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In the U.S., approximately 18% of the population is 65 or older, according to the U.S. Census Bureau. If you're part of that age group, there is one perk to aging: Many banks offer monthly fee-free checking accounts for seniors. You can qualify for an account without monthly fees, and you may be eligible for extra perks like free checks or discounts on loans.
To help you find the best bank account for your needs, we evaluated leading banks' checking account options and selected the top accounts based on their minimum deposit requirements, fees, and accessibility.
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Compare checking accounts for seniors
| Best for | Minimum Deposit | |
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Axos Golden Checking |
Seniors 55+ | $0 |
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Chase Total Checking® |
In-person banking | $0 |
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U.S. Bank Smartly® Checking6 <p>Subject to certain terms and limitations</p> |
Seniors 65+ | $25 |
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Capital One 360 Checking |
All-around banking | $0 |
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SoFi Checking and Savings |
Online banking | $0 |
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Regions 62+ LifeGreen Checking |
Seniors 62+ | $50 |
Axos Golden Checking
- Monthly fee: $0
- Minimum deposit: $0
Axos is an online bank with a broad range of banking products. The Golden Checking account is specifically for customers who are 55 or older. There is no minimum deposit required. There is no monthly maintenance fee, regardless of your balance, so you don't have to worry about keeping a certain amount in your checking account.
The Golden Checking account is an interest-bearing checking account, so the money you use for your routine bills can earn interest. And the account comes with other perks like free personal checks and up to $8 in ATM fee reimbursements.
However, the Axos Golden Checking account is not a good fit for those who like to have access to branches. Axos has a few corporate locations but no customer-accessible branches.
- Lower-than-usual age minimum
- Free checks
- Limited branches
- Relatively low annual percentage yield (APY)
Visit Axos Golden Checking | Learn more in our Axos review
Chase Total Checking®
- Monthly fee: $15 ($0 if you receive $500 or more in qualifying deposits, maintain a balance of $1,500 or more at the beginning of each day, maintain a $5,000 average balance in a combination of Chase accounts, or link to a qualifying checking account)
- Minimum deposit: $0
If you're like me, you find that having a branch nearby gives you peace of mind. If you have questions, need to make a big deposit or withdrawal, or open a new account, you can get in-person help. While many no monthly-fee bank accounts are online-only, Chase is different. It has robust online and digital features, but it also has a significant physical presence. Chase operates over 5,000 branches nationwide.
Chase has several checking account options, but Chase Total Checking® is the best for seniors because it gives you access to paper checks. And if you frequently handle cash, you can make cash deposits at Chase ATMs or branches. Chase Total Checking® does have a monthly fee, but there are multiple ways to qualify for fee waivers.
- Large branch network
- Accepts cash deposits
- Monthly fee may apply
- Low APYs on other deposit accounts
Visit Chase Total Checking® | Learn more in our Chase review
U.S. Bank Smartly® Checking
- Monthly fee: $127 <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers. No Monthly Maintenance Fee for the U.S. Bank Standard Savings account with one of the following: Maintain a $300 minimum daily balance, have a $1,000 average monthly collected balance, hold the account with an individual age 17 and under, or open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier or above.</p> ($0 if you're 65 or older, have an average account balance of $1,500 or more, receive monthly direct deposits totaling at least $1,500, have a U.S. Bank Smartly Visa Signature Card, or have a qualifying U.S. Bank business checking account)
- Minimum deposit: $25
With a U.S. Bank Smartly Checking account, those who are 65 or older can qualify for a monthly fee waiver.8 <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> The account comes with extra perks, such as the ability to earn rewards through the Smart Rewards program. Through this program, you can earn cash back on select purchases, qualify for fee discounts on select loans, and receive fee waivers for up to two ATM transactions.
If you have grandchildren, you can also take advantage of complimentary access to the Greenlight app. The app allows you to give kids a debit card, and you can add money to the card and monitor their spending. Kids can use the app's financial literacy games to learn money-management skills.
However, U.S. Bank only operates branches in 26 states, and not everyone can open an account online.
- Potential rewards
- Complimentary Greenlight app access
- Not available in all states
- Does not offer free checks
Visit U.S. Bank Smartly Checking | Learn more in our U.S. Bank Smartly Checking review
Capital One 360 Checking
- Monthly fee: $0
- Minimum deposit: $0
The Capital One 360 Checking account is a good option for people of all ages. There's no minimum deposit required, and there isn't a monthly fee. Capital One has an expansive ATM network; you can visit over 70,000 fee-free ATMs. If you want to deposit cash, you can do so by visiting local stores, such as Walgreens or 7-Eleven, or at any branch or Capital One ATM.
