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Bank Accounts for Seniors – Best Options, Key Features, and Tips

Today, banks offer a variety of discounts and perks to seniors, making it easy to open and access an account. A senior bank account is specially designed to attract older adults through its unique features. For instance, some checking accounts may waive the monthly service fee for people over 50. Switching to a bank offering such benefits can help seniors save money. So, here is everything to know about the best bank accounts for seniors:

Bank Accounts for Seniors – Best Options, Key Features, and Tips

Top checking accounts
Money management is the top concern among most seniors who are nearing retirement or looking to make smart financial moves in retirement. This is where one may look for banks catering to seniors. Some banks offer senior account holders appealing terms for checking accounts, like high returns and discounted or waived service fees. So, here is a look at a few banks offering the best checking accounts for senior citizens:

TD Bank: With its TD 60 Plus Checking account, TD Bank caters to people aged 60 and above. Some of the perks are free money orders and checks. Further, maintaining a daily balance of $250 allows account holders to skip the $10 service fee.

U.S Bank: While its checking account caters to people of all ages, those over 65 can get additional perks like no maintenance fee and free checks on the first order, regardless of the balance and withdrawals.

Chase: The Chase Total checking account caters to seniors who want to ensure convenience. Older adults can make the most of its free checking across 5,000 branch offices and make deposits by taking a picture of the check and submitting it via the mobile app. Seniors can also set up their Social Security checks for direct deposits within 60 days of opening an account and get a $200 sign-up bonus.

BB&T Bank (now Truist): It offers a checking account for people over 55, offering perks like waived $10 fee for maintaining a balance of $1,000. It also offers mobile banking, making it a go-to option for seniors who want to access their accounts from the comfort of their homes. 

Key features to consider
Here are a few features to look for when choosing a bank account for seniors:

Competitive APY: The best senior citizen bank accounts offer older adults higher APY (annual percentage yield) than standard accounts. A higher APY means account holders can earn more on their deposits.

No minimum account balance: One should look for a bank account that does not require a minimum account balance. However, sometimes, banks may waive service fees for maintaining a specific amount in the account.

No maintenance fees: Maintenance or service fees can be unnecessary expenses when living on retirement savings. So, one should look for banks that waive the fee for older adults.

Accessibility: One should choose a bank that has multiple branches and offers mobile banking services. This makes the bank accessible to older adults. The bank should also offer offline assistance to senior citizens. 

Tips for choosing the best accounts
Here are a few tips for choosing the best accounts for seniors:

Consider the perks: Today, there are countless benefits for seniors, including free checks and money orders. Standard accounts can charge a fee for not maintaining the minimum balance or offer an extremely low interest rate on savings. So, one should shortlist only the best high-yield savings account for seniors.

Be wary of welcome offers: Some institutions have a great welcome offer for seniors, which can be the only perk they get. So, one should see if the account is beneficial in the long run. Nonetheless, getting a couple of hundred dollars merely for opening an account can be a great perk.

Evaluate communication: One should explore how the bank system builds relationships and communicates with its customers before opening an account. This can help them avoid surprises.

Key benefits
Ease of transaction: The best bank accounts for seniors are designed to make transactions easy to learn and carry out. From free passbooks to online bill payment services and mobile banking, such an account promises convenience and assurance.

Priority service: As a senior customer, one can avail of the priority services at every bank branch. The manager will also guide one, with the support extending beyond the branch. Here, good customer service could make it easy for senior citizens to ask questions and get quick responses to their queries.

When one has retired and is trying to make cautious money management decisions, finding a financial institution that offers products and services specifically designed for older adults can be a blessing. Along with a good APY, waived fees, freebies, and welcome offers, attentive customer support can make it easier for older adults to manage their savings and carry out transitions. Bank accounts for seniors can simplify the banking process. Choosing the best bank accounts for seniors is the first step toward a comfortable, secure, and financially rewarding post-retirement life for senior citizens.

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