services, such as non-RBC ATMs, international transactions and safety deposit lockers.

Our Take

• Seniors get a monthly account fee discount, unlimited transactions, e-transfers and a first-year annual fee waiver of up to $139 on select credit cards with the Scotiabank Preferred Package.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product Details

• Earn up to $600 with a Scotiabank Preferred package and an investment plan¹.
• Earn an additional 0.05% on your Momentum Plus Savings Account
• Unlimited debit transactions and Interac e-transfer transactions
• First year annual fee waiver (up to $150) on select credit cards
• Earn points on every day purchases with the Scene+™ program
• 4 more perks
• Monthly fee for seniors is $12.95 per month.
• No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.
• Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.

Our Take

• You get unlimited transactions, no TD fees at ATMs, and an annual fee rebate on TD credit cards when you open a TD All-Inclusive Banking Plan.
• TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Product Details

• Earn $400 by opening a TD All-Inclusive Banking Plan or TD Unlimited Chequing Account by September 26, 2024 and complete two of following by November 30, 2024: 1. Set up a Recurring Direct Deposit. 2. Set up a Recurring Pre-Authorized Debit Payment. 3. Make an Online Bill Payment.
• Get $200 by depositing $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Explore additional cash offers with the following deposit tiers. Earn: $50 for $2,500 deposit; $100 for $5,000 deposit; $200 for $10,000 deposit.
• Monthly fee rebate when you maintain a minimum monthly balance of $5,000.
• Unlimited transactions per month.
• Annual fee rebate on TD credit cards
• No TD fees at Non-TD ATMs or Foreign ATMs.
• Free to send or request money using Interac e-Transfer®.
• Free premium perks that include a small safety deposit box, certified cheques, money orders, and personalized cheques at no additional cost.
• With TD Fraud Alerts, suspicious transactions on your TD Access Card can be blocked and unblocked in real-time.
• Earn big rewards on the little things including 50% more Stars at participating Starbucks stores. Simply link your eligible TD Access Card with Visa Debit with your Starbucks Rewards account to start earning. Conditions apply.
• Choose one or more bank accounts from the following, a TD All-Inclusive Banking Plan, a TD ePremium Savings Account, or a TD Borderless Plan, with one application that works for you.
• Benefits of banking with TD: TD app; TD MySpend to track finances; TD Mobile Deposit; Direct Deposit; Overdraft Protection; Simply Save Program to grow savings.
• Open your account online by filling out your secure application in approximately 5 minutes.
• Deposits are eligible for CDIC insurance.

Our Take

• The Basic Bank Account is a no-frills chequing account with limited transactions and a 100% monthly fee rebate for seniors.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product Details

• The Basic Bank Account is ideal for those who don’t need more than 12 debit transactions per month. Thereafter, a charge for additional debit transactions may apply.
• It comes with free Interac e-transfer transactions.
• Seniors over 60 qualify for an automatic monthly account fee discount of $4.00, which covers the full fee.
• Additional fees apply for shared ABM services, international debit transactions and other services not included in the chequing account plan.

Our Take

• The Total account for customers aged 60 and over comes with unlimited transactions, loads of free services and specially curated features like legal and estate assistance, and more.
• National Bank of Canada, or NBC, is headquartered in Montreal, Quebec, and is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.

Product Details

• Unlimited access to all digital and counter transactions.
• Unlimited and free Interac e-transfers.
• Up to $150 off after enrolment of an eligible credit card.
• Receive a $5.00 discount on the $28.95 monthly fee.
• Free online statements and account statements by mail.
• 100 free cheques per year.
• Integrated Line of Credit of up to $5,000.
• Pay with mobile or contactless payments by using Apple Pay or Google Pay on your smartphone or Interac Debit contactless payments.
• Access mobile cheque deposit by taking a photo of your cheques through the National Bank app on your phone or tablet to deposit your funds in a few clicks.
• Special rates for online trading.
• Legal and estate assistance included.
• Overdraft protection.
• Access to cheque images.
• Free stop payments for pre-authorized cheques and debits.
• Free use of the CIRRUS and Interac network
• Access to ABMs in THE EXCHANGE network at no additional cost.
• Eligible deposits are covered by CDIC.

Our Take

• As the name suggests, the Coast Capital Unlimited Chequing Account offers unlimited transactions as well as a full rebate on monthly fees for seniors.
• Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.

Product Details

• No monthly fees.
• Unlimited transactions, including Interac e-transfers.
• Free access to identity theft protection with ID Assist.
• Free cheques and paper statements.
• Pay $2.50 for Interac Network ATM Transactions nationwide.
• Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.