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Fact Checked
Everyone wants a low-cost, user-friendly bank account, but this is even more important for seniors who are retired or nearly there. That’s why the best checking accounts for seniors have low minimum deposits, no monthly fees and convenient features.
Forbes Advisor’s picks for the best checking accounts for seniors include accounts that are good for earning interest, accessing ATMs, traveling internationally and more. Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
N/A
$0
$0
We picked Golden Credit 1 Union’s Golden Prestige Package Add-on for several reasons, but probably its best feature is that you can add its benefits to any of the credit union’s three checking accounts. Above, we listed information for Golden 1’s free checking account, which has no minimum deposit requirement. The Golden Prestige add-on is designed for members 62 and older and offers free checks, cashier’s checks, domestic wires, postage-paid envelopes and notary services.
You can add Golden 1 Credit Union’s Golden Prestige Package to any of the following three checking accounts, which have varying features, fees and APYs:
You need to be 62 or older and a member of Golden 1 Credit Union to open an account with the Golden Prestige add-on. To become a member, you must open a Golden 1 savings account with $1 and meet one of the following criteria:
Annual Percentage Yield
0.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
0.25%
$0
$0
Lake Michigan Credit Union’s Advantage 50 Checking stands out from other senior bank accounts as a free checking account that also earns interest. You don’t need a minimum balance to earn the account’s current 0.25% APY, and there are no transaction limits. It even has additional perks that members 50 and over may find useful, like two free boxes of checks per year and free access to over 55,000 ATMs worldwide.
Interest compounds daily and is credited to your account monthly. This account is for those 50 years of age and older, and you have to be a member of Lake Michigan Credit Union to access this account. To join Lake Michigan Credit Union, you must meet one of the following criteria:
Annual Percentage Yield
0.10%
Minimum Deposit Requirement
$250
Monthly Maintenance Fee
$0
0.10%
$250
$0
On top of offering interest and charging no monthly fee, Axos Bank Golden Checking makes it easy to access fee-free ATMs nationwide, which is why it made our list. Axos Bank has a network of 91,000 surcharge-free ATMs, and its Golden Checking account comes with $8 per month in out-of-network ATM fee reimbursements. Plus, no minimum balance is required to earn the stated APY.
Must be 55 or older. Aside from this age minimum, you don’t have to meet any eligibility requirements to open an account. Interest rates are variable. Interest is compounded daily and credited monthly.
Annual Percentage Yield
0.05%
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$0
0.05%
$25
$0
We picked Financial Resources Federal Credit Union’s Advantage 50 account for seniors because it has no monthly fee, earns interest and has a large ATM network—including free international ATMs. Additional perks include complimentary checks and overdraft courtesy pay.
You must be 50 or older to open this account. There’s no minimum balance requirement, but you must make a $25 deposit when opening. Interest compounds and is credited to your account quarterly.
To join Financial Resources Credit Union, you must meet one of the following eligibility requirements:
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
N/A
$0
$0
Ion Bank’s Free Classic 50 Checking account doesn’t earn interest, but it ranked highly thanks to its lack of fees. In addition to having no monthly fees or minimum deposit requirements, it comes with a long list of perks, including free checks with unlimited check writing, free ATM transactions and free bank-by-phone along with mobile banking and budgeting tools. This account is especially attractive for customers living in New Jersey or Connecticut, who can choose to bank online or at a branch.
You must be 50 or older to open this account. While Ion Bank doesn’t charge for using other banks’ ATMs, you may pay fees charged by third-party ATM operators.
| Company | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Monthly Maintenance Fee | ||
|---|---|---|---|---|---|---|
| Golden 1 Credit Union Golden Prestige Package Add-on |  |
5.0 |  |
N/A | $0 | $0 |
| Lake Michigan Credit Union Advantage 50 Checking |  |
4.8 | |
0.25% | $0 | $0 |
| Axos Bank Golden Checking |  |
4.7 |  |
0.10% | $250 | $0 |
| Financial Resources Federal Credit Union Advantage 50 Checking |  |
4.4 | |
0.05% | $25 | $0 |
| Ion Bank Free Classic 50 Checking |  |
4.4 | |
N/A | $0 | $0 |
Forbes Advisor analyzed 34 senior checking accounts at 33 traditional brick-and-mortar banks, online banks and credit unions to create this list of the best checking accounts for seniors. We ranked the accounts based on 22 different factors within the following categories, and we assigned each category the following weightings:
We considered specific characteristics within each category, including monthly service fees and the ability to waive them, overdraft fees, other fees, ATMs, branches, Better Business Bureau ratings, Trustpilot ratings, live chat availability, mobile app ratings and number of reviews, APYs, minimum deposit requirements and balance requirements.
Low fees and minimums, good customer ratings and widespread account access contributed to higher account rankings. High fees and minimums, negative customer ratings and poor access led to lower scores. All accounts must be nationally available to appear on this list.
To learn more about our editorial process for researching and reviewing products, institutions and accounts, check out our guide on How Forbes Advisor Reviews Banks.
A senior checking account is a checking account with features specifically designed for seniors. Some accounts are exclusively for older applicants, while others are available to people of all ages but waive monthly maintenance fees for seniors. You typically have to be 50 or 55 years old to open a senior checking account or to qualify for age-specific fee waivers.
Features and benefits vary by account but may include waived banking fees, free checks and more.
Michael Benninger, lead editor at Forbes Advisor says:
“A senior checking account works exactly like a regular checking account. The only difference is that checking accounts for seniors often include features or perks designed to benefit older members of the population.
Like standard checking accounts, senior checking accounts let you conveniently deposit and withdraw funds. Plus, and you can use a linked debit card for point-of-sale purchases and ATM transactions.”
As with any checking account, fees vary by financial institution. None of the accounts mentioned above have monthly maintenance fees, but other senior checking accounts may. Some banks will waive monthly service fees and provide certain free services for customers above a certain age.
Senior checking accounts may have other fees, however. These could include out-of-network ATM fees, overdraft fees, non-sufficient funds (NSF) fees, check fees and more. Carefully review a bank’s fee schedule to find out how much a senior checking account will cost based on your banking activity.
