Best Bank for Seniors: Which Bank Is Best For Senior Citizens?

Which Bank Is Best For Senior Citizens?

No annual minimums. Free debit cards. Competitive interest yields. Does that all sound good to you?

Checking and savings accounts offer specific benefits for senior citizens, but no two banks are the same.

We’ve scoured numerous privacy policies, interest rates, perks, and banks across the country to showcase the very best bank for seniors.

1. Discover

Discover Bank

Discover offers one of the best APY interest rates, as well as account-specific benefits.

There’s no monthly fee, no minimum deposit to open this checking account, and no minimum required balance to keep it open.

Discover also offers a 2.10% APY regardless of your account balance. If you have a penny in your account, that 2.10% applies.

This means that you can enjoy the full benefits of Discover’s savings accounts without having to keep a large portion of your capital in the bank.

2. CapitalOne bank

CapitalOne offers excellent savings account with constant access, and 24/7 support both online and on the phone.

They are one of the only banks to offer an FDIC-insured money market with a 2.00% APY interest rate, which is extremely high for any bank. For that money market savings, the minimum balance is also very low.

Standard 360 savings accounts require no minimum balance, and the same goes for kid’s savings accounts.

There’s a 1.00% APY rate that will add compound interest as the child/grandchild grows.

Lastly, they offer two different IRA savings accounts: Traditional, and Roth. There are a lot of high-quality options to choose from with CapitalOne.

3. American Express

American Express Bank

While American Express isn’t the first bank that people think about (they usually associate AE with credit cards), it is one with the highest interest yields for personal savings accounts.

There are no monthly minimum balance requirements and no fees. Everything is FDIC-insured and offers 24/7 account access to almost every single feature.

One thing that stands out about American Express is that you can keep your standard checking account, and link them together. You don’t have to switch banks.

You can link up to three bank accounts if you have joint savings with someone close to you. Transfer funds any time of the day through their automated phone service as well.

4. Ally bank

Ally, much like CapitalOne, is an online bank. Because of that, they’re able to offer excellent interest rates on standard and CD savings accounts.

Ally FDIC insures their deposits and requires no minimum balance. There are also no monthly maintenance fees.

The catch is that there are limited withdrawal windows, but they are generous enough to not interfere with your life.

One of the top features of Ally savings accounts is their compound interest savings.

That means that your interest rate is calculated every single day after your interest is deposited, giving you a higher yield with no work on your part.

5. Citizens Bank

People Aroung Citizens Bank

Citizens have a plethora of savings account options, and even if you can’t meet the minimum requirement for some of them, the fee is extremely minute.

There is no minimum requirement to open most savings accounts. If you were going to open a College Saver account for a grandchild, there is a small minimum.

Basic savings accounts offer a very small APY interest rate, but linking it with another Citizens Bank account gives you an APY bump.

A Platinum Plus Savings account has a decent interest rate and doesn’t feature any monthly maintenance fees regardless of your balance.

6. People’s United Bank

People’s bank is not the highest interest yield, but it is excellent for hands-free, no-nonsense savings accounts and can be considered as one of the best banks for seniors.

The APY interest rate is low, but the monthly maintenance fee is as well—and you can waive that fee with a humble minimum balance.

Enjoy automatic transfers from your checkings to your savings, fraud monitoring, and inexpensive checks.

People’s United features a great online bill pay option, which automates your bill-paying process with minimal setup required.

The minimum monthly balance for your savings account is only $50.00.

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7. Marcus

 

Goldman Sachs Bank

This Goldman Sachs bank is credited for having excellent APY rates of up to 2.15%. Even at the highest possible APY, the next bank on our list—TD Bank—doesn’t compare.

Marcus requires no minimum deposit, has no fees, and is completely FDIC-insured. You could even open an account without an initial deposit for later use.

Marcus also has a handy online calculator that tells you exactly how much you can expect to earn through high-interest yields.

