September 28, 2022
  • September 28, 2022

4 best banks for seniors 2021-2022

By on October 29, 2021 0

One of the perks of getting older is the reduction on everything from movie tickets to restaurants – to bank accounts. The best senior bank accounts waive fees and offer a range of discounts to help keep your nest egg intact a little longer.

When looking for the perfect senior bank account, keep in mind that different banks will have different age requirements: 62 is the most common, but some banks allow you to sign up as early as 50.

Once you’ve determined where you qualify, it’s easy to compare the benefits. Look for things like higher interest rates on savings accounts, free checks, or discounts on other banking services like renting safes or lower interest rates on loans.

Our top picks for the best senior accounts for 2021

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Whether your financial environment is well established or you are just starting to develop your financial literacy, you will enjoy many benefits by opening an account with NBKC.

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Reviews of the best bank accounts for seniors

TD Bank

Best overall

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The TD Bank 60 Plus Chequing Account combines a low opening balance requirement, no fees, free checks and discounts on select loans. In addition, the account earns interest. All of this makes TD Bank our best choice for seniors.


  • $ 0 opening balance required
  • The current account earns interest
  • Free standard checks and discounts on select styles
  • Interest rate cuts on home equity and personal loans

The inconvenients:

  • $ 10 monthly maintenance fee
  • Limited number of bank branches in the United States

Anyone 60 years of age or older can open the 60 Plus Chequing Account with $ 0. The account pays 0.01% interest, which is not a lot but still beats the zero offered by other national banks. The account has a monthly maintenance fee of $ 10, but these are waived if you keep a minimum daily balance of only $ 250.

This account offers a number of free benefits specifically for seniors. There is no charge for online or paper statements, money orders or official bank checks. Checks with the TD Bank logo are free (or get a discount on certain styles of checks if you prefer). You will also be able to take advantage of a 0.25% discount on your home equity and personal loans.

TD Bank currently has more than 1,200 branches in the United States located in 16 states, with the highest number located in New York, New Jersey, Massachusetts, Florida and Pennsylvania. However, you will also have access to TD’s online banking and mobile app, which will allow you to track your accounts, pay your bills, transfer money, deposit checks and make checks. person-to-person payments with Zelle.


Best for low fees

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The Axos Golden Checking account has no fees for a number of banking services, including overdrafts, that most competitors charge. Plus, you can get free personal checks and earn interest on the account.


  • No fees for many banking services
  • The account earns interest.
  • Up to $ 8 in ATM fee refunds per month
  • Free checks

The inconvenients:

  • It’s an online banking, so there are no branches for consumers who prefer an in-person banking experience.
  • A minimum opening balance is required.

The Golden Checking account is open to anyone aged 55 or over, one of the lower age requirements we’ve found on senior accounts. In addition to not charging a monthly service fee, you will not pay overdraft or insufficient funds fees with this account, which is unusual for most of the accounts we have reviewed.

You can open the account with $ 50 which is a bit higher than the minimum required by other accounts but hardly prohibitive. Once opened there is no minimum monthly balance requirement and you will earn 0.10% interest on all balances below $ 100,000 which is a very good rate considering most checking accounts pay no interest.

Although Axos does not have its own ATM network, you can use the Allpoint ATM network, which has more than 55,000 ATMs, at no additional cost, as well as free access to ATMs at retailers such as as Target and Ralph’s as well as CVS and Rite Aid Pharmacies. If you need to use an off-grid ATM, Axos will reimburse you for up to $ 8 in domestic ATM fees per month. As an online bank, you will also not have access to a bank branch.


Best for interest rates

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Citibank’s basic banking package offers unlimited check writing and waived ATM fees, as well as a savings account that earns a competitive interest rate, making it our pick for the best rates for the elderly.


  • Free and unlimited checks
  • Monthly maintenance fees are waived
  • Automatic access to Citibank identity theft solutions if needed
  • The savings account benefits from a competitive interest rate

The inconvenients:

  • No other bank charges are waived
  • No reimbursement of ATM fees

While not a specially designed account for seniors, Citibank’s basic banking package will waive the $ 12 monthly fee for those who are 62 or older. No other fees, like overdraft fees or insufficient funds, are waived, but Citi charges a little less for each ($ 34) than most other national banks.

There is no minimum opening balance and you can write as many checks as you want without incurring any fees. On the savings side, you can earn 0.50% interest on all account balances. You’ll also have access to over 65,000 ATMs across the country as well as the Citi mobile banking app so you can track all of your accounts without having to visit a branch. Citibank will not charge any fees if you use an off-grid ATM, but you may need to pay an ATM owner fee – Citi will not reimburse off-grid charges.

If you believe you have been a victim of identity theft, Citibank’s Identity Theft Solution will provide you with expert advice on how to identify accounts that may have been compromised, as well as contact Transunion to place a fraud alert on your credit report, help you walk you through the process of filing a police report, and keep you updated on the status of your claim. You will also find useful tools on how to protect your personal information and identify potential scams.

American banks

Great for the benefits

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With the Easy Checking account, you’ll enjoy fee exemptions and discounts on paper checks and safes, making US Bank our choice for the best bank with senior benefits.


  • Low opening deposit
  • Free check box
  • Discount on safe rental

The inconvenients:

  • High eligibility age
  • No reimbursement of off-network ATM fees

You can open the US Bank Easy Checking account with a low opening deposit of $ 25. The monthly service charge of $ 6.95 is waived for people 65 or older, which is a higher age requirement compared to other national and online banks we reviewed. US Bank will also waive the $ 2 paper statement fee for senior customers.

Other perks include a free first box of US bank logo checks or a 50% discount on other personal check designs. Then you will benefit from a 50% discount on orders of any of the check models. You will also benefit from a 50% reduction on the cost of renting a safe.

You will enjoy free access to US Bank’s online and mobile banking services, which allows you to track your accounts, receive security alerts, make payments, or send money through Zelle. While you don’t have to pay a fee to use over 30,000 ATMs and MoneyPass in the US, there is a charge of $ 2.50 to use off-network ATMs, which is slightly lower than fees charged by other banks. US Bank does not reimburse off-grid charges.

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How we choose the best accounts for seniors in 2021

To select the best accounts for seniors, Money started with 25 of the largest national retail banks in terms of assets and 15 of the largest online banks. We looked for accounts that were dedicated to seniors or that waived certain fees or offered other benefits to seniors. Money then partnered with data provider Curinos to review account minimums and qualifications, interest rates, monthly service fees, ATM fees, overdraft fees, overdraft protection fees. overdrafts, insufficient fund charges, debit card replacement fees, domestic wire transfer fees, and online banking capabilities.

In selecting the finalists, priority was given to checking and savings accounts with no monthly fees or no monthly fees, free ATMs and higher interest rates. In naming the free accounts, we assumed that customers would agree to receive electronic statements to avoid monthly fees.

Where available, we weighed customer service ratings from JD Power’s 2020 US Retail Banking Satisfaction Survey, 2021 Online Banking Satisfaction Survey, and Customer Satisfaction Survey. mobile banking 2021. Money’s editing team independently verified the information in September and October.

The quoted interest rates were verified on October 25, 2021.

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