Compare the Best HSBC Senior Savings Accounts in Canada 2021

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!

Savings Accounts that are eligible for a promotional offer are marked throughout the comparison chart with a promotional offer icon such as or . Click this box to show only Savings Accounts that contain free promotional offers. For gift card FAQs and Terms & Conditions click here.
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What is a senior savings account?

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.

Other types of savings accounts

High interest savings accounts

High interest savings accounts pay the most interest of any kind of savings account, and seniors can easily find accounts that don’t charge monthly fees or transaction fees.

Tax-free savings accounts

Tax-free savings accounts (TFSAs) are a type of registered saving account that earns interest tax-free. All Canadians 18+ can take advantage of TFSAs, including seniors.

Youth savings accounts

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.

Best Savings Account Providers