Best Banks for Canadian Retirees 2025

The problem: Big Canadian banks charge $15–$30/month for chequing accounts. On a fixed retirement income of $2,000/month, that's up to 1.5% of your income — every year. The solution: no-fee banking that doesn't compromise on features.

As a Canadian retiree, your banking needs shift. You want reliability, easy access to your CPP and OAS deposits, simple bill payments, and ideally no monthly fees eating into your fixed income. Here's a breakdown of the best banking options for Canadian retirees in 2025.

What Retirees Need from a Bank

Reliable direct deposit for CPP and OAS
No or low monthly fees
Easy e-transfers for family payments
Bill payment capabilities
Accessible customer service (phone and in-branch)
Fraud protection
Access to high-interest savings for emergency fund

Big Bank Senior Packages

The Big 5 Canadian banks (RBC, TD, Scotiabank, BMO, CIBC) all offer seniors' banking packages with reduced or waived monthly fees. Eligibility is typically age 60–65+.

Bank	Senior Account	Monthly Fee	Key Feature
RBC	RBC Day to Day Banking	Free at 65+	12 debits/month; Interac e-Transfer
TD	TD Minimum Chequing	Free at 60+	Basic transactions
Scotiabank	Scotia Basic Plus	Free at 60+	Basic banking features
BMO	BMO Practical Plan	Fee waived at 60+	Limited monthly transactions
CIBC	CIBC Smart for Seniors	Free at 65+	Unlimited transactions at some tiers

Most senior packages include only basic features — limited monthly transactions, no unlimited e-transfers, no premium perks. For simple banking, they're adequate. For active banking, you may need to pay for a higher-tier account or switch to a no-fee alternative.

Best No-Fee Banking Options for Retirees

KOHO — Best Overall No-Fee Account

KOHO offers a free Mastercard prepaid account with no monthly fees, free e-transfers, cash back on purchases, and a high-interest savings component. It's ideal for retirees who want to eliminate bank fees entirely while keeping modern features.

No monthly fee
Free Interac e-Transfer equivalent
1% cash back on groceries and transportation (free plan)
High-interest savings (up to 5% on savings balance)
No NSF fees or overdraft charges

Use code 45ET55JSYA when signing up for a welcome bonus.

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EQ Bank — Best for Savings

EQ Bank offers one of Canada's highest everyday interest rates on its Savings Plus Account (typically 2.5–4%+ depending on current rates). It functions as both a chequing and savings account with no monthly fees and free e-transfers.

No monthly fee
High interest on every dollar (no separate "savings" needed)
Free Interac e-Transfers
GIC options for locked-in savings
CDIC insured

Best for retirees who keep a larger cash balance and want it earning meaningful interest.

Simplii Financial (CIBC) — Best for Big Bank Comfort

Simplii is CIBC's no-fee digital bank. It offers unlimited transactions, free e-transfers, and CIBC ATM access — with no monthly fee. Good for retirees who want big-bank reliability without big-bank fees.

No monthly fee
Unlimited transactions
Free Interac e-Transfers
Access to CIBC ATMs
CDIC insured

Tangerine (Scotiabank) — Best for Familiarity

Tangerine is Scotiabank's no-fee digital bank, offering a no-fee chequing account with free transactions and e-transfers. It also offers savings accounts and GICs. Good for retirees transitioning from Scotiabank.

No monthly fee
Free e-Transfers
Savings accounts and GICs available
Scotiabank ATM access
CDIC insured

Credit Unions: A Strong Alternative

Canadian credit unions offer member-owned banking with often lower fees, better rates, and more personalized service than the Big 5. Many credit unions offer senior-specific accounts with no fees or minimal fees. Provincial examples:

Vancity (BC) — strong senior banking packages
Meridian Credit Union (Ontario) — competitive rates and senior programs
Desjardins (Quebec) — extensive senior banking services
ATB Financial (Alberta) — no-fee options and senior support

Credit union deposits up to $250,000 are covered by provincial deposit insurance (not CDIC), which is comparable protection to the Big 5.

What About Investing and RRIF Accounts?

For your RRIF, TFSA, and investment accounts, discount brokerages typically offer the lowest fees:

Questrade: Buy ETFs for free; low commissions; no annual fees on registered accounts
Wealthsimple: Commission-free trading; RRIF/TFSA/RRSP; user-friendly for non-traders
Scotia iTRADE, TD Direct, RBC Direct: Big bank brokerages — more expensive but full service

Two-account strategy: Many retirees use a no-fee chequing account (KOHO, Simplii, or Tangerine) for day-to-day spending and a high-interest savings account (EQ Bank) or discount brokerage for their larger investment balances. This eliminates fees on both fronts.

Stretch Your Retirement Income Further

KOHO's no-fee banking helps Canadian retirees stop paying $15-$30/month in bank fees. Keep more of your CPP and OAS in your pocket. Use code 45ET55JSYA for a bonus.

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Frequently Asked Questions

Is it safe to use a no-fee bank for CPP and OAS direct deposit?

Yes. No-fee banks like EQ Bank, Simplii, and Tangerine are CDIC-insured and fully regulated by OSFI. They're as safe as the Big 5 for direct deposits. KOHO uses Peoples Bank of Canada as its banking partner, which is also CDIC-insured.

Can I receive CPP by direct deposit to any Canadian bank?

Yes. Service Canada's direct deposit works with any Canadian bank account that has a transit number and institution number, including credit unions, online banks, and no-fee accounts.

What if I need in-branch service?

If in-branch service is important to you, a senior package at one of the Big 5 banks may be better despite higher fees. Alternatively, a credit union typically offers strong in-person service with better value than the Big 5.