What Are the Best Checking Accounts for Seniors?

You’ve likely had the same checking account for many years. But did you know that your checking account could become the wrong one for you once you reach your senior years?

Senior citizens need checking accounts that meet their unique needs: easy access to money, low or no fees, and a few extra perks. The best checking accounts for seniors are those that make managing your money in your golden years effortless.

You deserve a checking account that suits your retirement years. An account that doesn’t charge you, but helps you use your money wisely. Check out the following checking accounts, which have low fees, easy-to-use services, and other senior perks.

Charles Schwab Bank High Yield Investor Checking

Benefits for Seniors:

  • Pays one of the highest interest rates available among checking accounts
  • A truly free checking account with no monthly fees
  • 24-hour phone service and live chat
  • No foreign transaction fees
  • Unlimited ATM fee rebates worldwide

Minimum Opening Deposit: $0

Interest Rate: 0.4 percent APY

Account Details: The Charles Schwab Bank High Yield Investor Checking account is a rare free checking account with zero fees. It’s perfect for seniors – there are no monthly account minimums, easy check deposit from anywhere with a simple and straightforward banking app, and you’ll earn interest on the money in your account. Standard checks are free, along with a Visa debit card. And with branches located across the U.S., you’ll never have to worry about having access to your money.

Travis Credit Union Silver Wings Checking

Benefits for Seniors:

  • Only available to those age 60 and older
  • Completely free checking, with no fees or minimum balance requirements
  • Checks are free
  • No overdraft fees
  • Account access from anywhere with mobile and online platforms

Minimum Opening Deposit: $1

Interest Rate: 0.05 percent APY

Account Details: Only adults age 60 and older can open a Travis Credit Union Silver Wings Checking account, and it’s entirely free. No monthly fees, no minimum balance, and all mobile and online services are free. And whenever your account balance reaches $500 or higher, you’ll reap the benefits and get paid interest. Out-of-network ATMs do come with a small fee per transaction.

TD Bank 60 Plus Checking

Benefits for Seniors:

  • Only for those age 60 and older
  • Free checks, paper statements, and money orders
  • 24/7 live customer service
  • Local bank branches as well as online and mobile banking
  • Discounted interest rates on TD Bank home loans

Minimum Opening Deposit: $0

Interest Rate: 0.05 percent APY

Account Details: The TD Bank 60 Plus Checking account is designed solely for those age 60 and older. With perks like interest and free banking products, this checking account is ideal for seniors who like a traditional banking experience. This checking account does come with a $10 monthly fee, but that fee is waived with a $250 minimum balance. There’s a $3 fee for any out-of-network ATM withdrawals and a $35 overdraft fee.

BBVA Compass ClearChoice Checking Account for Seniors

Benefits for Seniors:

  • Free perks tailored to retirees
  • Unlimited cashier’s checks for $2 per statement cycle
  • $4 monthly service fee
  • In-network ATMs are free

Minimum Opening Deposit: $25

Interest Rate: None

Account Details: With traditional bank perks and special services just for those who’ve retired, the BBVA Compass ClearChoice Checking Account for Seniors is designed for those age 60 and older. Fees are minimal at just $4 per month – and if you keep a balance of $1,500 or have a regular direct deposit of $300, you can avoid the fee entirely. For rates of just $2 or $3, you can add on perks like non-BBVA ATM fee reimbursement and security deposit boxes.

M&T Bank Classic Checking with Interest

Benefits for Seniors:

  • Only available for people age 50 and older
  • Monthly fee of just $4.95
  • Nearly 700 branch locations
  • Easy-to-use mobile and online banking services

Minimum Opening Deposit: $25

Interest Rate: 0.01 percent APY

Account Details: An upgraded version of M&T Bank’s Classic Checking account, the Classic Checking with Interest option pays seniors over age 50 interest for their money. While the monthly fee is low, you can avoid it entirely with a daily balance of $500, 10 debit card transactions each month, or a $1,500 minimum balance in other M&T bank accounts.

Find the Right Senior-Friendly Checking Account for Your Needs

Don’t just stick with the same bank account you’ve had for years because it’s easy. There are checking accounts that might offer you more – and some that are even specifically designed with seniors in mind.

All it takes to find a better checking account is a little research. Search online for checking accounts that are specific to seniors, and you could save money, earn interest, and make better use of your money and banking services.

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