8 Best Checking Accounts for Seniors

Americans’ financial needs shift as they age, and the right checking account makes the transition easier to navigate. That’s especially true for seniors who’ll move from employment income to Social Security, pensions and distributions from retirement savings, and whose spending habits are likely to change.

Checking Accounts Designed for Seniors

More than half of seniors (56%) bank online at least some of the time, according to an AARP report, based on a survey of 2,000 adults. But even more bank in person, whether with a teller or at the drive-thru, which makes branch locations an important consideration for seniors. Security is also important, considering that seniors are especially vulnerable to financial exploitation, and they’re the age group that has the lowest degree of trust in primary financial institutions, according to the report.

Of course, the checking accounts themselves must be convenient and user-friendly, and provide good value by keeping fees to a minimum.

GOBankingRates researched checking accounts to find the ones that best meet seniors’ needs. Here are some of the best checking accounts for seniors.

Valley National Bank: Milestone Checking

With no monthly fees and no minimum balance requirements, Milestone Checking gives seniors ages 55 and up a no-fuss way to bank. Opening an account requires just a few minutes of your time and a $100 opening deposit. After that, you’re free to bank online, in person at over 200 branch locations or from any of Valley’s 230-plus fee-free ATMs. Branches and ATMs are located in Alabama, California, Florida, New Jersey and New York.

Regions Bank: 62+ LifeGreen Checking

Regions 62+ LifeGreen Checking account has an $8 monthly fee with online statements or $11 for paper, but $300 in monthly direct deposits, including from Social Security or a pension, gets your fee waived. You can write unlimited monthly checks with LifeGreen, and you also get a debit card with security features that allow you to control how the card is used. Other perks include cash back on in-app online purchases, and the opportunity to earn a $100 annual bonus when you set up auto transfers into a LifeGreen Savings account. Regions Bank has branches and ATMs in 16 Southern and Midwestern states.

Axos Bank: Golden Checking

Axos Bank’s Golden Checking account pays interest at an APY of annual percentage yield 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 and offers fee-free withdrawals at about 91,000 ATMs nationwide. State-of-the-art security features, including fraud monitoring, keep your money and your privacy safe.

FirstBank: USA Checking for Seniors

FirstBank is a Tennessee-based bank with branches throughout the state, plus a small number of locations in Georgia, Alabama and Kentucky. Its USA Checking for Seniors account is available to seniors age 62 or older. The account has no monthly fee, no minimum balance requirement and a low minimum opening deposit of $100.

In addition to providing unlimited check writing, FirstBank gives you the option to receive paper statements at no charge.

Lake Michigan Credit Union: Advantage 50 Checking

Most of Lake Michigan Credit Union’s branches are in Michigan, but it also has locations in Central and Southwestern Florida, which makes its Advantage 50 Checking account available to snowbirds and full-time Floridians. The account earns a respectable 0.25% APY with no minimum required to open an account or earn the posted rate, and no monthly fee. Account holders get two free boxes of standard checks each year and have access to LMCU’s full range of secure online banking services.

Credit union membership has additional benefits, such as discounts on financial products, tuition discounts at Davenport University and access to special events. You can join even if you have no affiliation with Michigan or Florida. Just contribute $5 to the ALS Foundation.

U.S. Bank: Bank Smartly Checking

Bank Smartly isn’t a seniors-only account, but seniors ages 65 and up get their $6.95 monthly maintenance fees waived automatically. You’ll need a balance of at least $25,000 to earn interest, but opening a free Bank Smartly Savings account earns you preferred rates on that account. Download the U.S. Bank mobile app to access a budgeting tool that can help you manage your money before and after retirement.

Chase: Total Checking

The Chase Total Checking account includes free checks, no fees at over 15,000 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 your job, Social Security or a pension plan; a daily balance of $1,500 in this account; or a combined total balance of $5,000 across linked Chase accounts.

As the nation’s largest bank, with over 4,700 branches nationwide, Chase makes it easy for seniors to bank in person at home or in any of the 48 states, plus the District of Columbia, where Chase maintains physical locations.

Charles Schwab Bank: High Yield Investor Checking

If you have a Schwab investment account for your retirement savings, consider linking it to a Schwab Bank account to manage cash you’re not currently investing, and seamlessly transfer funds between your brokerage and bank accounts. The Charles Schwab Bank High Yield Investor Checking account offers seniors an interest rate of  APY on their 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.

What To Look for in the Best Checking Accounts for Seniors

Seniors have unique banking needs, and their preferences also differ from those of younger individuals. The AARP report found that seniors receive most of their banking services in person and by phone, but nearly half (48%) use online banking weekly. Seniors also want their bank to take strong measures against financial exploitation. In fact, seniors find notification of unusual account activity more appealing than senior discounts when they’re selecting a new bank. But discounts and other perks are also important.

Seniors who live on fixed incomes might be especially drawn to accounts that provide good value. And while a large percentage of seniors are tech-savvy, as demonstrated by their high use of online banking, straightforward apps make it easier for the less-tech-minded to stay on top of their finances, independently and, if necessary, alongside their financial caregivers.

Top Features of Senior-Friendly Checking Accounts

Whether you’re considering an account meant especially for seniors or one that simply aligns with the way you want to bank, certain features are likely to make for a more satisfying banking experience. They include the following:

• Availability of branch locations
• Phone-based customer support
• Access to expert assistance with banking questions and concerns
• Online and mobile banking with robust security features
• No fees, or fees that are easy to waive
• Competitive interest rates
• Free checks
• Senior discounts and other cost-saving perks
• Free overdraft protection
• Rewards

These features are most valuable to seniors on fixed incomes, who need to earn interest and avoid unnecessary fees to protect their money. But no matter what your financial situation, it makes sense to keep your banking as simple and low-cost as possible.

How To Avoid Monthly Fees in Senior Checking Accounts

As appealing as no-fee checking sounds, you might find an account that’s right for you in every way except that it charges a monthly maintenance fee. Before you rule it out, find out if the bank is willing to waive the fee. Many are willing when customers meet certain eligibility criteria, such as:

• Reaching a milestone age such as 50, 62 or 65
• Receiving a certain number, or certain dollar amount, of direct deposits each month
• Maintaining a certain minimum daily account balance
• Opening a savings account at the same bank
• Automating transfers from your checking account to a linked savings account at the same bank.

Review account information carefully to verify that the fee is waivable — and that you can meet the criteria each month.

How To Find the Best Checking Account for Your Needs

Your financial situation, financial goals and lifestyle should guide your decision about which senior checking account to choose. Start looking for an account at your own bank — it could offer checking accounts you’re not familiar with. But check other local banks, too, and even online banks if you prefer to bank that way. GOBankingRates’ Best Banks of 2025 is a great place to start.

So, what should you look for in a great senior checking account? Low or no fees, good in-person and online banking and support options and robust security features, at a bare minimum. Competitive rates and senior discounts round out the features that could make an account the right account for you.

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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 21, 2025

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.