Best Checking Accounts for Senior Citizens 2024
A senior citizen checking account probably isn’t on your to-do list as you get older. You’re probably more focused on retirement and enjoying your golden years than your finances. However, it’s important to choose one of the best bank accounts for seniors. As you leave the workforce, your banking needs will change, and your bank accounts should change along with them.
What Are Senior Checking Accounts?
A senior citizen checking account is a special type of checking account designed with the needs of older customers in mind. Usually, they’re restricted to people who are age 55 or older. Some banks offer specialized accounts that have lower (or no) fees and other benefits. Other banks simply waive fees on their normal accounts once you reach a certain age, though you might have to ask before they’ll activate the benefit. Some of the best senior citizen checking accounts come with additional perks, like discounts on services such as estate planning or financial advising for retirement.
Best Checking Accounts for Seniors Citizens
If you’re looking for the best bank accounts for senior citizens, consider these options.
| Bank | Fees | Features | Summary |
|---|---|---|---|
| Axos Bank Golden Checking | No monthly fee | Pays interest; $8 in ATM fee reimbursement; Free checks | This bank account is specifically designed for customers aged 55 and older. It offers many of the features seniors need, including no monthly fees and free checks. |
| U.S. Bank Smartly Checking | No monthly fee if you’re over 65 | Overdraft fee forgiveness program; Wide ATM network | While not designed for seniors, this account waives its fee if you’re 65 or older. With the account, you get access to a wide network of fee-free ATMs. You can also use U.S. Bank to manage your retirement funds with fee-free transactions |
| TD Bank 60 Plus Checking | $10, waived with a $250 daily balance | Pays interest; Free checks, money orders, and paper statements; 0.25% rate discount on home equity and personal loans | If you’re 60 or older, TD Bank has an account designed specifically for you. It offers interest on your balance and lets you order checks for free. You can also save money if you use TD to borrow against your home equity. The main drawback is that you do need to have at least $250 to avoid fees, but that shouldn’t be difficult for most seniors. |
| Ally Bank Interest Checking | None | Pays interest; $10 in ATM fee reimbursements | Ally is a fully online bank, which means it isn’t a great fit for all seniors. However, if you’re tech-savvy, it can meet all your banking needs. You can use any ATM in the US to access cash and receive up to $10 in fee reimbursements. You’ll also get some interest on your deposited cash. |
Features of Checking Accounts for Seniors
Many senior checking accounts share a few features, such as:
- Low or no monthly fees. Many checking accounts are focused on people still in their careers, charging fees you can avoid by getting direct deposits. Many seniors are retired, so some senior checking accounts waive their fees.
- Low minimum balances. Most seniors live on a fixed income, so banks offer checking accounts with low minimum balances to make it easy for seniors to open the account.
- A focus on in-person and paper banking. Online banking is growing more popular, but many seniors tend to like the old way of doing things. Senior checking accounts often offer free checkbooks and make it easy for account holders to visit a branch for help.
- Interest. Many senior checking pays interest on the balance of the account.
How to Choose a Bank Account for Seniors?
When choosing the best senior citizen checking accounts, you need to consider a few factors.
- Fees. Most checking accounts charge fees unless you can maintain a large balance or receive direct deposits, which many seniors can’t do. Look for banks that waive their monthly fees.
- Minimum deposit requirements. Look for accounts with no minimum deposit or one that you can easily meet.
- Perks. Some banks give senior account holders some perks, such as discounts on loan products or other services, such as financial advising.
- Senior-focused offerings. Many banks give seniors free paper statements or checks because they recognize that many seniors prefer to use physical methods of doing things rather than relying on technology.
As always, think about what services and features you need from a bank account, then compare multiple options to find the one that works best for you.
Bottom Line
Senior citizen checking accounts offer all of the benefits of typical checking accounts with additional features and services tailored to the needs of senior citizens. If you’re nearing retirement, or are already enjoying your golden years, consider one of these best checking accounts for seniors for your banking needs.
Frequently Asked Questions
Which is the best bank for senior citizens?
There is no single bank that is the best one for all senior citizens. You have to think about your specific needs and what features will bring you the most benefits to determine which is best for you.
Which bank gives the highest interest on checking accounts for senior citizens?
Interest rates change very frequently, so you’ll have to shop around to find the bank with the highest interest rate. In general, you can expect higher rates from online banks and credit unions than from traditional banks.
Should I open a senior checking account?
Whether you should open a senior checking account depends on your needs. If your current bank account is working just fine, you don’t have to deal with the hassle of switching. However, if you’re eligible and specific features of a senior checking account seem appealing, make the switch!
Why choose a bank account for senior citizens?
Senior citizen bank accounts tend to offer benefits that appeal to seniors, such as no maintenance fees or free paper checks. These perks are the top reasons to apply for a bank account designed specifically with seniors in mind.
About The Author
Edited by:
Bryan Huynh
•
Product Tester & Writer
