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Seniors often work with fixed incomes and different priorities than younger consumers, which is why it's especially important to find the right bank account if you're on the older side. The best bank for a 30-year-old might not be the best bank for a 60-year-old. Accessibility options, fees, online and mobile platforms, features, and benefits all matter, and you could have different preferences for all of these as a senior.
Fortunately, many banks offer numerous benefits for seniors, including waived monthly maintenance fees and a wide network of in-person branches. The best banks for seniors also offer decent interest rates and low account minimums.
Here are the bank accounts we'd recommend to the seniors in our lives, taking into account specialized benefits for seniors, in-person access, and more.
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How we rate products
To identify the best banks for seniors, we reviewed top banks that offer account options with features that may be appreciated by people over age 65. We also considered banks with features for people over age 55. We then compared the following factors: annual percentage yield on both savings and checking; minimum balance required to open and maintain an account; the number and availability of bank branches; the fees and charges associated with these accounts; and whether the bank offered other features that stand out among competitors.
We did not review every bank account in the market, and our recommendations are not listed in a specific order. Our goal is to give readers a summary of the best banks for seniors to help them choose an account that suits their needs, goals, and preferences.
Compare the best bank accounts for seniors in February 2026
| Bank | Best for | Monthly service fee | |
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Banking in person as a senior | $15, can be waived | |
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Avoiding common banking fees | $0 | |
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Select Savings from Barclays
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AARP members | $0 | |
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CIT Bank Platinum Savings6 <p class="">For a complete list of account details and fees, see our Personal Account disclosures: <a href="https://cit-fcb-t.cit.com/cit-bank/resources/forms">https://cit-fcb-t.cit.com/cit-bank/resources/forms</a></p> |
Seniors focused on saving | $0 | |
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U.S. Bank Smartly Checking7 <p>Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account</p> 8 <p>Subject to certain terms and limitations. Member FDIC.</p> |
Seniors over 65 | $12; may be waived for seniors above 659 <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,500+, an average account balance of $1,500 or greater, the owner of an eligible Small Business Checking account, the owner of a U.S. Bank Smartly VisaTM Signature® Card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for Smart Rewards® Gold tier or above.</p> | |
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Retirees | $0 | |
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Seniors who want to invest | $0 |
Chase Total Checking
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- APY: 0%
- Monthly fee: $15; can be waived11 <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period: </p> <p>$500+ in qualifying electronic deposits</p> <p> OR $1,500+ balance at the beginning of each day</p> <p> OR $5,000+ average beginning day balance in this account, or in combination with any linked qualifying personal deposits or in investments</p><p class="">OR Link this account to a qualifying checking account</p>
If you like to pull out cash at an ATM, deposit a check at a local branch, or just talk to a person about your accounts, as many seniors do, Chase is a bank to consider. It's one of the best options for in-person access. Chase offers more than 15,000 ATMs and 4,700 local branches. The bank, which is the largest bank in the U.S., offers eight checking accounts, two savings accounts, and a range of CDs with varying terms (although its savings rates aren't competitive, on the whole).
We recommend the Chase Total Checking account if you want an everyday checking account with the convenience of visiting a local branch.
Unfortunately, the APY on Chase's checking and savings accounts is pretty terrible. The Chase Total Checking account earns no interest, while the Chase Savings account earns just 0.01% (as of 10/16/25). The accounts also come with monthly service fees unless you can meet certain criteria, such as specific minimum balances or monthly direct deposits. While there are plenty of bank branches for seniors to visit, keep in mind that monthly fees and low APYs are the tradeoff.
- Has thousands of branches to provide in-person service
- Offers a wide variety of financial products, including checking, savings, and CDs
- Provides overdraft protection for most accounts12 <p>With Chase Overdraft Assist℠, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.</p>
- Charges monthly service fees for all checking and savings accounts unless you meet specific requirements
- Provides little or no interest on deposits
Visit Chase | Read our Chase Bank review.
Capital One 360 Checking
- APY: 0.10% (as of 09/15/25)
- Monthly fee: $0
Seniors looking for a stress-free banking experience should consider checking out Capital One. It offers the 360 Checking and 360 Performance Savings accounts, which have no monthly service fees and no minimums to open or maintain. Capital One's credit cards are some of the best around, and the company's CDs offer competitive rates, too.
If you bank with Capital One 360, it's easy (and smart) to save with Capital One 360, too. Personally, I love that Capital One will let you open multiple savings accounts so you can organize your short-term savings goals; I have one for travel and another one for sinking funds for car repairs and the like.
The checking account gives you access to more than 70,000 fee-free ATM locations, which could help you save money if you need to hit the ATM. However, Capital One doesn't reimburse for fees incurred at other bank ATMs the way some banks do.
In my opinion, the savings account offers a decent rate, but if you want the absolute highest annual percentage yield, you'll need to keep looking.
- Charges $0 monthly service fees
- Offers decent APY on its Performance Savings account
- Provides access to more than 70,000 fee-free ATMs
- Doesn't have a minimum balance requirement
- Fewer physical branches than some competitors
- APY rates lag behind some competitors
Visit Capital One | Read our Capital One 360 review.
