Many older Americans have labored for decades to accumulate funds for a secure, well-funded retirement, but maintaining that wealth over time might provide some issues. Seniors require banking options tailored to their unique needs in terms of checking and savings accounts, branch availability, customer service, and fraud protection.
While many financial institutions offer affordable accounts to all customers, the three banks below provide some of the best checking accounts for elderly adults.
Before choosing a financial institution to assist you or a senior loved one in managing their financial lives, thoroughly study and compare the pros and cons.
Axos Bank is an option for the best bank with checking accounts for seniors. The financial institution provides excellent incentives to individuals aged 55 years and older who open a free senior checking account:
- Free Visa debit card
- Minimum balance requirement and monthly fee are not applicable
- Automated bill payment with a full online banking experience
- Withdrawals, deposits, and overdrafts are free
- Reimbursement of up to $8 per month for domestic ATM fees
- Mobile banking with check deposits is available from smartphones
- Two free boxes of checks each year
- Biometric authentication and account alerts
- Transfer money to friends and family easily with peer-to-peer (P2P) payments
- ACH electronic fund transfers, wire transfers, and direct deposits are all free
- Get 0.10% APY and earn more interest than the average
Seniors 60 years of age or older have access to TD Bank's extremely popular 60-Plus Checking account, which includes the following benefits:
- Free paper statements, checks, and money orders
- Free Visa debit card with chip and contactless payments
- Online banking with Bill Pay
- Mobile check deposit using a smartphone
- Monthly interest earnings on the average account balance, currently 0.01% APY
- No ATM fees at TD Bank ATMs
- TD Bank offers discounts on other products and services
- Accounts with balances over $250 are free (no monthly service charge)
- Physical branch locations
CIT Bank is another online alternative for senior banking. CIT offers the following benefits to account holders of its eChecking account, which are not age-restricted:
- No monthly fees
- Mobile and online banking made simple
- Depositing checks using mobile phones and tablets
- Money transfer options with BillPay, Zelle, Samsung Pay, and Apple Pay
- CIT Bank reimburses ATM fees of up to $30 each month
- Mastercard debit card free with EMV chip
- Options for personal and custodial accounts are available during signup
- Earn up to 0.25% APY with an interest bearing account
Even if an account is not designated as a "senior" account, seniors can still benefit by opening one. Bear in mind that this is a list of checking accounts, which typically pay far less interest than savings accounts. If your primary objective is to earn a high rate of return on your deposits, you may want to look for savings accounts instead.
Do you also want to take advantage of discounts available to seniors? Check out Senior Strong’s compilation of senior discounts and everything you need to know about them.
William Rivers is an editor with a master’s degree in Human Services Counseling at Maine State University. He has more than 20 years of experience working in the senior healthcare industry.