Best bank accounts for seniors in 2021
Aging opens up a world of discounts available only to those in their golden years. In addition to savings at your favorite restaurant, seniors can take advantage of discounts on banking services. Senior-friendly bank accounts can come with perks like no monthly maintenance fees (or fee waivers), free checks, and more.
Here are some of the best bank account options for seniors. These offer benefits for the elderly or have special accounts designed for people 65 and over. We’ve also included options for bank accounts which are a great choice no matter your age.
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5 best bank accounts for seniors
Some of the best senior bank accounts have restrictions like age, as well as discounts and perks for older customers. Because banks want the business of seniors, they offer special accounts, competitive rates, and senior benefits. Here are some of the best bank accounts for seniors:
Axos Bank Gold Verification
For people aged 55 and over, Axos Bank offers a Golden verification account with solid advantages. Although this is a checking account, you earn an annual percentage rate (APY) of 0.20% on your money (as of the publication of this article). There is no minimum monthly balance requirement, no overdraft fee and no insufficient fund charge. The minimum balance required to open a Golden Checking account is $ 50.
Other perks include free personal checks and up to $ 8 national ATM fee reimbursement each month. This is useful because Axos Bank is an online only bank. Additional banking features include peer-to-peer payments, bill payment, debit card management, and enhanced security features such as two-step authentication and 128-bit SSL encryption.
Senior BB&T Verification
BB & T’s senior checking account is intended for bank customers aged 55 or over. There is a minimum deposit requirement of $ 100 to open the account. While the account comes with a monthly maintenance fee of $ 10, you can avoid it by having an average current balance of $ 1,000 or $ 500 in combined direct deposits.
The account offers benefits for seniors, such as free wallet-style checks, early CD withdrawal without penalty for medical emergencies, and an overdraft protection option. Other benefits include mobile check deposits, peer-to-peer payment options, and online bill paying. You also get free access to over 2,400 BB&T ATMs.
Also read: Best business chequing accounts
FitnessBank senior savings account
FitnessBank has a unique approach to banking – the institution links interest rates to the customer’s level of activity. The FitnessBank Senior Savings Account is available to US citizens aged 65 and over. Rates vary based on the daily steps you take with the highest rate of 0.65% APY available for seniors who take more than 10,000 steps each day (as of the publication of this article).
There is a minimum opening deposit of $ 100 with interest earned on balances over $ 100. The $ 10 maintenance fee is waived with a minimum average daily balance of $ 100. The benefits include free external account transfers and free inbound transfers. Account balances are capped at $ 250,000.
Since the APY for FitnessBank accounts is tied to your step count, you will need to download the free FitnessBank Step Tracker app. After you download it, you can link it to your Fitbit, Garmin, Google Pay, or Apple Health, and set a daily step goal, then get moving.
Resource: Best new promotions and banking offers
TD Bank 60 Plus Verification
TD Bank offers a TD 60 Plus Chequing Account for customers aged 60 and over. Since the bank is located on the East Coast, you must live in a covered state. The account is available to seniors who live in Connecticut, Washington, DC, Delaware, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.
Although the account comes with a monthly maintenance fee of $ 10, they are waived if you maintain a minimum daily balance of $ 250. There is no minimum opening deposit. Benefits include free bank checks, money orders, and paper statements. It is a profitable account, but the rate is only 0.01% APY as of the publication date of this article.
You also have access to online bill payment, peer-to-peer payment options, mobile banking, and contactless debit cards. If you are looking for a loan, you can get a 0.25% discount on home equity and personal loans from TD Bank.
Related: Are Online Banking Safe?
Easy US Bank Verification
Although the US Bank’s Easy Verification System is available to most bank customers, it offers special benefits for the elderly. It comes with a monthly maintenance fee of $ 6.95, which is waived for those aged 65 or older. The bank is also waiving the $ 2 paper statement fee for senior customers.
The minimum deposit for opening the account is $ 25. Other benefits include online and mobile banking, mobile check deposit, online bill payment, and more. The bank uses 128-bit encryption to secure your data.
Related: Best mobile banking apps
Other bank account options for seniors
Since some of the bank account choices above are limited or only offer a virtual option, they may not meet your needs. Below are a few more bank account options that are great value for seniors, although they don’t have specific senior benefits.
BBVA is a Sunbelt-based bank that ranks among the top 25 U.S. commercial banks. It offers a online current account with no monthly service fees and no ongoing balance requirement. You also don’t receive an ATM fee nationwide at over 64,000 BBVA USA ATMs and participating non-bank ATMs.
Other benefits include online and mobile banking, mobile deposits, and online bill payment. You can also earn money on your purchases with your debit card through the Simple Cash Back program. The minimum opening deposit is $ 25. There is a monthly charge of $ 3 for paper statements, but electronic statements are free.
You can also access the BBVA ClearBenefits program for $ 4 per month. The program offers benefits like catering and identity theft insurance, cell phone protection, and more. It is much cheaper than other identity theft and cell phone protection programs. BBVA USA is a member of the FDIC.
Visit BBVA or Read Full BBVA review
Consumers Credit Union
Seniors looking to earn interest above inflation should consult the Consumers Credit Union Serious Interest Check. The High Yield Checking Account offers an APY of 4.00% on balances up to $ 15,000 (as of the publication of this article).
To get the rate, you must complete 12 debit transactions per month, have an average daily balance of $ 1,000, a minimum monthly recurring direct deposit of $ 1,000, and sign up for electronic statements. The account offers online and mobile banking, mobile check deposit, online bill payment, free electronic statements, unlimited check writing and access to over 30,000 free ATMs nationwide .
Why choose a bank account for seniors
Bank accounts marketed to seniors may offer perks like free checking, free checks, and free paper statements. This can make them convenient for the elderly who may have different banking preferences. They can also be less complicated than accounts that require daily balance tracking to avoid fees and charges.
However, just because an account is marketed to seniors doesn’t mean it’s the best option for your situation. For example, monthly fees may vary between accounts as well as minimum balance requirements. If you think you easily qualify to avoid fees at another bank and like the benefits of the account, this may be the best option. Some people prefer to stay with the bank they use because they know the website and the branches.
Sometimes a savings account can make more sense than a checking account. Even interest-bearing chequing accounts often come with limits or caps on earnings and other requirements. Assess your individual situation before choosing a bank account option that matches your needs.
What seniors should consider when selecting a bank account
Seniors have different banking needs than young adults. Here are some considerations that apply to seniors and may tip the scales towards a certain bank account option:
- Do you prefer a bank with a physical location near you or do you agree with an online-only option?
- Do you write a lot of checks? If so, free checks can be a good advantage.
- How important is it to you to earn interest on the money in your checking account?
- Do you regularly use ATMs and need access to free locations near you?
- Do you travel frequently and need a national bank with free ATMs all over the United States?
- Do you enjoy perks like online and mobile banking, mobile check deposit, peer-to-peer payments, and bill paying?
- Are the bank’s online and mobile banking easy to use?
Many banks offer accounts and benefits tailored to the needs of seniors. If you are looking for a new bank account, consider some of the options above and choose the one that best suits your needs.
Keep in mind that just because you’re a senior, you don’t have to choose senior-only options. Traditional bank accounts are available for adults aged 65 and over and may be the best choice for you. If your current bank or credit union meets your needs, you can keep your money there for as long as you want.
Do you have a bank account reserved for seniors? Do you like the advantages it offers? Share your experience in the comments.