Best Checking Accounts for Seniors in 2024

Several banks offer great options for checking accounts for seniors. In most cases, all you need to get started is your social security number, with many banks not even requiring an initial deposit to get started.

In this article, we will be looking at some of the most advantageous checking accounts for seniors on offer today, along with what perks you can look forward to and the different ways you can save money.

7 Best Checking Accounts for Seniors

Here are the top senior citizen checking accounts available right now:

  1. TD Bank: TD 60 Plus Checking Account
  2. U.S. Bank: Smartly Checking Account
  3. Axos: Golden Checking Account
  4. Ally: Interest Checking Account
  5. Chase: Total Checking®
  6. Citigold®: Checking Account
  7. Regions Bank: LifeGreen 62+ Checking Account from Regions Bank

1. TD Bank: TD 60 Plus Checking Account TD Bank Logo

TD Bank offers a checking account specifically for those who are 60 years and older. There is no minimum opening balance, which means that you can open the account without having to deposit any money.

Still, you will need to maintain a minimum daily balance of at least $250 to avoid the $10 monthly maintenance fee.

The account earns interest of 0.01%, applicable on all balances. ATM withdrawals are free from TD Bank ATMs, and you also get free standard checks.

Should you wish to opt for one of the styled checks, you will receive a discount. The account also includes free paper statements, which is something quite rare these days. These are sent to your registered address at the end of each statement cycle.

Of course, electronic statements remain available for free. Other benefits include a 0.25% discount on select loans and free money orders.

2. U.S. Bank: Smartly Checking Account US Bank Logo

US Bank’s Smartly Checking account is open for people of all ages, but those aged 65 or older get some additional perks through the Smart Rewards Program. The first perks we’ll cover are the maintenance fee waived for those who fall within this age group.

The paper statement fee (usually $2.00) is also waived, and e-statements remain free, giving you more options without having to pay extra for any of them.

Overdraft protection is also free when linking to an eligible US Bank deposit account such as a savings account, money market account (MMA), or a secondary checking account.

The account also comes with several features, including a debit card, mobile, and online banking, the ability to deposit checks from your phone, bill pay, and some others.

The account can be opened online, right from the US Bank’s website. The bank uses strong encryption to make the whole process as secure and as smooth as possible. You can also book an appointment with the bank.

3. Axos: Golden Checking Account Axos Bank Logo

Axos Bank’s Golden Checking is a checking account for those who are 55 years and older. You’ll need to deposit a minimum of $250.00 to open the account, but there are no minimum monthly balances you need to keep. The account does not have any monthly fees either.

You will earn an APY (Annual Percentage Yield) interest rate of 0.10%, which is higher than what some of the competition offers.

The bank also does not charge any overdraft or NSF fees and personal checks are free as well. You will also get up to $8 per month in ATM fee reimbursements for any fees incurred when withdrawing from domestic ATMs.

You can invite a friend to join Axos Bank, and both of you will receive a free $50 bonus once all requirements are met.

You can also pay friends and family directly through your account – all you need is the email address or mobile telephone number.

The account also includes a mobile app that features debit card management, alerts, bill payment automation, and strong security to keep you safe at all times.

4. Ally: Interest Checking Account Ally Bank Logo

Ally is an online bank with no branches to visit. While this may seem like a bit of a con, in reality, it allows Ally and other such banks to offer their customers great deals.

For the most part, this is due to the lower overheads associated with not managing any branches. Ally’s Interest Checking Account comes with no fees and an APY of 0.25%; as far as interest-bearing checking accounts, that is pretty good.

The account also features Round-Ups to help you save even more, which allows you to round up your transactions to save extra money.

There is no opening deposit requirement, and you also get a debit card that allows you to withdraw from over 43,000 ATMs without paying a fee.

Ally’s mobile banking app comes with free checks deposit through your phone, Amazon Alexa integration, and debit card controls, among other things.

5. Chase: Total Checking® chase bank Logo

While it’s open to applicants of all ages, Chase Total Checking® is a particularly great bank account option if you’re a senior. The account is straightforward, easy to use, and it comes with several perks.

As the nation’s largest bank, JPMorgan Chase has over 4,700 branches nationwide and more than 15,000 ATMs, so you can get face to face assistance when you need it and easily withdraw money wherever you are.

The Total Checking account also comes with an overdraft assistance program, along with zero liability protection that reimburses you for unauthorized purchases using your card.

What’s more, you can set your Social Security checks up for direct deposit, which makes you eligible for Chase’s $200 signup bonus.

You can also enjoy a streamlined website and mobile app that make it easy to pay your bills, make deposits, and execute transfers. The app gives you access to free credit monitoring and account alerts, too.

While there is a $12 monthly service fee, there are a handful of ways to waive it, like making at least $500 of monthly electronic deposits.

6. Citigold®: Checking Account citi bank Logo

Citigold®’s checking account is a solid choice for seniors looking to manage their banking and investments in one place. The account offers a tiered cash bonus reward of up to $2,000 based on your deposits and account balance.

If you maintain an average combined balance of $200,000 across your linked bank, retirement, and investment accounts, you’ll be eligible for the Citigold® Account Package.

