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:
Seniors 60 years of age or older have access to TD Bank's extremely popular 60-Plus Checking account, which includes the following benefits:
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:
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.