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Top 5 Senior Saving Account In Canada

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Banking made easy for seniors. Read this blog to find out the top 5 senior saving accounts in Canada.

Senior Savings Account

Are you looking for some of the best senior saving accounts in Canada? Do you wish to enjoy zero balance in your bank account and even zero monthly charges? Let us make you finance savvy.

Ok, so it was a journey until you at 60. But now you feel that you have played your lead character in this show called “life” and want to settle down to enjoy your retirement phase.

We wish you a happy and relaxing life and let you enjoy this phase to the fullest. We have presented you with some of the best senior savings bank accounts.

What Is a Senior Savings Bank Account in Simple Language?

It is a banking product meant solely and entirely for senior citizens over 60 years, 65 years, or more.

These products specifically target the senior citizens with the several regular banking facilities. These also allow them to enjoy certain privileges and benefits, which are distinct from and not available to the regular customers of the bank.

What Are the Best Senior Savings Bank Accounts in Canada?

You ask any Canadian about some of the leading banks operating in the region, and you will find the below-mentioned reply:

  1. Canadian Imperial Bank of Commerce (CBIC)
  2. Toronto-Dominion Bank (TD)
  3. Royal Bank of Canada (RBC)
  4. Bank of Montreal (BMO)
  5. Scotiabank

All the banks mentioned above have the largest business in Canada, and each one of them offers a senior savings account. Let us explore the unique features provided by them:

Bank accounts for seniors
Source: Freepik

1. CIBC Smart for Seniors

You are eligible to open this account in your name after 5 years. Any monthly fees are absent, and you can even create bank drafts and money orders without incurring a penny.

You will get twelve free transactions every month with this account, you will pay at a flat rate of $1.25 per transaction. However, paying a $10 monthly fee, you get unlimited transactions.

If you opt to get a safe deposit box, you are eligible for a flat $5 discount on the annual rent charged by the bank.

Further, you are not required to maintain any minimum balance as well.

The CIBC Smart account is offered in two different versions which are:

CIBC Smart Chequing AccountCIBC Smart Plus Account
Net Zero Monthly Fees (this account has a monthly fee of $6.95 but the seniors get a discount of $6.95, making it free)A monthly fee of $23
12 free transactionsUnlimited Transactions
One free non-CIBC ATM withdrawal is allowed every monthA premium CIBC credit card is offered with several rebates and discounts
Interac e-Transfer transactions are freeOffers personalized cheques at no additional cost

2. BMO Practical Plan Account for Seniors

You are eligible to open this bank account if you are of age 60 years or above. There is:

  • Zero monthly fees and
  • Zero minimum balance

With this account

Further, this account offers 12 free transactions in a month, after which you will pay at a flat rate of $1.25 per transaction. You can also combine your BMO Practical Plan Account with your Premium rate Savings Account.

Some other features are:

  • Unlimited Interac e-Transfer transactions with a daily cap of $3000 
  • Cash withdrawals from non-BMO ATMs will cost you:
  • $2 per withdrawal in Canada 

and

  • $5 per withdrawal outside Canada
  • The benefits of standard overdraft protection are also available for $5 per month

3. RBC Day to Day Banking for Seniors

It is a chequing account for seniors aged 65 years and above. The monthly fee for this bank account is $4, but they give the seniors a discount of $4, which practically makes it free for them.

There is no requirement to maintain any monthly balance as well. Further, this account offers twelve free transactions in a month, and after you exhaust this limit, you will pay $1.25 per transaction.

You can also link your RBC Debit Card with this account. Upon doing this you can:

  • Get a discount of 3 cents per liter of gas purchased from the gas stations in the Petro-Canada
  • Collect Petro-points quickly as all the purchases made will let you earn 20% more points   

4. TD Minimum Chequing Account for Seniors

If your banking needs are minimal and you are looking for a bank account that offers all the primary banking services at affordable prices, this account can be a perfect option.

You are eligible to open this account if you are 60 years or older. There will be a zero-monthly fee for you if you are getting the monthly benefit of the Guaranteed Income Supplement (GIS)*.

* The GIS is a monthly income scheme available to low-income Canadian seniors. All the proceeds received under this scheme are tax-free and get credited to your bank account in the third or fourth week of every month.

This account has no monthly fees, and there is no requirement to maintain any minimum balance. You will get 12 free transactions every month, and after exceeding this limit, you will pay $1.25 per transaction.

However, the Interac e-transfers are chargeable from this account, and every such transfer will cost you:

  • $0.50 per transfer when the value of such a transfer is less than $100
  • $1 per transfer when the value of such a transfer exceeds $100
Bank accounts
Source: Freepik

5. Scotiabank Basic Bank Account for Seniors

It is an entry-level chequing account for all seniors aged 60 years and above. The monthly account fee is Zero, and it also offers 12 free transactions in a month ($1.25 per transaction after exhausting the limit).

Further, these transactions also include 2 free Interac e-transfers (after these two free transfers, you will pay $1 per such transfer).

This bank account run by Scotiabank also allows you to earn reward points either as:

  • SCENE points–You get 1 SCENE point after spending $5 on every debit purchase

or

  • Scotia Reward Points

Wrapping It Up

Choosing a bank account is an uphill task, especially when so many identical products are available in the market with few variations. However, the choice of a banking product is influenced by your requirements, liking, and expectations.

All the bank accounts mentioned above have unique features, with some offering you reward points and some giving you the benefit of zero minimum balance.

The final selection lies with you and depends upon a product’s suitability or compatibility with your needs

References:
https://www.cibc.com/en/personal-banking/bank-accounts/senior-banking-offers.html
https://www.bmo.com/main/personal/bank-accounts/seniors-banking/
https://www.rbcroyalbank.com/products/deposits/onlineservices/day-to-day-banking.html
https://www.tdcanadatrust.com/products-services/banking/accounts/chequing-accounts/seniorsrebate.jsp?question=
https://www.scotiabank.com/ca/en/personal/bank-accounts/seniors-discount.html
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