Best Banks for Retirees in Canada 2025 (Updated)

Canadian retirees need no-fee banking, the best GIC rates, seamless CPP and OAS direct deposit, and RRIF management tools. Here's the 2025 guide.

Updated March 2026 · Retiree banking Canada · 7-minute read

Canadian retirees have unique banking needs: CPP and OAS direct deposit setup, RRIF minimum withdrawal management, GIC laddering for predictable income, no-fee banking on a fixed income, and the ability to handle estate planning and power of attorney considerations. Many retirees also manage more complex tax situations — OAS clawback avoidance (income below $86,912 to keep full OAS in 2025), RRIF withdrawal optimization, and pension income splitting with a spouse. The best banks for Canadian retirees eliminate fees, maximize GIC and savings interest, and support the full complexity of retirement income management.

Best Everyday Bank for Retirees: KOHO

Code 45ET55JSYA · $0 fees · $100 bonus · Zero-fee banking on a fixed income — track spending clearly on CPP, OAS, and RRIF income

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Best Banks for Canadian Retirees — 2025 Rankings

KOHO BEST EVERYDAY BANKING
$0/month
KOHO is the best everyday bank for retirees on fixed incomes — zero monthly fees mean your CPP, OAS, and RRIF income isn't consumed by banking costs. KOHO's grocery cashback (5% promo) reduces the food budget on a fixed income. Spending analytics help retirees track exactly what their retirement lifestyle costs each month — essential for OAS clawback monitoring and annual income planning. Code 45ET55JSYA earns $100 on sign-up. Simple app interface works well for tech-comfortable retirees.
  • $0 monthly fees on fixed income
  • $100 bonus (code 45ET55JSYA)
  • 5% grocery cashback (promo)
  • Spending analytics for income tracking
  • CPP/OAS direct deposit
  • 3% savings interest
Get $100 — Code 45ET55JSYA →
EQ Bank
$0/month + 3% savings + GICs
EQ Bank is the best savings and GIC bank for Canadian retirees. A GIC ladder at EQ Bank — $20,000 in 1-year, $20,000 in 2-year, $20,000 in 3-year GICs — creates predictable annual income at 4–5% rates while preserving capital. EQ Bank's 3% savings account earns more than any big-bank savings on emergency and liquidity reserves. EQ Bank's TFSA savings pays tax-free 3% on the full TFSA balance accumulated over a lifetime of contributions.
  • 3.00% savings interest
  • GIC laddering for predictable income
  • TFSA savings at 3% tax-free
  • $0 monthly fees
  • CDIC-insured deposits
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TD Bank BEST FULL-SERVICE
$0 (60+ senior plans) or $4.95/mo
TD offers free or discounted banking for seniors 60+ through their Senior Account plans. TD's branch network and in-person service is important for retirees who need help with estate paperwork, power of attorney registration, RRIF management, and complex transactions. TD's RRIF accounts are well-structured for mandatory minimum withdrawal management, and their financial advisors understand pension income splitting for couples in retirement.
  • Senior Account — free or $4.95/mo (60+)
  • RRIF management and withdrawal
  • Pension income splitting guidance
  • Estate and POA support in-branch
  • CPP/OAS direct deposit setup
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RBC Royal Bank
$0 (senior discount) or $4.00/mo
RBC offers seniors 65+ banking with waived monthly fees under certain conditions. RBC's GIC products and RRIF management are comprehensive, with advisors who specialize in retirement income planning. RBC Avion points accumulate on daily spending even in retirement — retirees who travel earn free flights from everyday grocery and dining purchases. RBC's estate planning services help retirees with beneficiary designations and account inheritance.
  • Senior fee waivers (65+)
  • RRIF and GIC management
  • Avion travel rewards in retirement
  • Estate planning and beneficiary setup
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Scotiabank
Senior discounts available
Scotiabank's senior banking programs include preferred GIC rates for existing clients and Momentum Visa Infinite cashback on the grocery spending that remains significant in retirement. Scotiabank's RRIF products and OAS clawback management advice help retirees keep income below the $86,912 threshold. Scotiabank's Scene+ rewards are particularly useful for retirees who enjoy movies and entertainment as discretionary spending.
  • Senior GIC preferred rates
  • OAS clawback planning guidance
  • 4% grocery cashback (Momentum Visa)
  • Scene+ entertainment rewards
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Tangerine
$0/month
Tangerine's no-fee chequing with 5% promo savings and Scotiabank ATM access is a reliable simple account for retirees who want zero banking costs without complex apps. Tangerine's interface is straightforward, their phone support is accessible, and the Scotiabank ATM network provides easy cash access for retirees who still use cash regularly. Good as a secondary account for retirees who maintain separate accounts for CPP/OAS deposits and RRIF withdrawals.
  • $0 fees — ideal for fixed income
  • Simple interface for all ages
  • Phone support accessible
  • Scotiabank ATM access
Open Tangerine →

Canadian Retiree Banking Checklist (2025)

Frequently Asked Questions — Best Banks for Retirees Canada 2025

What is the best bank for a Canadian retiree in 2025?
KOHO (code 45ET55JSYA) for everyday spending — $0 fees, $100 bonus, CPP/OAS direct deposit, cashback. EQ Bank for GIC laddering at 4–5% and 3% savings on emergency reserves. TD or RBC for RRIF management, estate planning, and in-branch services that some retirees prefer. This combination maximizes income from savings while keeping banking fees at zero on a fixed retirement income.
What is the OAS clawback and how do retirees avoid it?
Old Age Security (OAS) is clawed back at 15 cents per dollar of net income above approximately $86,912 (2025 threshold). Retirees with income above this threshold have OAS reduced or eliminated. Strategies to stay below the threshold include: spreading RRIF withdrawals evenly over years, delaying RRSP-to-RRIF conversion to 71, using TFSA withdrawals instead of RRIF (TFSA withdrawals are not counted as income), income-splitting with a lower-income spouse, and timing capital gains realization strategically.
What GIC rates can Canadian retirees get in 2025?
In early 2026, GIC rates at EQ Bank and other online institutions range from approximately 3.5–5% depending on term length. Big banks typically offer 0.5–2% lower rates for equivalent terms. A retiree with $100,000 in GICs earns $4,000–$5,000/year at EQ Bank vs. $2,500–$3,500 at a big bank — a $1,000–$2,500/year difference on the same capital. Laddering GICs (1/2/3/5-year terms) captures current rates while ensuring liquidity at regular intervals.
Disclaimer: Information based on publicly available data as of early 2026. OAS clawback thresholds and RRIF minimums are updated annually by the CRA. GIC rates change frequently. This is not financial advice. Consult a certified financial planner for retirement income planning. Bremo.io may earn referral compensation from partner links.