Select Page
Home | Chequing Accounts | Seniors Chequing Account

Seniors Chequing Account

Filter Checking Account



 



People of different ages have different types of banking needs. A young student might use a bank account for saving his pocket money and expect no interest on the money he earns.

On the other hand, an investor might need an account that gives a good interest rate for his investment. However, a senior or a retired person would have different needs and requirements from their bank account.

They would ideally need an account free from excessive banking fees. And some extra facilities such as travel benefits or point would also be of interest. The senior account is designed with keeping seniors in mind.

Different banks and credit unions provide some standard features for senior accounts. These accounts usually charge no or relatively low monthly fees. Some offers include unlimited free transactions such as the everyday package of the CIBC bank.

Some extra features that they offer are discounts on safety deposit boxes, free paperless record keeping, debit card, commission-free traveller cheques, etc.

Seniors Chequing Account Advantages

There’s a stand-alone senior account service from First Ontario Credit Union which applies absolutely no charge on any of its services for the senior aged 60 years or more not even on bill payments. Some banks give discounts on monthly fees if not free, and it seems that the basic types of packages are always free of charge even with these banks.

There are two distinct types of senior account. One is the chequing account, and the other is the savings account. Seniors chequing accounts are usually more convenient as they come with free and flexible transaction facilities that senior citizens could take advantage of. TD Canada Trust gives away features with a value of $524 with their chequing account services.

The minimum balance required to open an account is always low on a senior account, and it’s usually around $200 with premium services. Sometimes, chequing accounts specially designed for seniors give high-interest rates as the savings accounts.

These interests are counted on the total balance of a full day period and paid by the end of the month. Senior accounts provide credit options besides the regular debit options, and the in-branch credit transactions are kept free of charge. The savings accounts also allow transactions with a small number of fees.

Pros & Cons of getting a Private Mortgage & Loans

What Are Private Mortgage Loans? Private mortgage loans are granted by private lenders unlike banks or conventional financial institutions. These short term loans do not require homeowners to pay the mortgage principal. Simply put, you only have to make the interest...

read more

How much mortgage do I qualify for?

How much do I qualify for? If you’re ready to purchase a new home, one of the first things you want to find out is how much you’re qualified to borrow. Lenders have restrictions on the amount of money that a lender can borrow that is based on the borrower’s...

read more

How does a Student Account Work?

Student accounts are provided by all major banks in Canada with specific services and facilities. Banks also see this as an opportunity to improve their client base and ‘catch them young’. Opening and maintaining the account is a simple process in Canada. The savings...

read more

How to Save money with TFSA?

        Save money with a TFSA - Tax-Free Savings Account If you are a Canadian resident willing to make some tax free investments then Tax Free Savings Account(TFSA) is just for you. It’s a Canadian government initiative started in 2009. The main idea is to give some...

read more