Best Seniors Chequing Account

A senior account is a regular saving account created for senior individuals, but with exclusive benefits and rewards depending on which bank you have the account.

With an ageing population, senior accounts are inevitable. In most cases, these accounts are meant for clients aged 60 years and above. However, some banks and financial institutions consider senior citizens as persons aged 50 years and above.

Best Seniors Chequing Accounts in Canada

Seniors’ accounts are a great way for seniors to cater to their day to day expenditures. Before choosing one, it’s important to compare offers from several banks as there’s always one bank with nice perks to suit your senior financial needs.

Interest rate

0.00%

Transaction fees

$2.50

E-transfer

$1.00

Transactions

30

Interest rate

0.00%

Transaction fees

$2.50

E-transfer

$1.00

Transactions

12

Interest rate

0.00%

Transaction fees

$2.00

E-transfer

$0.00

Transactions

12

Interest rate

0.00%

Transaction fees

$0.00

E-transfer

$0.00

Transactions

Unlimited

Interest rate

0.00%

Transaction fees

$2.50

E-transfer

$1.25

Transactions

12

Benefits of a Seniors Account in Canada

The benefits that you can get in having a senior account differ from among the banks. However, the most common are:

  • It comes with a chequing account
  • It comes with paper statements
  • There are no fees if you withdraw through ATM machine of other banks or non-affiliated banks
  • You get discounts if you take advantage of safe-deposit boxes
  • You enjoy higher interest rates

What is a senior’s bank account?

A senior’s account is simply a typical chequing account that provides features tailor-made to suit older customers. The requirements for holding such an account as well as perks vary with the financial institution, but the qualification age ranges from 50 to 65 years. Certain banks and credit unions may also offer senior accounts to its older customers at a minimal fee of about $4 and waiver it once they turn 60 or older.

Compare Senior Account Canada

Out of the major banks, Scotia offers the most attractive plans for seniors as you are given access to the Scotia Plus plan much sooner as compared to other banks. Additionally, you are also given an unlimited number of transactions, free money orders, free personalized cheques, free paper statements and several other perks.

Even though TD offers rebated accounts online for its seniors, the cheapest of the plans begin at $8.20 monthly. Senior customers of TD with basic needs are best suited with the Value account that offers 10 free transactions at a monthly fee of $3.95. This fee is waived with a $1,500 minimum balance. Other banks such as BOM also offer some attractive perks that you may want to have a look at.

What are the typical seniors’ account interest rates & fees?

Banks in Canada are required to provide low cost and no-frills accounts, only until the five major banks decided to promote free bank accounts for seniors. However, this also changed in 2012 when TD ceased offering free accounts to seniors. Instead, TD provides its senior customers with 60 and above a 25% discount on the monthly fees.

You must, however, ask for it. BOM and RBC provide free accounts to seniors and apply a $4 fee on turning 60. As for CIBC and Scotia, you must request for enrolment into the seniors plan so as to qualify for the free plan and other benefits. Many credit unions in Canada also offer Senior Account Canada for free, but limited access to the account is a barrier.

Benefits of opening a seniors account

It’s often very difficult to find information about the Senior Account Canada from different banks and credit unions from their sites. So the best way to find the best deal is making comparisons of what different institutions have to offer and also visiting them physically.

However, some general benefits you are likely to get from most of the institutions include free cheques, free paper statements, no money orders fee, higher interest than common chequing accounts and fee waivers. Credit unions and banks can provide different feature combinations or offer other unique features and benefits.

 

Best Seniors Bank Accounts in Canada

A senior account is a regular saving account created for senior individuals, but with exclusive benefits and rewards depending on which bank you have the account. We have compiled a list of the best seniors accounts available in Canada. Below you can sort seniors account based on benefits and features and you can find the one that best suits your requirements.

Different banks and credit unions provide some standard features for senior accounts. These accounts usually charge no or relatively low monthly fees. Some offers include unlimited free transactions such as the everyday package of the CIBC bank.

Some extra features that they offer are discounts on safety deposit boxes, free paperless record-keeping, debit cards, commission-free traveller cheques, etc.

These accounts are associated with a number of features that are all aimed to make the senior’s banking experience as smooth as possible. They are also associated with a number of banking benefits to make the offers lucrative.

In Canada, just like any other country, banks are required to offer a low cost and no frail bank account. For a long time, banks in Canada had been offering free banking services for seniors but things changed in 2012 when one of the big 5 banks stopped offering free accounts to seniors. Instead of free accounts, seniors were offered a 25% discount on their monthly fees.

Seniors Chequing Account Advantages

There’s a stand-alone senior account service from First Ontario Credit Union which applies absolutely no charge on any of its services for the senior aged 60 years or more not even on bill payments. Some banks give discounts on monthly fees if not free, and it seems that the basic types of packages are always free of charge even with these banks.

There are two distinct types of senior account. One is the chequing account, and the other is the savings account. Seniors chequing accounts are usually more convenient as they come with free and flexible transaction facilities that senior citizens could take advantage of. TD Canada Trust gives away features with a value of $524 with their chequing account services.

The minimum balance required to open an account is always low on a senior account, and it’s usually around $200 with premium services. Sometimes, chequing accounts specially designed for seniors give high-interest rates as the savings accounts.

These interests are counted on the total balance of a full day period and paid by the end of the month. Senior accounts provide credit options besides the regular debit options, and the in-branch credit transactions are kept free of charge. The savings accounts also allow transactions with a small number of fees.

The benefits of senior accounts

Senior accounts are associated with a number of advantages. These benefits vary from one bank to another because of their different offers. Generally, by opening a senior account an individual stands to gain from the following:

  • The account holder gets unlimited access to ATM, phone banking together with internet banking services.
  • Customers get to enjoy no minimum balance accounts
  • Senior citizens also get to receive their interest directly to their accounts
  • Account holders are given the privilege of using free cheques

Most banks understand what the senior citizens need to operate this account hence are dedicated to ensuring that their needs are met. With this kind of understanding, you can understand why most seniors want to continue operating this account.

By opening a senior account, you stand to gain more than to lose. Visit your branch today to get all the information you might need to get your senior account opened.

 

 
 
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