Best Checking Accounts for Seniors – August 2023

Best Checking Accounts for Seniors - August 2023

Best Senior Checking Accounts for Savvy Seniors

Are you a senior citizen looking for the best checking account that suits your needs? Look no further! Our experts have reviewed several senior checking accounts from national banks, and here are our top picks for the best senior checking accounts. These accounts not only waive fees that are typically charged on other accounts but also offer unique perks that will make your banking experience a breeze.

Best Senior Checking Accounts

1. Axos Bank Golden Checking Account
2. TD Bank 60 Plus Checking Account
3. Regions Bank LifeGreen 62+ Checking Account

These accounts have consistently stood out for their features and are backed by either FDIC or NCUA insurance, ensuring the safety of your money.

Why You Should Trust Us: Experts’ Advice on Choosing a Bank Account

To provide you with the most reliable information, we consulted banking and financial planning experts. They shared valuable insights on how to find the best bank account that fits your unique requirements. Let’s hear what they have to say:

Tania Brown, Certified Financial Planner at SaverLife:

“Before choosing a bank, it’s essential to ensure it’s FDIC insured. Additionally, consider your preferred banking experience. Do you like visiting a physical bank branch? Then opt for a local bank. Are you comfortable with online banking? If so, choose an online bank. Also, think about whether you write checks or not. These factors play a crucial role in deciding which bank is the right fit for you.”

Sophia Acevedo, Certified Educator in Personal Finance and Banking Reporter at Personal Finance Insider:

“I recommend creating a list of priorities when selecting a bank account. Some accounts charge monthly service fees, so check if you can easily meet the requirements to waive those fees. If you’re looking for an interest-earning account, compare the interest rates offered. Make sure the account offers a higher interest rate than the average bank account.”

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Roger Ma, Certified Financial Planner with lifelaidout® and Author of “Work Your Money, Not Your Life”:

“Consider the availability of ATM branches and minimum balance requirements to avoid monthly fees. Look for additional features that can simplify your life, such as free checks, online bill pay, and compatibility with the Zelle network.”

Mykail James, MBA and Certified Financial Education Instructor at BoujieBudgets.com:

“When choosing a checking account, pay attention to the provider of the debit card. Some places may not accept certain card types like Mastercard or American Express, so it’s crucial to ensure your provider’s card is widely accepted.”

Sophia Acevedo, CEPF:

“I suggest looking for a checking account that either doesn’t have any monthly service fees or offers multiple ways to waive those fees. Additionally, consider the availability of customer support and check mobile app ratings.”

Methodology: How Did We Choose the Top Senior Checking Accounts?

We selected senior accounts from national banks for this roundup. However, keep in mind that there may be more options available at regional or local banks in your area. While there are limited options specifically for seniors at national banks, the accounts we’ve listed here have demonstrated excellent features and benefits.

Best Checking Accounts for Seniors: Frequently Asked Questions

Axos Bank Golden Checking Account

Why it stands out: This account is tailored for individuals aged 55 and older. The best part is that there is no age restriction to waive the monthly service fee – no customer pays a monthly fee. Axos Bank also provides access to around 91,000 free ATMs nationwide. If you happen to use an out-of-network machine, Axos reimburses you up to $8 per month to cover the fees charged by the provider.

What to look out for: Axos Bank is an online-only institution, which means there are no physical branches. If you’re comfortable with digital banking, this account offers incredible benefits and convenience.

TD Bank 60 Plus Checking Account

Why it stands out: The TD Bank 60 Plus Checking Account is an excellent choice as it doesn’t require a minimum deposit to open. With this account, you’ll enjoy free paper checks, paper statements, and even money orders. Additionally, TD Bank offers a 0.25% discount on home equity loans and personal loans for account holders.

What to look out for: Keep in mind that TD Bank charges an overdraft fee, which can go as high as $35 per transaction. Be mindful of your account balance to avoid incurring these fees.

Regions Bank LifeGreen 62+ Checking Account

Why it stands out: For seniors looking to earn rewards, the Regions Bank LifeGreen 62+ Checking Account is an excellent choice. By activating individual rewards online or through the Regions app, you can earn cash-back rewards. Furthermore, if you set up automatic payments through this account, you’ll receive loan discounts on specific loans.

What to look out for: Regions Bank offers various overdraft protection options, but none of them are free. If you link another Regions account to cover any overdrafts automatically, it will incur a fee of up to $12 each time.

Bank Trustworthiness and BBB Ratings

To ensure bank trustworthiness, we’ve included each bank’s rating from the Better Business Bureau (BBB). The BBB evaluates businesses based on transparency about their practices, responses to customer complaints, and honesty in advertising.

Regions Bank holds an A- rating from the BBB due to a government action against the bank. In a settlement with the Consumer Financial Protection Bureau, the bank was required to pay $191 million. The CFPB accused Regions Bank of charging surprise overdraft fees for certain ATM withdrawals and debit card transactions.

TD Bank has also faced recent public controversy. The US Bureau of Consumer Financial Protection alleged that TD Bank charged customers for its Debit Card Advance service without their permission, violating the law.

While these concerns should be taken into consideration, it’s essential to weigh them against the overall features and benefits of the respective checking accounts.

Conclusion

Finding the best senior checking account doesn’t have to be a daunting task. By considering the expert advice shared above and exploring our top picks, you can make an informed decision that aligns with your banking preferences and needs. Take advantage of the perks offered by these accounts and ensure the safety of your money at a federally insured financial institution. Happy banking!

• Personal Finance Insider
• pfi
• Senior Checking Accounts