Senior Bank Accounts in Canada: Seniors' Discounts by Bank and Accounts for GIS Recipients

The banks in the table below price seniors through a discount on their everyday packages, from an age each bank sets, some applying it automatically and some once you register at a branch. The table gives each package’s seniors’ price with the bank’s conditions beside its regular monthly fee, and each big-bank row links that bank’s lineup. Accounts for people receiving the Guaranteed Income Supplement (GIS), how benefit payments reach an account, and where help with banking and scams is covered come after it.

Seniors’ discounts by bank

Each row is a chequing package with its price for seniors; the price cell gives the age it starts at and, where the bank states them, whether it applies the price on its own or after you register and limits such as one rebate per account owner or no combining with other fee reductions, in each bank’s words.

Checked against each bank's pages on October 20, 2026.

Institutions in this table: BMO, CIBC, Desjardins, National Bank, RBC, Scotiabank and TD.

The table covers the banks it names; how credit unions compare with banks is on credit unions vs banks. On some packages a seniors’ price also comes with a waiver for keeping a minimum daily balance, which the price cell gives as the bank words it.

What can seniors who receive the GIS get?

The banks below offer an account with no monthly fee to people receiving the Guaranteed Income Supplement, on the terms and with the proof each one states.

Checked against each bank's pages on October 20, 2026.

Institutions in this table: National Bank and TD.

Seniors who receive the GIS are among the groups FCAC’s commitment covers, in brief:

The no-fee chequing accounts page sets out the commitment’s low-cost and no-cost accounts, with the account each signatory bank names for them. Apart from the rows for the accounts above, the seniors’ table sets each price by the client’s age, as each row shows. What the GIS is and who receives it are explained on the Guaranteed Income Supplement.

How do OAS, GIS and CPP payments get into your account?

Service Canada says direct deposit is the fastest, easiest and most secure way to receive Old Age Security, Guaranteed Income Supplement and Canada Pension Plan payments; cheques for OAS and GIS are mailed the last 3 business days of each month. Service Canada says for the Canada Pension Plan you contact Service Canada to sign up for or update direct deposit so payments go directly into your bank account. Service Canada says to set up or change your direct deposit you need your social insurance number, the name of your bank or financial institution, the branch transit number and your account number.

Where to find a transit and account number, and how direct deposit works for federal payments, is on direct deposit; the payment calendars are on CPP payment dates and OAS payment dates.

Letting someone help with your banking

Giving a person you trust a power of attorney over your money is covered on power of attorney. Holding an account jointly with a family member, and what happens to it when one owner dies, is explained on joint bank accounts.

Banking scams that target seniors

How bank fraud and scams work, how to protect an account and what to do after a loss are set out on bank fraud and scams.

Related pages

• Accounts with no monthly fee: no-fee chequing accounts
• Where savings earn interest: high-interest savings accounts and GIC rates
• One bank’s full lineup: RBC, TD, BMO, CIBC and Scotiabank
• Fees compared across banks: bank fees
• Opening and moving: opening a bank account and switching banks
• Income in retirement: retirement income
• Account types and where to start: bank accounts