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When you join the over-60 club (and sometimes earlier), there are increasingly more opportunities to get seniors discounts. This also applies to banking, where there are different senior banking discounts and senior bank accounts for all of your financial needs. Before you choose what type of accounts you want, ask, “Are there any bank offers for seniors?” as well as which banks are offering the best account perks.
You worked hard for every dollar, so it is important to find a savings and chequing account that helps you reach your financial goals without the added fees.
Bank offers for seniors
When you are looking at the different options available, you want to make sure you are actually getting a quality account that works for your banking needs vs. getting a seniors bank account that has a discounted monthly fee, but then only offers the very basics.
How this works at Scotiabank is that we do not offer separate senior bank accounts, instead, you will find senior discounts on top of our most popular chequing account options. Some of these chequing account options have no monthly account fees if you maintain the minimum balance each month. Here are some of the chequing accounts offered at Scotiabank that qualify for a seniors’ discount if you are 60 years of age or older:
How to choose the best bank accounts for seniors?
Before deciding on the best bank account for you, think about what monthly financial needs you have and how you transact most often. If you just need an account to receive regular deposits or pension and make fewer than 12 debit transactions per month, then you will likely want to stick with a basic, no monthly account fee chequing account. If you make more than 25 debit transactions per month, consider an account with unlimited debit card usage. Ultimately it comes down to what options work best with your financial plan and budget, and a financial advisor can help you make this decision.
Banking advice for seniors
Not only do you want to take advantage of discounts to take your dollar further, but you want to find a bank that suits your needs. Here are three things to keep in mind when considering your banking needs.
- Accessibility and quality customer service Look for a bank that offers both in-person service as well as online and phone help. For select senior customers, many banks have special senior hours to help keep members safe from COVID-19. You can also do several banking tasks with ATMs, on the mobile app and online. You could also call the call centre for help over the phone. You can learn more about banking over the phone at Scotiabank here.
- Feel financially safe Learning how to bank online and use your bank's mobile app can help you manage your account quickly and efficiently. However, it is essential to know how to detect fraud and financial scams. No matter who you bank with, a financial institution will never ask for your account number, SIN or login credentials over the phone, mail or email. Visit our Security Centre for more advice on how to keep your finances safe.
- Work with your advisor on a fulsome financial plan A good seniors bank account can take care of your everyday financial needs, but don't forget to work with your Scotiabank advisor on your broader financial plan to make sure you are budgeting, saving and investing to be able to meet your goals and your goals for your family.
