/images/2023/09/14/woman_using_laptop.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/authors/ashley-donohoe-headshot.jpg)
/authors/melinda-sineriz-financebuzz.jpg)
Seniors often have fixed incomes and different priorities than younger consumers. For example, the 2026 National Age-Friendly Banking Survey from the Consumer Financial Protection Bureau found that about 58.4% of seniors aged 60 and older banked at a physical branch in the past month, compared to 44.8% of adults across age groups. Regardless of your preferences, you have to know how to find the right bank account if you've been around the block.
If you're hoping to avoid switching banks any more times than you have to, you should carefully consider your needs alongside a potential bank's accessibility options, fees, online and mobile platforms, and features. Fortunately, many banks offer numerous benefits for seniors, including waived monthly maintenance fees, many in-person branches, decent interest rates, and low account minimums.
Here are the bank accounts we'd recommend to the seniors in our lives, tailored to diverse needs and preferences.
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
Compare the best bank accounts for seniors in May 2026
| Bank | Best for | Monthly service fee |
/filters:quality(100)/images/2020/08/26/chase-bank-logo.png){kind=logo}
|
In-person banking | $15 (waivable)6 <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> |
/filters:quality(100)/images/2025/04/28/capital_one-logo.wine_-_edited.png){kind=logo}
|
No common banking fees | $0 |
/filters:quality(100)/images/2024/07/31/barclays_logo_-_cropped_2.png){kind=logo}
Select Savings from Barclays
|
AARP members | $0 |
/filters:quality(100)/images/2025/08/04/cit_bank_logo_member_fdic_1.png){kind=logo}
CIT Bank Platinum Savings7 <p class="">For complete list of account details and fees, see our <a href="https://www.cit.com/cit-bank/resources/forms">Personal Account disclosures</a>.</p> 8 <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> |
Savings-focused seniors | $0 |
/filters:quality(100)/images/2025/11/20/us_bank_logo_red_blue_rgb_1.jpg){kind=logo}
U.S. Bank Smartly Checking9 <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> 10 <p>Subject to certain terms and limitations. Member FDIC.</p> |
Seniors over 65 | $12; waivable for seniors above 6511 <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> |
/filters:quality(100)/images/2025/07/09/axos_bank_logo.png){kind=logo}
|
Frequent ATM users | $0 |
/filters:quality(100)/images/2025/08/01/23f8161d-a831-49b1-a7d8-8606d16d7d57.png)
|
Retirees | $0 |
/filters:quality(100)/images/2024/11/20/charles-schwab-logo.png){kind=logo}
|
Seniors investors | $0 |
Chase Total Checking
/images/2020/08/26/chase-bank-logo.png){kind=logo}
- Monthly fee: $15; can be waived6 <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>
- Requirements to waive monthly fee: Receive at least $500 in qualifying electronic deposits each month, have a balance of at least $1,500 at the beginning of each day, have an average beginning daily balance of at least $5,000 across all linked qualifying deposit accounts, or link this account with another qualifying Chase checking account
- Branches: 5,000+
- In-network ATMs: 14,000+
- Options to contact customer service: Phone, secure message, live chat, in-person meeting, social media
- APY: 0%
If you're like many seniors who like to pull out cash at an ATM, deposit a check at a local branch, or just talk to a person about your accounts, consider Chase. In addition to being the largest bank in the U.S. by assets, it's also one of the best options for in-person access, with more than 5,000 local branches and over 14,000 ATMs. It offers six checking accounts, two savings accounts, and a range of CDs with varying terms (though its savings rates aren't great overall).
We included Chase Total Checking on this list for its great everyday banking features, like Chase Overdraft Assist14 <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> , and convenient branch access. However, unlike many other options, it charges a large $15 monthly fee unless you meet one of three electronic deposit or average daily balance requirements, or you link it to another eligible Chase checking account. It also earns no interest.
Unfortunately, Chase's interest-bearing checking and savings accounts pay pretty terribly. For example, the Chase Savings account earns just 0.01% (as of 10/16/25) APY. You'll also pay a monthly fee on most accounts unless you meet waiver requirements. If you don't find these trade-offs worth it for banking in real life, we recommend considering online or hybrid banks like Capital One.
