The best banks for seniors will help them manage their retirement funds and much more. Banks and credit unions have different criteria for setting up a senior account. In some banks, age 50+ qualifies for a senior account; at other banks, 65 is the minimum age. The top banks for senior citizens offer lots of benefits, in addition to free or low-cost checking. Many offer high-interest senior accounts, low deposit requirements for free checking, free money orders, cashier’s checks, and wire transfers, free notary services, discount brokerage accounts for seniors, free deposit boxes, and free foreign transactions for seniors.
Since many seniors spend their retirement years traveling, the best banks for senior checking often offer online banking services, for easy access anywhere in the world. Other benefits for the include: discounted travel planning and travel insurance, free or discounted traveler’s checks, and emergency funds in case of a lost or stolen wallet. Free senior checking is common at most banks, but you can really do yourself a favor by shopping additional benefits and looking for a senior account with no hidden fees. Best choices in senior bank accounts vary by user preference.
If you’re comfortable using online banking services, you’ll find lots of convenient and time-saving features like photo deposit, online billpay, automatic bill pay, and online transfers. Many credit unions also offer online gift card shopping, so you can send gifts from your computer or smartphone, without ever going near the mall! If you’re less comfortable with online banking, be sure to look for a bank with plenty of branches and ATM locations near you.
Make sure to vote for your favorite bank that caters to seniors below, and add any we might have missed to this list.