5 Best Checking Accounts for Seniors

Banks don’t market checking accounts to older adults at quite the same rate as to students, small-business owners, or general audiences looking for free checking options — which covers pretty much everyone, to be fair.

But senior-friendly checking accounts do exist, and they’re more common than you might imagine. Look no farther than the checking accounts on this list, all of which are either free of monthly maintenance fees for all account holders or have easy-to-attain maintenance fee waivers.

Top Checking Accounts for Seniors

A few of the top checking accounts for seniors are age-restricted, meaning they’re not open to applicants who don’t meet the sponsor bank’s definition of “senior.” Others are not age-restricted but either offer perks specifically for seniors or simply provide a favorable mix of features and benefits for older account holders.

1. Axos Bank Golden Checking

0.20% APY on All Balances With Virtually No Fees

Axos Bank LogoAxos Bank Golden Checking is a virtually fee-free checking account for people age 55 and older. Its upsides include a solid yield on all balances, a low minimum opening deposit requirement, and no ongoing monthly balance requirement. Switching is easy for new account holders thanks to Axos Bank’s No-Hassle Switch Kit — a step-by-step checklist that makes sense of the transition and ensures nothing falls through the cracks.

  • Minimum Balance Requirements: There’s no minimum monthly balance requirement. The minimum balance to open the account is $50.
  • Account Opening Bonus: None.
  • Yield: This account yields 0.20% APY on all balances. Yields are subject to change with prevailing rates.
  • Rewards and Incentives: Enjoy up to $8 in monthly ATM fee reimbursements, free personal checks, and free mobile check deposit.
  • Possible Fees: This account has no monthly maintenance fee and virtually no ongoing fees.

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2. BBVA Online Checking

Access to BBVA’s ClearBenefits Program for an Additional $4 Per Month

Bbva LogoThe BBVA Online Checking account is a maintenance-fee-free online bank account available to most Americans, including those who don’t live within BBVA’s Sun Belt branch network. That’s great news for retirees and working seniors, no matter where they call home. Beyond no monthly maintenance fee and no ongoing balance requirement, the standout here is BBVA’s ClearBenefits program, which promises premium identity theft restoration and insurance coverage — plus other potentially valuable perks — for a small monthly fee.

  • Minimum Balance Requirements: There’s no ongoing balance requirement. The minimum opening deposit is $25.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Enroll in the BBVA ClearBenefits Program to take advantage of benefits like identity theft restoration and insurance, cellphone protection (less a small deductible), and other potentially valuable services. The monthly fee is $4 — significantly less than the out-of-pocket cost for most premium identity theft protection services and electronics insurance policies. Plus, enjoy no ATM fees at more than 64,000 machines in BBVA’s extended network and deposit checks on the go with a handy mobile check deposit app.
  • Possible Fees: Overdraft protection typically involves fees. See BBVA’s Online Checking disclosures for more detail.

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3. BB&T Bank Senior Checking

Free Personal Checks and One Penalty-Free CD Withdrawal for Medical Emergencies

1280px Bb&t Logo.svgBB&T Bank Senior Checking is an age-restricted checking account for Americans age 55 or older living across a broad swathe of the eastern United States. With an easily attainable monthly maintenance fee waiver and a host of digital perks for on-the-go account holders, it’s the ideal choice for seniors who’d be perfectly happy never to set foot in a bank branch again. Avoid the $10 monthly maintenance fee each statement cycle by receiving at least $500 in combined direct deposits or maintaining a $1,000 average minimum daily balance.

  • Minimum Balance Requirements: There’s no ongoing balance requirement, although a minimum daily balance of $1,000 gets the $10 monthly maintenance fee waived. The minimum opening deposit is $100.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Senior Checking account holders enjoy one penalty-free early CD withdrawal for documented medical emergencies — a potentially invaluable perk should an unforeseen illness or injury strike. Other benefits include free mobile check deposit and digital money transfers with Zelle.
  • Possible Fees: See BB&T’s fee disclosures for a complete accounting of possible fees.

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4. U.S. Bank Easy Checking

No Monthly Maintenance Fee for Account Holders Over Age 65

Us Bank LogoU.S. Bank Easy Checking is a senior-friendly checking account that waives monthly maintenance fees for any account holder over age 65, regardless of balance or cash flow. Otherwise, it’s a fairly basic account for older Americans not looking for anything fancy. Standard features include a complimentary debit card and online and mobile bill pay and check deposit.

  • Minimum Balance Requirements: There’s no ongoing balance requirement for account holders over age 65. The minimum opening deposit is $25.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Enjoy free mobile check deposit.
  • Possible Fees: See U.S. Bank’s Easy Checking snapshot for a complete accounting of common fees.

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5. TD Bank 60 Plus Checking

Nominal Yield on All Balances

td bankTD Bank 60 Plus Checking is an age-restricted account for Americans over age 60. Like the BB&T Bank Senior Checking, TD Bank 60 Plus Checking is available primarily in the eastern half of the United States, so be sure to check that you’re eligible before applying. Notable benefits here include a nominal yield on all balances, free personal checks, and discounts on home equity products and personal loans.

  • Minimum Balance Requirements: There’s no minimum opening deposit required, but the minimum daily balance required to waive the $10 monthly maintenance fee is $250.
  • Account Opening Bonus: None.
  • Yield: This account yields 0.03% APY on all balances, subject to change by account holder location and prevailing interest rates.
  • Rewards and Incentives: Enjoy a 0.25% interest rate discount on eligible TD Bank home equity lines of credit, no ATM fees at TD Bank ATMs, and free standard personal checks and bank checks.
  • Possible Fees: This account has few fees, but overdraft protection generally does involve costs. See TD Bank’s account overview for more on possible fees.

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Final Word

Mainstream money management won’t ever be off-limits to older Americans, of course. If you’re happy with your current bank or credit union and none of the checking options on this list excite you, you can keep your money where it is as long as you’d like. You’re also free to move your money to another account not listed here, explicitly senior-friendly or otherwise — like one of these leading rewards checking accounts.

Still, it’s surely nice to know that some banks and credit unions do prioritize older Americans’ unique financial needs. Financial institutions should recognize just how much work their older customers have put in to get where they are — whether that’s enjoying a comfortable retirement, preparing a graceful exit from the workforce, or gearing up for the next great career challenge.

What’s your favorite senior-friendly checking account? Why?


Originally posted at https://www.moneycrashers.com/best-checking-accounts-seniors/

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