Best bank accounts for seniors in 2022

Getting older opens up a world of discounts available only to those in their prime. In addition to savings at your favorite restaurant, seniors can take advantage of discounts on banking services. Senior-friendly bank accounts can have benefits such as no monthly maintenance fees (or waivers of fees), free checks, and more.

Here are some of the best bank account options for seniors. These offer benefits for seniors or have special accounts designed for people aged 65 and over. We’ve also included some options for bank accounts that are a great choice no matter what your age.


The business of the day: Chase now offers a cash bonus of $225 when opening a Total® Chequing Account. No minimum deposit and all deposits are FDIC insured up to a maximum of $250,000 per depositor.

5 Best Bank Accounts for Seniors

Some of the best bank accounts for seniors have restrictions such as age, as well as discounts and perks just for older customers. Because banks want the business of seniors, they offer special accounts, competitive rates, and benefits aimed at seniors. Here are some of the best bank accounts for seniors:

Axos Bank Gold Check

For those aged 55 and over, Axos Bank offers a Golden Verification account with solid benefits. 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 are no minimum monthly balance requirements, no overdraft fees and no insufficient funds fees. The minimum balance required to open a Golden Checking account is $50.

Other perks include free personal checks and up to $8 home ATM fee reimbursement each month. This is useful because Axos Bank is an online bank only. Additional banking features include peer-to-peer payments, bill payment, debit card management, and increased security features like two-step authentication and 128-bit SSL encryption.

Related:

Senior Verification BB&T

The BB&T Senior Chequing Account is intended for bank customers aged 55 or over. There is a minimum deposit requirement of $100 to open the account. Although the account has a monthly maintenance fee of $10, you can avoid it by having an average checking balance of $1,000 or $500 in direct deposits combined.

The account offers benefits for seniors, such as free wallet-style checks, early withdrawal of CDs without penalty for medical emergencies, and an overdraft protection option. Other perks include mobile check deposits, peer-to-peer payment options, and online bill payment. You also get free access to over 2,400 BB&T ATMs.

Read also : Best Business Chequing Accounts

FitnessBank Senior Savings Account

FitnessBank has a unique banking approach: the institution ties interest rates to the level of activity of the customer. The FitnessBank Senior Savings Account is available to US citizens age 65 and older. 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 this article’s publication date).

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. Benefits include free external account transfers and free incoming 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 downloading 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 Check

TD Bank offers a TD 60 Plus Chequing Account for customers age 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, it is removed 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 paid account, but the rate is only 0.01% APY as of the date of publication of this article.

You also have access to online bill payment, peer-to-peer payment options, mobile banking, and contactless debit cards. If you’re looking for a loan, you can get 0.25% off home equity and TD Bank personal loans.

Related: Is online banking secure?

Easy US Bank Verification

While US Bank Easy Checking is available to most bank customers, it offers special benefits for seniors. It comes with a monthly maintenance fee of $6.95, which is waived for people aged 65 or over. The bank is also waiving the $2 paper statement fee for senior customers.

The minimum opening deposit for 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 offer a virtual-only option, they may not meet your needs. Below are some additional bank account options that offer good value for seniors, even if they don’t have senior-specific benefits.

BBVA

BBVA is a Sunbelt-based bank that ranks among the top 25 US commercial banks. It offers a online checking account no monthly service fees and no outstanding balance requirements. You also get no nationwide ATM fees at over 64,000 BBVA ATMs in the United States and participating non-bank ATMs.

Other benefits include online and mobile banking, mobile deposit, and online bill payment. You can also earn money back on purchases with your debit card through the Simple Cash Back program. The minimum opening deposit is $25. There is a $3 monthly fee for paper statements, but e-statements are free.

You can also access the BBVA ClearBenefits program for $4 per month. The program offers benefits such as identity theft restoration and insurance, cell phone protection, and more. It’s much cheaper than other identity theft and cell phone protection programs. BBVA USA is a member of the FDIC.

Read all BBVA Review

Consumer Credit Union

Seniors looking to earn interest above inflation should check out Consumers Credit Union‘s Serious Interest Check. The High Yield Current Account offers an APY of 4.00% on balances up to $15,000 (as of this article’s publication date).

To get the rate, you need to complete 12 debit transactions per month, have an average daily balance of $1,000, a minimum recurring monthly direct deposit of $1,000, and sign up for eStatements. The account offers online and mobile banking, mobile check deposit, online bill payment, free eStatements, unlimited check writing, and access to over 30,000 free ATMs nationwide.

Related:

Why choose a bank account for seniors

Bank accounts for seniors can offer perks like free checking, free checks, and free paper statements. This can make them convenient for older people 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 for seniors doesn’t mean it’s the best option for your situation. For example, monthly fees may vary from account to account, as well as minimum balance requirements. If you think you can easily meet the requirements 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 since they know the website and the branches.

Sometimes a savings account can make more sense than a checking account. Even interest-bearing checking accounts often come with income limits or caps and other requirements. Evaluate your personal situation before choosing a bank account option that suits your needs.

What seniors should consider when selecting a bank account

Seniors have different banking needs than younger adults. Below are some considerations that apply to seniors and may tip the balance towards a certain bank account option:

  • Do you prefer a bank with a physical location near you or are you fine with an online-only option?
  • Do you write a lot of checks? If so, free checks can be a nice perk.
  • Is it important for 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 across the United States?
  • Do you enjoy benefits such as online and mobile banking, mobile check deposit, peer-to-peer payments and bill payment?
  • Are the bank’s online and mobile banking services easy to use?

Conclusion

Many banks offer accounts and benefits tailored to the needs of seniors. If you’re 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 doesn’t mean you should opt for seniors-only options. Traditional bank accounts are available for adults 65 and older 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 it suits you.

Do you have a bank account reserved for seniors? Do you like the benefits it offers? Share your experience in the comments.

Learn more:

Shawanda H. Saldana