Gordon Pape: Finding a Bank With Senior Perks
The banks aren’t doing enough for their older clients.
Q – Could you do a story about bank charges for seniors. At one time, seniors were not charged anything for monthly administrative charges. I remember that my mother got bank drafts at TD bank for free.
I have just turned 65, bank with Scotia, and am shocked to learn that they do nothing for seniors. I have their basic banking account, which pays absolutely no interest, and also charges me for dealing with the bank tellers. – Bea L.
A – CIBC has a 60+ Advantage Account that offered an interest rate of 0.2 per cent as of the time of writing (check with the bank for the latest rate). However, it is strictly a savings account – no cheques. TD offers rebates on various accounts for those over 60. If any readers have found good deals from the banks, please let us know. – G.P.