The Best Banks for Seniors [2024]

The best banks for seniors offer low or no fees, decent yield on your deposits, and a low account minimum. Seniors are often working with a fixed income and different priorities than other age groups, making it extra important to find bank accounts that work for them.

Fortunately, there are banks that offer plenty of benefits for seniors. I like U.S. Bank, which waives fees for customers over 65, and Chase, which also offers ways to waive fees plus provides almost five thousand branch locations for in-person service.

Use our guide to help you decide which bank is the right fit for you based on your goals, whether you want to save money, earn interest, talk to someone in person, or automate your banking.

How we evaluate 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.

The best banks for seniors

• U.S. Bank
• Capital One
• CIT Bank
• Western Alliance Bank
• Chase
• Charles Schwab
• Wealthfront

Compare the best banks for seniors

Bank	Best for	Annual percentage yield	Monthly service fees
U.S. Bank1 <p>Subject to certain terms and limitations. Offer valid through September 6, 2023. Member FDIC</p> 2 <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>	Waived fees for seniors (65+)	Starting at 0.01% (as of 12/23/24)	May be waived for seniors above 65
Capital One	Opening multiple savings accounts	Up to 4.00% (as of 10/28/24)	$0
CIT Bank	No monthly service fees	Up to 4.35% on savings balances above $5,0003 <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 December 20, 2024: 0.25% APY on balances of $0.01 to $4,999.99; 4.35% 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>	$0
Western Alliance Bank	High annual percentage yield	4.46%4 <p>APY means Annual Percentage Yield. APY is accurate as of December 10, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p>	$0
Chase	In-person customer service	0.01% (as of 12/10/24)	$5–$12, can be waived
Charles Schwab	Investment options	0.1% (as of 12/10/24) on checking; 0.15% (as of 11/11/24) on savings	$0
Wealthfront	Automated saving	5.00% 5 <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>	$0

U.S. Bank

U.S. Bank offers various financial products, including checking accounts, savings accounts, money market accounts, and CDs. Seniors can also get some great credit cards from U.S. Bank, making it easy to do all your banking in one place (if you live in one of the 27 states it does business in). Plus, 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.

Visit U.S. Bank | Read our full review of the U.S. Bank Smartly Checking Account.

Capital One

For a no-monthly-fee bank account, Capital One is worth checking out. 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.

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.

Visit Capital One | Read our Capital One 360 review.

CIT Bank

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 both a checking and a savings account with no monthly service, overdraft, or online transfer fees. There is a minimum deposit requirement of $100 to open a CIT eChecking account.

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.

Visit CIT Bank | Read our CIT Bank Savings Review.

Western Alliance Bank

Western Alliance Bank would be a good fit for seniors looking to earn a high APY on their deposited money. The bank offers a high-yield savings account, available through and managed by Raisin, a digital savings marketplace. This account has no monthly service fees and offers a hefty APY of 4.46%⁴ <p>APY means Annual Percentage Yield. APY is accurate as of December 10, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.</p> , making it a good choice for seniors who want to grow their savings.

Visit Western Alliance Bank

Chase

Chase offers more than 15,000 ATMs and 4,700 local branches for seniors who prefer an in-person banking experience. The company, which is the largest bank in the U.S., offers eight checking accounts, two savings accounts, and a range of CDs with varying terms. Chase bank promotions often offer hundreds of dollars in bonuses, while the credit cards issued by Chase frequently top our card recommendations. The bank offers overdraft protections for many of the depository products it has.

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 12/10/24). 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.

Visit Chase | Read our Chase Bank review.

Charles Schwab

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 on interest on your Schwab checking account funds, which not all banks offer. The APY is 0.1% (as of 12/10/24) on the Investor Checking. You’ll also earn an APY of 0.15% (as of 11/11/24) 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.

Visit Charles Schwab | Learn more in our Charles Schwab review.

Wealthfront

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 5.00% 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.

Visit Wealthfront | Read our Wealthfront Cash Account review.

How to choose the best bank for seniors

Of course, you can’t group all seniors together, but there are some factors that come into play when reaching a milestone age like 55 or 65. Answering the questions below can help inform your decision-making:

• What fees does it charge? Look at monthly service or maintenance fees and other possible costs, including overdraft fees, foreign transaction fees, and reimbursement for ATM fees. The less fees you pay, the better.
• Does the bank offer any special senior discounts or perks? Some banks may waive fees for people over a certain age.
• Are there local branches? 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 the checking and savings accounts you want to open and ensure the rates you get align with competitors' offerings.
• What other products does the bank offer? Make sure the bank offers the products you need, whether you want checking, savings, money market, or CD accounts. You should also consider investment options. Seniors looking for convenience may prioritize finding an institution that offers everything they are looking for in one place.
• Is there a minimum balance requirement? Some bank accounts may require you to maintain a minimum balance to avoid monthly service fees. While this fee can sometimes be avoided with direct deposit, not all seniors have that option if they no longer have a paycheck coming in.
• Is it FDIC-insured?: Make sure the bank has FDIC insurance to know that your money is safe up to insurance limits. Most reputable banks have this coverage.

FAQs

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 10/28/24) 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 3.75% 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.