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The Best Senior Bank Accounts in Canada for 2023

Senior bank accounts are designed to cater to the unique needs of senior citizens, providing them with easier access to banking services and often reducing or eliminating fees associated with regular accounts.

But while Canada’s big banks still offer senior benefits, they’re not as generous as they used to be. That’s why it’s important to shop around before opening an account, to make sure you’re getting the best deal possible.

To help you find the right account, I’ve compiled a list of the top senior bank accounts in Canada. I’ll share their key features and any potential drawbacks so you can make the best decision for your situation.

Common Features of Senior Bank Accounts

Before we get to the list, here is a list of common features and benefits offered to seniors 65 and over, and in some cases as early as age 60:

Reduced banking fees: While the big banks no longer offer free unlimited banking for their senior clients, you can receive discounts on most service plans. However, many credit unions still offer free senior accounts, including unlimited transactions.

Preferred pricing for additional services: Before you open a senior bank account, determine if the bank or credit union offers additional perks, such as free bank drafts or money orders, free personalized cheques, or safety deposit box discounts. Many seniors use these products on a regular basis

Preferred rates: While it’s not as common anymore, some financial institutions offer bonus interest on term deposits and GICs to their senior clientele. When dealing with an online bank, you can expect competitive interest rates on high-interest savings accounts, regardless of your age.

Best Bank Accounts for Seniors

Simply put, the best senior bank accounts in Canada can be found with credit unions. At one time, the big banks offered free unlimited banking for their senior clients, but it’s unfortunately no longer the case. These days, the best you can hope for is a free basic account (10 or 12 free transactions) and some additional perks, like free cheques, money orders, and bank drafts.

Many credit unions continue to offer free, unlimited banking with the same extra benefits that the banks offer. However, the reason I haven’t filled the list with credit unions is that most of them are very small and are only available to clients who live close to a local branch.

Instead, what I’ve done is placed Canada’s largest credit union at the top of the list and then ranked the various national banks below it. I’ve also included a couple of online banks. While they may not have dedicated senior bank accounts, they offer free, unlimited banking to everyone.

1. Vancity Credit Union

Vancity is Canada’s largest credit union, with 54 branches located in B.C.’s Lower Mainland. Vancity has over 500,000 members and $23 billion in assets. Seniors 65 and over can open a Chequing Plus for Seniors bank account and receive free, unlimited transactions.

This includes debit purchases, cheques, pre-authorized payments, and online and mobile transactions. Note that outgoing e-transfers are not included and are $0.90 each. Seniors can also open a USD chequing account with unlimited in-person, cheque, or pre-authorized payment transactions.

Deposits are 100% insured by the Credit Union Deposit Insurance Corporation (CUDIC), which is the credit union equivalent of the Canada Deposit Insurance Corporation (CDIC).

Key Features:

  • Clients 65 and over
  • Free unlimited daily transactions
  • Free withdrawals from over 4,000 ATMs across Canada
  • Free cheque orders (50 cheques)
  • $5 safety deposit box discount
  • Free USD chequing account (separate account)
  • outgoing e-transfers are $0.90
  • CUDIC coverage on deposits

2. CIBC Smart for Seniors Account

The CIBC Smart for Seniors Account is designed for individuals aged 65 and older. With no monthly fee and 12 free monthly transactions, this account offers seniors an affordable option for day-to-day banking. You can get unlimited transactions for only $10 per month and maximize your account perks with the CIBC Smart Plus Account.

While the plan costs $23/month, it represents a $6.95 discount off of the regular plan fee. In addition to unlimited transactions, the account includes an annual fee rebate on a premium CIBC credit card, free non-CIBC Interac ATM withdrawals, and free cheques. If you maintain an account balance of $6000 or $100,000 or more in savings and investments with CIBC, the monthly fee is waived.

Key Features:

  • Monthly fee discounts
  • Free bank drafts and money orders
  • Free Interac e-Transfers
  • A $5 discount on annual safe deposit box rental
  • No minimum balance requirement
  • Annual fee waiver on a premium CIBC credit card (Smart Plus)
  • Free cheques (Smart Plus)
  • Free non-CIBC ATM Withdrawals (Smart Plus)

3. RBC Day to Day Banking for Seniors

The RBC Day to Day Banking account is free for seniors 65 and over. The fee is normally $4/month and includes 12 transactions per month and unlimited free transactions for eligible public transit debits. Rebates are available on RBC’s Signature No Limit and VIP Banking accounts for seniors needing access to unlimited transactions. These accounts are $12.95 and $22.50, respectively, after the rebate, and come with several additional perks.

