The Best Seniors’ Chequing Account

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Note: Last updated on August 24th,2017. Information is subject to change, and it’s very important to verify the details before opening an account.

One of the big advantages offered to seniors is that there is an abundance of discounts and deals. Some of these big savings can be found at your local bank! By choosing the right account, you can easily save hundreds of hard-earned dollars a year and receive other banking discounts.

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

The easy winner is CIBC’s 60+ Advantage Plan. CIBC is the only main bank that offers a free account with unlimited transactions to those over 60 years old. On top of that, they also offer a wide range of discounts that include free drafts and money orders.

The other banks mainly offer limited deals, like transaction caps, higher age restrictions, and even limited in-branch transactions. 

Online accounts are also an option if you don’t mind not having a physical bank location. You can find the best free online accounts here.

Well that’s it, but if you have any questions please contact me at or 647-289-0012. You can also sign-up for our newsletter below.

Seniors’ Chequing Account Summaries


60+ Advantage (60 years old+)

  • No Monthly Fee
  • Unlimited Transactions
  • E-transfers are $1.50 each
  • Free Drafts and Money Orders
  • Discounted Safety Deposit Boxes and Other Services


Practical Plan Account (60 years old+)

  • No Monthly Fee
  • 12 Transactions/each extra is $1.25
  • Unlimited e-transfers (within transaction limit)
  • All other BMO accounts are $4 off the regular price

Royal Bank

Day to Day Banking (65 years old+)

  • No Monthly Fee
  • 12 Transactions/each extra is $1
  • Unlimited e-transfers
  • All other RBC accounts are $4 off the regular price


Senior Account (60 years old+)

  • No Monthly Fee
  • 12 Transactions (max of 4 at teller)/each extra is $1.25
  • 2 free e-transfers a month/$1 for each extra
  • Earn Scene Points
  • All other Scotiabank accounts are $4 off the regular price

TD Bank

Seniors Account (60 years old+)

  • No Monthly Fee for seniors that are receiving the Guaranteed Income Supplement (GIS)
  • 12 Transactions (max of 2 at teller)/each extra is $1.25
  • All other TD accounts are 25% off the regular price for seniors
  • E-transfers cost $0.50 for amounts under $100 and $1.00 for amounts over $100


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