Seniors accounts are a great way for seniors to cater for their day to day expenditures. Before choosing one, it’s important to compare offers from several banks as there’s always one bank with nice perks to suit your senior financial needs.
It won’t be difficult to find an institution in Canada offering attractive features, but comparison will put you at a better position to finding the best Senior Account Canada.
A senior account is a regular savings account created for senior individuals, but with exclusive benefits and rewards depending on which bank you have the account.
The benefits that you can get in having a senior account differ from among the banks. However, the most common are:
A senior’s account is simply a typical chequing account that provides features tailor made to suit the older customers. The requirements to holding such an account as well as perks vary with the financial institution, but the qualification age ranges from 50 to 65 years. Certain banks and credit unions may also offer senior accounts to its older customers at a minimal fee of about $4 and waiver it once they turn 60 or older.
Out of the major banks, Scotia offers the most attractive plans for seniors as you are given access to the Scotia Plus plan much sooner as compared to other banks. Additionally, you are also given unlimited number of transactions, free money orders, free personalised cheques, free paper statements and several other perks.
Even though TD offers rebated accounts online for its seniors, the cheapest of the plans begin at $8.20 monthly. Senior customers of TD with basic needs are best suited with the Value account that offers 10 free transactions at a monthly fee of $3.95. This fee is waived with a $1,500 minimum balance. Other banks such as BOM also offer some attractive perks that you may want to have a look at.
Banks in Canada are required to provide low cost and no frills accounts, only until the five major banks decided to promote free bank accounts for seniors. However, this also changed in 2012 when TD ceased offering free accounts to seniors. Instead, TD provides its senior customers with 60 and above a 25% discount on the monthly fees.
You must however ask for it. BOM and RBC provide free accounts to seniors and apply a $4 fee on turning 60. As for CIBC and Scotia, you must request for enrolment into the seniors plan so as to qualify for the free plan and other benefits. Many credit unions in Canada also offer Senior Account Canadafor free, but limited access to the account is a barrier.
It’s often very difficult to find information about the Senior Account Canada from different banks and credit unions from their sites. So the best way to find the best deal is making comparisons of what different institutions have to offer and also visiting them physically.
However, some general benefits you are likely to get from most of the institutions include free cheques, free paper statements, no money orders fee, higher interest than common chequing accounts and free waivers. Credit unions and banks can provide different feature combinations or offer other unique features and benefits.