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Advantages of opening a Senior Account in Canada



What are the benefits of a Senior Account in Canada?

With an ageing population, senior accounts are inevitable. In most cases, these accounts are meant for clients aged 60 years and above. However, some banks and financial institutions consider senior citizens as persons aged 50 years and above.

These accounts are associated with a number of features that are all aimed to make the senior’s banking experience as smooth as possible. They are also associated with a number of banking benefits to make the offers lucrative.

In Canada, just like any other country, banks are required to offer a low cost and no frail bank account. For a long time, banks in Canada had been offering free banking services for the seniors but things changed in 2012 when one of the big 5 banks stopped offering free accounts to seniors. Instead of free accounts, seniors were offered a 25% discount on their monthly fees. 

The benefits of senior accounts

Senior accounts are associated with a number of advantages. These benefits vary from one bank to another because of their different offers. Generally, by opening a senior account an individual stands to gain from the following:

  • The account holder gets unlimited access to ATM, phone banking together with internet banking services.
  • Customers get to enjoy no minimum balance accounts
  • Senior citizens also get to receive their interest directly to their accounts
  • Account holders are given the privilege of using free cheques

Most banks understand what the senior citizens need to operate this account hence are dedicated to ensuring that their needs are met. With this kind of understanding, you can understand why most seniors want to continue operating this account.

By opening a senior account, you stand to gain more than to lose. Visit your branch today to get all the information you might need to get your senior account opened.