The Best Seniors’ Chequing Account


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Note: Last updated on June 25th, 2019. 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 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.

With Senior accounts, we see a trend of banks increasing qualifying age to 65 from 60 and an elimination of completely free accounts. Many of these options also require you to opt-in to the seniors plan even if you are a qualifying age.

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

The winner is CIBC’s 65+ Smart for Seniors Plan. CIBC is the only main bank that offers a cap on monthly fees and a wide range of discounts that include free drafts and money orders. The runner up option is BMOs Practical Plan, which is actually a better option if you’re under 65.

The other options 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


Smart for Seniors (65 years old+)

  • Fee ranges from free to $10 
  • 12 transactions are free and every additional transaction is $1.25 to a cap of $10 
  • Free e-transfers
  • 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 $1.25
  • 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+ and receiving GIS)

  • 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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