Canadian seniors have built this great country. They’ve worked hard all their lives and deserve a “break” from companies. Plus, most seniors are on a fixed income and need their dollar to stretch. Therefore, it makes sense for organizations to offer discounts to this demographic when possible.
There are many banks in Canada that provide rebates and perks for seniors. These accounts are generally available to Canadians who are 60 to 65+ years of age.
Smart for Seniors Account – CIBC
Canadian seniors 65 years or older can gain access to the CIBC Smart for Seniors account. It offers no monthly fee and provides 12 free transactions each month. Although it’s important to note, there’s a charge of $1.25 for each transaction, after the 12 free ones. There is also an unlimited transactions fee package for those senior clients who may regularly go over the 12-limit of “free” transactions. This costs $10. CIBC has a welcome offer linked to this account. New clients receive a $300 welcoming gift and no monthly fee for one year if this is their first chequing account opened with CIBC.
In addition, CIBC offers Smart for Seniors Plus. For a fee of $23 a month, customers receive unlimited transactions, a premium CIBC credit card with annual fee discounts, free personalized cheques, and free ATM withdrawals at non-CIBC bank machines. The welcome offer with this account gives $300 to new clients opening up their first chequing account with CIBC.
Senior clients who have either of these accounts gain access to free bank drafts and money orders, plus $5 off the yearly rental of a safety deposit box.
Basic Bank Account – Seniors Rebate – Scotiabank
Scotia offers a senior’s rebate of $4.00 for monthly fees on the following accounts: Ultimate Package, Preferred Package, Basic Plus, and Basic.
With Scotia’s Basic account, the monthly fee is $0 with this discount. Clients 60 years and older qualify for the discount. The Basic account offers 12 monthly transactions for free, which include 2 Interac e-transfers. The charge is $1 for each additional Interac transaction and $1.25 for all other transactions that exceed the allotted amount. No minimum balance is needed. Seniors can also save when opening a U.S. Daily Interest or Euro Daily Interest account. There are $0 monthly fees attached to either of these savings accounts for seniors.
Lastly, Scotiabank has its SCENE Rewards customer loyalty program as an incentive to join its financial institution. For every $5 of debit purchase spending, clients earn 1 SCENE point. Redeem these for free movies, meals, and other perks.
Practical Plan Account for Seniors – BMO
At BMO, clients 60 years of age or older are eligible for the Practical Plan account. There’s no fee, and it offers 12 free transactions each month. Account-holders are given a savings account with no added costs, as well as monthly fee discounts on all other chequing account plans.
BMO provides clients with a welcome offer as well. Customers can earn $300 for opening a chequing account online. An added $50 can be earned if this account is within a BMO Family Bundle.
Minimum Chequing Account – Senior’s Discount – TD
TD’s Minimum Chequing account targets clients with very low banking needs. Customers 60+ who collect the government’s Guaranteed Income Supplement are given a $3.95 discount on monthly fees. As such, the account fee is $0 each month for senior clients who qualify.
This chequing account offers 12 free transactions. After a client has exceeded the 12 free transactions, a charge of $1.25 for each additional transaction is charged to the account. No minimum balance on the account is needed.
It’s important to note, the TD Minimum Chequing account does not offer free Interac e-transfers. Therefore, clients pay 50 cents for each transaction of this type that are under $100; $1 for amounts over $100.
TD also offers a senior’s rebate on monthly fees on other chequing accounts, as well.
Day to Day Banking for Seniors – RBC
RBC’s Day to Day account for seniors is available to clients 65+ years of age. It offers a zero monthly fee, with 12 free transactions. A cost of $1.25 is applied for each added transaction after a customer exceeds their free 12. A minimum balance is not required for this account.
RBC offers a senior’s rebate of $4.00 or 25% of account service fees (whichever amount is higher) on the following other accounts: VIP Banking, Signature No Limit Banking, and No Limit Banking.