10 Best Checking Accounts for Retirees

Senior checking accounts come with extra services for retirees.

The best banks for senior citizens offer checking accounts that are easily accessible and carry low fees. These banks offer the best checking accounts for seniors, with extra benefits or services for customers in their retirement years.

The following list of the 10 best bank accounts for seniors is based on research from GOBankingRates using criteria like monthly service fees, number of branches, annual interest rates and minimum opening requirements. Other benefits, such as 24/7 customer service, live chat and mobile and online banking services, were also considered. Note that some of these accounts are available only to senior citizens. Here are the best banks for retirees:

10 Best Checking Accounts for Retirees
Checking AccountMin. Opening DepositMonthly FeeMin. Balance to Avoid FeeInterest Rate (APY)24/7 Live Customer Service
CharlesSchwabCharles Schwab Bank High Yield Investor Checking$0$0$00.15%Yes
CitizensBankCitizens Bank Platinum Checking$0$25$25,0000.02%Yes
Travis Credit UnionTravis Credit Union Silver Wings Checking$1$0$00.05%No
TDBankTD Bank 60 Plus Checking$0$10$2500.05%Yes
BBVABBVA Compass ClearChoice Checking Account for Seniors$25$4$1,500N/ANo
M T BankM&T Bank Classic Checking With Interest$25$4.95$5000.01%No
US BankU.S. Bank Premium Checking$25$10.95$5,0000.01%Yes
SAG AFTRASAG-AFTRA Federal Credit Union Senior Checking$25$0$0N/ANo
BB&TBB&T Bank Senior Checking$100$10$1,000N/ANo
 KeyBank logo 2017KeyBank Key Advantage Checking$50$18$10,0000.02%Yes

Charles Schwab Bank High Yield Investor Checking

Minimum Opening Deposit: $0

Interest Rate: 0.15% APY

The Charles Schwab High Yield Investor Checking account pays the highest rate available among included checking accounts for retirees. The account is truly a free checking account with no monthly fee. Additional features that might appeal to retirees include no minimum opening deposit, 24-hour phone service and live chat. Retirees who like to travel might consider this checking account a top pick because it has no foreign transaction fees and offers unlimited ATM fee rebates worldwide.

In addition to an online presence, Charles Schwab has physical branches in 46 states.

Compare: 10 Best Checking Accounts of 2018

Citizens Bank Platinum Checking

Minimum Opening Deposit: $0

Interest Rate: 0.02% APY

The Citizens Bank Platinum Checking account is a high-end account with a $25 monthly service charge, but the fee is waived if you maintain a combined $25,000 balance across all your Citizens Bank accounts. The Platinum account comes with free personalized financial advice in addition to free money orders, free foreign currency purchases and free checks. You can also get a 0.125 percent interest rate reduction on a Citizens Bank mortgage.

A total of 1,200 branches are scattered across 11 states.

Travis Credit Union Silver Wings Checking

Minimum Opening Deposit: $1

Interest Rate: 0.05% APY

You must be at least 60 years of age to qualify for the Travis Credit Union Silver Wings Checking account, which offers free checking for seniors. The account has no monthly fee and no minimum balance requirement. Although the bank has just 22 branches, all in northern California, mobile and online services let you access your account from anywhere. The Silver Wings Checking account also offers free checks and carries no overdraft fees. The bank charges $1.50 for using an out-of-network ATM, so it might not be a good match for seniors who travel outside of the bank’s service zone.

TD Bank 60 Plus Checking

Minimum Opening Deposit: $0

Interest Rate: 0.05% APY

Seniors at least 60 years old can open the TD Bank 60 Plus Checking account to take advantage of free checks, online and mobile banking, 24/7 live customer service, free money orders, free paper statements and a $0 minimum opening deposit. You also get a 0.25% APY rate reduction on TD Bank home loans. If you keep at least $250 in the account, you can avoid the $10 monthly service charge.

Fees for some services can be high — you’ll pay a $3 charge on non-TD Bank ATM withdrawals and a $35 overdraft fee that can be charged up to five times per day per account.

BBVA Compass ClearChoice Checking Account for Seniors

Minimum Opening Deposit: $25

Interest Rate: 0.00% APY

Banking for seniors is the primary focus of the ClearChoice Checking Account for Seniors, which comes with free and premium benefits tailored to retirees. Add unlimited cashier’s checks to your account for $2 per statement cycle, avoid ATM fees for non-BBVA ATMs and get ATM fees charged by other banks reimbursed up to four times per month for an additional $5 per statement cycle. Otherwise, you’ll pay $1.75 for every non-BBVA ATM withdrawal.

