Many older Americans have worked decades to save for a stable, well-funded retirement, but managing that savings and wealth over time can present some challenges. On the banking front, seniors need to have options suited for their specific needs when it comes to checking and savings accounts, customer service, branch availability, and fraud protection.
Although several financial institutions offer cost-effective accounts for all their customers, the following banks offer some of the best checking accounts for senior citizens because they cater to an older demographic.
Before selecting a financial institution to help manage yours or a loved one’s financial life, be sure to examine and compare the benefits and drawbacks. Here’s our pick of the top three free checking accounts for seniors in 2024.
1. Axos Bank – Golden Checking (55+)
Another choice for the best bank with checking accounts for seniors is Axos Bank. The financial institution offers the following benefits with its free senior checking account for individuals aged 55 years old and over:
Axos Bank Senior Checking Account Features
- $0 monthly service fee with no minimum balance requirement
- Free Visa debit card
- Fully online banking experience with automated bill pay
- Peer-to-peer (P2P) payments – easily send money to friends and family
- No withdrawal, deposit, or overdraft fees charged by Axos Bank
- Up to $8 ATM fee reimbursement each month (domestic ATMs only)
- Mobile banking with check deposits allowed from smartphone device
- Two free boxes of checks per year
- Account alerts and biometric authentication
- Free incoming wire transfers, direct deposits, other ACH electronic fund transfers
- Earns higher-than-average interest with your money at 0.10% APY
Key Interest Rates, Requirements and Fees
With Axos Golden Checking, applicants must make an initial minimum deposit of $250 to establish an account; however, there is no monthly minimum balance or maintenance fee charged on the account, and the bank does not charge for overdrafts. The current interest rate is 0.10% for all account balance tiers.
Axos Bank is fully digital, so there are no ATMs or physical full-service branch locations. Because of this, the free Golden Checking account for seniors may be best suited for adults who are comfortable with an online and mobile APP experience.
Hot Checking Account Offer for Anyone From Axos Bank
Alternatively, you can open an Axos Bank Rewards Checking Account which is very similar to the Golden Checking with no initial deposit and build your own APY with up to 3.30% APY*. Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
2. TD – 60 Plus Checking (60+)
Through TD Bank, Seniors that are 60-year-olds or older have access to the very popular 60-Plus Checking account that offers the following perks:
TD Bank Senior Checking Account Features
- Free checks, money orders, and paper statements
- Free Visa debit card with contactless and chip payments
- Online banking with Bill Pay
- Mobile deposit of checks using smart phone
- Physical branch locations
- No ATM fees at TD Bank ATMs
- Interest earning on average account balance each month (currently 0.01% APY)
- Interest rate discounts on other TD bank products
- Free (no monthly service charge) for accounts with balances $250 and above
Key Interest Rates, Requirements and Fees
In addition to these features, seniors also have no minimum deposit requirement for opening an account; however, there is a monthly maintenance fee of $10, but this is waived when the daily balance remains at $250 or above. TD Bank also provides discounts to seniors on other TD Bank products, including a 0.25% interest rate reduction on personal lending and home equity loans.
TD Bank operates mainly throughout the Eastern states (CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RH, SC, VT, VA, DC), but online banking access is available to anyone, anywhere in the country. For seniors who have a low balance in their checking account each month, prefer a higher annual percentage yield, or those who don’t have a branch location nearby, TD Bank may not be the best option.
However, a senior citizen who lives in the states TD Bank operates and who meet the requirements to have the monthly maintenance fee waived can benefit from all the advantages the 60-Plus checking account offers.
3. CIT Bank – High-Yield eChecking (All ages)
Another online option for senior banking is CIT Bank. With its eChecking account, CIT provides the following benefits to account holders, without an age requirement:
CIT Bank Checking Account Features
- No monthly service charges
- ATM fees of up to $30 reimbursed each month – CIT Bank charges zero
- Free Mastercard debit card with EMV chip technology
- Simple online and mobile banking experience
- Check depositing via mobile phone and tablet devices
- Money transfer options with Zelle, BillPay, Samsung Pay and Apple Pay
- Personal and custodial account options available during sign-up
- Interest bearing account that earns up to a high 0.25% APY
Key Interest Rates, Requirements and Fees
This free checking account from CIT Bank requires a $100 minimum deposit, but there is no requirement to maintain an average daily or monthly balance. The current interest rate sets this checking account apart as account holders earn 0.10% on balances under $25,000, and 0.25% on average balances at $25,000 or more.
Checking + Savings = Higher APY
Earn even more (11x the national average – up to 4.65% APY*) from your money with a CIT Bank Savings Connect and eChecking account, then easily transfer funds between the two.
Anyone can open a saving or e-Checking account with CIT Bank, regardless of location within the United States. The account opening process only takes a few minutes over the Internet.
Although not specifically geared toward seniors, the CIT Bank eChecking account may be a good option for those who are comfortable with a predominantly online banking experience and looking to obtain a great APY, or share the account with someone else, such as a parent, grandparent, child, or other loved one.
