Best bank accounts for seniors

Money management is top of mind for many seniors, especially anyone who is retired and living on a fixed income. For this reason, it can pay to choose a senior-friendly bank account, which may offer perks like a high rate of return and waived monthly maintenance fees. Some seniors may also prefer a bank that offers a branch nearby as well as an available safe deposit box.

Here we’ll look at various bank accounts designed specifically for seniors, as well as accounts for people of all ages that provide perks seniors may enjoy.

Best features to look for in bank accounts for seniors

Competitive APY: It pays to search for an account that offers a high annual percentage yield (APY). Savings accounts earn an APY, and some checking accounts earn interest as well. The higher the APY, the more interest your money will earn.

Accounts with the highest rates of return are often found at online banks, making them a good choice for anyone comfortable with banking electronically. Credit unions also commonly offer accounts with competitive APYs, since their profits go back to members in the form of higher rates.

No minimum account balance: Look for a bank account that doesn’t require a minimum balance — or has a minimum balance that you can easily meet.

No monthly maintenance fees: Many seniors live on a fixed income, and having an account that charges a service fee every month can deplete your savings and cause stress.

Branch availability: Anyone who prefers to do at least some of their banking in person with a teller would do well to find a bank with local branches. What’s more, many seniors desire safe deposit boxes, a feature only available at brick-and-mortar banks.

Best bank accounts for seniors

Best for free checks and paper statements

TD Bank 60 Plus Checking

• Free checks, money orders and paper statements
• 0.25 percent discount on TD Bank home equity and personal loans

TD 60 Plus Checking is an interest-bearing account available to customers ages 60 and older. It provides free standard checks, paper statements and money orders. A debit card is included with this account, and lost debit cards can be replaced on the spot at bank branches.

TD Bank offers more than 1,100 branches along the East Coast, from Maine to Florida. Many of the branches are conveniently open for extended hours, seven days a week, and customer service representatives are available by phone around the clock.

What to watch for: A $250 minimum daily balance is required to waive the $10 monthly service fee. TD Bank branch locations are limited to the East Coast. Some deposit accounts can be opened online, while others — such as CDs — are only available in states where the bank maintains branches.

Best checking that earns interest on all balances

Axos Bank Golden Checking

• Earns 0.10 percent APY on all balances
• No monthly maintenance fees
• Up to $8 in domestic ATM fee reimbursements each month

Designed for those age 55 and older, the Axos Bank Golden Checking account earns an APY of 0.10 percent on all balances, and additional perks include no maintenance fees, free personal checks and up to $8 in domestic ATM fee reimbursements each month.

What to watch for: This is an online-only bank, so those who prefer in-person banking will have to look elsewhere. While there are no monthly service fees, a $250 minimum balance is required to open the account.

Best for no monthly fees or minimum balances

Connexus Credit Union Innovative checking account

While it’s not designed specifically for seniors, this noninterest-bearing account does not charge a monthly fee or require a minimum balance. Connexus Credit Union maintains several branches in Illinois, Wisconsin and Minnesota. Members also have access to more than 5,000 shared branches and 67,000 surcharge-free ATMs.

Those who don’t live or work in a location that qualifies for membership can also become a Connexus member by paying $5 to join the nonprofit Connexus Association, which promotes financial literacy and education.

What to watch for: The Innovative account does not bear interest. Connexus offers an Xtraordinary checking account that does pay a competitive APY when certain requirements are met.

Best for cash-back rewards

Regions Bank LifeGreen 62+ Checking Account

• Cash-back rewards for qualifying purchases
• Discounts on loans when automatic payments are set up
• Discount on a safe deposit box

Available to customers over the age of 62, the LifeGreen 62+ Checking Account allows you to earn cash back from qualifying shopping purchases, with the cash deposited automatically into the checking account. Other account perks include discounts on qualifying loans when automatic payment is set up from the checking account, as well as up to a 60 percent discount on a safe deposit box.

Regions Bank operates branches and ATMs in the South, Midwest and Texas.

What to watch for: A $50 deposit is required to open this account. You’ll also pay a monthly fee of $11 for receiving paper statements, or $8 for online statements. This fee can be waived by receiving the direct deposit of a paycheck or government benefits — in at least one deposit of $300 or more, or a combined amount of $1,000. Alternatively, you can avoid the fee by carrying a $1,500 average monthly balance.

Best online savings account

Ally Bank Online Savings Account

• Pays a competitive APY
• No minimum balance or monthly fees

While Ally’s Online Savings Account is not geared specifically toward seniors, it pays a competitive rate of return that’s several times the national average. The account doesn’t require any minimum balance or charge a monthly service fee.

This online-only account also allows you to set up recurring transfers from a linked account. What’s more, you can use the account’s Buckets feature to allocate set portions of your savings to things like an upcoming vacation or an emergency fund.

What to watch for: Ally Bank maintains no branches — meaning in-person transactions aren’t an option and cash deposits are not accepted. Therefore, anyone not comfortable with banking entirely online should seek out a savings account elsewhere.

Bottom line

The best bank accounts for seniors and retirees may pay a competitive APY, require no minimum balance and charge no monthly service fee — or ensure a service fee is easy to avoid. Bank accounts that feature the right combination of high yields, lack of fees, and other discounts and rewards can help seniors manage their finances and meet savings goals.