The Canadian Western Bank Gold Leaf PLUS Account is a versatile, everyday-use chequing account for Canadian seniors aged 57 and older. This account comes with no monthly fees, unlimited transactions, complimentary cheques, and free Interac e-Transfers. Account holders also get a $15 discount when renting a safety deposit box.
With eligibility beginning at age 57, the Canadian Western Bank Gold Leaf PLUS Account is available earlier than many other senior chequing accounts. This makes it an excellent – and early – opportunity to save on bank fees, especially for those living on a fixed income.
Canadian Western Bank Gold Leaf PLUS Account features
The Canadian Western Bank Gold Leaf PLUS Account comes with all the standard features you expect from everyday chequing accounts for seniors but with a few bonuses:
Why You Want It
Unlimited transactions + No monthly fees for Canadians 57 and over.
Special Features
- No monthly fee
- $15 discount on safety deposit box rentals
- Option to receive GIC monthly interest without penalty
Eligibility
- Aged 57 and over
- Canadian resident
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Canadian Western Bank Gold Leaf PLUS Account product rating: 3.2
This is one of the top everyday chequing accounts tailored for Canadian seniors, despite the limited availability of the bank's branch locations. The Canadian Western Bank Gold Leaf PLUS Account is free and offers unlimited transactions and a few excellent perks, like free cheques.
Unfortunately, the majority of Canadian Western Bank’s brick-and-mortar locations are found in British Columbia and Alberta, and are limited to major urban centres. It's not uncommon for seniors to prefer banking in person, so the limited access to branches detracts from this account's otherwise attractive features.
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The pros of Canadian Western Bank Gold Leaf PLUS Account
This bank account is ideal for spending and withdrawing funds – here are the best parts:
Pros
This account is almost completely free
This account is as close to free as you can get – there are no monthly fees and unlimited transactions, including Interac e-transfers. The CWB is part of the EXCHANGE Network of ATMs, which means account holders can make surcharge-free withdrawals at more than 3,000+ ATMs in Canada, and more than 40,000 in the U.S.
Its age requirement is lower than average
The Canadian Western Bank Gold Leaf PLUS Account is available to Canadians as young as age 57, whereas the typical age requirement for a seniors account in Canada is between 60 - 65. Having three years of early access to a seniors account is a pretty sweet perk.
Complimentary cheques
Cheques may be considered a dying art, but plenty of seniors prefer this over alternative methods of payment. If this sounds like you, you'll be happy to know you get free cheques with this account, too.
Keep your valuables safe at a discount
Some good things are worth paying for, such as access to a safety deposit box. The Canadian Western Bank Gold Leaf PLUS Account gives seniors access to safety deposit boxes at a $15 discount. However, it requires visiting a CWB branch, so this won't likely be helpful to those outside of the Western provinces.
The cons of the Canadian Western Bank Gold Leaf PLUS Account
As it's from a smaller bank that primarily caters to western Canadians, the Canadian Western Bank Gold Leaf PLUS Account downsides mostly relate to location and accessibility:
Cons
Limited physical locations
Canadian Western Bank has far fewer physical locations than the big 5 banks. Plus, the locations it does have are mostly in British Columbia and Alberta. This won’t be an issue for tech-savvy clients, but seniors who prefer in-person banking may be put off by the lack of branches.
It doesn’t earn any interest
Most chequing accounts don’t earn any interest. But with many competitors now offering hybrid chequing/savings account, the Canadian Western Bank Gold Leaf PLUS Account's lack of interest is a noteworthy downside.
Canadian Western Bank Gold Leaf PLUS Account alternatives
If you don’t live on the West Coast or are looking for a seniors account with more perks and/or physical locations, there are several alternatives to consider:
 |  |  | |
|---|---|---|---|
| Account | RBC VIP Banking | Simplii No Fee Chequing Account | CIBC Smart Account |
| Genius Rating | |||
| Why You Want It | Get an Apple Watch Series 10 + Save 3 cents per litre at Petro-Can. | Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee. | Get up $500 when you open an account + Lower monthly fee for seniors. |
| Minimum Balance To Waive Fee | N/A | $0 | $4,000 |
| # Of Free Monthly Transactions | Unlimited | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $30.00 | $0.00 | $16.95 |
| Excess Transaction Fee | $0.00 | N/A | $1.25 |
Show More | |||
| Open an account See more RBC products Compare | Open an account See more Simplii Financial products Compare | Learn More See more CIBC products Compare |
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FAQ
What’s the minimum age to sign up for the Canadian Western Bank Gold Leaf PLUS Account?
The minimum age is 57 years old, which is below-average compared to other senior chequing accounts in Canada. The average minimum age for similar accounts tends to fall between 60 - 65 years of age.
How many locations does the Canadian Western Bank have?
According to the Canadian Western Bank branch locator tool, there are only 42 branches in Canada, 33 of which are located in Alberta and British Columbia. Saskatchewan, Manitoba (Winnipeg), and Ontario (Toronto) have 3, 1, and 4 respectively.
Is there a minimum balance requirement for the Canadian Western Bank Gold Leaf PLUS Account?
There's no balance requirement for this account. The Canadian Western Bank Gold Leaf PLUS Account has no monthly fee, so there isn't anything that needs waiving. This is especially convenient for seniors, many of whom live on fixed incomes.
Can account holders use non-Canadian Western Bank ATMs?
Canadian Western Bank Gold Leaf PLUS Account holders can use non-CWB ATMs – using The EXCHANGE Network's machines is completely free. You won't pay transaction fees, but you may have to pay maintenance fees when withdrawing cash from unaffiliated ATMs.
Will my monthly statements be paper or electronic?
That is up to you as Canadian Western Bank offers Canadian Western Bank Gold Leaf PLUS Account holders the choice of getting monthly paper or electronic statements. Luckily, both options are free – paper statements from other banks come at a cost.
Does my Gold Leaf PLUS Account have access to USD bank drafts?
Yes, the Canadian Western Bank Gold Leaf PLUS Account gives you access to USD bank drafts. While this account is mostly free and it includes several valuable perks, free USD bank drafts isn't one of them – they cost $9.50 each.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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