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Compare Senior Accounts

CIBC SmartTM for Seniors with a CIBC Smart Account
$0
Minimum Balance
$10
Monthly Fee
Experience has its benefits when you turn 65, automatically eligible for the perks of CIBC Smart for Seniors. Includes $4.95 monthly fee discount
CIBC SmartTM for Seniors with a CIBC Smart Account
Account Details
Account Type: Senior
Bank/Credit Union Name: CIBC
Key Infos

CIBC Smart for Seniors offers A lower monthly fee on your chequing account and get benefits and more with CIBC Smart for Seniors. Clients aged 65 and older will automatically be enrolled in CIBC Smart for Seniors so you get benefits that apply to
your existing or new eligible account:


• $4.95 monthly fee discount
• Free bank drafts and money orders*
• $5.00 off the annual rental of a safety deposit box
(any size) 

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CIBC Smart for Seniors with a CIBC Smart Plus Account
$0
Minimum Balance
$25
Monthly Fee
When you turn 65, you are automatically eligible for the perks of CIBC Smart for Seniors.
$4.95 monthly fee discount
CIBC Smart for Seniors with a CIBC Smart Plus Account
Account Details
Account Type: Senior
Bank/Credit Union Name: CIBC
Key Infos

CIBC Smart for Seniors offers A lower monthly fee on your chequing account and get benefits and more with CIBC Smart for Seniors.  Clients aged 65 and older will automatically be enrolled in CIBC Smart for Seniors so you get benefits that apply to CIBC Smart Plus Account:

• Includes $4.95 monthly fee discount
• A premium CIBC credit card with annual fee rebates
• Free personalized cheques and paper statements

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CIBC Smart for Seniors with a CIBC Everyday Chequing Account
$0
Minimum Balance
$0
Monthly Fee
Experience has its benefits
When you turn 65, you are automatically eligible for the perks of CIBC Smart for Seniors.
CIBC Smart for Seniors with a CIBC Everyday Chequing Account
Account Details
Account Type: Senior
Bank/Credit Union Name: CIBC
Key Infos

CIBC Smart for Seniors offers A lower monthly fee on your chequing account and get benefits and more with CIBC Smart for Seniors.  Clients aged 65 and older will automatically be enrolled in CIBC Smart for Seniors so you get benefits that apply to CIBC Everyday Chequing Account:

$3.90 monthly fee discount
• Free bank drafts and money orders
• Free online cheque viewing

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CIBC Rewards Review

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RBC VIP Banking - Senior
$0
Minimum Balance
$22.5
Monthly Fee
An all inclusive package that covers multiple bank accounts including unlimited transactions, a free premium Visa card and much more.
RBC VIP Banking - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: RBC
Key Infos

RBC VIP Banking offers unlimited transactions, credit card rebates and other premium features like :

  • Snap a Photo. Pay Your Bills. Use the RBC Mobile app to add a payee simply by taking a photo, and pay your bills.
  • Use Your Account as Often as You Need
  • No Need to Wait. Use Other Bank’s ATMs
  • Pay Your Friend Back with Interac e-Transfer
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.
  • Multiple Accounts Without Borders (Up to 2 additional Canadian dollar and 1 additional U.S. dollar accounts).
  • Get Credit Where Credit is Due (Up to $120 rebate on the annual fee of an eligible credit card)

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RBC Signature No Limit Banking - Senior
$0
Minimum Balance
$11.95
Monthly Fee
An all inclusive banking account designed for customers with more complex financial management needs, including unlimited transactions, 3 Interac withdrawals, 2 cross border debits and much more.
RBC Signature No Limit Banking - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: RBC
Key Infos

An all inclusive banking account designed for customers with more complex financial management needs, including unlimited transactions, 3 Interac withdrawals, 2 cross border debits and much more

  • Up to $39 rebate on the annual fee of an eligible credit card.
  • Use Your Account as Often as You Need (Unlimited debits in Canada)
  • No Need to Wait. Use Other Bank’s ATMs (Interac access fees at non-RBC Royal Bank ATMs. 3 refunded / month, $2.00 each thereafter )
  • Unlimited Interac e-Transfer to Pay your friend.
  • Peace of Mind (No monthly overdraft protection fee)
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.

