Even though 70% of bank balance holders in the US are retirees and seniors, this sizable market still seems to be treated as a niche by many companies. For comparison, millennials are also a large group of customers, but they only keep one out of every eleven dollars deposited in their savings or checking account. [1] In other words, senior citizens in the US are not only a significant group of customers but they also possess the most wealth.
Fortunately, there are many banks that recognize this and offer special savings and checking accounts deals for seniors in an effort to keep these valuable customers. These special offers come with some perks designed to appeal to seniors such as free checks or a way to avoid fees with low deposit requirements. [2] So, if you’re 55 and older, explore and compare some of the best deals below with your current savings or checking account terms.
TD Bank TD 60 Plus Checking
In an effort to bring in more customers over 60, TD Bank has come up with a TD 60 Plus Checking account that earns you 0.05% APY interest. [3] You only need to deposit $250 to avoid monthly fees which are otherwise $10, and there’s no fee for paper statements, money orders, or checks.
The TD 60 Plus Checking account also lets you take advantage of online banking, besides the use of free paper statements for banking by mail or with your phone. Additional benefits include a 0.25% discount on personal or home equity loans.
Charles Schwab Bank High Yield Investor Checking
Everyone including seniors can use the Charles Schwab Bank High Yield Investor Checking account and have 0.40% APY interest with no monthly fees, even if you don’t have money deposited. Those who sign-up will also get a Visa Platinum Debit card and can send or receive standard checks for free.
Finally, the bank will reimburse you for any ATM fees, so you could save up to $36 per month. [4]
Travis Credit Union Silver Wings Checking
Those who are over 60 should consider the Silver Wings Checking account from the Travis Credit Union. There are no monthly fees with this account and there’s only a $1 requirement to open it. All account holders can earn dividends and this doesn’t depend on your monthly balance. In addition, potential customers get free checks, free overdraft transfer fees, 24-hour phone support, theft assistance. Lastly, e-statements are free, and online banking is supported through a free app that works on both Android and iOS devices. [5]
US Bank Gold Checking Account
The US Bank Gold Checking Account doesn’t include a monthly fee of $14.95 if you have another product from this bank. Those looking to buy an apartment or condo while selling their house will have a 0.25% discount or up to $1,000 for home loans which are taken from the closing costs. The Gold Checking Account includes a debit card, free mobile, and online banking, as well as many physical locations across the US. [6]
Conclusion
As you grow older and near retirement, it’s worth considering all the options available when it comes to checking and savings accounts. Think about what you need and find the best one for you. It’s time to put your hard-earned money to work.
[1] https://www.bankrate.com/banking/checking/banks-target-seniors-for-free-checking/
[2] https://www.gobankingrates.com/banking/checking-account/best-checking-accounts-for-retirees/
[3] https://www.td.com/us/en/personal-banking/checking-accounts/60-plus/
[4] https://www.schwab.com/public/schwab/banking_lending/checking_account
[5] https://www.traviscu.org/personal/spend-save/checking/#SilverWingsChecking
[6] https://www.usbank.com/bank-accounts/checking-accounts/gold-checking-account.html