Best High-Interest Savings Accounts for Over 60s in Canada (2025)
As you enter your 60s, financial security becomes increasingly important. High-interest savings accounts can help grow your savings while keeping your funds accessible. In 2025, Canadian financial institutions offer a variety of options tailored for seniors, from flexible savings accounts to tax-efficient registered products. This guide explores the best choices available, including high-interest accounts, GICs, and senior-friendly features.
What Are Easy Access Savings Accounts?
Easy access or high-interest savings accounts (HISAs) in Canada allow you to earn interest while keeping your money liquid. These accounts typically offer no or low fees and are accessible online. While interest rates vary, some online banks and credit unions offer competitive returns with minimal conditions.
How Do GICs Work?
Guaranteed Investment Certificates (GICs) are low-risk, fixed-term savings products that offer a guaranteed interest rate for a set period, such as 1 to 5 years. They are ideal for retirees with lump sums who don't need immediate access to their funds. Non-redeemable GICs offer higher rates, while cashable GICs provide some flexibility.
What Are the Benefits of Tax-Effective Savings?
Canada offers several tax-efficient savings options, including the Tax-Free Savings Account (TFSA) and Registered Retirement Income Fund (RRIF). TFSAs allow your savings to grow tax-free, making them ideal for seniors. RRIFs are used to draw income from your retirement savings and have specific withdrawal rules. Consult a financial advisor to structure your savings for minimal tax impact.
Are There Specialist Accounts for Over-60s?
Yes, many Canadian banks offer senior accounts or savings options designed for customers over 60. These often come with perks such as no monthly fees, free Interac e-Transfers, and preferred rates on savings or GICs. Eligibility typically starts at age 60 or 65, depending on the institution.
What to Consider When Choosing a Savings Account
Key factors to evaluate when selecting a savings product include:
• Interest rates: Compare both promotional and ongoing rates.
• Access to funds: Consider how often you'll need to withdraw.
• Fees: Look for accounts with no monthly fees or minimum balance charges.
• CDIC insurance: Ensure your bank is a CDIC member (coverage up to $100,000 per account type).
• Online access: Choose institutions with robust digital platforms if you prefer managing your accounts online.
Comparing Popular Savings Account Options
Here's a comparison of common senior-friendly savings accounts and GIC options in Canada:
| Account Type | Provider | Key Features | Fees |
|---|---|---|---|
| High-Interest Savings | EQ Bank | 4.00% p.a. no minimum balance, unlimited transfers | No monthly fee |
| 1-Year GIC | Oaken Financial | 5.15% p.a. fixed for 1 year | No fee, $1,000 min deposit |
| Senior Advantage Account | Scotiabank | No monthly fee, free e-Transfers, access to financial advisors | No monthly fee (age 60+) |
| TFSA Savings | Tangerine | 3.25% p.a. promotional rate for 5 months, tax-free growth | No monthly fee |
Rates and features above are current as of 2025 and may change. Always verify the latest terms with your financial institution before opening an account.
Choosing the right savings account in Canada can help you preserve capital, earn steady interest, and avoid unnecessary fees. With options like TFSAs, HISAs, and senior-specific accounts, your savings strategy can be both flexible and tax-efficient.
This article is intended for informational purposes only. Speak with a licensed financial advisor for guidance tailored to your individual needs and retirement goals.