Best Banks for Seniors [2025]: Golden-Year Banking That Shines
The best banks for seniors offer features like competitive interest rates, in-person customer service, and no monthly maintenance fees. Learn why these banks and companies are among the best for this age group.
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Seniors are often working with fixed incomes and different priorities than other age groups, making it especially important to find the right bank accounts.
Fortunately, there are banks that 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 low or no fees, decent yields on deposits, and low account minimums.
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.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Minimum Opening Balance
$0
Monthly Fee
$0
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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 December 2025
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
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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Chase Total Checking®
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.10 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
Monthly fee: $15; can be waived11 <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period: </p>
<p>Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network or FedNow(SM) network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,</p>
<p> OR a balance at the beginning of each day of $1,500 or more in this account,</p>
<p> OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.</p>
Seniors who appreciate the ease of pulling out cash at an ATM or depositing a check at a local branch would benefit from banking with Chase. 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.
Pros
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>
Cons
Charges monthly service fees for all checking and savings accounts unless you meet specific requirements
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CapitalOne 360 Checking
CapitalOne 360 Checking — Earn a $250 bonus
Earn a $250 bonus with fee-free 360 Checking. No fees, no minimums, no overdraft fees. Terms Apply.13 <p>1. Open a 360 Checking account on or after August 22, 2024, using promotional code CHECKING250. 2. Set up and receive at least 2 Qualifying Direct Deposits each of $500 or more to your 360 Checking account within 75 days of account opening. 3. Capital One will deposit the bonus into your account after the first two requirements listed above are completed. See full offer details and when the bonus will be posted at <a href="https://www.capitalone.com/bank/checking250/affiliate/">https://www.capitalone.com/bank/checking250/affiliate/</a>.</p>
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.
Pros
Charges $0 monthly service fees
Offers decent APY on its Performance Savings account
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.
Pros
Excellent savings rate on any balance
No minimums or monthly fees
Robust help center and 24/7 customer service
Cons
Only available to AARP members
No in-person access
Very limited account options with Barclays
CIT Bank Platinum Savings
Best for seniors focused on saving
4.3
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CIT Bank Platinum Savings
CIT Bank Platinum Savings - 3.75% APY14 <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 Nov. 20 2025: 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>
Earn 3.75% APY14 <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 Nov. 20 2025: 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> on balances of $5,000 or more. $100 minimum opening deposit. Member FDIC.6 <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> 15 <p>This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met:</p><p>New CIT Bank Customers: Offer valid for a New CIT Bank Customer, who, at account opening, does not have a valid CIT Bank User ID (a “New Customer”), or any open CIT Bank accounts provided that the following requirements are met:</p><p><b>Offer Requirements</b></p><p>New customers must open a Platinum Savings account with a valid Promo Code, “PS2025.” The Platinum Savings account Bonus Promo Code will appear on the online account opening enrollment web page. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the bonus.</p><p>New customers must deposit at least $25,000 for a $225 bonus, or at least a minimum of $50,000 for a $300 bonus into the enrolled Platinum Savings account within the first 30 calendar days following account opening (the “Funding Period”). The single or multiple deposit(s) of $25,000 or $50,000 or more used to fund the account must come from a funding source outside of CIT Bank. Transfers from existing CIT Bank accounts will not qualify. Funds already on deposit with CIT Bank are ineligible.</p><p>The enrolled Platinum Savings account must be open at the time of the bonus payment to qualify.</p>
APY: 3.75% on balances above $5,00014 <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 Nov. 20 2025: 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%.14 <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 Nov. 20 2025: 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.
Pros
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
Cons
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
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.
Pros
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
Cons
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
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Our partners do not influence our ratings.
Wealthfront Cash Account
Wealthfront Cash Account - 3.50% APY16 <p>Rate is current as of 11/07/2025.</p>
High Yield Cash Management Account. $1 minimum deposit. FDIC Insured.
APY17 <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.
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.
Pros
Charges $0 monthly service fees
Provides unlimited ATM fee rebates worldwide
Offers a debit card with no foreign transaction fees
How to choose the best bank as a senior or retiree
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. Many savings and checking accounts created specifically for seniors will waive monthly maintenance fees and possible other fees for people over a certain age, such as 65. The fewer 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 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 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. All reputable banks offer this coverage, and reputable credit unions offer NCUA insurance.
5.0
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Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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Our partners do not influence our ratings.
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.10 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank18 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.19 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks20 <p>Your first deposit may take longer depending on your employer.</p>
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.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network21 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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The FinanceBuzz editorial team strives to provide accurate, in-depth information and reviews to help you, our reader, make financial decisions with confidence. Here's what you can expect from us:
FinanceBuzz makes money when you click the links on our site to some of the products and offers that we mention. These partnerships do not influence our opinions or recommendations.
FinanceBuzz reviews and rates products on a variety of quantitative and qualitative criteria. Whenever possible we test each product and include our honest, firsthand experience using it. Read more about how we rate products.
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We aim to make sure everything on our site is up-to-date and accurate as of the publishing date, but we cannot guarantee we haven't missed something. It's your responsibility to double-check all information before making any financial decision. If you spot something that looks wrong, please let us know.
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