As a Citigold® member, you get a dedicated team of financial advisors and free financial planning, with no monthly service fee. You’ll also be able to take advantage of Citigold®’s investing platform and suite of investment resources.

As a bonus, members may also enjoy travel benefits, including a Citgold® Concierge. Your concierge can help you with everything from shipping gifts to loved ones to helping you plan trips or find concert tickets.

Account membership also comes with up to $200 of annual rebates on subscriptions and memberships.

Citigold®’s account balance requirements are high, but if you can meet them, the account can be well worth it for the rewards and assistance with your retirement accounts and family financial planning needs on offer.

7. Regions Bank: LifeGreen 62+ Checking Account from Regions Bank regions bank Logo

The LifeGreen 62+ Checking Account from Regions Bank is a specialized account with plenty of perks for seniors.

One of these perks is the ability to write unlimited checks each month. You also get free bill pay, online banking, and a Visa debit card. When you enroll in online banking, you’re eligible for cashback rewards on debit card purchases.

The Regions app and website make banking from home easy, with account alerts and notifications, but there are over 1,400 branches across 16 states if you’re looking for in-person assistance.

LifeGreen 62+ Checking also provides overdraft protection and doesn’t charge fees to transfer funds to cover the overdrawn amount.

As a senior, you also get discounts and access to special savings. For example, you can open a Regions LifeGreen Savings Account with no monthly fee and the potential to earn an annual bonus.

You can also enjoy discounts on installment loans and safe deposit boxes, as well as bumped up relationship rates on certificates of deposits.

The account comes with an $8 monthly fee with online statements, or an $11 fee with paper statements, but you can waive the fee by setting up direct deposits or keeping an average monthly balance of $1,500.

What Is A Senior Checking Account?

Checking accounts are one of two main types of bank accounts available, with savings accounts being the other one.

With no limitations on the number of transfers per month, checking accounts are there to help you pay bills and daily expenses and receive any pay or benefits.

Most traditional banks and top credit unions will also offer you a debit card through which you can pay for things directly from your checking account.

Checking accounts can also include checkbooks, internet banking, and mobile banking apps.

Do remember that checking accounts are not meant to hold your entire savings. Other financial products such as savings accounts, IRAs, and money market accounts are better suited for this since they offer much better interest rates.

How Much Do Checking Accounts for Seniors Cost?

In most cases, checking accounts can cost nothing, with ‘can’ being the keyword here. While there are many free checking accounts, several others have specific requirements you’ll need to meet to make it actually free.

In this section, we will be going through the main fees associated with checking accounts to give you a better idea of what you can expect when looking to open a checking account.

Monthly Fee

Monthly fees, also called Service Fee or Maintenance Fee, are payable every month and are meant to cover the overheads associated with keeping the account open. The higher the tier, the higher the fee, which can change from one bank to another.

How to Avoid a Monthly Fee: In most cases, you can avoid the fee by keeping a minimum balance and making direct deposits into the account. Several banks and credit unions charge no fee at all.”

Overdraft Fee

This fee is charged when you overdraw your account and is one of the highest fees around. You can also get overdraft protection. In most cases, this feature is against a fee, albeit a lower one, which lets you automatically transfer from your savings account to cover the missing money.

How to Avoid an Overdraft Fee: You can avoid overdraft fees by making sure there’s enough money in your account. Most bank apps come with alerts that will tell you when your funds reach a certain threshold. You can also log in to your bank account to make sure there is enough money to cover upcoming transactions. Many banks also offer a free spot service to spot you up to a certain amount free of charge.

NSF Fees

NSF (Non-Sufficient Funds) fees are charged every time you try to pass a transaction for a higher amount than you have in your account. Unlike Overdraft, the transaction will not go through, and you will be charged an NSF fee instead.

How to Avoid NSF Fees: Make sure you have enough money in your account at any given time. Use the mobile banking app or the internet banking website to check your balance from anywhere.

Frequently Asked Questions

What are the four types of checking accounts?

While checking accounts come in all shapes and sizes, the four main types of checking accounts include:

Each of these accounts serves a different purpose and can have additional requirements. Your bank should offer you the financial advice you need to open the right type of checking account for you.

Which bank is good for senior citizens?

There’s no one best bank that fits the bill for all. Though TD Bank, Axos, and many others offer accounts specifically for seniors with extra perks and features. As long as the bank is insured by the FDIC, offers affordable rates, and has the products and services you might need (like credit cards, home equity loans, etc.), it can be a good bank for you.

Does Chase offer free checking accounts for seniors?

Chase Bank does not offer a checking account specifically designed for seniors, but their accounts can still be a great choice. Their Chase Secure Banking comes with a fixed monthly fee of $4.95 and only allows you to spend what’s in your account, so you don’t have to worry about overdraft fees.

Does Bank of America offer free checking accounts for seniors?

While Bank of America offers accounts for college students under 24 years of age, it does not offer special discounts for seniors at this time. However, you can still qualify for monthly fee waivers by either enrolling in their Preferred Rewards program, keeping a daily balance of at least $1,500, or making a qualifying direct deposit of at least $250 every month.

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