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RBC No Limit Banking - Senior
$0
Minimum Balance
$0
Monthly Fee
A banking account that offers the freedom of unlimited transactions.
RBC No Limit Banking - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: RBC
Key Infos

RBC No Limit Banking offers the freedom of unlimited transaction.

  • Use Your Account as Often as You Need (Unlimited debits in Canada)
  • Unlimited Interac e-Transfer to Pay your friend.
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.
  • Save on Fees (Save on your monthly fees with our MultiProduct Rebate)

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RBC Day to Day Banking - Senior
$0
Minimum Balance
$0
Monthly Fee
A basic banking account that offers value and convenience to those with less than 15 transactions per month.
RBC Day to Day Banking - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: RBC
Key Infos
A basic banking account that offers value and convenience to those with less than 15 transactions per month.
  • Use Your Account as Often as You Need (12 debits / month; $1.25 each thereafter)
  • Unlimited Interac e-Transfer to Pay your friend.

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TD All-Inclusive Banking Plan - Senior
$0
Minimum Balance
$22.45
Monthly Fee
Unlimited transactions and premium banking benefits.
TD All-Inclusive Banking Plan - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: TD Canada Trust
Key Infos
Experience premium banking benefits with TD's All-Inclusive Banking Plan. Save on monthly fees on your chequing account, annual fees on select credit cards, and experience premium banking perks, like a small safety deposit box and personalized cheques, at no extra cost.

What's in it for you?
  • Get monthly fee rebates if you keep $5000 at the end of each day of the month2
  • Annual credit card fee rebate on select TD credit cards3
  • No TD fees at TD ATMs or Foreign ATMs


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TD Unlimited Chequing Account - Senior
$0
Minimum Balance
$11.95
Monthly Fee
Peace of mind that comes with unlimited transactions
TD Unlimited Chequing Account - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: TD Canada Trust
Key Infos

 

TD Unlimited Chequing Account

Peace of mind comes with unlimited transactions. Enjoy unlimited everyday banking with a TD Unlimited Chequing Account.

What's in it for you:


Plan Features

  • Unlimited transactions
    No transaction fees no matter how many times you take money out of your account
  • Monthly fee rebate
    No monthly fee if you have $4,000 or more in your account at the end of each day in the month

ATM

  • No TD fee to use any ATM in Canada
    Use any ATM in Canada with no TD fee

e-Transfer

  • Free to send or request money using Interace-Transfer®
    Pay your friends back or chip in for pizza using Interac e-Transfer®

Fraud Prevention

  • TD Fraud Alerts
    With TD Fraud Alerts, suspicious transactions on your TD Access Cardcan be blocked and unblocked in real time8

 

Benefits of banking with TD

TD app

The TD app lets you bank and trade securely whenever it's comfortable for you. 

TD MySpend

Paired with the TD app, use TD MySpend to keep track of your monthly spending and help improve your spending habits. 

TD Mobile Deposit

Deposit cheques as soon as you receive them so you can spend more time doing the things you want. 

Direct Deposit

Instant access to your paycheque or pension with no holds on your money. 

Overdraft Protection

Never worry, you're covered against temporary cash shortages.

Simply Save Program

Automatically help grow your savings every time you use your TD Access Card. 

 

 

 

TD Every Day Chequing Account - Senior
$0
Minimum Balance
$8.2
Monthly Fee
A budget-friendly account for everyday banking
TD Every Day Chequing Account - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: TD Canada Trust
Key Infos
TD Every Day Chequing Account offers no transaction fees on your first 25 transactions in a month, additional transactions are $1.25 each. Free Interac e-Transfer® transactions. Enjoy EasyWeb® View Cheque service, and paperless record keeping or online statements and no monthly fee if you have $3,000 or more in your account at the end of each day in the month.

