Canadian seniors deserve the same banking value as any other customer — and in many cases, Canadian banks offer special senior discounts that can eliminate monthly fees entirely. This guide covers the best senior bank accounts at Canada's major banks in 2025, including eligibility requirements, features, and how to ensure you're not paying unnecessary fees in retirement.
Yes. Most major Canadian banks offer reduced-fee or free banking for clients aged 60–65 and older. The age threshold and account features vary by bank. Some banks require proof of a government pension (CPP, OAS, GIS) to qualify; others simply require age verification. Here's what each major bank offers:
RBC offers a fee waiver for seniors aged 65+ who receive the Old Age Security (OAS) pension on the RBC Day to Day Banking Account and some mid-tier accounts. Eligible seniors can have account fees waived by providing proof of OAS receipt. RBC also offers accessible banking services including large-print statements, telephone banking, and a seniors-dedicated customer service line.
TD waives the monthly fee on TD Minimum Chequing Account for clients 60+ who receive a government pension. TD also offers accessible banking with extended branch hours that are particularly beneficial for seniors who can only visit during certain times of day. TD's telephone banking is available 24/7 with a dedicated seniors line. TD's extended hours and comprehensive ATM network make it one of the more practically accessible big banks for seniors who need in-person or phone service.
Scotiabank's Seniors Account offers reduced fees for clients 60+ with discounts off the standard Preferred Package account. Scotiabank also participates in the FCAC-compliant low-cost account program, which ensures eligible Canadians including lower-income seniors have access to affordable basic banking.
BMO offers the BMO Practical Plan (basic account) with fee waivers for seniors 60+. BMO has been active in accessible banking initiatives and offers specialized support for seniors including in-branch financial planning sessions and dementia-friendly banking practices at select locations. BMO's Telephone Banking is available 24/7.
CIBC waives fees on the CIBC Everyday Chequing Account for clients 65+ with a government pension. CIBC also has accessibility features including large-print and braille statements on request, voice-activated telephone banking, and in-person elder financial abuse prevention resources at select branches.
The Financial Consumer Agency of Canada (FCAC) maintains a list of compliant low-cost and no-cost bank accounts available to all Canadians, including seniors. Banks that participate in this program are required to offer a basic chequing account for $4.00/month or less with at least 12 monthly transactions. For eligible Canadians receiving OAS, GIS, or provincial disability benefits, some banks offer these accounts for free. Contact your bank directly to ask about the low-cost account and whether you qualify for fee waivers.
Some seniors may be hesitant about digital banking, but several online banks offer excellent services for older Canadians:
EQ Bank's Personal Account earns high interest daily on balances while functioning as a chequing account. For seniors with savings they want to keep accessible while earning strong interest (3-4%), EQ Bank is hard to beat. EQ Bank's interface is clean and simple. Customer service is available by phone for clients who prefer not to use the app.
Tangerine's no-fee chequing with Scotiabank ATM access is particularly convenient for seniors who use cash regularly but want no monthly fees. Tangerine's telephone banking service is strong, and phone-based customer service is available without requiring a smartphone app.
Big 5 banks have established processes for Powers of Attorney, joint account management, and estate banking. If you anticipate needing a trusted family member to manage your accounts in the future, Big 5 banks generally have more developed processes and branch access for these complex needs than digital-only banks.
All major Canadian banks are required to have policies to detect and respond to financial elder abuse. If you have concerns about unusual account activity or pressure from others regarding your finances, contact your bank's branch manager or fraud line directly. FCAC maintains resources on elder financial abuse at its website.
Under Canadian financial regulation, banks must offer accessible banking services. If you have mobility limitations, visual impairment, or other accessibility needs, ask your bank about:
Seniors with savings to protect often favour GICs (Guaranteed Investment Certificates) for their safety and predictable returns. Big bank GIC rates are typically lower than those offered by credit unions, Oaken Financial, or online banks. For significant savings, comparing GIC rates across institutions is worthwhile — a 0.5% difference on a $100,000 GIC is $500/year.
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Open KOHO Free — No Fees — Code 45ET55JSYAMost Canadian seniors should be paying nothing or very little for their everyday banking. Check with your current bank first — you may already qualify for a senior fee waiver that you're not receiving. If your bank charges fees you can't waive, consider TD (best extended hours and phone service for seniors), Scotiabank (best ATM access and senior discounts), or Tangerine/EQ Bank (best digital-first free options). No Canadian senior should be paying $16.95/month for a standard bank account in 2025.