When it comes to your Social Security check, the easiest ways to increase it are to earn more during your working years and defer payments as long as possible. Beyond that, saving and investing on your own are the best ways to supplement your retirement income. This may sound pretty straightforward, but when it comes to picking the right financial institution to fit your financial needs, it may be trickier than you think.
When choosing the right bank — one that doesn’t charge fees, has high yields, provides solid investment options and offers tax-free retirement accounts — it is an important step in helping to build your nest egg. Once you retire, these same banking products and services can help maximize the Social Security payouts you receive so your subsidized pay and fixed income can earn more for you.
retirement savings are one thing, but making sure you can write checks your Social Security account can cash is another. Here’s a list of five banks that can help you prepare for a secure retirement and maximize your returns if you’re already drawing Social Security benefits.
Axos Bank: Golden Checking for Seniors
Axos Bank is a completely online institution offering an array of accounts with no monthly service fees, maintenance fees, overdraft fees, debit card transaction fees or daily balance requirements. The benefits you receive from banking with Axos are extensive.
With essentially no fees for most basic banking services, Axos Bank won’t be a drag on your Social Security income. Axos offers a special Golden Checking account for seniors ages 55, which is a perfect chance for retired checking customers to earn interest.
Here are just some of the highlights that make the bank a good option for seniors looking to stretch the value of their Social Security:
- 0.10% APY on all balances
- Up to $8 domestic ATM fee reimbursements per month
- Free personal checks
- No monthly maintenance fees
- $250 minimum opening deposit requirement
Citi®: Citigold®
If you have accumulated significant assets as you approach or enter retirement, a premium banking account from a full-service, international institution might be what you need. If that’s the case, the Citigold® account from Citi might tick all the boxes for you as it allows you to earn reward points, which can be redeemed for merchandise or travel.
Here are some other key takeaways:
- Although the account requires a minimum of $200,000 on deposit with Citi, most of your accounts and services will be free.
- You won’t pay any fees for wire transfers, and you’ll receive unlimited rebates on ATM fees. In fact, though some fees may apply, Citigold checking waives most of the fees such as maintenance and service fees.
- You’ll also pay $0 for online trades of stock and ETFs.
- You’ll also have access to a Citigold® Relationship Manager to help you with all of your day-to-day banking needs.
- If you live in one of the states that offer the Citi® Accelerate savings account, you can also enjoy higher interest rates than traditional banks.
- Customers have access to wealth management services, financial advice and $4.95 stock trades.
Chase: Chase Total Checking
Sometimes, the best way to maximize your Social Security and retirement income is to simply earn the highest available yields. On top of your monthly Social Security check, earning high regular dividends from a good savings account might be all that you need to cover your retirement expenses.
If you find yourself in this category, Chase Total Checking may be the answer. The Chase Total Checking account is great for retirees looking for convenience as it offers free checking with options.
Here are a few factors to consider if you are debating opening this account with Chase:
- Convenient locations are available with nearly 5,000 branches.
- You can easily make deposits by taking a picture of a check and submitting it through its mobile app.
- Seniors can also set up Social Security checks for direct deposit, which qualifies for a $200 sign-up bonus if the direct deposit is set up within 60 days of when the account is opened.
- Total Checking comes with a $12 monthly account fee but you can waive that with direct deposits of $500 or more monthly or you maintain a $1,500 minimum account balance.
Consumers Credit Union: Serious Interest Checking
Consumers Credit Union is a bit under the radar, but it offers an exceptional checking account yield for those willing to jump through a few hoops. Seniors can reward their hard-earned money with a high yield checking account that pays.
With a Serious Interest Checking® high interest checking account, you can earn 4.00% APY. Here’s what you need to know:
- Make at least 12 posted debit card or credit card transactions per month and spend $1,000 monthly in CCU credit card transactions
- You only earn 4.00% APY if you maintain a balance of $15,000, keep an average daily balance of $1,000 and have a minimum of $1,000 in direct deposits per month.
- Receive monthly direct deposits of at least $500
- Great for seniors looking to earn interest on your daily checking account.
John Csiszar contributed to the reporting for this article.
Editor’s note: All rates, offers and requirements are subject to change.