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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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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 Savings Account?

A savings account is a bank account that pays interest on your deposits. They’re available through the Big 5 banks and online-only self-serve banks.

 

Savings accounts aren’t for your daily transactions (that’s what chequing accounts are for). And they aren’t for long-term goals like retirement. Instead, they provide a safe and accessible place to stow and grow your money in the short term.


Why Use a Savings Account?

 

Here are a few reasons you might use a savings account:

 

Makes Saving Easier

The main reason to use a savings account is to, well, save!

 

Think about how hard it would be to save money if you only used your chequing account. All your money would be lumped together; you wouldn’t know what was for spending and what was earmarked for saving.

 

It makes much more sense to separate your funds. Money for bills and spending should go into a chequing account, and money dedicated to savings goals should go into a savings account. This makes it easier to manage your finances.

 

Savings accounts are best for short-term savings goals and for money you might need to access quickly. Examples include:

  • An emergency fund
  • A vacation
  • A down payment on a house or car
  • A bigger purchase like a furniture set or a new computer



Helps Grow Your Money Faster

Savings accounts aren’t just for organizing your money. They also help you make money, by paying interest.

 

Savings accounts pay a set interest rate on your deposits. Many accounts calculate your interest daily and pay it monthly (but check your terms to be sure). This is ideal because it leads to a magical thing called compound interest.

 

What is compound interest? It’s when you earn interest on interest. It’s easiest to illustrate with an example:

 

Say you have $1,000 in a savings account. The interest rate is 2% annually, and interest is calculated daily and paid monthly.

 

2% divided by 365 yields a daily interest rate of 0.005479%.

 

$1,000 x 0.005479% = $0.05479 in daily interest. So each subsequent day, your interest is calculated based on your initial $1,000 plus that $0.05479 you earned the day before. Your interest is earning interest! At the end of the month, you’ll get an interest deposit for $1.67.

 

Some accounts pay a higher interest rate when you maintain a minimum balance. Others offer special introductory rates for new customers. Taking advantage of these offers is a great way to grow your money faster.

 


Offers Security and Peace of Mind

It’s no secret that interest rates on savings accounts are low compared to the returns you might earn by investing in the market.

 

However, the potential for a higher return comes with the potential for loss. That kind of volatility is unattractive when you need your money in the short term or are uncomfortable with risk.

 

Think about it: how would you feel if your emergency fund took a 20% hit tomorrow?

 

Unlike mutual funds, ETFs, and stocks, savings accounts are risk-free. The value of a savings account will never decrease—there’s no risk of losing your principal. Even in the extremely unlikely event that your bank goes under, your funds are safe. This is because they are typically insured against loss by the CDIC (Canadian Deposit Insurance Corporation).

 

CDIC insurance covers deposits at member institutions up to $100,000 per insured category. Accounts held in just your name are insured separately from joint accounts. This means you can have up to $100,000 of insured funds in your account, plus another $100,000 in the joint account you share with your spouse, plus another $100,000 in the account you share with your child, etc.



It’s Accessible

Although savings accounts may not be as accessible as chequing accounts, your funds are never locked in and you can access them any time (although this might impact bonus rate offers). This isn’t the case with some other savings vehicles, like non-redeemable GICs. This is another reason savings accounts are great for short-term savings.



Drawbacks of Savings Accounts

 

As previously mentioned, savings accounts are often less accessible than chequing accounts because they may not be linked to a debit card or include cheques. There may also be fees attached if you do multiple withdrawals a month.

 

The main drawback of a savings account is that funds left there for a long time might not keep pace with inflation.

 

Again, savings accounts are not for long-term savings goals. The danger in treating them this way is that your money will lose spending power if the interest rates don’t match inflation rates.

 

The second drawback is that interest earned on a savings account is taxable. Your bank will send you a T5 slip and you’ll have to report it as income when you file your taxes. If you have the contribution room, holding a savings account within a Tax-Free Savings Account solves this problem.



Savings Account Pros and Cons

 

Pros Cons

·       Facilitates saving 

·       May be less accessible than chequing accounts

·       Helps grow your money

·       May not keep pace with inflation

·       Safe and secure

·       Interest earned is taxable

·       More accessible than other investments

 



Types of Savings Accounts

It used to be that the Big 5 banks were consumers’ only options for getting any kind of bank account. They offered a few different savings accounts, including options for kids.

 

Now, Canadians have more options than ever before. Online-only banks offer self-serve accounts with attractive interest rates—perfect for people comfortable with online banking.

 

For those who prefer a brick and mortar bank presence, traditional banks still have you covered.

 

Here are a few types of savings accounts available to meet your needs:



Traditional Savings Accounts

These basic savings accounts are usually offered by traditional banks and pay a low interest rate. The benefit is that there’s face-to-face service if you need it, and you can usually use a debit card to access a network of ATMs.



High Interest Savings Accounts

Offered by online banks and traditional banks, these accounts pay higher interest rates. Online banks tend to offer the best rates, and you’ll often see introductory offers. For example, you might earn a special rate for the first six months. Sometimes offers depend on making a minimum deposit or maintaining a minimum balance, so make sure you understand the terms.

 

Online high interest savings accounts may not link to a debit card, so you need to be comfortable with online or mobile banking to make the most of them.

 

Tiered Savings Accounts

These accounts offer different interest rates based on your balance. The more you have on deposit, the higher your rate.

 

Kids’ Accounts

Starting a savings account for your kids is a great way to teach them about money. Most traditional banks offer free interest-bearing accounts for children that may include several withdrawals a month.

 

U.S. Dollar Savings Accounts

Many banks offer U.S. dollar savings accounts for people who want to stash U.S. funds for an upcoming trip. This makes it easy to watch the rate and buy funds online when it’s favourable. Note that U.S. accounts are not CDIC-insured.

 

How to Open a Savings Account

You can open a savings account in person at a traditional bank or online. You’ll need to provide your:

  • Name
  • Address
  • Telephone number and email address
  • Date of birth
  • Occupation
  • Social Insurance Number (so the bank can issue a T5 for tax purposes)

 

If you open an account in person, you’ll need two pieces of valid ID (see ID requirements here). For online applications, you might be asked to provide ID details, like your driver’s licence number.