Updated: April 2025  |  bremo.io financial guides

Best Banking for Seniors in Canada 2025

Banking should get easier as you get older, not harder. Yet many Canadian seniors are still paying $10 to $16 a month for basic chequing accounts they could get for free. This guide covers every major option available to Canadians 60 and older, what to look for, and which accounts are genuinely worth your time in 2025.

What Makes a Bank Account Good for Seniors?

Not all accounts are created equal. When evaluating banking options for older Canadians, consider these factors:

• Monthly fee or waiver: Many banks waive fees at age 60 or 65, or with a qualifying balance.
• Transaction limits: Fixed-transaction plans can be restrictive. Unlimited plans are often worth it.
• Branch and ATM access: If you prefer in-person banking, proximity matters.
• Telephone support: Good phone banking is critical if internet or mobility is a barrier.
• Cheque writing: Still important for many seniors paying rent, utilities, or medical bills.
• Interac e-Transfer: Increasingly standard and useful for family money transfers.
• Accessibility features: Larger-print statements, hearing loop compatibility, accessible ATMs.

The Big Banks: Senior Discounts and Free Accounts

TD Bank

TD offers fee waivers on select accounts for customers 60+. Their Every Day Chequing plan (normally $10.95/month) is free for seniors. You get 25 transactions per month, which covers most people. TD has an extensive branch network and dedicated senior service lines. For those who need branch access, TD is a solid choice.

RBC Royal Bank

RBC's Day to Day Banking account is free for customers aged 65 and over. For more active banking, their Advantage Banking account is also waived for seniors. RBC has accessibility-focused ATMs and Braille card options. Their senior telephone banking line is available during extended hours.

Scotiabank

Scotiabank waives fees on their Basic Banking Plan for seniors 60+. This gives you 12 free transactions monthly. If you need more, their Preferred Package has a fee waiver at 65. Scotia has strong coast-to-coast branch coverage and widely accessible ATMs.

BMO

BMO offers fee waivers on the Practical Plan for customers 60+. Their Premium Plan is discounted for the same age group. BMO also has a dedicated accessibility service team and partners with CNIB to support visually impaired customers.

CIBC

CIBC's Smart Account is free for customers 65+. This unlimited-transaction account normally costs $16.95/month, making the senior waiver particularly valuable. CIBC's mobile app has accessibility features including voice-over support for screen readers.

National Bank

National Bank (primarily in Quebec and Ontario) offers seniors 60+ free access to their basic account and discounts on higher-tier plans. In Quebec they have extensive French-language services and senior-specific advisors.

Credit Unions: Often the Best Deal for Seniors

Credit unions are member-owned and tend to be more flexible with fees. Many waive account fees for seniors with no age minimum above 55. Profits stay within the community, which often means better rates, lower fees, and more personal service.

• Desjardins (Quebec): Strong senior programs, extensive accessibility, French-language services.
• Coast Capital (BC): No monthly fee chequing account available to all, senior-specific financial planning services.
• Meridian (Ontario): Free chequing for members, strong branch network in smaller Ontario communities.
• Conexus (Saskatchewan): Fee waivers at 60, community banking feel, strong retirement planning support.
• Your local credit union: Over 240 credit unions operate in Canada. Many have senior-specific programs not advertised nationally.

Online and App-Based Options

Online-first banks often offer the most competitive products. While they lack physical branches, they excel on fees and features. For seniors comfortable with digital banking or who have family support:

EQ Bank

EQ Bank's Personal Account has no monthly fee, no minimum balance, and earns interest on your deposits. Everything is managed online. You can deposit cheques by photo using the app. Their customer service is phone and chat-based. No ATM card by default, but you can link to another account for cash needs.

Simplii Financial (CIBC)

Simplii is CIBC's online arm. Free chequing and savings with no minimum balance. Access to CIBC ATMs coast to coast. Good for seniors who want free banking but occasionally need cash from a physical machine.

Tangerine (Scotiabank)

Tangerine's No-Fee Daily Chequing Account is genuinely free with unlimited transactions. Access to Scotiabank ATMs. Good app and telephone support. Not a full-service branch bank, but covers most daily needs.

Prepaid Cards for Seniors

Prepaid reloadable cards like KOHO can be a great supplement or replacement for a traditional account. They offer:

• No overdraft risk — you can only spend what's loaded
• Simple app for tracking spending
• No credit check required
• Free version available with no monthly fee
• Useful for managing a fixed budget from CPP, OAS, or pension income

They're particularly useful for seniors who want to give a family member limited access for grocery runs or errands without full account access.

Banking Accessibility for Seniors with Disabilities

All major Canadian banks are required under the Accessible Canada Act to provide accessible services. In practice this means:

• ATMs must have audio guidance and Braille keypads
• Telephone banking must accommodate TTY/TDD devices
• Branches must be wheelchair accessible
• Large-print and audio statements are available on request

If you have a specific accessibility need, call your bank's accessibility services line. Each major bank has one, and they can arrange accommodations not always listed on the website.

Banking with Cognitive Decline: Planning Ahead

As cognitive abilities change, banking can become more challenging. Planning ahead protects you from errors, fraud, and financial abuse:

• Set up direct deposit for CPP, OAS, and pension income to reduce paper cheque risk.
• Use automatic bill payments for recurring expenses to reduce transaction errors.
• Consider a trusted contact person — many banks allow you to designate someone they can contact if they're concerned about your account activity.
• Look into a Power of Attorney for banking — allows a trusted person to manage finances if you become unable to.
• Ask about transaction alerts — SMS or email notifications for any withdrawal or transfer can help family stay aware of activity.

How to Switch Banks as a Senior

Switching banks is easier than most people think, and the savings can be significant — $120 to $200 per year in waived fees. Steps:

1. Open the new account and confirm it's working.
2. Move your direct deposits (CPP, OAS, pension) to the new account.
3. Transfer automatic bill payments one by one.
4. Keep the old account open for 60 days to catch any missed transactions.
5. Close the old account once you're confident everything has moved.

Many banks will help you set up automatic payment transfers when you switch. Ask at the branch or over the phone — this service is free.

Protecting Yourself from Banking Fraud

Seniors are disproportionately targeted by banking fraud. Common scams include fake CRA calls, grandparent scams, romance fraud, and phishing emails. Basic protections:

• Never give your PIN or password to anyone, including family or bank staff.
• The CRA will never demand immediate payment by gift card or wire transfer.
• Set up account alerts so you know immediately when money moves.
• Review your statements monthly — dispute anything unfamiliar within 30 days.
• If something feels wrong, call your bank's official number (on the back of your card) immediately.