The CIBC Smart Account is the best senior bank account in Canada. It comes with perks for account holders over 65, such as a low monthly fee and free Interac e-Transfers.
Most Canadian banks provide at least one type of account designed specifically for seniors, often with a discounted monthly fee and added features that appeal to this demographic. Some have low transaction limits, though, so consider your needs before choosing such an account.
Here, you'll find a detailed list of the top accounts for Canadian seniors that highlights the benefits and drawbacks to consider.
Key Takeaways
- The best senior bank account is the CIBC Smart Account, which offers a discount of $6.95 per month for clients ages 65+.
- When choosing a senior bank account, look for a free or discounted monthly fee, a reasonable number of included transactions, and check which perks are included.
- Some pros of having a senior account include a discounted monthly fee, free personal cheques, and discounts on safety deposit boxes and other amenities.
- Opening such an account can be done online or at a bank branch and will require that you provide ID to show your age.
Best senior bank accounts in Canada for October 2025
While there are many choices in Canada, the top bank accounts for seniors each have unique particulars that set them apart from the others. Here's an overview of the top senior bank accounts available to Canadians:
Best overall seniors account: CIBC Smart Account
Seniors with a CIBC Smart Account account are provided with a sweet discount on monthly fees. But with or without the discount, the tiered monthly fee allows you to only pay for what you use.
Pros:
- Max monthly fee of $10 (a $6.95 discount)
- Free Interac e-Transfers
- Free bank drafts and money orders
- $10 discount on a deposit box
- Public transit fares and passes don't count toward transaction limit
- Access to nearly 1,000 branches across Canada
Cons:
- Interac e-Transfers are free but count toward transaction limit
- Tiered fee can be complicated to figure out each month
- No free cheques – requires upgrading to the CIBC Smart Plus Account
CIBC is one of the largest and most popular banks in Canada, and the CIBC Smart Account is a low-fee chequing account. Your monthly fee is based on the number of transactions made, so you don’t pay for more than you use.
- Only pay for what you use
- Sweet welcome offers
- Discounts for seniors
- Interac e-Transfers count as transactions
- Really, everything is a transaction
- Canadian resident
- Age of majority
- Low monthly fee for low usage, higher fees for high usage
- Comes with 12 months free Skip+ free trial
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
Best for no fees: Simplii No Fee Chequing Account
The Simplii No Fee Chequing Account is fantastic for everyone, but the lack of fees will be especially helpful for seniors on a fixed income. In fact, it's one of the best free chequing accounts in Canada.
Pros:
- $0.00 monthly fee
- Unlimited debit transactions, bill payments, and withdrawals
- Comes with a debit Mastercard
- Valuable welcome and referral bonuses
- Earn up to 0.1% interest
- Free access to more than 3,000 CIBC ATMs
Cons:
- Very few perks included
- No branch access
- Unavailable for Quebec residents
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
There are more of these types of accounts – here are two more you can look at:
Never pay for a monthly bank fee again with Innovation's No-Fee Bank Account, saving you about $11 every single month – without having to worry about locking up thousands of dollars for a minimum balance. You'll also get unlimited free transactions and Interac e-Transfers®, plus won't be charged an extra fee for using non-affiliated ATMs Canada-wide.
- Get $75 in GeniusCash when you open your account
- Earn rewards on monthly transactions
- Free and unlimited transactions and Interac e-Transfers®
- No minimum balance requirements
- Free non-affiliated ATM use in Canada
- Earn rewards for everyday banking
- Unavailable for Quebec residents
- No branch locations outside of Saskatchewan
- Be age 18 or older
- Be a Canadian resident (excluding Quebec)
- Have a SIN
- New members pay a $5 membership fee
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.- Ding-free ATM use across Canada
- Everyday banking earns cash rewards
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
With the Coast Capital Free Chequing, Free Debit, and More Account, you'll get free unlimited day-today transactions*** for no monthly fee.
- Banking with a full-service institution
- Earn a sweet welcome bonus
- Free use of ATMs across Canada
- Deposit cheques with just a photo
- Fees for sending Interac e-Transfers
- Age of majority in your province
- Social Insurance Number for new members
- New members must purchase a minimum of $5 in membership equity shares
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
- Work with a full service bank, not just an online bank
- Free withdrawals and deposits at more than 4,000 Exchange Network ATMs across Canada
$100 GeniusCash + New members can get $150** when they open and use a Free Chequing Account.
