The benefit of becoming older is that you may get discounts on everything from movie tickets to restaurants — and even bank accounts. In order to help you keep your nest egg intact for a little longer, the best bank accounts for seniors remove fees and provide a wide range of discounts.
When searching for the ideal senior bank account, take in mind that different financial institutions will have varied age restrictions: The average age for signing up is 62, but some banks allow you to sign up as early as 50.
It's simple to compare benefits once you've determined where you fall within the eligibility criteria. Higher interest rates on savings accounts, free checking, or discounts on other banking services such as safe deposit box rentals, as well as cheaper interest rates on loans, are all things to look out for.
In 2021, we've selected the best accounts for seniors from among the many options available.
TD Bank is the best overall bank.
Axos is the best option for low fees.
Citibank is the most competitive in terms of interest rates.
The best bank for perks is the United States Bank.
TD Bank is the best overall.
TD Bank's 60 Plus Checking Account combines a low minimum opening balance requirement with no fees, free checks, and discounts on select loans to provide a convenient account for seniors. In addition, interest is earned on the account. All of this combines to make TD Bank our top pick for the best overall bank for seniors.
Pros:
There is no requirement for an initial balance of $0.
Interest is earned on a checking account.
Standard checks are provided for free, and discounts are available on some types.
Discounted interest rates on home equity and personal loans are available.
Cons:
$10 per month is charged for maintenance.
There are only a limited number of bank branches in the United States.
Anyone who is 60 years of age or older can open a 60 Plus Checking Account with a minimum deposit of just $0. It pays 0.01 percent interest, which is not much but is better than the 0% offered by other national banks, which is the standard rate in the industry. There is a $10 monthly maintenance fee for the account, but it is eliminated if you maintain a minimum daily balance of merely $250 in the account.
This account provides a range of free advantages that are tailored to the needs of seniors. There are no fees associated with online or paper statements, money orders, or formal bank checks issued by the bank. Checks with the TD Bank logo are completely free (or get a discount on select check styles if you prefer). You'll also be able to take advantage of a 0.25 percent discount on home equity and personal loans during this time period.
TD Bank now operates over 1,200 branches in the United States, with the majority of them being in New York, New Jersey, Massachusetts, Florida, and Pennsylvania. The bank's headquarters are in New York City. The TD Bank's online banking and mobile app, however, will provide you with the ability to track your accounts, pay bills, transfer money, deposit checks, and send money to other people through Zelle, among other things.
Axos is the best option for low fees.
The Axos Golden Checking account does not impose fees for a variety of banking services, including overdrafts, which are often charged by competitors. In addition, you will receive complimentary personal checks and will earn interest on your account.
Pros:
There are no costs for many banking services.
Interest is accrued on the account.
Monthly reimbursements of up to $8 in ATM fees are available.
Checks are provided at no cost.
Cons:
Because it is an internet bank, there are no branches for customers who like to do their financial transactions in person.
It is necessary to have a minimum opening balance.
It is possible to create a Golden Checking account if you are 55 or older, which is one of the youngest age requirements we've found for senior accounts. Additionally, you will not be charged an overdraft fee or an insufficient fund fee with this account, which is rare for the majority of the accounts we evaluated and compared.
You can open the account with as little as $50, which is a little more than the minimum requested by other accounts but not prohibitively expensive. It is not necessary to maintain a minimum monthly balance to use this account. You will earn 0.10 percent interest on all balances under $100,000 once the account is opened, which is a fair rate considering that most checking accounts do not pay interest at all.
However, while Axos does not have its own ATM network, you do have access to the Allpoint ATM network, which has over 55,000 ATMs and is surcharge-free. You also have free access to ATMs at businesses such as Target and Ralph's, and pharmacies like as CVS and Rite Aid. Using an ATM that is not part of the Axos network will result in a reimbursement of up to $8 in domestic ATM costs each month. As an online bank, you will not have access to a physical branch of the bank.
Citibank is the best bank for interest rates.
As our top option for the best rates for seniors, Citibank's Basic Banking package includes unlimited check writing and waived ATM costs, as well as a savings account with a respectable interest rate.
