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

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.

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

• U.S. Bank: Best for waived fees for seniors
• Wealthfront: Best for automated savings
• CIT Bank: Best for $0 monthly service fees
• Western Alliance Bank: Best for high annual percentage yield
• Chase: Best for in-person customer service
• Charles Schwab: Best for investment options
• Capital One: Best for $0 account minimum

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
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 06/27/24) for balances above $25,000	CIT eChecking: $0
			CIT Platinum savings4: 4.55% on balances above $5,000	CIT Platinum savings: $0
Western Alliance Bank	High annual percentage yield	Savings	Western Alliance Bank High-Yield Savings: 4.35%5	Western Alliance Bank High-Yield 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 06/27/24)	Chase Savings: $5, can be waived
Charles Schwab	Investment options	Checking Savings	Charles Schwab Investor Checking: 0.45% (as of 06/26/24)	Charles Schwab Investor Checking: $0
			Charles Schwab Investor Savings: 0.48% (as of 06/26/24)	Charles Schwab Investor Savings: $0
Capital One	$0 account minimum	Checking Savings CDs	Capital One 360 Checking: 0.10% (as of 10/28/24)	Capital One 360 Checking: $0
			Capital One 360 Performance Savings: 4.00% (as of 10/28/24)	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.

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.

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 4.55%. 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.

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 Raisin 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 Raisin, a digital savings marketplace. This account has no monthly service fees and offers an APY rate of 4.35%⁵, 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 Raisin 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 06/27/24).

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.

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 06/26/24) on the Investor Checking and an APY of 0.48% (as of 06/26/24) 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 10/28/24), while the Performance Savings account earns an APY of 4.00% (as of 10/28/24). 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

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.