Best Banks for Canadians Over 60 in 2025

Canadians in their 60s face critical financial decisions: CPP and OAS timing, RRSP-to-RRIF conversion, GIC laddering, and managing retirement income efficiently. Here's the complete banking guide.

Updated March 2026 · Senior banking Canada · 8-minute read

Canadians in their 60s are navigating the most consequential financial decade of their lives. The decisions made between ages 60 and 70 — when to take CPP, when to take OAS, how to draw down RRSPs before mandatory RRIF conversion at 71, whether to crystallize capital gains now or later, how to structure retirement income to minimize the OAS clawback — have permanent consequences that compound over a 20–30 year retirement. Most Canadians in their 60s are still working (at least part-time), which creates the opportunity for "bridge strategies" that use employment income while deferring CPP and OAS to maximize lifetime benefits. The right banking setup during this decade supports both the financial complexity and the lifestyle transition — helping Canadians over 60 keep more of what they've saved.

Best Personal Account for Canadians Over 60: KOHO

Code 45ET55JSYA · $0 fees · $100 bonus · Keep daily spending separate from RRIF and investment accounts — see exactly what retirement income you need

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Best Banks for Canadians Over 60 — 2025 Rankings

KOHO BEST DAILY ACCOUNT
$0/month
KOHO is the best daily spending account for Canadians over 60 — tracking exactly what your retirement lifestyle costs so you know precisely how much retirement income you actually need. Many Canadians overestimate how much they'll spend in retirement (and therefore save too conservatively to enjoy it). KOHO's $0 fees and spending analytics make your real cost of living transparent. Code 45ET55JSYA earns a $100 sign-up bonus. All CPP, OAS, RRIF minimums, and pension payments can flow into KOHO for daily spending while investment and savings accounts stay completely separate. KOHO's 3% savings interest earns more than many bank accounts for short-term cash holdings.
  • $0 monthly fees — no senior account fees
  • $100 bonus (code 45ET55JSYA)
  • Track real retirement spending
  • CPP/OAS/RRIF income receives
  • 5% grocery cashback (promo)
  • 3% savings interest
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EQ Bank
$0/month + 3% savings
EQ Bank at 3% is ideal for Canadians in their 60s managing transition-period cash: the portion of savings not yet needed that sits between RRSP and RRIF, emergency funds for unexpected health expenses, and any excess RRIF minimum income beyond spending needs. A 65-year-old with $300,000 in an EQ Bank TFSA-linked savings earns $9,000/year tax-free in interest. EQ Bank GICs allow locking in rates for the fixed-income portion of a retirement portfolio — a 1-2-3 year GIC ladder at EQ Bank provides predictable income streams that complement variable CPP and investment income.
  • 3.00% savings on transition cash
  • GIC laddering for retirement income
  • TFSA savings for tax-free interest
  • Emergency health expense reserve
  • $0 monthly fees, CDIC-insured
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TD Bank BEST FULL-SERVICE
$0 senior plan or $16.95/mo
TD's senior banking plan (free with $4,000 balance or age 60+ in some provinces) includes in-branch service, direct deposit for CPP/OAS, cheque processing, and access to TD Direct Investing for managing non-registered and RRSP accounts. TD's Retirement Income Options advisors specialize in the CPP/OAS timing decision, RRSP meltdown strategy (drawing RRSP before 71 to reduce mandatory RRIF minimums), and income-splitting strategies for couples. TD's reverse mortgage product (HomeEquity Bank's CHIP — available through TD advisors) gives seniors access to home equity without selling.
  • Senior plan ($0 with balance)
  • CPP and OAS direct deposit
  • RRSP meltdown strategy support
  • Reverse mortgage access
  • In-branch advisors for retirement income
TD Senior Banking →
Questrade / RBC Direct Investing
$0 RRSP/RRIF + low commissions
Canadians over 60 need a reliable RRIF platform when their RRSP converts at age 71 (or can convert voluntarily earlier). Questrade offers the lowest-cost ETF RRIF — free ETF purchases, $4.95–$9.95 to sell. A 65-year-old with $600,000 in a Questrade ETF RRIF pays under $100/year in commissions vs. $600–$1,200 in mutual fund MERs at a bank. RBC Direct Investing appeals to existing RBC clients who want everything consolidated. Both platforms allow spousal RRSP/RRIF for income splitting.
  • Low-cost RRIF platform
  • RRSP-to-RRIF conversion support
  • Spousal RRIF for income splitting
  • ETF investing minimizes MER drag
Open Questrade →
Wealthsimple
$0/month + managed options
Wealthsimple's managed RRSP, RRIF, and TFSA portfolios are ideal for Canadians over 60 who want professionally managed portfolios with automatic rebalancing and low fees (0.4–0.5% MER on managed portfolios). Wealthsimple's RRIF handles mandatory minimums automatically — you set the payment frequency and the platform calculates and withdraws the CRA-required minimum each year. The TFSA at Wealthsimple at 3% savings rate allows tax-free earning on excess RRIF minimum income that you don't need to spend.
  • Managed RRIF portfolios
  • Automatic RRIF minimum withdrawals
  • TFSA for tax-free income storage
  • Low-fee managed portfolios
Wealthsimple RRIF →
Scotiabank / RBC — Senior Premium
$0–$16.95/mo senior plans
Both Scotiabank and RBC offer fee-waived or reduced senior plans for Canadians 60+. Scotiabank's Preferred Package waives monthly fees for seniors with qualifying deposits. RBC's Advantage Banking plan reduces fees for seniors. Both banks have strong relationship banking for seniors managing significant assets — their private banking and investment management divisions (RBC Wealth Management, Scotia Wealth) handle complex estate planning, power of attorney setup, and charitable giving strategies important for Canadians over 60 with substantial savings.
  • Fee-waived senior banking plans
  • Estate planning advisory services
  • Power of attorney setup
  • Private banking for larger portfolios
Scotiabank Senior Plans →

