The Best Seniors’ Bank Account

The Best Seniors’ Bank Account

The Best Seniors’ Bank Account

 

One of the big perks about being a senior is that there’s lots of discounts, however, when it comes to banking accounts it’s easy for someone to be stuck with an account that ends up costing them way too much money. Thankfully, I’ve done all the research on the available accounts, selected the best seniors’ bank account and then neatly summarized everything at the end.

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And the Winner of the Best Seniors’ Bank Account is…

The easy winner of this category is CIBC’s 60+ Advantage Plan. CIBC is the only physical bank that offers a free account with unlimited transactions. They also generously offer a wide range of discounts and free drafts/money orders. The rest of the banks just have free basic accounts with a 12 transaction limit or minor account discounts of about $4. Scotiabank and TD even limit the amount of times that a senior can perform in-branch transactions.

Note that seniors also qualify for free online accounts that can be found here.

Well that’s the end of this quick, yet helpful article. If you have any questions please contact me at info@ffcoach.ca or 647-289-0012. Also don’t forget to sign-up to our Newsletter!


Account Summaries

CIBC

60+ Advantage
-No Monthly Fee
-Unlimited Transactions
-Free Drafts and Money Orders
-Discounted Safety Deposit Boxes and Other Services

 

BMO

Practical Plan Account
-No Monthly Fee
-12 Transactions; each extra is $1.25

All other BMO accounts are $4 off the regular price

 

Royal Bank

Day to Day Banking
-No Monthly Fee
-12 Transactions; each extra is $1

All other RBC accounts are $4 off the regular price

 

Scotiabank

Senior Account
-No Monthly Fee
-12 Transactions (max of 4 at teller) ; each extra is $1.25
-Earn Scene Points

All other Scotiabank accounts are $4 off the regular price

 

TD Bank

Seniors Account
-No Monthly Fee
-12 Transactions (max of 2 at teller) ; each extra is $1.25

All other TD accounts are 25% off the regular price

8 thoughts on “The Best Seniors’ Bank Account

  1. Josephine

    I am 71 and have been with TD for many years…..when I turned 60 i was offered free unlimited transactions debit or teller…..and no monthly fee…I have never heard of a limit of two teller transactions……..
    I would like to have free bank draughts,and money orders…and I also resent having to pay $4 a month overdraught protection…. It should be lowered to about $2….. I also have TD visa,and get aeroplan points….

    1. msiwiec Post author

      Thank you for the reply Josephine, if you’re not using your overdraft then you can have it changed to a “pay as you go” and only pay $5 (excluding overdraft interest) when you use the overdraft. Here’s a link to TD’s website explaining this – https://www.tdcanadatrust.com/products-services/banking/accounts/overdraft.jsp . It’s also too bad that they don’t offer you free drafts and money orders.

      It sounds like you have an older account that gives seniors free transactions and according to their website they no longer offer this service.

  2. Dyson

    Scotia has the best offering for seniors because you can access their Scotia Plus plan a year sooner than with the other banks. At the same time, you get unlimited transactions, free personalized cheques, free money orders and drafts, commission-free traveler’s cheques and free paper statements.

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