Most compelling evidence shows that seniors’ chequing accounts are designed for the banking needs of average senior citizens. Additionally, they aim to cater to the needs of seniors in a better way than conventional accounts that are more difficult to manage.
By comparison, some banks offer discounts to seniors on certain services. These discounts reduce the account holders’ monthly fees. Generally, the discount allows a single account to be available for use to seniors. There is no added charge.
Common features of seniors’ chequing accounts
Most seniors’ chequing accounts include a number of transactions made without assistance. However, the majority of providers charge add-ons for transactions with provided assistance and paper statements. However, all accounts offer online statements for no added cost.
Fees and charges on seniors’ chequing accounts
Not all seniors’ chequing accounts have an unlimited number of transactions. As a result, users have to pay service charges for those extra transactions. In addition, there are charges on e-transfers and using ATMs at different banks.
When is a seniors’ chequing account suitable?
Seniors’ chequing accounts are suitable to those who meet minimum age requirements. Chiefly, account holders must be over the age of 59. However, seniors’ chequing accounts are not suitable if the customer makes more than the allowed number of transactions per month. Doing so will lead to more charges. A more suitable alternative would be an unlimited account.
Saving money on seniors’ chequing accounts
Holders of seniors’ chequing accounts save money only if they make no more transactions than allowed. Furthermore, this applies to other bank services. Transactions made above the specified limit may entail extra charges.
5 best seniors’ chequing accounts
We have found a few examples of the best seniors’ chequing accounts. With purpose in mind, you can compare them and get an idea of what kind of offers you can get in Canada: