Senior Account Features

Senior Account Features

People from 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 common 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 traveler cheques, etc. 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 totally free and it seems that the basic types of packages are always free of charge even with these banks.

There are in fact 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 beside the regular debit options and the in-branch credit transactions are kept free of charge. The savings accounts also allow transactions with a small amount of fees.

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