Seniors' Chequing Accounts
Seniors' chequing accounts are accounts designed for seniors. Some providers also offer senior discounts rather than a specialized account. These discounts are applied to the monthly fees of that provider's chequing account offering. Typically, the discount makes at least one account available to seniors at no cost and reduces other monthly account fees significantly.
Common Account Features
The most common account features of seniors' chequing accounts are paper statements and an unlimited or fixed number of teller-assisted transactions. The majority of account offerings charge extra fees for teller-assisted transactions and for paper statements as all accounts come with free online statements.
Common Account Fees
Since not all seniors' chequing accounts offer unlimited transactions, there are service fees for transactions completed above the allocated number per month. There are also typically fees for Interac e-transfers and non-bank ATM use.
When to Use a Seniors' Chequing Account
A seniors' chequing account should be used if you're above the minimum age requirement (59 year of age or older) as your monthly fee is waived or reduced. The only time a seniors' account may not be appropriate is if you do many transactions that aren't included, which will result in you having to pay a large number of fees. Instead, an unlimited chequing account may be better for you.
How to Save Money on a Seniors' Chequing Account
The best way to save money with a seniors' chequing account is by only using the allocated number of transactions and services offered with the account. Any additional transactions and services will result in you having to pay additional fees.
When Not to Use a Seniors' Chequing Account
A seniors' chequing account may not be the best choice if you routinely conduct transactions beyond the scope of the account offering. The account—along with the additional service fees and charges—may cost you more than other accounts that have those features already included. Therefore, determine your daily banking needs and find an account that's able to meet those requirements at the lowest cost.