Bottom line: Most major Canadian banks offer free or reduced-fee accounts for seniors aged 60 or 65+. TD, RBC, Scotiabank, BMO, and CIBC all have senior banking programs. For seniors who want zero fees with no conditions, KOHO is a strong alternative.
Monthly bank fees add up fast. A $15/month account fee costs $180 per year — money that could stay in your pocket. Canadian seniors have more negotiating power than they realize: the big banks all compete for older customers with stable deposits and long banking histories.
Most banks define "senior" as age 60 or 65+, though the exact threshold varies. Qualifying usually means filling out a short form at your local branch or online.
| Bank | Senior Age | Monthly Fee | Key Benefit |
|---|---|---|---|
| TD Bank | 60+ | Reduced or waived | Free accounts for qualifying seniors |
| RBC | 60+ | Reduced fees | VIP Banking for Seniors program |
| Scotiabank | 60+ | Reduced fees | Scotia Plus for Seniors account |
| BMO | 60+ | Reduced or free | Senior discount on select accounts |
| CIBC | 65+ | Reduced fees | Smart Plus for Seniors |
| KOHO | Any age | $0 | No-fee account, no conditions |
TD Bank offers one of the more generous senior programs among the Big Five. Seniors aged 60 and older can qualify for reduced monthly fees on many personal chequing accounts. TD's branch network is extensive, and the bank's EasyWeb online banking is considered user-friendly for older customers.
TD also offers free banking for seniors who maintain a minimum balance, making it a solid choice for those with steady retirement income who keep a comfortable cushion in their accounts.
RBC's VIP Banking for Seniors program is aimed at customers 60 and over. RBC is Canada's largest bank by assets, which means broad ATM access, a robust mobile app, and strong fraud protection features. Seniors with direct deposit of OAS or CPP may find it easy to meet minimum balance requirements.
Scotiabank's senior banking options include reduced-fee accounts for customers 60+. The Scotia Plus program has historically included extra benefits like preferred rates on GICs. Scotiabank also has a strong rewards program, useful for seniors who travel or want to earn cashback on everyday spending.
BMO offers senior discounts on several personal chequing accounts. Seniors aged 60+ can visit any BMO branch to apply for fee reductions. BMO's online and phone banking options are designed to be accessible, an important factor for seniors who may not visit branches often.
CIBC's senior banking threshold is typically 65, slightly higher than some competitors. The Smart Plus account with a senior discount can offer free or reduced-fee banking. CIBC's Simplii Financial subsidiary (online bank) offers no-fee banking to all Canadians regardless of age.
Don't overlook credit unions. Many Canadian credit unions offer free or near-free banking for seniors, and some provide higher interest rates on savings accounts and GICs than the big banks. Credit unions are member-owned, which means profits return to members as better rates and lower fees.
Examples include Desjardins (Quebec and Ontario), Meridian Credit Union (Ontario), First West Credit Union (BC), and Conexus Credit Union (Saskatchewan).
Digital banks like Simplii Financial (free chequing, CIBC ATMs), Tangerine (free accounts, Scotiabank network), and EQ Bank (high-interest savings) offer no-fee or low-fee banking for all Canadians, including seniors. These platforms work well for seniors comfortable with online banking.
KOHO's no-fee account helps Canadian seniors keep more of their OAS and CPP payments. No monthly charges, no minimum balance, and easy to use on any phone. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYAHaving OAS and CPP deposited directly into your bank account is standard practice and avoids cheque-cashing fees. Most banks set up direct deposit for free and some will waive fees entirely when government deposits are received regularly. To set up direct deposit with Service Canada, you can call 1-800-277-9914 or log in to My Service Canada Account online.
All five major Canadian banks offer some form of senior banking discount, and most seniors aged 60+ can get reduced or free chequing accounts. The best bank for you depends on branch access, your comfort with digital banking, and whether you prefer a bundled rewards account or a simple no-fee setup. If you want guaranteed zero fees with no conditions or minimum balances, KOHO is worth a look as a supplementary or primary account.