BBVA charges a $4 monthly service fee; maintain a $1,500 minimum balance, have at least one direct deposit of $300 or more, or make cumulative direct deposits totaling $600 to avoid the fee. The account also has a steep $32 overdraft charge.

Related: How to Avoid Overdraft Fees

M&T Bank Classic Checking With Interest

Minimum Opening Deposit: $25

Interest Rate: 0.01% APY

M&T Bank offers an enhanced version of its Classic Checking account that pays interest to those age 50 or older. Avoid the $4.95 monthly service fee by maintaining a daily average balance of $500, making at least one direct debit or 10 debit card transactions monthly or carrying a $1,500 minimum balance across all your M&T accounts.

M&T has 690 branches on the East Coast, plus mobile and online banking.

U.S. Bank Premium Checking

Minimum Opening Deposit: $25

Interest Rate: 0.01% APY

U.S. Bank Premium Checking provides premium access for account holders age 65 and older, including:

  • No ATM fee for non-U.S. Bank ATMs
  • Free money orders
  • Free cashier’s checks
  • Free U.S. Bank logo checks
  • Free online and mobile banking
  • Free 24/7 phone support

The account has a $10.95 monthly service charge with e-statements — $12.95 with paper statements — but you can avoid the bank fee if you are at least 65 years old or maintain a minimum monthly account balance of $5,000.

U.S. Bank has 3,072 branches in 25 states.

SAG-AFTRA Federal Credit Union Senior Checking

Minimum Opening Deposit: $25

Interest Rate: 0.00% APY

The Senior Checking account at the SAG-AFTRA Federal Credit Union is only open to union members. Members must be at least 62 years old, enroll in e-statements and have a direct deposit from Social Security or a pension to qualify for the account. You’ll pay a minimum opening deposit of $25 but no monthly fees, and you get 15 free ATM transactions per month, including four non-SAG-AFTRA FCU ATM deposits. Write up to 10 fee-free checks per month.

This credit union has just three physical branches, all located in the Los Angeles area.

BB&T Bank Senior Checking

Minimum Opening Deposit: $100

Interest Rate: 0.00% APY

The BB&T Bank Senior Checking account is open to individuals age 55 and up. It comes with online and mobile banking, a personalized debit card, phone support, live chat, money management tools and free BB&T checks. The Senior Checking account lets you take one no-penalty early CD withdrawal for medical emergencies. Avoid the $10 monthly maintenance fee by having $500 in combined direct deposits or a $1,000 average checking balance every month.

BB&T Bank has over 2,000 branches in 15 states and the District of Columbia.

KeyBank Key Advantage Checking

Minimum Opening Deposit: $50

Interest Rate: 0.02% APY

The Key Advantage Checking account carries a stiff $18 monthly fee, but there are many ways to avoid it, including:

  • A combined balance in KeyBank accounts of $10,000 or more
  • A KeyBank mortgage paired with an automatic payment deduction plan of $500 or more per month from a KeyBank Advantage Money Market Checking Account
  • Key@Work membership combined with direct deposits of $1,000 or more per month

Key Advantage is a full-service checking account with mobile and online access, 24/7 customer service and live chat. The account earns interest, provides a 50 percent discount on checks and reimburses other banks’ ATM charges of up to $6 per month, in addition to providing access to nearly 1,300 ATMs nationwide. The KeyBank Relationship Rewards program lets you earn points through ordinary banking activities.

Related: Banks and Credit Unions That Offer Free Checking Accounts

When you’re living on a fixed income, it’s important to save money any way you can, including hefty bank fees. The best banks and credit unions for retirees charge low or no fees, so do your research before opening a checking account for retirees.

Methodology: GOBankingRates identified the best checking accounts for retirees by analyzing the monthly service fees, number of branches, annual interest rates, minimum opening requirements and other benefits of such as 24/7 customer service, live chat and mobile and online banking services of 14 banks. All fees and rates are subject to change at the banks’ discretion. Some bonus offers might no longer be available on the banks’ websites, depending on how you access the web page.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion, and some bonus offers might no longer be available on the issuers’ websites, depending on how you access the web page.