Best Banks for Seniors [2024]: Low Fees, High Interest, and Great Service

The best banks for seniors offer competitive interest rates, great customer service, and other perks that can help them make the most out of their bank accounts.
Updated Feb. 8, 2024
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Senior couple opening a bank account

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The best bank for someone in their senior years should be a bank that offers zero or low monthly service fees, a decent annual percentage yield, and a low account minimum. Having physical branches is also a helpful plus. Banks like U.S. Bank, Chase, Western Alliance Bank, and Capital One meet one or more of these criteria.

Let’s look at the best banks for seniors and dive into pros and cons. Use this guide to help you decide which bank is the right fit for you based on your goals, whether that’s saving money, earning interest, having in-person support, or using the ease of online banking.

In this article

Key takeaways

  • Our top bank recommendations for seniors include U.S. Bank, Wealthfront, Chase, and Capital One.
  • Some banks have local branches to provide in-person customer service, while others offer digital banking experiences.
  • Seniors should focus on monthly maintenance fees, minimum balance requirements, and annual percentage yield (APY) rates when deciding which account is right for them.

The best banks for seniors

Comparison of the best banks for seniors

Bank Best for Depository products Annual percentage yield Monthly service fees
U.S. Bank1 Waiving fees for seniors (65+)
  • Checking
  • Savings
  • Money Market
  • CD

U.S. Bank Smartly Checking2: Must contact a banker for current rates

U.S. Bank Bank Smartly Checking: $6.95, waived for seniors above 65

U.S. Bank Standard Savings: 0.01% (as of Jan. 9, 2024)

U.S. Bank Standard Savings: $4, can be waived

Wealthfront Automated saving
  • Cash Account

Wealthfront Cash Account3: 5.00%

Wealthfront Cash Account: $0

CIT Bank $0 monthly service fees
  • Checking
  • Savings
  • Money Market
  • CD

CIT eChecking: 0.25% (as of Sep. 18, 2023) for balances above $25,000

CIT eChecking: $0

CIT Platinum savings4: 5.05% on balances above $5,000

CIT Platinum savings: $0

Western Alliance Bank High annual percentage yield
  • Savings

Western Alliance Bank Savings: 5.25%

Western Alliance Bank Savings: $0

Chase In-person customer service
  • Checking
  • Savings
  • CD

Chase Total Checking: Doesn’t earn interest

Chase Total Checking: $12, can be waived

Chase Savings: 0.01% (as of Oct. 6, 2023)

Chase Savings: $5, can be waived

Charles Schwab Investment options
  • Checking
  • Savings

Charles Schwab Investor Checking: 0.45% (as of May 23, 2023)

Charles Schwab Investor Checking: $0

Charles Schwab Investor Savings: 0.48% (as of May 23, 2023)

Charles Schwab Investor Savings: $0

Capital One $0 account minimum
  • Checking
  • Savings
  • CDs

Capital One 360 Checking: 0.10% (as of Jan. 10, 2024)

Capital One 360 Checking: $0

Capital One 360 Performance Savings: 4.35% (as of Mar. 4, 2024)

Capital One 360 Performance Savings: $0

U.S. Bank: Best for waiving fees for seniors over 65

Pros Cons
  • Waives monthly service 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 available in 27 states
  • Charges a monthly service fee for those under 65 who don't meet certain criteria
  • APY rates are either low or undisclosed for most accounts

Who it’s best for: Seniors over 65 who want $0 service fees and in-person customer support.

U.S. Bank offers various financial products, including checking accounts, savings accounts, money market accounts, and CDs. Seniors can also get credit cards from U.S. Bank and may benefit from having access to all these banking products in one place.

Unfortunately, U.S. Bank accounts charge monthly service fees — although the bank waives these fees for seniors 65 and over. Seniors who use U.S. Bank may appreciate the easy access to in-person customer support available at more than 2,000 local branches.

However, U.S. Bank charges monthly service fees if you aren’t over 65 or meet certain requirements. Additionally, the interest rates on most U.S. Bank accounts are either undisclosed or low, with the only exception being the U.S. Bank Elite Money Market account.

If you’re considering this bank, ensure you reside in one of the 27 states it operates in.

Visit U.S. Bank.

Earn up to $700

When you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm

Open and fund your accounts to earn up to $700

Wealthfront: Best for automated savings

Pros Cons
  • 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 access to cash deposits

Who it’s best for: Seniors who feel comfortable with an all-digital experience with the advantage of a competitive APR and access to simple automated savings tools.