For example, the VIP Banking program includes an annual fee rebate on an RBC Premium credit card, free ATM usage worldwide (no RBC fee), free Interac e-transfers, and no-fee Overdraft Protection.

Key Features:

  • Free RBC Day to Day banking plan (normally $4/month)
  • Free e-transfers
  • 12 free transactions do not include teller-assisted transactions
  • Senior rebate on Signature No Limit and VIP bank accounts

4. TD Minimum Chequing Account for Seniors

Unlike CIBC and RBC, TD’s senior banking benefits are eligible as soon as you reach 60 years of age. However, TD does not offer a free bank account to seniors unless they qualify for the Guaranteed Income Supplement, which drops it down our rankings.

What you do get is a rebate on the monthly fee for the various chequing account service plans. For example, senior clients who want unlimited transactions will pay $11.95/month for the TD Unlimited Chequing account after the $5 monthly rebate is applied.

Key Features:

  • Benefits available at age 60
  • Partial rebates on monthly account fees
  • Minimum account balance waivers
  • Access to TD Unlimited Chequing Account services

5. EQ Bank Savings Plus Account

EQ Bank is an online-only bank. Because they offer a streamlined bank account that offers free banking to all customers, regardless of age, there is no senior bank account to speak of. However, EQs Savings Plus Account will appeal to many seniors who are comfortable banking online.

Also, EQ Bank has demonstrated a commitment to its senior clientele and has produced a Code of Conduct for Delivery of Banking Services to Seniors. With their Code, EQ Bank has committed to communicating effectively with seniors, providing appropriate training to their employees and representatives who serve seniors, endeavoring to mitigate potential financial harm to seniors, and more.

If you decide to open an EQ Bank Savings Plus Account, you can expect the following benefits:

Key Features:

  • Blended chequing/savings account currently paying 3.00% interest
  • No monthly fees
  • Unlimited transactions
  • No minimum balance requirement
  • Spend with an EQ Bank Card
  • No ATM fees anywhere in Canada (reimbursed by EQ Bank)
  • Cash back rewards
  • No FX fees

6. Tangerine No-Fee Chequing Account

Tangerine is the digital banking arm of Scotiabank. Like EQ Bank, it’s an online-only bank that offers unlimited free banking to clients of all ages. They also have a similar Code of Conduct specifically for their senior clientele. One benefit to Tangerine is that they have a broader product offering than EQ, including chequing and savings accounts, credit cards, GICs, investment funds, business bank accounts, mortgages, and more.

Here’s what you get with Tangerine’s no-fee chequing account:

Key Features:

Tangerine provides seniors with a No-Fee Chequing Account that features:

  • Generous Welcome Bonus offering up to $500 and 6.00% savings interest (for the first five months)
  • No monthly fees
  • Unlimited transactions
  • No minimum balance requirement
  • Free Interac e-transfers
  • Free ATM access to over 3,500 Scotiabank ATMs

Open a Tangerine Chequing Account today

The Bottom Line on Senior Accounts

As you can see, there is no shortage of options when it comes to senior banking benefits in Canada. If you already have a well-established relationship with one of the big banks, then make sure you’re receiving the appropriate discounts and other benefits available to you.

If you’re looking to open a new account, I recommend that you check out what your local credit union has to offer regarding its senior account benefits. There’s a good chance you may be able to get free unlimited banking with additional benefits.

And if you’re comfortable dealing with an online bank, the best deals are available through online banks like EQ and Tangerine. In addition to free unlimited banking, you also benefit from the high savings rates that they offer.


Which bank account is best for senior citizens?

While the five big Canadian banks, TD, BMO, RBC, CIBC, and Scotiabank, offer senior discounts on their regular chequing accounts, if you’re looking for unlimited free transactions, check with your local credit union. Some credit unions still offer free bank accounts for seniors.

Does TD have a no-fee account for seniors?

TD no longer offers a free chequing account for seniors unless you collect the Guaranteed Income Supplement. However, if you’re 60 or over, you are eligible for a rebate on the monthly fee, regardless of the service plan you choose. For example, Seniors receive a $7.50 discount on TD’s All-Inclusive plan, and an Every Day Chequing account is only $8.20 monthly after the $2.75 rebate is applied.

Does RBC have free senior banking?

Seniors 65 and over can bank for free with RBC’s Day to Day banking plan. The regular $4 monthly fee is waived, and the account comes with 12 free monthly debits and unlimited debit transactions for eligible public transit. RBC no longer has a free senior account with unlimited transactions.

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