Who this account is right for: Seniors who prioritize nationwide branch access and can meet the requirements to waive monthly fees.
- Thousands of branches for in-person service
- Wide variety of financial products
- Overdraft protection for most accounts
- Monthly service fees, unless you meet specific requirements
- Little or no interest on deposits
Visit Chase | Read our Chase Bank review.
Capital One 360 Checking
- Monthly fee: $0
- Branches: 250+
- In-network ATMs: 70,000+
- Options to contact customer service: Phone, live chat, text, in-person meeting
- APY: 0.10% (as of 09/15/25)
If you're a senior looking for a stress-free banking experience, check out Capital One. It offers the 360 Checking and 360 Performance Savings accounts, which have no monthly service fees, overdraft fees, or minimums to open or maintain. Capital One's credit cards are among the best, and the company's CDs offer competitive rates, too.
The 360 checking account gives you access to more than 70,000 fee-free ATMs, which could help you save money on withdrawals and make up for the bank's more limited branch network. However, Capital One doesn't reimburse for fees incurred at other bank ATMs the way some banks do. Additionally, this account earns only 0.10% (as of 09/15/25) APY (better than nothing, but hardly worth mentioning).
If you're also interested in saving, Capital One lets you open multiple 360 Performance Savings accounts for your short-term savings goals. For example, you could have one for travel and another one for sinking funds for car repairs and the like. The 3.10% APY is competitive, though it is possible to find better. Note that you don't get an ATM card with this account.
What makes Capital One unique is that it's a hybrid bank. If you live near one of the bank's 280 or so branches in select states, you can make in-person deposits and withdrawals. Plus, checking customers can make cash deposits for free at CVS, Walgreens, and other participating stores.
Who this account is right for: This account suits seniors who don't want to waste money on common bank fees and can appreciate both online and in-person banking.
- No monthly service fees
- High savings interest rates
- Access to more than 70,000 fee-free ATMs (checking)
- No 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
- Monthly fee: $0
- Branches: 0 (in U.S.)
- In-network ATMs: N/A
- Options to contact customer service: Phone, live chat, social media
- APY: 4.25%
Select Savings from Barclays is only available to AARP members, but you can qualify at any age. If you're part of that group, you should definitely consider this high-yield savings account with no minimums or monthly fees.
We like that it earns an APY of 4.25% on any balance, making it accessible regardless of where you're starting. This APY is even more competitive than other Barclays savings accounts, 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. You can also get Select CDs from Barclays, which earn decent APYs but not the best. Unfortunately, there's no Barclays checking account.
Barclays doesn't offer in-person service via branches, but it does have highly rated mobile apps and 24/7 customer support. If you often deal with physical cash, we recommend looking elsewhere, as you won't have access to ATMs or cash deposit options.
Who this account is right for: This is a great high-yield savings account for AARP members who don't mind banking only online.
- 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
CIT Bank Platinum Savings
/images/2025/08/04/cit_bank_logo_member_fdic_1.png){kind=logo}
- Monthly fee: $0
- Branches: 0
- In-network ATMs: N/A
- Options to contact customer service: Phone, secure message
- APY: up to 4.10% on balances of $5,000 or more for up to six months (enter code CITBoost to qualify).15 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p>
We don't like paying a bank for the privilege of holding our money, especially large savings balances. So we always recommend looking for ways to reduce or eliminate monthly service charges. That's why we like the CIT Bank Platinum Savings account, which has no monthly service, overdraft, or online transfer fees.
This savings account offers an excellent APY of up to 4.10% on balances of $5,000 or more for up to six months (enter code CITBoost to qualify).15 <p>*This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria. Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate. The Promotion begins on February 13, 2026, and ends May 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions. The promotion can end at any time without notice.</p> While there's a minimum deposit requirement of $100 to open an account, this doesn't have to be a dealbreaker since the goal should be to score the highest APY. For small savings balances, we'd recommend a savings account without a minimum balance requirement.
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. You also can't deposit cash or get an ATM card.
Who this account is right for: If you need a better place to save and can maintain at least a $5,000 balance to earn the top APY, you should consider this account as a senior.
- No monthly service fees
- Competitive top APY on the Platinum Savings account
- Wide variety of other financial products
- Full-featured mobile app
- No physical branches
- $100 minimum opening deposit requirement
- $5,000 minimum balance for top Platinum Savings APY
Visit CIT Bank | Read our CIT Bank Savings Review.