Select Savings from Barclays
- APY: 4.25%
- Monthly fee: $0
The Select Savings from Barclays account is only available to AARP members. And if that's you, you should definitely consider the high-yield savings account with no minimums. It earns an APY of 4.25%, regardless of your balance. This is even more competitive than other savings accounts from Barclays, which frequently offer great rates relative to both the national average and the best accounts.
This is one of two exclusive account options offered by AARP Digital Banking from Barclays. The other are Select CDs from Barclays, which earn decent APYs but not the best.
Barclays doesn't offer in-person service via branches, but it does have highly rated mobile apps and 24/7 customer support.
- Excellent savings rate on any balance
- No minimums or monthly fees
- Robust help center and 24/7 customer service
- Only available to AARP members
- No in-person access
- Very limited account options with Barclays
CIT Bank Platinum Savings
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- APY: 3.75% on balances above $5,00013 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>
- Monthly fee: $0
I hate the idea of paying a bank for the privilege of holding my money, so I always recommend looking for ways to reduce or eliminate monthly service fees. CIT Bank offers a competitive savings account with no monthly service, overdraft, or online transfer fees. There is a minimum deposit requirement of $100 to open an account. The Platinum Savings account offers an excellent APY of up to 3.75%.13 <p>Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of Jan. 09 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.</p>
CIT Bank offers a variety of other financial products, too, including CDs (but you'll find better CD rates elsewhere). The bank doesn't provide in-person customer service since it has no physical branches, so it won't be a good fit for seniors who prefer to bank face-to-face.
- Charges $0 monthly service fees
- Offers competitive APY rates on its Platinum Savings account
- Offers a wide variety of financial products
- Provides a full-featured mobile app
- Doesn't have physical branches
- Requires a $100 deposit to open an account
- Requires a balance of at least $5,000 to get the highest APY on its Platinum Savings account
Visit CIT Bank | Read our CIT Bank Savings Review.
U.S. Bank Smartly Checking
- APY7 <p>Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account</p> : 0.001%-0.005% (as of 7/14/25)
- Monthly fee: $12 monthly maintenance fee, waived for seniors above 659 <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,500+, an average account balance of $1,500 or greater, the owner of an eligible Small Business Checking account, the owner of a U.S. Bank Smartly VisaTM Signature® Card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for Smart Rewards® Gold tier or above.</p>
U.S. Bank shines thanks to the perks it offers seniors (65 and above), like the ability to waive its $12 monthly maintenance fee on the U.S. Bank Smartly® Checking account.
It also tops our list thanks to the ability to bank in person and the variety of financial products it offers, including checking accounts, savings accounts, money market accounts, and CDs. You'll get in-person customer support at more than 2,000 local branches, which I think is a major advantage for people who prefer to deal with human tellers and not their phone.
Unfortunately, U.S. Bank charges monthly service fees if you aren't over 65 or meet certain requirements, so it's not a good choice if you aren't 65 yet. Additionally, the interest rates on most U.S. Bank accounts are either undisclosed or low (except for the U.S. Bank Elite Money Market account), so if yield is important, you might want a different bank.
- Waives monthly maintenance fees for seniors over 65
- Provides in-person support at more than 2,000 branches
- Offers a wide variety of financial products
- Offers overdraft fee forgiveness
- Only open to prospects in 26 states
- Charges a monthly service fee for those under 65 who don't meet certain criteria
- APYs are either low or undisclosed for most accounts
Visit U.S. Bank | Read our full U.S. Bank Smartly Checking review.
Wealthfront Cash Account
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- APY15 <p>Wealthfront Cash account is offered by Wealthfront Brokerage LLC, Member of FINRA/SIPC. Wealthfront Brokerage is not a bank. We convey funds to partner banks who accept and maintain deposits, provide the interest rate, and provide FDIC insurance. Rate is subject to change.</p> : 3.50%
- Monthly fee: $0
While Wealthfront isn't technically a bank (it's a brokerage), its Cash Account is impressive enough to make our list, and it's great for seniors who are looking for something beyond what the traditional checking and savings account has to offer.
Tech-savvy seniors who want to earn a competitive APY on their cash should check out the Wealthfront Cash Account. It earns a solid APY of 3.50% and has no minimum balance requirement or account fees, and you can start with just $1. Plus, you can set up automations that route your funds into savings or investment accounts, helping you reach your goals faster.
It's a cash account, not a savings account, so you can make as many transfers as you want. And because Wealthfront uses a variety of partner institutions to hold its deposits, you may be able to get up to $8 million in FDIC insurance.
On the downside, Wealthfront has no physical branches, so you'll need to be comfortable with managing your money on your phone or computer. It also means that depositing cash into the account is complicated, so seniors looking for a more traditional bank account should look elsewhere.
- Charges $0 monthly service fees
- Offers a competitive APY rate on its Cash Account
- Provides an automated savings feature
- Doesn't have a minimum balance requirement
- Doesn't have physical branches
- Doesn't provide easy ways to deposit cash
Visit Wealthfront | Read our Wealthfront Cash Account review.
