In order to keep up with the increasing competition among banks, credit unions, and other financial institutions for depositors' assets, checking accounts are frequently accompanied by benefits, bonuses, and other rewards programs. Traditional marketing for seniors include free checking, savings on safe deposit boxes, and the elimination of monthly costs associated with maintaining minimum account balances, among other things. As a result of increased competition across all demographic groups, however, a wide variety of checking accounts not only provide these benefits, but they also provide extra benefits and incentives.

There are numerous options available to older citizens, and they should investigate checking accounts that are not part of the financial products that are targeted to their age group. They should look for solutions that meet their needs and fit their lives. For example, closeness to a branch office, earning better interest rates, investing options, or receiving rewards in the form of airline miles are all possibilities. Ten checking accounts for seniors to consider are included in the following table.

IMPORTANT TAKEAWAYS

Because of the intense competition for deposits among banks and credit unions, many financial institutions are now providing additional perks and prizes to customers who open checking accounts with them.

There are maintenance costs associated with many checking accounts for seniors, but these fees are often waived if specific account balance or direct deposit requirements are satisfied.

Credit unions that allow you to join up for internet banking and meet other requirements can offer you a checking account with a pretty high yield if you meet the prerequisites.

The majority of large banks do not provide interest-bearing checking accounts, although some do provide additional benefits such as the chance to earn reward points, financial advice, and commission-free stock trading.

Chase Bank is number one on the list.

Designed for seniors seeking convenience, the Chase Total Checking account from JPMorgan Chase Co. (JPM) provides free checking, as well as access to nearly 5,000 branch office locations and the ability to deposit checks by snapping a picture of the check and submitting it through the bank's mobile app. As an added benefit, seniors can enroll in Direct Deposit of Social Security payments, which qualifies them for a $200 sign-up bonus provided they enroll in Direct Deposit within 60 days of the account being opened.

It costs $12 per month to use Chase Total Checking, but the account charge is eliminated if the customer direct deposits $500 or more per month and maintains an average account balance of more than $1,500 per day of the month (or $5,000 in total across all Chase bank accounts) during the month.

2. The United States Bank

US Bank (USB) offers a variety of checking account options at various levels of sophistication. While the charge for its most basic checking account is $6.95, persons 65 years and older are exempt from paying the fee altogether. Other benefits include free checks (on the first order), mobile banking, free direct deposits, and access to more than 2,700 branch offices across the country, among other things. With a $24.95 monthly fee (which is eliminated for people with a total of more than $25,000 in US Bank accounts), the platinum checking account allows you to make 100 free stock trades per year and earn interest, but the rates are only 0.01 percent per year.

3. BBT Bank Corporation

Account holders with a senior checking account at BBT Corporation (BBT) are permitted to make one early withdrawal from a certificate of deposit (CD) maintained by the bank for medical reasons without incurring a penalty. The senior checking account, which is designed for adults 55 and older, includes a $10 monthly maintenance fee, which is eliminated if the account has an average balance of $1,000 per month or receives more than $500 in direct deposits per month. In addition, the account provides free checks, overdraft protection, mobile banking, personalized debit cards, and low balance alerts, among other features.

4. Northpointe Bank Trust Company

If you're a senior looking to improve your income from cash reserves, Northpointe Bank's Interest Checking offers a.25 percent annual percentage yield (APY) on balances between $25,000 and $99,999, and a.30 percent APY on balances above that. The minimum deposit to open the account is $2,500, and any account with a balance of less than $24,999 earns.15 percent annual percentage yield. 6 There are no fees associated with this checking account, and it provides free access to other bank ATMs (up to a maximum of $15 per month).

Consumers Credit Union is the fifth option.

The checking account at Consumers Credit Union offers a competitive interest rate of 4.00 percent on balances up to $15,000, making it a unique high-yield interest rate choice for seniors. In order to earn 4.00 percent interest on the account, you must enroll in electronic statements, make at least 12 debit card purchases, and receive direct payments totaling more than $1,000 per month into the account.

One American Bank is number six on the list.

Kasasa Cash checking accounts from One American Bank provide interest on balances up to $10,000 without requiring monthly spending. The account also offers.25 percent annual percentage yield on the portion of daily deposits that exceed $10,000. The account is ideal for seniors who want to earn interest without having to spend money every month. The following requirements must be met by customers: signing up for paperless statements, making 12 debit card transactions per month, and logging into the online banking portal at least once per month. In addition, the bank waives ATM withdrawal costs countrywide (up to a maximum of $25 per month).

Lake Michigan Credit Union is number seven on the list.

The Lake Michigan Credit Union's Max checking account, like the One American Bank's account, does not have a minimum spending requirement to maintain. On balances of less than $15,000, the account offers an annual percentage yield of 3%. Signing up for paperless statements, making one direct deposit per month, and logging into the online banking website a minimum of four times per month are all requirements for earning the highest interest rate. It also necessitates the completion of ten debit card transactions per month. Seniors who wish to join the credit union can do so by making a $5 donation to the ALS Foundation.

CapEd Federal Credit Union is the eighth financial institution.

The CapEd Federal Credit Union offers a fixed income solution for seniors through their high-yield checking account, which pays 2.5 percent on balances up to $10,000 and pays interest on balances over $10,000. Customers must consent to paperless billing, make a total of 12 debit card transactions per month, and get at least one direct deposit or make at least one payment per month using the bill-paying system in order to qualify for the maximum rate. Overdraft protection, free internet banking, and rebates on ATM withdrawals (up to a maximum of $25 per month) are some of the features of the checking account. There are no monthly maintenance fees and no minimum account balance requirements to open an account.

Because interest rates, fees, and bonuses are always changing, it is a good idea to inquire about the bank's or credit union's most recent requirements and rewards before opening a checking account with them.

Citigold Checking is the ninth option.

For seniors who want to combine their investment and banking needs, Citigroup offers a checking account for people who have a combined average monthly balance of $200,000 or more in deposits with the bank (including deposits, retirement funds, and investments). With Citigold checking, the majority of expenses—including ATM fees, maintenance fees, and wire transfer fees—are waived, and consumers get access to wealth management services, financial counseling, and stock transactions for as little as $4.95. The ability to earn reward points, which may be exchanged for items or travel, is available with Citigold membership.

BankDirect is the tenth option.

Seniors can also earn airline miles with BankDirect's Mileage Checking with Interest account, which offers a 2% interest rate. Customers who meet the requirements for direct deposits, online bill payment, and debit card transactions within six months of opening a checking account can earn AAdvantage miles (American Airlines frequent flier miles program) by using their account for these activities. Customers can also earn 100 AAdvantage miles for every $1,000 they have in their account each month, up to a maximum of $50,000.

What's the bottom line?

As a result of increased competition, certain banks and credit unions have been driven to offer checking accounts with larger returns and benefits in order to attract new customers from all demographic groups. Seniors who restrict their checking account options to age-targeted products may miss out on a number of opportunities, including high-interest accounts and the opportunity to accrue thousands of airline miles for trip purposes.