The best senior chequing accounts in Canada for 2025

Who can open a seniors bank account in Canada?

You’ll usually qualify for a senior’s bank account in Canada when you reach age 60 or 65, depending on the bank or financial institution. In some cases, you may need to prove that you are receiving the Guaranteed Income Supplement (GIS).

Sometimes, you may get a senior’s discount on certain bank accounts instead of a special account. This is especially convenient if you already hold a chequing account or credit card with a provider — you won’t have to switch providers to reduce bank fees.

 

What to look for in a seniors’ bank account

It’s important to consider your banking and spending habits when choosing a chequing account. Apart from the monthly fees, you should also look out for:

• Transaction limits. How many ATM withdrawals, Interac e-transfers, and pre-authorized debits do you make each month? Think of GIS, OAS, investment dividends, insurance premium payments, and so on.
  
• Minimum balance requirement. Some chequing accounts waive the monthly fee only if a minimum balance is maintained within the account. Check if you can meet this requirement — otherwise, choose an account that doesn’t require a minimum balance.
• Cheque fees. If you use cheques, check if you can get free cheques.
• Customer support. Do you prefer in-person support at a physical bank branch, or is phone and online chat sufficient for your needs? 
• ATM network. Can you easily withdraw money at an ATM near you?
  

• Interest earning capabilities. Chequing accounts typically don’t offer interest on your deposits, but some online banks are providing this feature in the form of hybrid chequing accounts.

Alternatives to seniors’ accounts

Many chequing accounts today offer no-fee banking and additional features for everyone, not just seniors. For instance, the EQ Bank Personal Account ($0 monthly fee) offers unlimited transactions and free access to any ATM in Canada with the EQ Bank Card. You can also earn interest on your account balance. However, while you can deposit cheques using the mobile app, you cannot order chequebooks.

Another personal chequing account to consider is the Simplii Financial No-Fee Chequing Account. It gives you access to all CIBC ATMs and you can easily order cheques via its mobile app.