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Performance Plan - Senior
$0
Minimum Balance
$11.95
Monthly Fee
Our most popular account offers unlimited everyday banking transactions for a competitive price.
Performance Plan - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: BMO
Key Infos
Our most popular account offers unlimited everyday banking transactions for a competitive price. Earn $100 plus access to an exclusive 2.00% savings rate. Enjoy unlimited Interac e-Transfer® transactions and mobile cheque deposit with any BMO plan. $4,000 Minimum balance to waive fee.

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Plus Plan - Senior
$0
Minimum Balance
$6.95
Monthly Fee
A lower fee plan that is ideal for those with only moderate transaction needs.
Plus Plan - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: BMO
Key Infos
The Plus Plan is a perfect lower cost option for those with only moderate transaction needs. It also makes a great first bank account for kids, teens or students, offering 25 transactions per month and no monthly fee for these groups. Requires $3,000 Minimum balance to waive fee.

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AIR MILES®† Plan - Senior
$0
Minimum Balance
$11.95
Monthly Fee
Get AIR MILES Reward Miles with unlimited everyday banking transactions, and add additional accounts at no extra fee.
AIR MILES®† Plan - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: BMO
Key Infos
Get AIR MILES®† Reward Miles on your everyday BMO Debit Card purchases with a BMO AIR MILES Chequing Plan. With multiple ways to get Miles, everyday banking has never been this rewarding! Offers Unlimited Transactions per month.
  • 1 Mile per $30 spent on debit purchases
  • N/A Minimum balance to waive fee 

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Practical Plan - Senior
$0
Minimum Balance
$0
Monthly Fee
A low fee chequing account for basic banking needs, including 12 transactions per month
Practical Plan - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: BMO
Key Infos
The Practical Plan is a low-cost option that offers 12 transactions per month for free for a Senior only. Enjoy unlimited Interac e-Transfer® transactions and mobile cheque deposit with any BMO plan.
  • Free Premium Rate savings account
  • N/A Minimum balance to waive fee

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Ultimate Package - Senior
$0
Minimum Balance
$26.95
Monthly Fee
Spend, save, and invest, all from one package
Open Account
Open Account
Ultimate Package - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: Scotiabank
Key Infos

Spend, save, and invest, all from one package. With Senior's discount. No monthly account fee by maintaining a minimum daily closing balance of $5,000 in your Ultimate Package, or a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings Account

Top features:

  • Unlimited debit transactions & Interac e-Transfer transactions
  • Up to $139 annual fee waiver each year on select credit cards
  • Earn up to 2.10% on your MomentumPLUS Savings Account
  • Unlimited free Global non-Scotiabank ABM withdrawals

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Scotia Rewards Points Program

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Preferred Package - Senior
$0
Minimum Balance
$11.95
Monthly Fee
Our most popular features packaged for your everyday banking needs.
Open Account
Open Account
Preferred Package - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: Scotiabank
Key Infos
Our most popular features packaged for your everyday banking needs. No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month. With Senior's discount.

Top features:

  • Unlimited debit transactions and Interac e-Transfer transactions
  • First year annual fee waiver (up to $139) on select credit cards
  • Earn up to 2.05% on your MomentumPLUS Savings Account
  • Your choice of SCENETM or Scotia Rewards®


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Basic Plus Bank Account - Senior
$0
Minimum Balance
$6.95
Monthly Fee
A basic account with value-added features.
Open Account
Open Account
Basic Plus Bank Account - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: Scotiabank
Key Infos

A basic account with value-added features. No monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month. With Senior's Discount.

