What’s the Best Bank for Seniors?

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.

8 best bank accounts for seniors

• Best hybrid account: SoFi Checking and Savings
• Best for savings: Valley Bank HYSA through Raisin
• Best for early Social Security benefits: Charlie
• Best for branch access: Chase Total Checking®
• Best for second-chance banking: Chime® Checking Account
• Best for relationship perks: US Bank Smartly Checking
• Best for no-frills: PNC Simple Checking

Finder Score	Fee	Minimum deposit to open	Annual Percentage Yield (APY)
Best hybrid account
9 Excellent SoFi Checking and Savings	9 Excellent	$0 per month	$0	Up to 3.10%	Earn up to 3.80% APY on savings and $50 or $400 with direct deposit. Open a new SoFi Checking and Savings account by 31 December 2026, set up eligible direct deposit within 60 days, and maintain direct deposit for six months. T&Cs apply.	Go to site View details Compare product selection Compare	loading	Why we like it SoFi® is no stranger to our best bank account lists and is great for anyone of any age. SoFi offers an all-in-one bank account with both checking and savings. There are no monthly fees, no balance requirements, no overdraft fees and tons of perks. You can plan your savings goals, earn interest on both your checking and savings balance, get early direct deposit and even check out its investing platform, SoFi Invest®. You'll also get access to over 55,000 Allpoint ATMs, be able to make cash deposits at Green Dot retail locations and receive paper checks when you open the account. To earn the highest savings APY, you can either set up direct deposit, or deposit at least $5,000 per month, or pay $10/month for SoFi Plus. But as an online bank, there are no physical locations. Pros & cons Pros $0 monthly fees High APYs on checking and savings Lending and investing services Large ATM network Paper checks upon signup Cons No physical branches $4.95 cash deposit fee at Green Dot locations $10/mo for Plus
Best for savings
9.4 Excellent Valley Bank HYSA through Raisin	9.4 Excellent	$0 per month	$1	3.95% on balances of $0+	Up to $1200 with code "SUMMER26". T&Cs apply.	Go to site View details Compare product selection Compare	loading	Why we like it Valley Bank has one of the best offers for savings accounts on the market. With an outstandingly high 3.95% APY and no monthly fees, balance requirements or transaction limits, you'd be hard-pressed to find a better option elsewhere. Even sweeter, you only need to deposit $1 to open the account. This rate is an exclusive offer that you open through Raisin, a savings deposit account marketplace. Raisin only operates online, so you won't have branch access and can't deposit cash. Pros & cons Pros Highly competitive 3.95% APY $0 monthly fees $1 opening deposit No transaction limitations Cons No physical branches No cash deposits
Best for early Social Security benefits
Not scored yet Charlie	Not scored yet	$0 per month	$0	3.00%	Go to site View details Compare product selection Compare	loading	Why we like it Charlie is an online banking option designed for seniors aged 62 and older. One of the most noteworthy features is the ability to receive your Social Security benefits three to five days early — much faster than other early direct deposit methods, which typically only deliver up to two days early. Other perks include a 3% savings bonus on balances, no monthly fees or balance requirements, fee-free access to over 55,000 Allpoint ATMs and US-based phone support. But as an online account option, Charlie doesn't have physical branches, and it lacks investing and savings accounts. Pros & cons Pros $0 monthly fees Receive government benefits 3 to 5 days early Up to 3% savings bonus on balances Large ATM network US-based phone support Cons No physical branches No separate investing or savings accounts
Best for branch access
6 Standard Chase Total Checking®	6 Standard	$15 per month (can be waived)	$0	N/A	New Chase checking customers enjoy a $400 bonus when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment. T&Cs apply.	Go to site View details Compare product selection Compare	loading	Why we like it Chase is the biggest bank by asset size and has over 4,700 branches for in-person support and a fee-free ATM network of over 15,000. The Chase Total Checking account normally has a monthly fee of $15, but you can waive it by setting up qualifying direct deposits of at least $500 per month. Chase considers qualifying direct deposits to include Social Security checks, pension, payroll or other government benefits. Chase also frequently offers welcome bonuses for new customers, as well as lending and investing services and a variety of other account options. On the downside, Chase's savings APYs aren't the most competitive. Pros & cons Pros Large branch and ATM network Waive monthly fee with direct deposit requirements Frequently offers signup and referral bonuses Multiple checking and savings options Investing services Cons $15 monthly fee if you can't waive it Low APYs on savings
Best for second-chance banking