They compare their rates to the top fifty banks in the United States.

8. TD Bank

Like others on this list, TD Bank offers a good basic interest for their secured savings accounts.

TD growth money market accounts have a higher than average yield for most savings accounts as well.

TD preferred savings accounts are good as well, though they don’t offer as much of an interest yield for smaller accounts.

With each account type that they offer, there is an APY bump feature that allows you to increase your interest rate almost immediately, so long as you link a TD checking account as well.

If you are 60 plus then you can enjoy TD bank 60 plus checking account benefits like earning interest on the average balance per month, $250 minimum daily balance, include free checks, and money orders.

If you link two accounts, you’ll also enjoy low threshold account minimums to waive the monthly maintenance fee.

9. Gate City Bank

 

Gate City Bank

Opening a personal savings account at Gate City Bank could yield a high-interest rate, depending on what you choose.

They offer money market savings accounts, traditional personal savings accounts, and even relationship savings.

Additionally, you can opt for a minor savings account if you don’t want to put all of your money in one bank.

If you’re interested in savings accounts for your children or grandchildren, the Coverdell Education Savings plan will appreciate over time with a high-interest yield.

With more savings account options, you’re not just putting your money in a secure place; you’re earning more interest and increasing your capital.

10. Great Western Bank

Apart from its comprehensive and excellent customer service team, Great Western Bank offers a fairly competitive interest rate.

Their savings accounts only require a $50.00 minimum to open. If you need to transfer funds into your checking account, you won’t incur any penalties or fees.

As is expected in today’s world, you can bank on your smartphone twenty-four hours a day and its easier for seniors to use this technology. Their intuitive app makes it easy to transfer funds without needing to go into the bank.

Lastly, most ATM fees are refundable. This means you will pay them upfront, but may receive a rebate on your account later.

11. Axos Bank’s Golden Checking

Axos Bank is practically a bank with no-fee checking accounts for customers aged 55 and older.

It provides you with a low minimum opening deposit and no ongoing monthly maintenance charges.

Conversion of the checking accounts is made easy for a new holder with the step-by-step hassle-free checklist that makes sure nothing falls through the cracks.

So, if you are looking for one-stop financial advice, do consider Axos Banks and their account benefits. 

Benefits included:

  • Include Free checks
  • No minimum monthly balance requirements
  • No overdraft or non-sufficient fund fees
  • The minimum amount of Balance Required to Open the Account: $50.00
  • Up to $8 domestic ATM fee reimbursements per month.
  • Provides 0.20% APY on all adjustments.

12. BB&T’s Senior Checking

BB&T’s Checking accounts are age-restricted and allow only Americans of 55 and above to create a Senior Checking Account with them.

With easy monthly maintenance charges and a virtual banking option for all account holders, it is an ideal choice for Seniors’ accounts.

BBT Bank
 

You can simply avoid the $10 monthly maintenance fee by getting at least $500 in combined deposits or by simply maintaining a $1000 minimum balance amount daily balance. There are no APY yields and no account opening bonus.

 Benefits included:

  • The choice to customize your open-end credit 
  • Free wallet-style checks with a BB&T plan, or a $6 rebate on different plans 
  • One no-punishment early CD withdrawal for health-related crises 
  • Accessible overdraft insurance
  • It requires a minimum $100 opening deposit.

13. US Bank

Being the fifth-largest bank in the United States, US Bank provides friendly services to their regular customers as well as senior customers.

US Bank provides you with a senior checking account weaving monthly maintenance fee for account holders over age 65, irrespective of balance and the cash flow in the account, otherwise, it is simply a regular account for seniors not looking for anything impulsive.

Benefits included:

  • Minimum Opening Balance Requirements is $25.
  • No account opening bonus.
  • Does not provide any APY.
  • Enjoy free mobile check deposit Receive $1,000 in direct deposits per month or Have an average balance of $1,500 in each statement period

How to choose the best bank for seniors?