Top features:

  • 25 free debit transactions3 per month
  • 10 free Interac e-Transfer transactions per month

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Basic Bank Account - Senior
$0
Minimum Balance
$0
Monthly Fee
A basic bank account that covers your minimal financial needs
Open Account
Open Account
Basic Bank Account - Senior
Account Details
Account Type: Senior
Bank/Credit Union Name: Scotiabank
Key Infos
Basic Bank Account  offers Senior's Discount. A basic bank account that covers your minimal financial needs. 
  • 12 free transactions  per month.
  • 2 free Interac e-Transfer transactions per month.


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What is a Checking Account?

 

A checking account, also spelled chequing, is a bank account designed for everyday use and spending. Because checking accounts are meant for daily use, they tend to have very little limitations. There is a catch as these benefits are not free, a checking account typically comes with monthly fees. A checking account is primarily used for things such as paying bills, direct deposits from your employer, grocery shopping and cash withdrawals.

 

Types of Checking Accounts

 

  • Personal Accounts. This account typically comes with a monthly fee and a set number of allowable monthly transactions. Despite these small drawbacks, a personal account is the most commonly used type of checking account.

 

  • Student or Youth Accounts. This type of checking account is designed for students or individuals under the age of eighteen who need a low cost, daily use bank account. To qualify for this type of account, you will need to meet the criteria, more specifically age and education requirements.

 

  • US Dollar Accounts (or Other Currency). Do you travel to the United States or other countries often? Do you use another currency frequently? If so, a checking account in US currency or another currency can help you save on exchange rate fluctuations and other foreign currency handling fees.

 

  • Cash Back. Wouldn’t it be nice if you could make money while you spend? The good news is, you can with a cash back chequing account! While this type of checking account is rare, it is not impossible to find one.

 

  • Most checking accounts do not earn interest on the money in the account, but it is possible to find an account with interest benefits. It is important to note that the interest rate will likely be lower than the interest you’d get on a savings account.

 

  • No-fee. Checking accounts with no fees are available on the market. However, to get one, you may need to switch banks and abide by stricter restrictions.

 

Advantages & Disadvantages of Checking Accounts

 

As with all things, there are pros and cons associated with checking accounts. If you use a checking account for its intended purpose, you can make the most of the advantages and offset the disadvantages. Let’s explore the advantages and disadvantages below.

 

Advantages

 

  • Flexibility and Convenience. Easy to access your money and move it around as you please.

 

  • Multiple, Easy to Use Payment Methods. Checking accounts come with a linked debit card that you can use to purchase items and withdraw money. In addition, you can also order cheques to make payments if you need to.

 

  • Link to Other Bank Accounts. The majority of financial institutions allow you to link your checking account to your savings accounts, or other accounts. This link allows you to easily transfer money between accounts free of charge.

 

  • Record Transactions. Using a checking account helps you keep a record of your expenditures. The spending records you keep are valuable as they can help you budget.

 

Disadvantages

 

  • No Earned Interest. Any money stored in a checking account usually does not earn interest.

 

  • Minimum Balance Requirements. Some financial institutions offer checking accounts with fees that only become applicable when you do not satisfy the minimum balance requirements. For example, you would only pay fees if you did not have $1,000 in your checking account throughout the month.

 

  • Withdrawal or Access Fees. To access your money, you may need to pay fees at times. For example, some ATM withdrawals will have a small fee to take out cash.

 

  • Choosing the Wrong Account. If you choose an account with the wrong features for your lifestyle, you could end up paying unnecessary, pricey fees.

 

  • Optimization of Limited Transactions. If you don’t monitor your activity, it’s easy to go over your set limit of transactions each month or fail to meet other limitations. Try your best to optimize each transaction. For example, getting cash back when you make a purchase or have your pay cheque deposited into your savings account. This way, you’ll hit two birds with one stone!

 

Picking a Checking Account for Your Needs

 

There is no “one fits all” checking account solution. The reality is, everyone’s everyday banking needs are different and unique. The checking account that works for you may not work for someone else. To help navigate through your options and find the best account for your individual needs, ask yourself the below list of questions.