9.6 Excellent Chime® Checking Account	9.6 Excellent	$0 per month	$0	N/A	View details Compare product selection Compare	loading	Why we like it Chime is a fintech with banking partners. If your banking history isn't ideal, the Chime Checking Account application doesn't involve a review of your ChexSystems report, so you'd have a better chance of qualifying. Chime's account has no monthly, overdraft or insufficient fees and no opening deposit requirements. Having the checking account also unlocks the optional savings account, which features a decent 1.00% Annual Percentage Yield (APY) with no balance requirements. With direct deposit of at least $200 per month, you'll earn up to 3.50% APY and gain access to additional services like SpotMe® and cash advances. However, Chime is online only, so there's no branch access, and it doesn't support joint accounts or wire transfers. Pros & cons Pros $0 monthly fee No ChexSystems review Up to 3.50% APY on savings with Chime+ Overdraft fee-free with SpotMe Cons Best perks require direct deposit No joint accounts or wire transfers No physical branches
Best for relationship perks
6.6 Standard US Bank Smartly Checking	6.6 Standard	$12 per month (can be waived)	$25	N/A	Earn up to $450 by opening a new U.S. Bank Smartly® Checking account, adding funds to your account and completing other required activities. This offer is valid through December 30. T&Cs apply.	View details Compare product selection Compare	loading	Why we like it U.S. Bank Smartly Checking usually charges a $12 monthly fee, but there are no monthly fees for military members or seniors over the age of 65. The account comes with three overdraft protection options, as well as budget and goal-planning tools. But the crowning jewel is the U.S. Bank Smart Rewards program, which you can join for free with the Smartly Checking account. The program gives you relationship perks like waived IRA annual fees, rate discounts on select loans, cashback offers and a complimentary financial consultation with the U.S. Bancorp Investments Wealth Management Advisory Center. And while your kids might be out of the house already, the US Smartly Checking account also comes with complimentary access to Greenlight, a popular kids' debit card. This account is also interest-bearing, but you'll have to ask a banker about deposit rates. Pros & cons Pros $0 monthly fees for ages 65+ $0 monthly fees for military members Smart Rewards program with relationship perks Complimentary Greenlight plan Cons APY not disclosed Rewards based on balance across US Bank accounts
Best for no-frills
Not scored yet PNC Simple Checking	Not scored yet	$5 per month (can be waived)	$0	N/A	View details Compare product selection Compare	loading	Why we like it Don't need anything fancy? Consider the PNC Simple Checking (previously the Foundation Checking account). It doesn't charge monthly service fees if you're 62 or older, or under the age of 25. You could also waive the monthly fee with qualifying direct deposit. The account doesn't charge overdraft fees, the app has budgeting tools, Zelle integration, mobile check deposit and more. PNC also has over 2,300 branches and nearly 60,000 fee-free ATMs, making it a great option for those who prefer classic, in-person banking. On top of that, the Simple Checking account is Bank On certified, which means it's considered a good option for those who have had banking challenges. Overall, PNC is a solid full-service bank with many banking products and services, including its hybrid Virtual Wallet accounts, high-yield savings accounts, interest-bearing checking, lending, investing and money market accounts. Pros & cons Pros Monthly fee waived automatically for ages 62+ or under 25 Large branch and ATM network High APYs on savings Lending and investing services Checkwriting privileges Cons Other PNC accounts typically have fees

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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."

Bethany Hickey

Banking editor

Best savings rates for seniors over 60

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:

• Liberty Savings Bank High-Yield Savings through Raisin: 3.76% APY
• TAB Bank High Yield Savings: 3.61% APY
• UFB Portfolio Savings: APY

Are there retirement bank accounts?

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.

Bottom line

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

• Can government benefits meet direct deposit requirements?

  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.

• Can I get a bank account for an elderly parent?

  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.

• Does AARP offer banking?

  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.

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Bethany Hickey

Banking editor

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. See full bio

Bethany's expertise

Bethany has written 460 Finder guides across topics including:

• Personal finance
• Banking
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• Insurance
• Cryptocurrency and NFTs