What bank is best for seniors?

As a senior citizen, you aren’t the key focus of many banking products, with more ‘screen time’ being given to specific demographics like students and small businesses. However, this doesn’t mean that there are no banking products that focus on the unique needs of seniors. Some top US banks offer senior-focused bank accounts to help seniors make the most of their money.

Some of the best banks for seniors include Axos Bank, Chase Bank, Citi Bank, US Bank, and TB Bank. Each of these banks has checking accounts that are designed to meet the needs of seniors, with additional perks like zero initial balance, zero maintenance fees, free debit cards, free paper checks, and discounts on loans. If you’re looking for a senior banking product that meets your needs as you age, these banks are well worth your consideration.

What is a senior checking account?

Senior checking accounts are banking accounts that are focused on the senior demographic i.e. people around ages 55 and older. Some banks offer products for seniors, while others begin to waive fees and offer incentives over a specific age. However, keep in mind that just because a product is labeled ‘for seniors’ doesn’t mean the perks will be better than other, non-focused accounts.

Features to consider in senior bank accounts

What features matter most in a senior bank account? Here are some key considerations.

Branch availability

Some seniors will still want to do banking in-person, or access features like safety deposit boxes which are only available from brick-and-mortar branches. If this describes you, make sure to choose a banking product with plenty of in-person branches and a wide network in your area.

Mobile features

While you may prefer the old-school methods of dealing with branches and ATMs, digital features are a necessity of the modern banking environment. You want responsive websites and full-feature mobile apps that deliver what you need as you need, so you can bank anywhere as long as you have internet access.

High APY

Many senior-focused banking products do not offer appealing interest rates (APY). You want to look for the bank account with the best possible yield. Also, consider other savings incentives, including day-to-day discounts on things like ATM use and debit card rewards.

Zero account maintenance fees

When retiring on a fixed retirement income, the last thing you want is a bank account with steep fees that eat into your money. Find a bank account with zero maintenance fees, or fees that are waived based on your banking habits.

No minimum account balance

Maintaining minimum account balances, especially daily, can be a headache. Look for a bank where there is no minimum account balance, or where you can easily meet the balance (or have it waived with other behaviors).

What bank is best for seniors?

Axos Bank (Golden Checking Account)

APY: 0.10%

Monthly Fees: $0

Minimum Opening Deposit: $50

Minimum Balance: $0

The Axos Golden Checking Account is open to seniors over 55 years of age. You will receive a free debit card and a free check box every 6 months. Additionally, you can access ATM fee reimbursements of up to $8 a month for out-of-network ATMs. With a network of 91,000 in-network ATMs, this is rather appealing. However, Axos is a digital bank with no in-person locations, which some seniors may find off-putting. Customer support is available digitally 24/7.

Chase Bank (Total Checking®)

APY: 0%

Monthly Fees: $12 where conditions aren’t met

Minimum Opening Deposit: $0

Minimum Balance: $1,500 to avoid fees

Chase is one of the largest US banks, covering 15,000 ATMs and just under 5,000 branches. However, you will need to maintain a relatively high minimum balance. You may incur monthly fees if your balance falls below the minimum balance and if you do not receive at least $500 a month in electronic deposits. Additionally, this checking account has 0% interest.

Citi Bank (Citi® Basic Banking Account)

APY: 0.05%

Monthly Fees: $4.50, but waivers apply

Minimum Opening Deposit: $0

Minimum Balance: $500 to waive monthly fees

Perks of the Citi Basic Banking account include the ability to easily send (and receive) money through Zelle, unlimited checks without fees, online bill payments, and free access to the Citi ATM network. They also offer a tiered cash bonus reward for keeping up to $2,000 on hand, and some nice travel perks and rebates if you qualify for their higher account offerings.

U.S. Bank (Smartly Checking Account)

APY: Undisclosed, but known to be low

Monthly Fees: None for over 65, $6.95 below 65 with waivers

Minimum Opening Deposit: $25

Minimum Balance: $1,500 to avoid fees below 65 years of age

U.S. Bank offers 2,000 branches and 4,700 ATMs but only operates in 26 states. Their overdraft fee forgiveness is appealing, but some lack of transparency on interest rates for accounts offsets this. Paper checks are available on this account. U.S. Bank offers some appealing perks for those over 65, including no fees on paper statements, 50% off deposit box rentals and check recorders, and more.

TD Bank (TD 60 Plus Checking Account)

APY: 0.01%

Monthly Fees: $10, with easy waivers

Minimum Opening Deposit: $0

Minimum Balance: $250 to waive monthly fees

A specifically senior-focused product for over 60s, TD Bank offers a network of 2,600 ATMs, primarily on the East Coast. It is available in 15 states. You can access discounted personal loans and home equity products with this TD 60 plus checking account. You can still use (free) paper checks, as well as receive paper statements and money orders.

Charles Schwab

APY: 0.45%

Monthly Fees: $0

Minimum Opening Deposit: $0, but brokerage account required

Minimum Balance: $0

Charles Schwab is the best option for seniors interested in investment products alongside their daily banking. However, you will need a Schwab brokerage account to access the checking options. They also offer some travel-focused perks that may appeal to seniors. These include no foreign transaction fees on the Chase debit card alongside waived international ATM fees. ATM fees are rebated in general, as they have no in-network ATMs.

There are plenty of great bank account options on offer to seniors, with reasonably high APY rates, $0 in fees and balance expectations, and other perks to fit your lifestyle. Don’t be afraid to shop around for a banking product that suits your needs as you head into retirement.