8 Best Checking Accounts for Seniors
Senior citizens often get discounts and deals, and why shouldn’t they? Retirement often means a reduction in income, so a bargain is always appreciated.
Some banks cater to this demographic by offering checking accounts designed specifically for senior citizens. Other banks, while they might not have a distinct offering for those over 60, have checking accounts that make sense for seniors who may have significant investment assets, or for those who are concerned with getting by on less income in retirement.
Here are the best checking accounts for seniors.
Checking Accounts Designed for Seniors
Some banks have checking accounts they designate as being for seniors. They typically have the features they think senior citizens will want, like no monthly fee, free checks and free paper statements. Here are some checking accounts that were designed for seniors.
TD Bank TD 60 Plus Checking
TD Bank offers TD 60 Plus Checking for those ages 60 and older. This account gives you free checks, free money orders and free paper statements, something that many banks charge for now but that seniors like to have. There’s an option for online statements as well.
You’ll need to keep a daily balance of at least $250 to waive the $10 monthly maintenance fee, but you earn interest on your funds. The interest rate is % APY. When you have a TD 60 Plus Checking account, you also get a 0.25% discount on a TD Bank home equity or personal loan.
The TD 60 Plus Checking account also has all the tech features that have become common in banking. You’ll get a contactless debit card, online banking and mobile deposit, and you can send money with Zelle. TD Bank also has live customer service available around the clock.
SAG-AFTRA Federal Credit Union Senior Checking
SAG-AFTRA Federal Credit Union offers its members a senior checking account. To be a member, you must be an employee or member of one of several organizations in the entertainment industry, such as the Casting Society of America, Screen Actors Guild-American Federation of Television and Radio Artists, Costume Designers Guild, and many others. Membership is also available to immediate family members of existing members.
To open a senior checking account, at least one owner of the account must be 62 or older and be receiving a monthly direct deposit from Social Security or a pension plan. There’s no minimum balance and no monthly service fee. You get 15 free ATM transactions per month, up to four of which can be deposits at a non-SAFCU ATM. You can write 10 checks per monthly statement cycle, but Bill Pay checks aren’t included.
Axos Bank Golden Checking
Axos Bank’s Golden Checking account pays interest at an APY of % and requires just $250 to open. There are no monthly maintenance fees, and personal checks are free.
Axos Bank is an online-only bank and, as such, has a suite of digital features. The mobile app’s Personal Finance Manager feature lets you see all your accounts in one place. The bank has 24/7 customer support via chat and phone. Axos has no ATMs of its own, but it reimburses all ATM fees.
Checking Accounts for Affluent Seniors
There’s a part of the senior population made up of those who have saved carefully all their working lives and find themselves sitting on a significant nest egg once they get to retirement. Here’s a look at several checking accounts that are well suited for those seniors.
Charles Schwab Bank High Yield Investor Checking
Charles Schwab is primarily known for investments, but it also has a bank. The Charles Schwab Bank High Yield Investor Checking account offers an interest rate of % APY on your checking account balance, which is significantly higher than most interest-bearing checking accounts. There is no minimum balance and no monthly maintenance fee. You get an unlimited number of ATM fee rebates since Charles Schwab has no ATMs of its own.
When you open a Charles Schwab Bank High Yield Investor Checking account, you will also open a brokerage account for your investments. There is no minimum deposit for your brokerage account, and there are no maintenance fees. You will incur transaction fees for some securities purchases and sales, although there’s no fee for online trades of U.S. exchange-listed securities.
Citizens Wealth Checking
The Citizens Wealth Checking account has no monthly maintenance fees, free checks, and no fees for wire transfers or stop payments. You also get preferred interest rates on other deposit products and on loans.
Citizens Wealth Checking is designed for customers who maintain significant assets at their bank. To qualify, you must have at least $200,000 in combined monthly balances in deposit and investment accounts. When you open a Wealth Checking account, you will also be offered a financial advisor to help you with your investments and financial goals.
US Bank Platinum Checking Package
U.S. Bank offers a Platinum Checking Package that includes free ATM transactions, no-fee overdraft transfers, free check copies and paper statements for seniors, and more. The account also pays interest. Those customers who have a personal trust relationship with U.S. Bank Wealth Management or have at least $25,000 in combined deposits or investments with U.S. Bank and U.S. Bancorp Investments are eligible to waive the $24.95 monthly maintenance fee.
Checking Accounts for Budget-Minded Seniors
Some seniors who are on a fixed income want to be sure they are getting the best checking account at the lowest possible cost. These are some budget-friendly checking accounts for seniors.
Citi Basic Banking Account
The Citi® Basic Banking account includes unlimited check writing, online bill pay, free access to thousands of Citi ATMs, and the ability to send and receive money with Zelle. You can waive the $12 a month service charge if you have direct deposit of a Social Security or pension plan check, or if you maintain a $1,500 combined monthly balance in all your linked accounts, which can include savings and money market accounts.
Chase Total Checking
The Chase Total Checking account includes free checks, no fees at over 16,000 Chase ATMs, and free money orders and cashier’s checks. There is no minimum deposit requirement to open the account. You can waive the $12 monthly service fee by having $500 or more in direct deposits from Social Security, a pension plan or other sources; a daily balance of $1,500 in this account; or a combined total balance of $5,000 across linked Chase accounts.
- Which bank account is best for senior citizens?
- That depends. Some banks and credit unions have checking accounts specifically designed for senior citizens, which may have features that seniors like, such as free checks and free paper statements. Other banks may not have an account that's marketed to seniors but still have the features many seniors are looking for.
- Does Bank of America have a senior checking account?
- Bank of America does not have a checking account that is marketed specifically to senior citizens.
- What banks have senior accounts?
- TD Bank and Axos Bank have checking accounts that are specifically designed for seniors, as does the SAG-AFTRA Federal Credit Union.
- Is Chase a good bank for seniors?
- Chase is a good all-around bank and has accounts that will likely appeal to many seniors, like the Total Checking account, which is a low-cost account with all the essential features.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 10, 2022.
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 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. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.