Best for included perks: RBC VIP Banking
The RBC VIP Banking is an all-inclusive chequing account that earns reward points and plenty of perks. It's a fantastic account for seniors who make lots of transactions and/or have complicated banking needs.
Pros:
- Discounted monthly fee of $22.50
- Unlimited worldwide debit transactions
- Free personal cheques, overdraft protection, and 12 free bank drafts
- Free unaffiliated ATM fees
- Annual credit card rebate up to $120
- $60 annual discount on safety deposit box fee
- Earn Avion reward points on all debit transactions
- Four-month satisfaction guarantee
Cons:
- Overdraft interest still applies
- Relatively high monthly fee
- Must be 65+ to qualify for monthly fee rebates
Looking for a chequing account that has everything you need and then some? The RBC VIP Banking is your most premium option from RBC, giving you more options than you could think to ask for. This includes unlimited transactions, Interac e-Transfers, ATM withdrawals, up to $120 in credit card fee rebates, and more.
- New Apple Watch as a welcome bonus
- Unlimited free transactions and e-Transfers
- Earn RBC Avion points
- Additional account fee waiver
- Credit card annual fee waiver
- Save on fuel and earn Petro-Points
- Plenty of discounts and freebies
- Value Program fee discounts
- Very high monthly fee
- Can't completely waive the monthly fee
- Overdraft interest still applies
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
- Earn at least 1 Avion point per $10 spent with your debit card
- No monthly overdraft protection fee
- Free personalized cheques
- RBC Direct Investing maintenance fees waived
- Save 3 cents/L on fuel at Petro-Canada and earn 20% more Petro-Points
Best for unique extras: Coast Capital Elevate Chequing Account
Instead of offering tried-and-true perks like complimentary bank drafts (although a few of those are included, too), the Coast Capital Elevate Chequing Account provides free ID protection and complimentary access to Coursera. Because, after all, you're never too old to stop learning.
Pros:
- Discounted monthly fee of $8.35 for ages 59+
- Valuable $400 welcome offer
- Free, unlimited transactions and Interac e-Transfers
- One-time $50 rebate towards credit card annual fee
- 50 free cheques each year
- Free access to THE EXCHANGE Network of ATMS
- Two free unaffiliated ATM withdrawals per month
- Three free international ATM withdrawals per year
- Free identity protection and password manager with ID Assist
- Free access to Coursera for 11,000+ courses, professional certificates, and designations
Cons:
- No branches outside of B.C.
- Unavailable for Quebec residents
- Requires a $5 credit union membership fee
The Coast Capital Elevate Chequing Account offers complimentary Coursera*** access and identity theft protection, in addition to free unlimited e-Transfers, more included ATM transactions and a credit card rebate.
- Monthly fee discounts available****
- Annual fee rebate on select Coast Capital credit cards
- 50 free cheques annually
- Free ID protection and password manager
- Free access to Coursera***
- Limited unaffiliated ATM withdrawals and slightly higher ATM fee
- Not available in Quebec
- Have a SIN
- Age of majority in your province
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
- Free access<sup>***</sup> to Coursera's global learning platform (Value $538/year)<sup>*</sup>
- Free identity theft protection and password manager with ID Assist
- New members must purchase a minimum of $5 in membership equity shares
- 2 free Interac network Canadian ATM withdrawals per month<sup>†</sup>
- 3 free International ATM withdrawals per year<sup>††</sup>
$125 GeniusCash + New members can get $400** when they open and use an Elevate Chequing Account.
Best for low usage: Scotiabank Basic Bank Account
The Scotiabank Basic Bank Account is a simple, no-frills, low-transaction account that offers a significant discount for seniors. While it's usually $3.95, seniors receive a $4 discount, for a $0 monthly fee.
