No annual minimums. Free debit cards. Competitive interest yields. Does that all sound good to you?
Checking and savings accounts for retirees 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.
Discover offers one of the best APY interest rates, as well as account-specific benefits.
There is no monthly service charge, 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 deposit accounts without having to keep a large portion of your capital in the bank. Thus it can be one of the best banks for retirees.
2. Capital One 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 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. Thus it is the best bank account for retirees.
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
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 minimum monthly 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.
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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 fee structures.
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
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. This makes it mostly used bank accounts for older savers.
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 fee waivers 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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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, including 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
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 overdraft fees.
As is expected in today’s world, you can bank on your smartphone twenty-four hours a day, and it’s 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 network 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 deposit requirement 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 Bank’s and their account benefits.
- Include Free checks
- No monthly minimum balance requirement
- 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 Bank 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 online banking services for all account holders, it is an ideal choice for Seniors’ accounts.
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.
- The choice to customize your open-end credit
- Free wallet-style checks with a BB&T Bank 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, U.S. Bank provides friendly services to their regular customers as well as senior customers.
The U.S. 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.
- The minimum Opening Balance Requirements is $25.
- No account opening bonus.
- Does not provide any APY.
- Enjoy free mobile check deposits Receive $1,000 in direct deposits per month or Have an average balance of $1,500 in each statement cycle.
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 YOUR SENIORS BANK ACCOUNT?
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:
- Do you want a bank near your residence?
- Do you pay a lot via checks?
- Does the package fulfill your needs?
- What is the highest interest rate they are providing to you on your account?
- What are the ATM benefits they are providing?
- Is the online portal easy to understand and use?
- How do they compare to a local credit union?
- 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
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, investment account, 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.
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 more money from savings accounts 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 direct deposit offers 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 customers’ 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.
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ARE THESE BANKS SAFE?
The biggest modern-day threat to banking is digital security.
There were plenty of decent savings, current 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.
IS WELLS FARGO’S CHECKING ACCOUNT GOOD?
The rates and fees of Wells Fargo’s account are average, and it has bill pay and 24/7 customer service. However, you might feel uncomfortable with the APY of 0.01% and minimum monthly balance requirements.
WHAT IS AN AVERAGE APY INTEREST RATE?
Average pay 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.
|Bank Name||Interest Rates (% p.a.)|
|IDFC First Bank||7.00||7.00|
The standard insurance amount provided for FDIC-insured accounts is $250,000 per depositor, per insured bank, for each account ownership category, in the event of a bank failure.
The recommended amount of cash to keep in savings for emergencies is three to six months' worth of living expenses. How much money do experts recommend keeping in your checking account? It's a good idea to keep one to two months' worth of living expenses plus a 30% buffer in your checking account.
What's Good: With more of a national presence than TD or PNC (over 5,000 branches across 23 states), Chase is another bank which scored highly for its range of protections against elder financial abuse.
|Provider||Interest Rate||Interest Paid|
|Firstmac||3.15%||End of term|
|MyState Bank||3.05%||End of term|
|MyState Bank||3.05%||End of term|
|Abal banking||3.00%||End of term|
SSA limits the value of resources you own to no more than $2,000. The resource limit for a couple is only slightly more at $3,000. Resources are any assets that can be converted into cash, including bank accounts.
Investor takeaway. There are a lot of better choices than holding cash in 2022. Inflation will deteriorate the value of your savings if you decide to stash your cash in a bank account. Over the long run, you'll be better off investing now, even if expected returns are lower than they've been historically.
The Short Answer: Yes. The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
While the FDIC website mentions the cap, it calls it an insurance limit of "$250,000 per depositor, per FDIC-insured bank, per ownership category." While there is still a $250,000 cap on any one account, there are two ways to get around this to have all of your deposits insured: Use multiple banks.
“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.
Another red flag that you have too much cash in your savings account is if you exceed the $250,000 limit set by the Federal Deposit Insurance Corporation (FDIC) — obviously not a concern for the average saver.
Is this legal? The truth is, banks have the right to take out money from one account to cover an unpaid balance or default from another account. This is only legal when a person possesses two or more different accounts with the same bank.
Chase: Best for bonuses, brick-and-mortar bank with great checking sign-up bonuses and a large branch network. Discover: Best for cash back, online bank with a competitive savings rate and cash-back checking. Alliant Credit Union: Best for ATMs, online credit union with high rates and a huge ATM network.
Overall, if you're choosing between Chase and Bank of America, the better option for you will really depend on your personal banking needs and preferences. Both are big banks with thousands of branches and tens of thousands of ATMs. Chase offers a wider variety of accounts, though it is lacking in IRA options.
Both banks offer several business checking accounts but Wells Fargo is the clear winner due to its lower monthly fees and higher transaction limits. For example, a large businesses that has up to 500 transactions a month can expect to pay a $40 monthly fee with Wells Fargo versus a $95 monthly fee with Chase.
|Best interest rate available (p.a.)||Minimum deposit amount|
- Current: 4% up to $6,000.