If you’re attempting to discover checking accounts for seniors for yourself or an adored one, here are few things to consider

1. What you should be looking for in Checking accounts for Seniors?

Banks want to get business from seniors too and that’s the reason they will provide you with lots of benefits and different retirement plans to attract you towards them, though it depends on you to choose between your needs and the benefits they are offering.

Here is a little help to decide how to get the best outcomes from the benefits, ask yourself these:

  1. Do you want a bank near your residence?
  2. Do you pay a lot via checks?
  3. Does the package fulfill your needs?
  4. What is the highest interest rate they are providing to you on your account?
  5. What are the ATM benefits they are providing?
  6. Is the online portal easy to understand and use?
  7. How do they compare to a local credit union?
  8. Are the banks and credit unions accessible?

Moreover, to take a top to bottom look at the expenses, you should likewise consider the advantages personally, and how they’ll improve your life.

 

how to choose best bank for seniors

 

2. Look for other Checking  Accounts

In case you want to integrate all your accounts in one place, look for the financial institutions if they offer savings, investments, insurance, etc.

The most effective way to save money is to open different particular accounts with different providers. Like, The non-traditional banks and credit unions provide you with the best checking account interest rates which are beneficial for your savings.

Advantages of Senior’s Checking Account

The benefits of using a seniors account are as follows:

  • Free money order
  • Low minimum balance requirements
  • Interest on your account balance
  • Free money order
  • Free personalized cheques
  • Free certified cheques
  • Safe-deposit box rental discount
  • Charge-free transactions including e-Transfer.

Finding the checking accounts for seniors that suits your needs can be beneficial for you and can provide perks that you cannot find anywhere else. A senior checking account comes with a discounted monthly fee however if you want you can even get an account for free with no extra features.

Related Questions

What is the best bank for senior citizens?

Depending on your requirement and the perks the bank is providing to you, will help you to find the best bank for senior citizens. Few of the reputed bank names are listed above and you can always take a good look at them

Can I Open a New Savings Account as a Senior?

Yes, you most certainly can. Banks are in the business of making money: the more the better.

They make money from savings accounts more than checking accounts. Why? Because when you place money into a savings account, it isn’t expected to be removed for quite some time.

Banks use deposited funds to fund loans to other customers and for commercial purposes.

Your deposits offer them lending power, and the interest that you get is a partial amount of the money they make off of your money.

That’s why you’ll see higher yields for larger deposits and CD accounts as well.

Banks don’t discriminate based on age. If you have the money, you’re a valued customer to them.

ARE THERE BENEFITS TO SENIOR-SPECIFIC SAVINGS ACCOUNTS?

As a senior citizen, you will find higher interest yields and greater perks for opening a savings account, such as a zero minimum requirement.

Senior citizens are traditionally more conservative and reserved with their money, which is what banks want to see in their customers.

They aren’t exactly making money off of college students with less than a hundred dollars in their checkings.

Are These Banks Safe?

The biggest modern-day threat to banking is digital security.

There were plenty of decent savings bank accounts for seniors that we did not include in this list because they have a long history of poor digital security.

Each of these banks has its own benefits and strong cybersecurity features, so you can rest assured that your money is safe.

What is an Average APY Interest Rate?

An average apy is between 0.01% to 0.07%, which doesn’t offer you much. APY rates are calculated annually, and most often are awarded monthly.

Your interest rates work best with something that is called compound interest. That means that your interest amount is calculated each day instead of every month.

If you receive your interest and your balance increases, compound interest takes the new number into account without you having to do anything.

A good APY interest rate is 1.00% or more. The higher the interest rate, the more you will make.

Keep an eye out for banks that state things like “2.00% APY interest rate*”—the asterisk means there are conditions that apply.

You can usually find those conditions at the bottom of the page you are on, which might require high minimum balances. We’ve done our best to avoid banks that do this for this list.

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