Pros:
- $0 monthly account fee for ages 60+
- 12 included transactions
- Unlimited Interac e-Transfers
- Eligible for overdraft protection
- Access to more than 2,100 branches (and offices) across Canada
Cons:
- Additional transactions are $1.25 apiece
- Eligible doesn't mean free – overdraft protection plan is $5 per month (or per use)
- No welcome offer
Don't like keeping a ton of money in your chequing account to waive the fee, but still love the convenience of a big bank? The Scotiabank Basic Bank Account only has a low monthly fee of $3.95 to worry about and comes with 12 free transactions. If most of your purchases are made with your credit card, that's probably more than enough for you.
- Low monthly fee
- Discounted fee for seniors
- Teens can open an account too
- Free Interac e-Transfers
- Big bank convenience and reliability
- Low transaction limit
- No fee waiver with minimum balance
- Lack of welcome bonus
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
- Free for seniors aged 60+
- Available for teens too, age 16+
- Free Interac e-Transfers
$75 GeniusCash + Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs
$12 GeniusCash + Access trusted news coverage 24/7 + Digital and home subscription options.
$25 GeniusCash + Delicious meal choices with fresh ingredients + Front-door delivery.Best for savings: Motive Savvy Savings Account
The Motive Savvy Savings Account has one of the best high-interest savings accounts (HISA) in Canada, providing seniors with a valuable option to put their hard-earned savings to work. Plus, the convenience of this online bank is hard to beat.
Pros:
- Earns up to 2% interest
- No minimum balance required for top interest rate
- $0 monthly fee
- Unlimited transactions and Interac e-Transfers
- No fees on non-affiliated and international ATMs
- CDIC coverage
Cons:
- Monthly e-statements only by request
- Unavailable for Quebec residents
- No branch access
The Motive Savvy Savings Account is pretty basic as far as features go – but it makes up for it with its high interest rate and overall lack of fees. Currently at 2%, this is one of the best high interest savings accounts you can get right now in Canada.
- A high 2% interest rate
- Unlimited transactions and Interac e-Transfers
- Application requires a hard credit check
- Unavailable in Quebec
- Valuable high interest rate
How old do you have to be to open a seniors bank account?
The general starting age at which you can get a senior bank account in Canada is 60 or 65 years of age.
These age requirements can vary by bank:
| Bank | Age requirement for senior discount |
|---|---|
| Alterna Bank | 60 |
| BMO | 60 |
| CIBC | 65 |
| Coast Capital Savings | 59 |
| Desjardins | 60 |
| EQ Bank | N/A |
| Innovation Credit Union | TBD |
| Meridian Credit Union | 60 |
| Motive Financial | N/A |
| National Bank | 60 |
| RBC | 65 |
| Scotiabank | 60 |
| Simplii Financial | N/A |
| Tangerine | N/A |
| TD | 60 |
| Vancity | 65 |
Types of senior bank accounts
Whether savings or chequing, the main types of senior bank accounts you'll find are personal or standard accounts. But these can still be divided into further categories, such as premium accounts, no-fee accounts, and more.
Here are the types of chequing accounts available for seniors:
- Personal/standard chequing accounts
- No-fee chequing accounts
- Premium chequing accounts
- Rewards chequing accounts
- Joint chequing accounts
- Unlimited chequing accounts
If you're more interested in saving, these are the types of savings accounts tailored for seniors:
- Basic savings accounts
- High-interest savings accounts
- U.S. dollar savings accounts
- Tiered savings accounts
How to pick the right seniors bank account for you
As with any financial decision, choosing the right senior bank account requires weighing the pros and cons of the individual accounts, checking for key details, and evaluating whether the fee is worthwhile.
Here's a list of particulars you should look at when contemplating accounts:
- Low or no fees – Most accounts for seniors provide either a discounted monthly fee or waive it altogether. Are the services and perks worth the monthly fee? Are there any extra, per-usage bank fees to be aware of?
- Online vs. branches – The bigger the bank, the more branch locations it'll have. Are there branches near your home? Or are you capable of and comfortable with maintaining an online-only bank account instead?
- Transaction limits – Some seniors don't make many bank transactions at all, while others use their debit cards for just about everything. How many transactions do you think you'll need on a monthly basis? Or would you feel more comfortable with no limit?
- Minimum balance requirements – Some banks require a minimum balance to waive the monthly fee or to provide the highest interest rate. Do you plan on maintaining a high balance? Or would you prefer no limits to how much you may or may not have in the account?