U.S. Bank Smartly Checking
- Monthly fee: $12 monthly maintenance fee, waived for seniors above 6511 <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>
- Requirements to waive monthly fee: Average account balance of $1,500 or greater; combined monthly direct deposits total $1,500 or greater; you're an account owner of an open U.S. Bank Smartly Visa Signature® credit card; you've reached the Smart Rewards® Gold Tier and above; you're a member of a including accounts for seniors age 65 or older, youth and young adult ages 13 to 24, military personnel and more; you're the owner of an eligible U.S. Bank Small Business Checking account
- Branches: 2,100+
- In-network ATMs: 40,000+
- Options to contact customer service: Phone, secure message, live chat, in-person meeting
- APY9 <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)
U.S. Bank shines thanks to perks for those aged 65 and above, such as waiving its $12 monthly maintenance fee on the U.S. Bank Smartly® Checking account. This account and its savings counterpart qualify you for the Smart Rewards program, which offers five tiers with different benefits based on your combined balance. Examples of perks include fee waivers, discounts on loan rates and paper checks, and higher savings yields.
We also like U.S. Bank for its in-person banking and account variety, with options including checking, savings, money market, and CD accounts. You'll get in-person customer support at more than 2,100 local branches, which we think is a major advantage for people who prefer human tellers to phones.
Unfortunately, U.S. Bank charges a monthly service fee if you aren't 65 or don't meet certain requirements, so it's not the best 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.
Who this account is right for: Seniors aged 65 and older should consider this checking account, especially if they live near a branch and would use Smart Rewards benefits.
- No monthly maintenance fees for seniors over 65
- In-person support at more than 2,100 branches
- Wide variety of financial products
- Overdraft fee forgiveness
- Only open to prospects in 26 states
- Monthly service fee for younger customers who don't meet certain criteria
- Low or undisclosed APYs for most accounts
Visit U.S. Bank | Read our full U.S. Bank Smartly Checking review.
Axos Golden Checking
- Monthly fee: $0
- Branches: 0
- In-network ATMs: 91,000+
- Options to contact customer service: Phone, secure message, live chat
- APY: 0.10% (as of 10/02/25)
Axos Golden Checking is for people 55 and up, with no maintenance fees and a couple of senior-specific perks. Because Axos offers over 91,000 fee-free ATMs and $8 every month in fee reimbursements when you use other ATMs, it's our no-brainer pick for seniors who use ATMs a lot. It's also a good option for cash access in general, giving you free checks regularly (not just when you open an account, as some bank accounts provide).
While these perks are great, we wouldn't consider this to be a great interest checking account. Its 0.10% (as of 10/02/25) APY on all balances is much lower than that of the Wealthfront Cash Account and most high-yield savings accounts. However, checking accounts often don't earn any interest, and you don't have to jump through any hoops to get this APY.
If your priority is easy ATM access, maybe because you like giving your grandkids cash for their birthdays or just prefer paper bills to cards, this is a good choice for a small amount of your spending money. For the rest, we'd recommend a high-yield savings account. We'd also recommend another account entirely if you need branch access, though you can still deposit cash at participating ATMs (often free) or Green Dot locations (for up to a $4.95 fee).
Who this account is right for: We recommend this account for seniors who frequently use ATMs and want to minimize potential fees.
- Up to $8 in monthly out-of-network ATM fee reimbursements
- 91,000+ in-network ATMs
- Free 40 packs of checks every six months
- No physical branches
- Below-average score in past J.D. Power customer satisfaction studies
Read our full Axos Bank review.
Wealthfront Cash Account
/images/2025/08/01/23f8161d-a831-49b1-a7d8-8606d16d7d57.png)
- APY12 <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%
- Branches: 0
- In-network ATMs: 19,000+
- Options to contact customer service: Phone, secure message, email
- Monthly fee: $0
While Wealthfront isn't technically a bank (it's a brokerage), the Wealthfront Cash Account is impressive enough to make our list. We find it great for tech-savvy retirees looking to optimize their banking for growth beyond what typical savings accounts offer.
