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.
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:
It all depends on what your priorities are.
"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 0.38%, 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.
Compare the best IRA accounts if you’re ready to save for retirement.
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.
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.
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.
Financial aggregator apps link your bank accounts, investments and credit cards into one platform. But are the cost and setup worth it for you?
Cash App doesn’t offer instant mobile check deposits, and you’ll typically have to wait a few business days for your funds to clear.
Mobile check deposit at Chase is not instant, but funds may be available by the next business day.
Chime doesn’t offer instant mobile check deposit, so here’s how long deposits take and faster alternatives.
Bank of America’s mobile check deposits are not instant, but usually clear quickly. See how fast you could see your money here.
Trying to decide between a bank and a credit union? Here’s how they generally compare in fees, perks and accessibility.
1. Ask the bank to waive fees; 2. Request a grace period; 3. Enroll in overdraft protection. Learn more about each of these steps here.
A good savings rate is one that’s higher than average, but that’s just a starting point.
BMO is a large bank with a broad suite of services, but customer reviews on Reddit aren’t glowing. SoFi, Axos and Upgrade are alternatives.
Tracking the Fed funds rate from 1954 to now.