There are bank accounts specifically designed for seniors, and then just great accounts for anyone of any age. Whether you’re looking to increase your savings, get free checkbooks or just want a free checking account for seniors, we’ve rounded up the best options to compare.
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Methodology: How we chose the best banks for seniors
Finder’s experts analyzed hundreds of checking and savings accounts to find the best options for seniors, specifically those over the age of 55. We heavily considered banks with physical branch locations, checkwriting privileges, cash deposit acceptance and banks that specifically offer accounts designed for seniors. We only consider accounts that meet these requirements:
$0 monthly fee or easy ways to waive a monthly fee
Opening deposit requirements below $25
Savings APY at or above 2% APY
Wide state availability
How to compare the best bank accounts for seniors and retirees
It all depends on what your priorities are.
Monthly fees. Cost is a top consideration for anyone but likely a bigger concern if you’re retired and on a fixed income. Luckily, many banks offer fee-free checking and savings accounts for seniors, such as Axos, PNC and U.S. Bank.
Checkwriting privileges. If you prefer personal checks, look for an account that offers free checkbooks or offers checkbooks at all. Many traditional banks still offer checks, but new online banks may not.
Branch access. If you’re not keen on chat support, email communication or managing your account on a mobile app, you may want a bank with physical branch locations. Chase and PNC have very large branch networks, so you can talk to a real person.
Investing options. If you’re not a retiree yet, you may still be working out your investing and retirement planning. You can accomplish two goals at once by opening an account with a bank that offers investing services, such as SoFi, Chase or U.S. Bank.
Growing your savings. Looking to boost your savings account? Choosing a high-yield savings account is a good place to start. These accounts have significantly higher APYs than average, and the best APYs are often found with online banks, thanks to their lower overhead costs.
Our expert says
"Federal law mandates that federal benefit payments be made electronically. So, if you’re a retiree or approaching retirement, you’ll need an account that accepts electronic payments to receive Social Security or Supplemental Security Income benefits, according to SSA.gov."
Age ain’t nothing but a number when it comes to finding the best savings rates. If you need the best savings account, consider the APY and monthly fees instead of the age requirements.
Most online savings accounts don’t charge monthly maintenance fees, which is great if you’re trying to save as much as possible. And the best savings accounts, regardless of your age, will have significantly higher rates than average. The national average for savings accounts is
0.37%, according to the FDIC.(2)
Some of the best savings accounts in the market include:
Yes, and some popular options include IRAs and 401(k) plans. Before choosing a retirement account, consider trading fees, tradable assets, app reviews, signup bonuses, account types and your overall goal.
There are multiple banks that offer accounts specifically designed for seniors and retirees. But at the end of the day, it doesn’t really matter who their target audience is — what matters to you is the account’s accessibility, monthly fees and whether it does what you want.
For more checking and savings guides, see our one-stop spot for all things banking. Alternatively, if you’re a caregiver of an elderly or aging parent, you can also consider Greenlight. It’s a banking app that offers up to five debit cards per plan, with no age requirements. It is heavily geared toward parents and kids, but also features perks for seniors. With the Family Shield plan, you get extra protections like identity theft coverage, deceptive fraud transfer coverage, account monitoring, up to 6% in savings rewards, spending limits and notifications, and much more.
Frequently asked questions
Government benefits, such as Social Security benefits, are often eligible for direct deposit requirements on a bank account. For example, to waive the $15 service fee for the Chase Total Checking® account, you can set up direct deposit of at least $500 per month from payroll or government benefits.
You can take two main paths to help an elderly parent manage their financials and bank accounts. One method is asking your elderly parent to make you a joint owner on their existing bank account. This way, neither of you has to open a new account, and you can make transactions and withdrawals on their behalf. The second is opening a joint account with your elderly parent. You'll both be able to manage the account and have equal access to the funds. Compare the best joint accounts.
No, AARP doesn't offer its own banking products and isn't a financial services provider or bank.
Occasionally, AARP works with banks and investment companies to offer exclusive accounts, primarily certificates of deposit (CD)s, credit cards or savings accounts. On the downside, the APYs and details of these accounts aren't always advertised.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