- Aspiration: 3-5% up to $10,000.
- NetSpend: 5% up to $1,000.
- Digital Federal Credit Union: 6.17% up to $1,000.
- Blue Federal Credit Union: 5% up to $1,000.
- Mango Money: 6% up to $2,500.
- Landmark Credit Union: 7.50% up to $500.
- High-Yield Savings Account. ...
- High-Yield Checking Account. ...
- CDs and CD Ladders. ...
- Money Market Account. ...
- Treasury Bills.
By age 70, you should have at least 20X your annual expenses in savings or as reflected in your overall net worth. The higher your expense coverage ratio by 70, the better. In other words, if you spend $75,000 a year, you should have about $1,500,000 in savings or net worth to live a comfortable retirement.
|Age||Median Balance of Accounts||Mean Balance of Accounts|
|45 to 54||$5,620||$48,200|
|55 to 64||$6,400||$55,320|
|65 to 74||$8,000||$57,670|
|75 and older||$9,300||$60,410|
Average Retirement Expenses by Category. According to the Bureau of Labor Statistics, an American household headed by someone aged 65 and older spent an average of $48,791 per year, or $4,065.95 per month, between 2016 and 2020.
- High-yield bank accounts. Sunny skies are the right time to save for a rainy day. ...
- Money market accounts. ...
- Certificates of deposit (CDs) ...
- IRA accounts.
|Year||Total number of bank failures: 511|
How to Legally Hide Money from the Government - YouTube
Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.
So, can the government take money out of your bank account? The answer is yes – sort of. While the government may not be the one directly taking the money out of someone's account, they can permit an employer or financial institution to do so.
If you have more than $250,000 in your bank accounts, any money over that amount could be at risk if your bank fails. However, splitting your balance between savings accounts at different banks keeps your money safe, since each bank has its own insurance limit.
Having multiple bank accounts can be beneficial, but how many you decide to have depends on your situation and goals. At the very minimum, it's a good idea to have at least one checking and one savings account. Beyond that, consider your money management goals.
“The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe,” said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma.
- To store large amounts of cash it's usually best to keep it hidden in a fireproof and waterproof safe that's out of reach. ...
- Locations like the attic should be avoided, as, in the case of a fire, this will be one of the first places to burn up.
It's far better to keep your funds tucked away in an Federal Deposit Insurance Corporation-insured bank or credit union where it will earn interest and have the full protection of the FDIC.
American households had a median balance of $5,300 and an average balance of $41,600 in their transaction bank accounts in 2019, according to data collected by the Federal Reserve. Transaction accounts include savings accounts as well as checking, money market and call accounts and prepaid debit cards.
- Set specific goals. ...
- Invest it appropriately. ...
- Up your retirement contributions. ...
- Open an IRA. ...
- Consider a brokerage account. ...
- Read more:
- TIPS. TIPS stands for Treasury Inflation-Protected Securities. ...
- Cash. Cash is often overlooked as an inflation hedge, says Arnott. ...
- Short-term bonds. ...
- Stocks. ...
- Real estate. ...
- Gold. ...
- Commodities. ...
Best senior citizen FDs
(The rates are as on June17, 2022), DCB Bank offers interest rate of 7.10 percent, highest among its peers. With investment of Rs 10,000 one can get a quarterly compound return of Rs 14217.47 after the tenure. IndusInd Bank offers an interest rate of 7 percent to their senior citizen customers.
If your elderly parent requires immediate payment for medical care, you can draw from the joint account. With a joint checking account, you have immediate access to funds without having to go through probate.
|Financial institution||Interest rate on savings||Minimum deposit to open savings|
|Bank of America||0.01%||$100|
|Chase Bank||0.01% (Rate effective as of 8/6/21. Interest rates are variable and subject to change.)||$0|
|Alliant Credit Union||1.20%||$5 (deposit made by Alliant)|
A senior checking account is essentially a regular checking account that offers features designed to appeal to seniors, often customers age 55 and older. Requirements and perks vary by bank, but fee waivers and free checks tend to be the top selling points.
Senior accounts, particularly chequing accounts, offer. baseline packages that start with free transactions and discounts on standard. chequing accounts.. C$0 monthly charges 12 free transactions monthly and C$1.25 for additional transactions Free money orders and bank drafts No minimum monthly requirements 5% discount on yearly rental deposit boxes. C$0 monthly maintenance fees Unlimited and free Interac e-Transfers Unlimited debit transactions No minimum balance requirement Free checkbook containing 50 cheques, and C$50 after that Interest rate up to 0.15% on account Access to HISA. If you conduct many transactions monthly, you may require a. bank account with unlimited monthly transactions, even at the cost of paying a. monthly fee.. Seniors who want all their bank accounts with one bank may. need to determine if the bank offers a comprehensive range of financial. products, including savings, investment, safe deposit boxes, and insurance. packages.. The Canada Big Five, including RBC, all have free chequing. accounts with zero minimum monthly balance and no monthly charges.