 

  • What is a must have feature of a checking account that I cannot live without?
  • Are the applicable fees worth what I get in return?
  • Am I willing to switch banks to get a better checking account offer?
  • What will I use my checking account for?
  • Do I need a high amount of transactions each month? Or can I get away with a low amount?
  • Where do the majority of my banking transactions take place? In person? Over the internet? By phone?
  • Do I have enough money to satisfy “minimum balance” requirements? Am I willing to lose earned interest by putting that money into checking instead of savings?
  • Do I need easy access to US currency or other currencies?
  • Is it important to me to earn interest with my checking account?

 

How to Open a Checking Account

 

Now that you’ve decided you want a checking account and have found the right fit, it’s time to actually open the account you want. Every financial institution varies slightly in their procedures, but below are some general requirements and documentation you can expect to incur when opening an account.

 

Requirements to Open an Account

 

  • You will likely need to be a citizen or permanent resident to open an account where you currently live. This includes having a valid, local address. If you’re a temporary resident, be prepared to present your passport and immigration papers.
  • Age of Majority. To open an account on your own, you need to be eighteen years of age, or the age of majority where you live. If you’re not the age of majority, you will need to have a parent or guardian co-sign on the account.

 

Necessary Documentation

 

  • SIN Number. Your social insurance number is needed to apply for a bank account.
  • Basic Personal Information. You will need to present personal information, including (but not limited to) your full name, address, email and phone number.
  • Valid Identification. To apply for a bank account you need two pieces of legitimate government issued ID. For example, a passport, driver’s license and health card.

 

Once you’ve provided all the necessary information and documentation to open an account, your account will be ready to use. Depending on the bank, the account could be open the same day you apply or you may need to wait a few business days. When the account is ready, you’ll get a confirmation package in the mail along with your debit card. Debit cards usually require activation, instructions to do so will be included in the package you receive. After all that, you can start using your checking account as you wish!

 

Other Bank Accounts to Consider

 

A checking account is merely one type of bank account you will use in your lifetime. You will likely want to do other things with your money, such as save for a big purchase or start a retirement fund. Below are different bank account types, their purpose, and corresponding benefits and drawbacks.

 

Savings Account

 

Arguably the second most common type of account after a checking account, a savings account is used to save money, just as the name implies. A savings account is an excellent place to store an emergency fund or save for a big ticket purchase. Savings accounts have low fees and earn interest on the balance. This means you can make money on your idle savings. Lastly, savings accounts do not come with a debit card and withdrawals are quite limited.

 

Joint Account

 

A joint account is the exact same thing as a checking account but you share access to the account with one or more persons. Joint accounts are commonly used by individuals who live together and share a lot of expenses. Unfortunately, you are responsible for the spending of the other people who have access to the account. If they over spend, that becomes your obligation too.

 

Registered Retirement Savings Plan (RRSP)

 

Set up by the Government of Canada, a registered retirement savings plan allows you to put money into a special account for retirement purposes while also reaping tax benefits annually. The money in the account is tax free until you withdraw from it.

 

Tax Free Savings Account (TFSA)

 

Also set up by the Government of Canada, a tax free savings account allows individuals over 18 years old to set aside money, tax free, throughout their lifetime. Similarly to an RRSP, once money is withdrawn from a TFSA, it is considered income that will be taxed. Unlike an RRSP, there are no annual tax benefits to using a TFSA.

 

Investment Account

 

If you have some extra money saved up, you may want to invest it somewhere to make money on your money. There are ample investment accounts available, be prepared to do some research before selecting one that works best for you. Investment accounts will likely have fees just like checking accounts do.

 

Make Banking a Part of Your Life, Not Your Whole Life

 

Checking accounts, among other bank accounts, are supposed to compliment your lifestyle and make everyday banking easy. Choosing the right account will make banking a part of your life, not your whole life. If you choose the wrong account, it can become extraordinarily difficult to manage your finances and cause unnecessary stress. Before making any bank account decisions, consider your options, financial goals and current spending lifestyle. That way, you’ll pick the most ideal account for you!