That said, Capital One has fewer than 300 in-person branches, so most customers will have to handle all of their banking needs online or with mobile banking. In the J.D. Power Retail Banking Advice Study, J.D. Power ranked Capital One below the study average for customer satisfaction.
- No minimum deposit
- No monthly fee
- Few branch options
- Below-average ratings for customer satisfaction
Visit Capital One 360 Checking | Learn more in our Capital One 360 Checking review
SoFi Checking and Savings
- Monthly fee: $03 <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 Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
- Minimum deposit: $0
SoFi® offers combined checking and savings accounts, making it one of the easiest account options with simplified account management tools. With the checking account, there is no minimum balance requirement, no monthly fees, and no overdraft fees.
Plus, it's one of the few interest-bearing checking accounts on our list, so your money can earn interest. SoFi also has new account bonuses for those who open an account and receive at least $1,000 in eligible direct deposits during their direct deposit bonus period. 1 <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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount 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 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% 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 12/23/25. 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> 9 <p>Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.</p><p>Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them. </p><p>Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.</p><p>See additional details at https://www.sofi.com/legal/banking-rate-sheet.</p>
SoFi doesn't operate any physical branches, so you can't get in-person support, though it does have an extensive ATM network.10 <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> The only way to deposit cash into your account is to visit a partner retailer. Cash deposits require an added fee, so SoFi isn't a good match if you have a cash-based job and need to deposit cash often.
Member FDIC.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>
- No minimum balance
- Interest-bearing checking
- Extra fee for cash deposits
- No physical branches
Visit SoFi Checking and Savings | Learn more in our SoFi review
Regions 62+ LifeGreen Checking
-
Monthly fee:
- $0 with $1,500 minimum daily balance or at least $300 in direct deposits per month
- $8 with online statements
- $11 with paper statements
- Minimum deposit: $50
The 62+ LifeGreen Checking account is specifically for those who are 62 or older. While it does have a monthly fee, you can qualify for a fee waiver if you maintain a $1,500 minimum daily balance or receive at least $300 in direct deposits per month. The account includes extra perks, such as discounts on Regions loans and safe deposit boxes.
Although Regions does have a large ATM network and physical branches, it only operates in 16 states. Those living outside of these states may have limited account options. If you decide that the account isn't right for you, Regions does charge a $25 early closing fee for those who close their accounts within 180 days from account opening.
- Extra benefits and discounts
- Potential for cash back rewards
- Only available in 16 states
- Early closing fee
Visit Regions 62+ LifeGreen Checking.
Choosing a bank account
There are many checking account options, including specialty accounts for seniors. As you compare your options, keep the following factors in mind to find the best checking account for you.
- Account fees: With checking accounts, monthly fees are common. Typical fees can range between $0 and $25 per month, but some banks offer fee waivers based on age or account balance.
- Minimum deposit: You usually need to have cash on hand to open a new checking account. While some banks don't have minimum deposit requirements, you typically need between $25 and $100 to open a new account.
- Branch access: If you like the option of visiting a bank in person, look for one that operates a large branch network in your area.
- ATM network: Even if you do most of your banking online, make sure your new checking account gives you access to ATMs in your area so you can withdraw cash without paying extra ATM fees.
To choose the best checking accounts for seniors, we analyzed a range of accounts that offer age-based perks or low-cost banking options for older adults. We focused on accounts that minimize fees while providing features and accessibility that match common banking preferences among seniors.
These included:
For a look at how FinanceBuzz rates banking products, check out our deposit accounts methodology page.
How FinanceBuzz chose the best checking accounts for seniors
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FAQs
Which bank is the best for seniors?
No one bank is best for every senior citizen, but we found that Chase, Axos, and U.S. Bank have some of the top checking accounts due to their low fees, accessibility, and extra perks.
Is there monthly fee-free banking for people over 60?
Yes, many banks offer monthly fee-free checking and savings accounts for people who are 60 or older. Age minimums vary by bank, but some offer $0 monthly fees for those as young as 55.
Which bank has no monthly fee for checking accounts?
For no-monthly fee checking accounts, seniors can turn to accounts from Axos Bank, Capital One, or the fintech SoFi accounts. And banks like Regions and U.S. Bank offer fee waivers for maintaining a minimum balance.
Bottom line
When you reach your mid-50s or 60s, you can qualify for special fee waivers on many checking accounts, so you can enjoy all of their features without a monthly fee. Banks like Axos, Regions, and U.S. Bank have accounts with free checking options for those who meet their age requirements.
If you're looking for a new savings account to complement your checking account, check out the best savings accounts without monthly fees. Or if you're worried about finding an account with poor credit, these are the best bank accounts without credit checks.
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