- Interest rates – Depending on whether you need a chequing or savings account, the interest rate provided will make a big difference. Do you hope to grow your savings as much as possible? Or are you planning to use your funds for regular transactions?
- Perks and inclusions – Especially if you're paying a monthly fee, choose an account with perks that meet your needs. Would you benefit from free money orders and/or bank drafts? Does the account provide personalized cheques for free?
How to open an account
Opening a senior's bank account is quite simple – it begins by choosing a bank and ends with adding funds to your new account.
- Choose a bank: Choose a big 5 banks or an online bank. Online banks specialize in low and no-fee accounts, but the security that big banks offer is hard to ignore. Consider which banks are near your home or workplace, especially if you prefer to do your banking in person.
- Select an account: Do you need a chequing or savings account? For chequing, look for unlimited or a reasonable number of included transactions and perks that fit your needs. For saving, look for high interest rates.
- Gather the required documents: You may need to show government ID, your SIN card, proof of address, contact information for beneficiaries, and existing bank account info to transfer in some starting funds.
- Fill out an application: You may be able to apply online, but you can also go to a branch if you prefer. Book an appointment ahead of time for assistance, and bring your documents.
- Fund your new account: This can be done at a bank branch with a representative, at an ATM machine, via Interac e-Transfer, or by linking other bank accounts with this new one and transferring funds.
Whether online or in person, the process should be quick and simple if you have the documentation on hand.
Advantages and disadvantages of seniors accounts
A senior bank account is a specific type of bank account, and there are pros and cons to choosing this type for yourself. While the points below might not apply to all senior accounts, they are very common:
| Pros | Cons |
|---|---|
|
|
Best senior bank account alternatives
Older Canadians may seek alternatives to senior-specific bank accounts. Perhaps the amenities aren’t valuable to you, or the low transaction limits don’t work for your lifestyle.
Here are some alternatives to senior bank accounts for older Canadians:
- No fee chequing accounts: Fewer transaction limits, zero monthly fees
- High-interest savings accounts: Enjoy higher interest rates and move your money anytime
- Credit union accounts: Community-focused perks, good rates, low fees, and personalized service
- Hybrid accounts: Enjoy the best features of both chequing and savings accounts
- Premium accounts: Fees often waived with higher minimum balance, better perks
Compared to senior bank accounts, the above options may provide more flexibility, higher rates, more personalized service, and better perks for some older Canadians.
FAQ
What are senior bank accounts?
Senior bank accounts are typical chequing or savings accounts that offer one or several perks for account holders over the age of 60 or 65. Most often, they provide their senior account holders with heavily discounted or free monthly fees.
What's the best bank account for seniors in Canada?
The overall best bank account for seniors is the CIBC Smart Account, thanks to its reasonable monthly fee, free Interac e-Transfers, and complimentary bank drafts and money orders. Plus, there's an option for unlimited transactions.
Which bank has the best chequing account for seniors?
CIBC has the best account for seniors: the CIBC Smart Account. The perks for seniors banking with CIBC (with this account or a handful of others) include a lower monthly fee, free bank drafts, and a discounted safety deposit box.
Why is CIBC the best for seniors?
The CIBC Smart for Seniors program offers discounts on savings and chequing accounts, plus special perks. Whichever account you choose, the monthly fee is never higher than $10, and you choose your transaction limit, from 12 to unlimited.
What are the best free bank accounts for seniors?
The best free chequing accounts for Canadian seniors are the CIBC Smart Account and Simplii No Fee Chequing Account. While not a senior-specific account, the TD Minimum Chequing Account is also an excellent free account for GIS recipients.
Does TD bank have a senior discount?
Yes, seniors who collect GIS and/or are the beneficiary of a Registered Disability Savings Plan can hold a TD Minimum Chequing Account for free. Other TD accounts offer a discounted monthly fee, ranging from $2 – $7 off.
Do seniors get free banking at RBC?
Yes, the RBC Day To Day Banking Account is free for seniors. Seniors can also receive discounted monthly fees for other accounts, like the RBC Advantage Chequing Account and RBC VIP Banking. These discounts range from $4 – $8 per month.
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