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\u2019ve 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\u2019s no monthly fee, no minimum deposit to open the 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\u2019s savings accounts without having to keep a large portion of your capital in the bank. 2. CapitalOne Bank CapitalOne offers an 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 account 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 kids savings accounts. There\u2019s 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\u2019t 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\u2019t 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\u2019re able to offer excellent interest rates on standard and CD savings accounts. Ally FDIC insures their deposits and requires no minimum balance. There\u2019s 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 best 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 has a plethora of savings account options, and even if you can\u2019t 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\u2019t feature any monthly maintenance fees regardless of your balance. 6. People\u2019s United Bank People\u2019s bank is not the highest interest yield, but it is excellent for a hands-free, no-nonsense savings accounts and can be considered as one of the best bank for seniors. The APY interest rate is low, but the monthly maintenance fee is as well\u2014and 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\u2019s 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. 7. Marcus Goldman Sachs Bank This Goldman Sachs\u2019 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\u2014TD Bank\u2014doesn\u2019t 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\u2019t 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 link two accounts, you\u2019ll 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\u2019t want to put all of your money in one bank. If you\u2019re 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\u2019re not just putting your money in a secure place; you\u2019re earning more interest and increasing your capital. 10. Great Western Bank Apart from their 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\u2019t incur any penalties or fees. As is expected in today\u2019s world, you can bank on your smartphone twenty-four hours a day. 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. Related Questions 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\u2019t 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 on your account is a partial amount of the money they make off of your money. That\u2019s why you\u2019ll see higher yields for larger deposits and CD accounts as well. Banks don\u2019t discriminate based on age. If you have the money, you\u2019re 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\u2019t 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 have their 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 is between 0.01% to 0.07%, which doesn\u2019t 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 your will make. Keep an eye out for banks that state things like \u201c2.00% APY interest rate*\u201d\u2014the asterisk means there\u2019s 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\u2019ve done our best to avoid banks that do this for this list.