Whether you are on the market for a new saving account, checking account, or both, these top financial institutions are ready and eager to serve you.. In fact, majority of the best banks offer investing services, checking accounts , credit cards, personal loans, mortgages, and everything between.. Apart from this financial product, CIT Bank has an award-winning high yield saving account, offers both home loans and mortgages, a top-notch money market account, and an interest-bearing eChecking account.. Best Selection for CDs Top Money Market Account Interest Bearing Checking Account Award Winning Money Market Account Easy-to-use Mobile & Desktop Applications, so you can monitor your account with ease No Monthly Fees Free Resources & Financial Tools to Help You Manage your money. Offers Checking Accounts, Saving Accounts, CDs, & Credit Cards High Interest-Bearing Saving Account (Up to 1.70% – Competitive 360 Performance Savings) Large 39,000+ ATM Network Resources to help you learn, grow, and save money.. Little to no fees Saving Account: 2.80% APY 55,000+ ATM Network Free Checking Account No Minimum Balance Required to Open an Account Generous No Penalty CD: Up to 1.70%. Earn Cash Back Rewards (Up to 1.0% for their Checking Account) Saving Account: Enjoy a 1.60% APY Easy-to-use Digital Platform Diverse Selection of CD Rates Access to Over 60,000+ Free ATMs Personal, Student, and Home Equity Loans No monthly Fees 24/7 Customer Service. Over 16,000+ ATMs & 4,900 Branch Locations $350 Promotion Sign up Bonus $0 Minimum Balance for Saving Account Offers Multiple Credit Cards with Great Rewards No monthly Fees 24/7 Customer Service Free Credit Score Offers Loans and Mortgages. Over 43,000+ ATMs for you to use No Monthly Fees No Maintenance Fees Saving Account: 1.60% APY Great Customer Service Roth IRA, CDs , Money Market Accounts Online Savings Account boasts a 1.60% APY Automated Financial Tools to help you budget, save, prepare for retirement, and buy a home.. $0 Minimum Deposit No Maintenance or Transaction Fees Saving Account: 1.70% APY Credit & Debt Consolidation Owner of Claritymoney Monitor Credit Score No-Free Personal Loans ($3,500 – $40,000) CDs, Loans, Money Market Accounts Intuitive Mobile App. Great selection of CDs Saving Account: 1.70% APY Easy-to-use digital platform Low non-sufficient funds fee No Minimum Opening Deposit No Monthly Fees. Sadly, this bank does not offer a checking account, so you will need to look elsewhere for that specific banking feature.. No Monthly Fees Best Credit Cards – Sweet Perks & Rewards Saving Account: 1.70% APY Easy-to-use Mobile Application Lucrative Membership Rewards Free Credit Score Travel rewards & Perks. No Checking Account Hard to Deposit Cash into your Saving Account.. Phenomenal Insurance Rates Cash Rewards Credit Card Saving Account: 1.70% APY Easy-to-use Mobile Application CDs, Loans, Mortgages, Investment Accounts, Retirement Accounts
We’ve also analysed the current accounts offered by the most recommended banks to find out which are the top current account providers, whether you want to earn interest on your money or get a free overdraft.. First Direct is the award winner here, with an impressive 94% of customers rating its online banking as Very or Quite Good, including 78% who said it was Very Good.. All the banks in our survey did well for online banking, with the percentage of customers rating them as Very Good or Quite Good all sitting above 80%.. The winner of our Highly Commended award, Nationwide Building Society, does have branches, however, and received the highest rating in our survey for its in-branch services with 79% of customers saying it was Very or Quite Good – the next best banks for this were Halifax and NatWest, both with 70%.. Complaints made to the Financial Ombudsman Service: New banking and credit casesBanking and credit cases upheldBank of Scotland (including Halifax) 3,14533% Barclays Bank 5,35136% Co-operative Bank 43142% HSBC (including First Direct) 4,14442% Lloyds Bank 4,36533% Nationwide Building Society 1,62840% NatWest 3,29341% Royal Bank of Scotland 77438% Santander 2,76741% TSB 1,21528% Industry average 47%Notes: Data shows complaints to the banking businesses that provide current accounts for the first half of 2021
Look for an everyday bank account that has features like no monthly deposit or minimum balance requirements, limited fees on overdraws and no monthly fees.. Generally, these kinds of condition-free accounts won’t offer bonus interest that’ll bump up your earnings.. So, make sure you also compare high interest savings accounts to see if there are options with bonus interest-earning criteria that’s achievable and within your monthly budget.. Transaction Account Earn 1.75% p.a.. Fee free transactions Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet. Orange Everyday Rebates on ATM fees anywhere in Oz.. When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.