Fee-conscious seniors who want to earn a competitive APY rate may enjoy using Wealthfront Cash Account. This account comes with no monthly service fees and unlimited fee-free transfers. It earns an APY rate of 5.00% and has no minimum balance requirement.

On the downside, Wealthfront has no physical branches, meaning your experience is limited to its iOS and Android apps and desktop.

This also means that depositing cash into the account is complicated. Seniors looking for a more traditional bank account may prefer other options we recommend.

Visit Wealthfront

… Or learn more in our Wealthfront Cash Account review.

Wealthfront Cash Account - 5.00% APY5

High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.

Open Account

CIT Bank: Best for $0 monthly service fees

Pros Cons
  • Charges $0 monthly service fees
  • Offers competitive APY rates on its Platinum Savings account
  • Offers a wide variety of financial products
  • Allows for quick and easy travel alerts
  • 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

Who it’s best for: Seniors who want checking or savings accounts with $0 monthly service fees and access to competitive APY rates.

CIT Bank offers an eChecking account with no monthly service, overdraft, or online transfer fees. However, a $100 minimum deposit is required to open this account.

The bank also offers a Platinum Savings account with an APY of 5.05%. Clients who want to earn this rate must maintain a $5,000 balance or more.

CIT Bank offers a variety of financial products. For ease of use, seniors can use a CIT Bank checking and savings account and competitive rate CDs. Frequent travelers may enjoy CIT's simple-to-use system to set up travel alerts.

However, CIT Bank requires a minimum deposit of $100 to open an account, and has certain balance requirements to earn higher APY rates on its eChecking and Platinum Savings accounts. Additionally, the bank doesn’t provide in-person customer service since it has no physical branches.

Visit CIT Bank.

CIT Bank Platinum Savings - 5.05% APY4

High Yield Savings Account. $5,000 minimum balance. FDIC Insured.

Open Account

Western Alliance Bank: Best for high annual percentage yield

Pros Cons
  • Charges $0 monthly service fees
  • Offers a high APY rate
  • Has a low $1 minimum deposit
  • Requires opening an account through the SaveBetter platform
  • Doesn’t offer personal checking accounts
  • Has limited access to ATMs and physical branches

Who it’s best for: Seniors looking to earn a high APY rate on their deposited money.

Western Alliance Bank offers a high-yield savings account, available through and managed by SaveBetter, a digital savings marketplace. This account has no monthly service fees and offers an APY rate of 5.25%, making it a good choice for seniors who want to grow their savings. The account also has a low minimum deposit of $1.

The main downside is that you need to open your account through the SaveBetter platform, which may not be convenient for some customers who prefer direct access to their bank. This also limits your ATM and physical branch access.

Western Alliance Bank mainly caters to businesses, so aside from this personal savings account, it offers no other consumer products.

Visit Western Alliance Bank.

Chase: Best for in-person customer service

Pros Cons
  • Has over 15,000 ATMs and 4,700 local branches to provide in-person service
  • Offers a wide variety of financial products including checking, savings, and CDs
  • Provides overdraft protection for most accounts
  • Charges monthly service fees for all checking and savings accounts unless you meet specific requirements
  • Provides little or no interest on all accounts

Who it’s best for: Seniors who prioritize in-person service and maintain a relatively high minimum daily balance, receive certain amounts of monthly direct deposits, or meet other requirements to avoid fees.

Chase is one of the largest banks in the U.S., with a nationwide presence of over 15,000 ATMs and 4,700 local branches. This makes it a great choice for seniors who want access to in-person support.

Chase also offers various financial products, including eight checking accounts, two savings accounts, and CDs. Some accounts may come with Chase bank promotions, making them more attractive. Credit cards issued by Chase often top our card recommendations. The bank offers overdraft protections for many of the depository products it has.

Unfortunately, the APY rates Chase offers aren’t attractive. For example, the Chase Total Checking account earns no interest, while the Chase Savings account earns 0.01% (as of Oct. 6, 2023).

Chase accounts come with monthly service fees unless certain criteria are met, such as specific minimum balances, monthly direct deposits, or other requirements.

Visit Chase.

… Or learn more in our Chase Bank review.

Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.6FDIC Insured. Offer valid through April 17, 2024.

Open Account

Charles Schwab: Best for investment options

Pros Cons
  • 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

Who it’s best for: Seniors who want access to various investment options along with banking products and travel-related perks.

Charles Schwab Investor Checking and Investor Savings accounts are great options for seniors who travel frequently due to the many benefits offered to those on the road.