Pros:
Checks are completely free and limitless.
The monthly maintenance fee is not charged.
If necessary, Citibank's Identity Theft Solutions are accessible automatically.
A competitive interest rate is earned on a savings account.
Cons:
There are no other banking costs that are waived.
There will be no reimbursements for ATM fees.
Citibank's Basic Banking package will forgo the $12 monthly cost for people who are 62 years old or older, despite the fact that it is not expressly designed for seniors. No additional costs are removed, such as overdraft or insufficient funds fees, however Citi charges somewhat less for each ($34) than the majority of other national banks, which is commendable.
No minimum amount is required to start an account, and you are free to write as many checks as you need without paying a fee. If you keep your money in a savings account, you can receive 0.50 percent interest on all of your balances. As a Citi customer, you'll have access to over 65,000 ATMs around the country, as well as Citi's mobile banking app, which allows you to keep track of all your accounts without having to physically visit a branch. If you use an out-of-network ATM, Citibank will not charge you any fees; however, you may be required to pay ATM owner costs; Citibank will not reimburse out-of-network expenses.
Citibank's Identity Theft Solution will assist you in identifying any accounts that may have been compromised, as well as contacting Transunion to place a fraud alert on your credit report, guiding you through the process of filing a police complaint and keeping you up to date on the status of your claim. To learn more about Citibank's Identity Theft Solution, visit www.citibank.com/identitytheft. Besides that, you'll find useful tools that will teach you how to keep your personal information safe and how to spot potential scams.
Banks in the United States are the best for perks.
Because of the reduced fees and savings on paper checks and safe deposit boxes that come with the Easy Checking account, US Bank is our choice for best bank for older citizens.
Pros:
Opening deposit is a small amount.
Checks are provided free of charge.
a discount on the leasing of a safe deposit box
Cons: The qualifying age is somewhat high.
There will be no compensation for ATM fees incurred outside of the network.
You can open an Easy Checking account with US Bank for as little as $25 as an initial deposit. Individuals over the age of 65 are exempt from paying the $6.95 monthly service fee, which is a higher age requirement than that of the other national and online banks we investigated. Senior consumers will also be exempt from the $2 paper statement cost, which is currently in effect.
There are also other benefits, such as a free first box of US Bank logo checks and a 50 percent discount on other personal check designs. After that, you'll receive a 50 percent discount on any additional checks of any design. In addition, you'll receive a 50 percent reduction on the cost of a safe deposit box rental.
Online and mobile banking from US Bank will be available to you at no additional charge. This allows you to manage your accounts, receive security alerts, make payments and send money via Zelle. While you will not be charged a fee to use over 30,000 US Bank and MoneyPass ATMs, you will be charged a $2.50 cost to use out-of-network ATMs, which is slightly lower than the prices levied by other financial institutions. Out-of-network expenses are not reimbursed by the US Bank.
How We Selected the Most Appropriate Accounts for Seniors in 2021
Money began by evaluating 25 of the major national retail-focused banks by assets, as well as 15 of the largest internet banks, in order to determine the Best Accounts for Seniors. We looked for accounts that were specifically designed for seniors, or accounts that waived certain fees or provided additional benefits to seniors. When it came time to review account minimums and qualifications, interest rates, monthly service fees, ATM fees, overdraft and overdraft protection fees, insufficient funds fees, debit card replacement fees, domestic wire transfer fees, and online banking capabilities, Money partnered with data provider Curinos.
The highest importance was given to bank and savings accounts that had no or easily waived monthly fees, free ATMs, and greater interest rates while determining the finalist list. Because the accounts were designated as free, we anticipated that users would be happy with receiving e-statements in order to avoid paying a monthly cost.
The results of the 2020 U.S. Retail Banking Satisfaction Study, 2021 Online Banking Satisfaction Survey, and 2020 Mobile Banking Satisfaction Survey of J.D. Power were used to calculate customer service ratings when the data was made public. During the months of September and October, Money's editorial staff independently fact-checked information.
It was determined that the interest rates quoted were accurate on October 25, 2021.
