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