Not only do you not have to worry about foreign transaction fees when you use your Chase debit card, but you also benefit from unlimited ATM fee rebates worldwide. This means Charles Schwab pays you back for ATM fees you end up incurring.

Schwab's checking and savings accounts don’t have a minimum balance requirement nor charge monthly service fees. Schwab offers extensive investment options and tools to help you join the market with ease.

However, you must have or open a Schwab brokerage account to open a Schwab checking account. Additionally, the interest you earn on Schwab checking and savings account is small, as you earn an APY of 0.45% (as of May 23, 2023) on the Investor Checking and an APY of 0.48% (as of May 23, 2023) on the Investor Savings accounts.

Visit Charles Schwab

… Or learn more in our Charles Schwab review.

Capital One: Best for $0 minimum

Pros Cons
  • 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
  • Has fewer physical branches than some competitors
  • APY rates lag behind some competitors

Who it’s best for: Seniors who prioritize checking and savings accounts with no minimum requirements and $0 monthly service fees.

Capital One offers 360 Checking and Performance Savings accounts with no monthly service fees and no minimums. In addition to these accounts, the bank offers Capital One credit cards and CDs.

The checking account gives you access to more than 70,000 fee-free ATM locations. However, you aren’t reimbursed for fees incurred at other bank ATMs.

The 360 Checking account earns an APY of 0.10% (as of Jan. 10, 2024), while the Performance Savings account earns an APY of 4.35% (as of Mar. 4, 2024). The savings account offers a decent rate, but it doesn’t match what you can earn with some competitors.

Visit Capital One.

How to choose the best banks for seniors

To choose the best banks for seniors, consider the following when comparing your options:

  • What fees are charged? 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 seniors.
  • Does the bank have 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 to ensure the rates you get align with competitors' offerings.
  • What other financial 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 all they are looking for.
  • 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.
  • Insurance from the Federal Deposit Insurance Corporation (FDIC): You should also make sure the bank has FDIC insurance to know that your money is safe up to insurance limits. Most reputable banks have this coverage.

FAQ about the best banks for seniors

Is Chase a good bank for seniors?

Chase can be a good financial institution for seniors who can meet minimum balance or direct deposit requirements to avoid monthly service fees. Chase has many local branches and ATMs for account holders who prefer to access funds in person or who need in-person customer service.

Chase offers mobile banking and online bill pay, allowing you to pay your bills electronically without writing and mailing checks. You can also opt out of paper statements and view your account balance on the mobile app.

The downside of Chase checking and savings accounts is that you may earn no or little interest.

What’s the difference between an online-only bank and a traditional bank?

An online-only bank operates entirely online, without physical branches. A traditional bank is a financial institution with branches in multiple states nationwide, such as national banks like Chase, Citi, and Wells Fargo.

How can I choose the best bank for my senior checking account?

Choosing the best bank to open a checking account for a senior depends on your goals and preferences. You should compare different banks based on monthly service fees, APY rates, ATM withdrawal access, other fees for money orders, and more.

For example, some banks may waive or reduce monthly service fees, overdraft fees, paper statement fees, and money order fees. Some banks, such as Charles Schwab, even offer ATM fee reimbursements.

What banks have free checking accounts with no minimum balance?

Many banks offer checking accounts with $0 monthly service fees and no minimum balance requirements. This includes Ally Bank, Capital One, and Charles Schwab. Other banks may waive the monthly service fee for a checking account and offer no minimum balance if you receive a certain amount of qualifying direct deposits each month.

Best banks for seniors: bottom line

Seniors have many great bank account options, some of which offer $0 service fees for checking and savings accounts and high APY rates. Other banks offer perks for travelers, overdraft protections, or ATM fee reimbursement.

As you take the time to decide, also consider the best banks and credit unions to explore other options that may work for you.

Our methodology

To identify the best banks for seniors, we first looked at various bank accounts that offer benefits that seniors may appreciate. We then compared the features and fees of these accounts to see how they stack up against each other.

We considered several factors, including but not limited to:

  • APY rates: We checked the annual percentage yield (APY) or interest rate of each account to see how much money seniors can earn on their deposits.
  • Minimum balance: We looked for accounts with no or low minimum balance requirements to avoid monthly service fees or earn higher interest rates.
  • Branch availability: We considered the availability and convenience of bank branches and ATMs for seniors who may prefer to bank in person or need access to safe deposit boxes.

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 and preferences.

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Author Details

Christy Rakoczy Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.

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