Are you a senior and looking to take advantage of the discount options available for your bank account? Senior bank accounts are often no fee, or heavily discounted to accommodate presumed lower incomes, with additional benefits varying by provider. Input your estimated balance, then compare and find the best rate available for you!
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Senior savings accounts are offered by some banks and credit unions and offer special incentives for Canadians 60 years of age and over. Senior savings accounts may offer lower transaction fees, and some waive minimum balance requirements. Seniors may find these accounts to be the best option, but are free to take advantage of any high interest savings accounts on the market.
Some financial institutions have special savings accounts just for children that allow them to learn how to bank in a low-fee environment.
How to choose the right senior savings account
There are a variety of savings accounts available to seniors, and you may be surprised to learn you can open a savings account with any bank or credit union, even if you don’t use it for your everyday banking. When comparing savings accounts, look for banks that offer high everyday interest rates, and low transaction fees. Consider comparing high interest savings accounts that pay much higher interest rates than regular senior savings accounts.