This highly liquid account lets you earn a solid APY of 3.50% on your cash, with no minimum balance requirement or maintenance fees. But more importantly, it makes it easy to invest funds with the brokerage. If you're retired, continuing to invest is important for beating inflation. You can invest conservatively but passively with Wealthfront, and the robo-advisor will do a great job of keeping your risk low while optimizing for growth.
Unlike many traditional high-yield savings products, this account lets you make as many transfers as you want. What we don't like so much is that 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 look to other options on this list for a more traditional bank account.
Who this account is right for: This account suits retirees comfortable with digital banking and interested in a hybrid account for checking and savings needs.
- No monthly service fees
- Competitive APY on the Cash Account
- Automated savings features
- No minimum balance requirement
- No physical branches
- No easy way to deposit cash
Visit Wealthfront | Read our Wealthfront Cash Account review.
Charles Schwab Investor Checking
- Monthly fee: $0
- Branches: 400+
- In-network ATMs: Unlimited ATM fee rebates
- Options to contact customer service: Phone, secure message, live chat, in-person meeting
- APY: 0.05% (as of 10/14/25)
We like that the Charles Schwab Investor Checking and Investor Savings accounts link to your Schwab brokerage account, making it easy to transfer money between accounts 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, so this account suits seniors who want to invest where they bank. While this requirement might seem inconvenient, we find it a plus due to Schwab's strong investment options and brokerage accounts.
This account is also tailored for seniors eager to travel the world. You can forget about foreign transaction fees when using the Schwab Bank Visa Platinum debit card linked to your Investor Checking account, and you'll get unlimited ATM fee rebates worldwide. These perks are rare for checking accounts, especially those without monthly fees.
You'll earn interest on your Schwab checking account funds, which not all banks offer, but the APY of 0.05% (as of 10/14/25) doesn't impress us. You'll also earn an APY of 0.15% (as of 10/14/25) on the Investor Savings account, but this is both below the national average of 0.38% (as of 4/20/26) on savings and much lower than what you can earn with the best savings accounts.
Additionally, if in-person banking or cash deposits are a need, look elsewhere, as Charles Schwab's branches are for its brokerage products.
Who this account is right for: Seniors who have or want to open a Charles Schwab brokerage account or want to avoid fees when they travel.
- No monthly service fees
- Unlimited ATM fee rebates worldwide
- Debit card with no foreign transaction fees
- No minimum balance requirement
- Requires opening a Schwab brokerage account
- Low APY on checking and savings accounts
- No cash deposits
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.
/images/2023/03/09/bank-of-america-stacked-logo-cj.png){kind=logo}
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}
/images/2020/08/26/chase-bank-logo.png){kind=logo}
FAQs
What's the difference between an online bank and a traditional bank?
An online-only bank operates entirely online, without physical branches. You'll open and manage your account from your computer, tablet, or smartphone. However, you may also have access to ATMs or be able to deposit cash at participating retailers.
A traditional bank typically has branches, with many national banks offering them in multiple states and local banks often having smaller footprints. Examples of big brick-and-mortar banks include Chase, Bank of America, and Wells Fargo.
Capital One is an example of a hybrid bank with a digital banking focus and a small branch network.
What is the best bank for senior citizens?
If you're a senior, the best bank for you will depend on what matters most to you and 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.
Bottom line
Whether you prefer dropping by a branch or conducting transactions from the comfort of home, the best banks for seniors have a lot to offer. We recommend considering your needs and preferences and choosing a bank and account that meet them, help you avoid unnecessary fees, and offer competitive APYs on your savings.
Options like Capital One, Chase, Wealthfront, Charles Schwab, and Axos are great places to start, as they suit different types of seniors. If you're specifically looking for a checking account, you should also see our list of the best checking accounts for seniors.
To choose the best bank accounts for seniors, we evaluated checking and savings accounts with features particularly well-suited to older adults, including low fees, accessible customer service, and tools that make day-to-day banking straightforward. We gave priority to accounts that minimize costs and friction for those on fixed incomes or managing money in retirement.
To learn more about how FinanceBuzz assigns star ratings to bank accounts, check out our deposit accounts rating methodology.
How FinanceBuzz chose the best bank accounts for seniors
/images/2024/07/31/sofi_logo_-_cropped.png){kind=logo}