Several banks offer great options for senior checking accounts.
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 senior checking accounts on offer today, along with what perks you can look forward to and the different ways you can save money.
6 Best Checking Accounts for Seniors
Here are the top 6 senior citizen checking accounts available right now:
- TD Bank: TD 60 Plus Checking Account
- BB&T: Senior Checking Account
- U.S. Bank: Easy Checking Account
- Axos: Golden Checking Account
- BBVA: Online Checking Account
- Ally: Interest Checking Account
TD Bank: TD 60 Plus Checking Account
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.
BB&T now Truist Bank: Senior Checking Account
BB&T’s Senior Checking account is available for those 55 years or older, allowing you to get in early compared to some other accounts.
There is a $100 minimum opening deposit requirement, which means you need to deposit this much to open the account.
The monthly service fee is set at $10 per month. You can avoid this fee by making a minimum of $500 worth of direct deposits or keeping your account at an average balance of $1,000.
If you would like to get a debit card with your account, you have the option of personalizing it.
If you have a CD with the bank, you can make one early CD withdrawal without incurring a fee should you experience a medical emergency.
Standard checks are free, and you can also subscribe to optional overdraft protection. You can also use the mobile banking app to deposit checks, saving you a trip down to the branch.
You also get access to Zelle and eBills to send money and pay for your bills from the comfort of your own home.
U.S. Bank: Easy Checking Account
US Bank’s Easy Checking account is open for people of all ages, but those aged 65 or more get some additional perks.
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 should you feel you need this.
Axos: Golden Checking Account
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 $50.00 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 0.20%, which is one of the higher interest rates – much 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 $20 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.
BBVA: Online Checking Account
While BBVA’s Online Checking account has no specific benefits to seniors, they offer one of the best checking accounts around.
The minimum deposit required to open this account is $25, and there are no monthly service charges and no balance requirements to maintain.
Paper statements cost $3.00, which is a common practice among many financial institutions.
Each account holder gets a visa debit card free of charge with access to more than 64,000 ATMs across the nation. The account also comes with several free tools and paid protection programs to help you avoid overdraft charges.
BBVA offers extra protection and security through their ClearBenefits Program.
For $4.00 a month, you’ll get identity theft insurance and restoration, roadside assistance, mobile phone protection, and well as accidental death and dismemberment insurance.
Ally: Interest Checking Account
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 that goes as high as 0.25%, as far as interest-bearing checking accounts, that is pretty good.
To get the full APY rate, you will need to keep a daily balance of at least $15,000. Anything less will get you the lower rate of 0.10%.
The account also features Round-Ups to help you save even more, which allows you to round up your transactions and save the 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.
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.
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 Senior Checking Accounts 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 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.”
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 (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.
Senior Checking Accounts FAQs
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:
- Regular Checking Account
- Interest Checking Account
- Senior Checking Account
- Second Chance Checking Account
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 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 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.