The Secret Perks for Retirees Your Bank Doesn’t Advertise — And How To Use Them
Written by
Sarah Sharkey
Edited by
Amber Barkley
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When you glide into your golden years, you can start taking advantage of a seemingly endless stream of senior discounts. Surprisingly, many banks also offer perks to retirees. If you know what to ask for, you could land a worthwhile perk to make money management easier and cheaper throughout your retirement.
Check out these perks seniors can get from their banks.
Free Checking Accounts
When you hit a certain age, some banks start to offer free checking account options. With that, you can transition from paying for a checking account to enjoying one without a monthly fee attached.
Of course, you may need to move to a new bank or at least open a new account at your current bank to tap into a free checking account. Although switching accounts can be a hassle, it’s well worth it if you can tap into a free account.
Waived Monthly Fees
Even if a bank doesn’t offer a completely free checking account designed exclusively for seniors, many banks offer to waive the monthly fee when you reach a certain age. Find out if your bank offers this opportunity by giving them a call.
Discounted Safe Deposit Boxes
Some banks offer seniors a discount on safe deposit box rates, so you can store valuables and important paperwork for less.
You can find out if your bank offers a discounted rate on safe deposit boxes for seniors by calling the customer service team. If a discount is available, they can help you take advantage of it.
Free Checks
A free box of checks is one perk some banks offer senior customers — though if you want to customize your checks with a unique design, you’ll be hard-pressed to find a bank offering that service for free.
If you want a free box of basic checks, you’ll need to work with a bank offering this feature to seniors. Once your account is open, you might receive the free box of checks automatically, or you might have to order these checks from the bank.
Free Paper Statements
If you prefer to receive your monthly statement via the physical mail, that’s an option you’ll have to pay for with most banks. But some banks offer seniors a free paper monthly statement.
If you want a free paper statement, you will have to move to a bank account offering this perk for seniors.
Takeaway
If you want to make banking more affordable in your senior years, seeking out hidden perks offered by your bank could lead to savings. If your particular bank doesn’t offer savings for seniors, consider switching up your banking situation to find an option that works for your situation. When in doubt, never hesitate to ask for a discount.
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