Charles Schwab Investor Checking
- APY: 0.05% (as of 10/14/25)
- Monthly fee: $0
The Charles Schwab Investor Checking and Investor Savings accounts link to your Schwab brokerage account, making it easy to move money from one account to the other for trades and purchases. Plus, there's no minimum balance requirement or monthly service fees. You'll need to open (or already have) a Schwab brokerage account to get a Schwab checking account, but that's a plus in my opinion, since Schwab's investment options and brokerage accounts are so strong.
Seniors who are eager to travel the world can forget about foreign transaction fees when using the Schwab Bank Visa Platinum debit card associated with their Investor Checking account, plus unlimited ATM fee rebates worldwide, which can help cut costs when traveling.
You'll earn interest on your Schwab checking account funds, which not all banks offer. The APY is 0.05% (as of 10/14/25) on the Investor Checking. You'll also earn an APY of 0.15% (as of 10/14/25) on the Investor Savings account, which is pretty on par with the national average but is much lower than what you can get with an online high-yield savings account.
- Charges $0 monthly service fees
- Provides unlimited ATM fee rebates worldwide
- Offers a debit card with no foreign transaction fees
- Doesn't have a minimum balance requirement
- Requires you to open a Schwab brokerage account
- Offers low APY on checking and savings accounts
Learn more in our Charles Schwab review.
How to choose the best bank as a senior or retiree
Not all seniors need the same things from their banks or accounts, but there are a few common themes for this age group that set these customers apart from others. Here are key questions to ask yourself if you're comparing banks or checking to make sure a bank account you're thinking about is truly a good fit.
- What fees does it charge? Look at monthly service or maintenance fees, overdraft fees, foreign transaction fees, and ATM fees. Many savings and checking accounts created for seniors waive monthly maintenance and other fees for people over a certain age. The fewer fees you pay, the better.
- Is there a minimum balance requirement? Some bank accounts may require you to maintain a minimum balance to avoid monthly service fees. While these fees can sometimes be avoided with direct deposit, this might not work for you if you no longer earn a regular paycheck. Note that federal benefits such as Social Security payments count as direct deposits.
- Does the bank offer senior discounts or perks? Some banks may waive fees for people over a certain age. Commonly, the minimum age for this is 55 or 60. Specialized senior bank accounts may offer perks like free checks, discounted safe deposit boxes, or waived ATM fees.
- Are there local branches near you? If you need access to a safe deposit box or want in-person customer service, consider a bank with a significant physical presence where you live.
- Will you earn interest? Find out the APYs you'd earn on bank accounts you'd open and make sure they're competitive. For reference, the best savings accounts are currently earning over 3.00% APY, while many high-interest checking accounts earn at least 1.00% APY.
- What other products does the bank offer? Make sure a bank you're considering offers accounts and services you might need later on, not just right now. For example, you might need a new checking account today, but a high-yield CD in the near future. It's more convenient to stick with one bank and get used to its online banking platform and quirks than to open multiple accounts with different institutions.
- Is it FDIC-insured?: Make sure any bank you're thinking about giving your business to has FDIC insurance to protect your money. All reputable banks offer this coverage, and reputable credit unions offer NCUA insurance. Institutions often prominently advertise this coverage on their websites.
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FAQs
What's the difference between an online bank and a traditional bank?
An online-only bank operates entirely online, without physical branches. All account management activities must take place on your computer, tablet, or smartphone. A traditional bank typically has branches in multiple states nationwide. Examples are national banks like Chase, Citi, and Wells Fargo, as well as the smaller local banks that may be in your area.
What is the best bank for senior citizens?
If you're a senior, the best bank for you will depend on what's most important to you, as well as your financial situation. U.S. Bank, Chase, and Capital One offer local branches for in-person banking. Meanwhile, Wealthfront, CIT Bank, and Capital One offer competitive rates on some of their accounts.
Compare several banks based on their monthly service fees, APY rates, ATM withdrawal access, fees for money orders, and other factors to find the best bank for you.
What banks have free checking accounts with no minimum balance?
You'll find plenty of banks that offer free checking accounts with $0 monthly service fees and no minimum balance requirements. Capital One and Charles Schwab are two banks with these features. Other banks may waive the monthly service fee or require no minimum balance as long as you can meet other criteria, such as having sufficient direct deposits each month.
Banks that didn't make our list
While we think the list above provides plenty of excellent options for seniors, there are some accounts that might be a better fit for you, depending on your goals.
- Axos Golden Checking: The Golden Checking account is Axos' product designed especially for people 55 and older, with no maintenance fees and free checks included. While we think those are great perks, the account's 0.10% (as of 10/02/25) APY is lower than other options on our list. Read our Axos Bank review.
- Discover Bank: Discover offers great options for checking, savings, credit cards, and personal loans, including a checking account that offers cash back and an online savings account with a 3.40% APY. However, Discover's banking options are online, so they're not a good fit for seniors who prefer in-person service. Read our Discover review.
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