8 (Really) Good Reasons to Change Banks (Even in Retirement)

If you’re a retiree or over a certain age, banks may have been a part of your life for as long as you can remember. For example, you might have gone in person with a parent to open your first checking account.

Even though the financial landscape has changed over the last few decades, your relationship with banking might be as strong as ever. But as a retiree, your banking needs might be different than they once were. 

Whether you're moving to a new location and looking for a primary bank or need to boost your retirement savings, here are some reasons to consider switching banks.

Some banks may charge a monthly maintenance fee or require a minimum balance, but plenty offer free accounts. So if you're shopping for a new bank, consider banks that don't charge fees. 

You might also want to avoid fees that can be “waived” if you maintain a specific balance or deposit a certain amount each month.

Seniors may waste money in many ways, and banking fees shouldn't be one of them. As a retiree, it’s nice to simplify life as much as possible. After all, this is your time to relax and pursue your hobbies. It’s not time to worry about a $10 monthly fee.

As a retiree, you might consider banks offering checking accounts and high-yield savings accounts with competitive interest rates.

This can be a great option if you’re trying to boost your bank account. Banks are eager for your business and often try to outperform one another with enticing rates. 

You can use the competition to your advantage and open an account with a great offer.

Learning new technology is never fun, and banks understand that. Most offer customers simple apps and websites to manage their money.

As you shop for a new bank, look at the technology options and make sure they're user-friendly. For example, can you deposit checks from your phone or pay your bills via the app?

Be sure to check how long your monthly statements are available and if you can see the actual checks that were cashed online. 

Some banks offer educational resources, financial checklists, and tutorials online, which can be useful if you’re interested in new products.

Most major banks, and even some smaller banks, offer specific accounts for retirees and seniors. The accounts might include perks like free checks or discounted safe deposit boxes. 

If the benefits seem like a good fit for you, taking advantage of this type of account might be a good idea.

But make sure to review the list of benefits before you sign up. Even though it's marketed to those over a certain age, there may be better options for you than the account. Either way, it’s nice to know the accounts exist.

No matter your age, having a bank branch or your bank’s ATM near where you live or work should be a consideration. For seniors, convenience may be even more important.

If you plan to travel, you may need foreign currency, which you can only get in a branch. And when you’re traveling, being able to use an ATM affiliated with your bank will save you money. 

You may also need to have documents notarized. Most banks have notaries available and do not charge customers for the service. So be sure to consider where your bank has locations before you open an account.

Customers knew their local bankers and tellers when all banking was done face-to-face. Of course, you may never set foot in a branch with most banking done online now. However, banks are emphasizing customer service again, and many use it as a marketing tool.

Once you retire, you might have fewer social interactions than when you went to an office daily. Having a team of friendly bank tellers can be an excellent way to include additional weekly or monthly exchanges.

Even though much of banking has become digital, you probably need cash sometimes. Cash is still a part of daily life, whether it’s to pay for your produce at the local farmers market or to give to your grandson as a birthday present.

Many banks offer free ATM withdrawals as a customer service. Some banks even reimburse ATM fees if you get cash from an ATM that is out of network. 

Fee-free ATMs may help you save money and time. After all, there are many more exciting things to spend your money on than paying to access your money.

One of the more recent banking trends to become mainstream is a sign-up bonus. If you want to open a new bank account, consider reviewing which banks currently pay bonuses.

Bonuses are usually cash and may require you to set up direct deposit or maintain a certain monthly balance. Or, the bank may pay a bonus for setting up a virtual wallet.

While free money to open a new account may be enticing, consider all of the bank's features before you open one account and close another.

If you’re a retiree looking for a new bank, you have options. Banks across the country and online are eager for your business. 

Review your choices and shop around for a new bank to help you avoid wasting your retirement dollars. You might be surprised by the excellent options available.