Canadians Over 60 — Banking and Income Strategy (2025)

Frequently Asked Questions — Best Banks for Canadians Over 60

When should Canadians start CPP — at 60, 65, or 70?
The CPP break-even analysis is critical for Canadians in their 60s. Taking CPP early (as early as 60) reduces your payment by 0.6%/month before 65 (up to 36% reduction). Deferring past 65 increases it by 0.7%/month (up to 42% increase at age 70). The general rule: if you're healthy and expect to live past 78, defer to 70. If you have health concerns or immediate income needs, take it earlier. Important: if you're still working at 65, taking CPP while contributing to it through a post-retirement benefit adds to your CPP permanently. A financial planner who does CPP optimization analysis can calculate your exact break-even based on current rates.
What is the RRIF minimum withdrawal for Canadians in their 60s and early 70s?
RRSP must convert to RRIF (or annuity) by December 31 of the year you turn 71. RRIF minimums increase with age: 5.28% of your RRIF value at age 72, rising gradually to 20% at age 95. A Canadian with $500,000 in a RRIF at age 72 must withdraw $26,400 — taxable income that could affect OAS clawback, GIS eligibility, and provincial benefits. Strategy: draw RRSP down voluntarily in your 60s in lower-income years, reducing the RRIF balance (and mandatory minimums) before age 72. Spousal RRIF allows withdrawals attributed to the lower-income spouse, splitting income and reducing combined tax. Use the younger spouse's age to calculate RRIF minimums if that reduces required withdrawals.
How do Canadians over 60 avoid the OAS clawback?
The OAS clawback (technically the OAS recovery tax) begins at approximately $86,912 of net income in 2025. Above this threshold, OAS is clawed back at 15 cents per dollar, fully eliminating OAS at around $141,917. To minimize clawback: maximize TFSA contributions so investment income is tax-free; hold fixed income in RRSP/RRIF (where returns are taxable but RRIF minimums can be managed); draw capital gains from non-registered investments in years with lower other income; split pension income with a spouse; consider strategic RRSP meltdown in early 60s when other income is lower; hold dividend-paying equities in TFSA rather than non-registered accounts (eligible dividends are grossed up, increasing net income for OAS purposes).
Disclaimer: Information based on publicly available data as of early 2026. CPP rates, OAS clawback thresholds, and RRIF minimums are subject to annual government adjustments. This is not financial or tax advice. Consult a fee-only financial planner for personalized retirement income optimization. Bremo.io may earn referral compensation from partner links.