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5 Best Checking Accounts for Seniors – Rates for 2024


Banks don’t market checking accounts to older adults at quite the same rate as they do to students, small-business owners, or general audiences looking for free checking options insured by the FDIC.

But senior-friendly checking accounts do exist, and they’re more common than you might imagine. Look no farther than the checking accounts on this list, backed by some of the best banks for seniors around.

All are either free of monthly maintenance fees for all account holders or have easy-to-attain maintenance fee waivers.

Best Checking Accounts for Seniors

A few of the top FDIC-insured checking accounts for seniors are age-restricted, meaning they’re not open to applicants who don’t meet the sponsor bank’s definition of “senior.”

Others are not age-restricted but either offer perks specifically for seniors or simply provide a favorable mix of features and benefits (such as high-interest yields) for older account holders.

Chase Total Checking®

Our Rating
4.5/5

Enjoy a fantastic account opening bonus and multiple ways to waive the monthly maintenance fee, plus paper checks when you need them and one of the biggest bank-owned ATM networks in the United States.
Monthly Fee
$12, but can be waived
ATMs
16,000+
Paper Checks
Yes
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Our Rating
4.5/5
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Chase Total Checking® isn’t specifically tailored to older account holders. However, it has a strong lineup of consumer-friendly features that make it ideal for seniors. These include:

    • One of the biggest networks of physical branches and bank-owned ATMs around

    • Multiple options for avoiding the monthly maintenance fee with qualifying activities

    • A limited-time account opening bonus (must apply by April 17, 2024)

About that bonus: To earn it, open your account using the link below. Or, if you prefer, enter your email here and take the coupon to your local Chase branch.

Once your account is open, set up direct deposit within 90 days of coupon enrollment. You’ll receive a $300 bonus within 15 business days. But you must apply by April 17, 2024, to qualify.

To avoid the $12 monthly maintenance fee in any statement period, complete any of the four waiver options at right.

      Minimum Opening Deposit
      None.
      Minimum Balance
      None, but a $1,500 beginning daily balance in your account gets the monthly maintenance fee waived.
      Yield
      None.
      Maintenance Fee Waiver Option #1
      Receive direct deposits into the account totaling $500 or more.
      Maintenance Fee Waiver Option #2
      Keep a beginning daily balance of $1,500 or more in your Chase Total Checking account.
      Maintenance Fee Waiver Option #3
      Keep an average beginning day balance of $5,000 or more in any combination of your Chase Total Checking account and linked qualifying Chase checking, savings, and other eligible accounts.
      Maintenance Fee Waiver Option #4
      Pay at least $25 or more in qualifying checking-related services or fees.
      Availability
      You’ll find Chase ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This bank offer is available online nationwide, except for residents of AK, HI, and Puerto Rico.

      Truist One Checking

      Our Rating
      4.5/5

      Take advantage of generous benefits that only grow with your balance, plus multiple ways to waive the monthly maintenance fee and paper checks on demand.
      Monthly Fee
      $12, but can be waived
      ATMs
      3,000+
      Paper Checks
      Yes
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      Our Rating
      4.5/5
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      Limited Time Offer: Earn a $300 bonus with qualifying direct deposits.

      Truist One Checking isn’t age-restricted, but it’s designed for people eager to grow their balance with Truist and those who already have a tidy sum deposited with the bank. Before you apply, make sure you’re eligible based on your geography; Truist serves much of the eastern U.S. but isn’t widely available elsewhere.

      With a host of digital perks for on-the-go account holders, it’s the ideal choice for seniors who’d be perfectly happy never to set foot in a bank branch again. But it also has plenty of hands-on perks, like paper checks and broad-based ATM access.

      Avoid the $10 monthly maintenance fee each statement cycle by meeting any of the waiver requirements at right.

        Minimum Opening Deposit
        $100.
        Minimum Ongoing Balance
        None, but you can waive the monthly maintenance fee with a $500 minimum daily balance.
        Monthly Fee Waiver #1
        Make $500 or more in total qualifying direct deposits per statement cycle.
        Monthly Fee Waiver #2
        Maintain a total combined ledger balance of $500 or more in Truist related accounts across personal deposits and all investments (applies on the business day before your statement cycle end date).
        Monthly Fee Waiver #3
        Have a personal Truist credit card, mortgage or consumer loan, excluding LightStream® loans.
        Monthly Fee Waiver #4
        Have a linked Truist small business checking account.
        Monthly Fee Waiver #5
        Be a student under age 25.

        U.S. Bank Smartly® Checking

        card
        Our Rating
        4.5/5

        Take advantage of an excellent account opening bonus offer and multiple ways to get the monthly maintenance fee waived — including being age 65 or older.
        Monthly Fee
        $6.95, waived age 65 and older
        ATMs
        4,700+
        Paper Checks
        Yes
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        card
        Our Rating
        4.5/5
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        U.S. Bank Smartly® Checking (member FDIC) isn’t designed specifically for seniors, but it has plenty of senior-friendly features. The account maintenance fee is waived for account holders age 65 and over, or when you meet any of the other conditions at right.

        Bank Smartly® Checking’s broad appeal continues with a nice account opening offer opportunity when you complete qualifying activities (subject to terms and limitations).

        To earn it, complete these steps within 90 days of opening your new Bank Smartly® Checking account online:

          • Complete two or more direct deposits of $6,000 or more

          • Enroll in online banking or the U.S. Bank Mobile App

        Before applying, confirm that your geographic eligibility at right.

        Monthly Fee Waiver #1
        Be age 65 or older.
        Monthly Fee Waiver #2
        Have combined monthly direct deposits totaling $1,000 or more
        Monthly Fee Waiver #3
        Keep a minimum average account balance of $1,500 or more.
        Monthly Fee Waiver #4
        Hold an eligible U.S. Bank credit card.
        Monthly Fee Waiver #5
        Qualify for one of the four Smart Rewards® tiers (Primary, Plus, Premium or Pinnacle).
        Monthly Fee Waiver #6
        Be a member of the military (requires self-disclosure) or under age 24.
        Account Eligibility
        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, or WY to be eligible for a new Bank Smartly® Checking account.

        TD Bank 60 Plus Checking

        card
        Our Rating
        4.4/5

        One of the few senior-friendly checking accounts that pays interest, it's also super-easy to waive the monthly maintenance fee here.
        Monthly Fee
        $10, but can be waived
        ATMs
        2,600+
        Paper Checks
        Yes
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        Our Rating
        4.4/5
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        TD Bank 60 Plus Checking is an age-restricted account for Americans over age 60.

        Like the Truist One Checking, TD Bank 60 Plus Checking is available primarily in the eastern half of the United States, so be sure to check that you’re eligible before applying.

        Notable benefits here include a nominal yield on all balances, free personal checks, and discounts on home equity products and personal loans.

          Minimum Opening Deposit
          None.
          Minimum Ongoing Balance.
          None, but the minimum daily account balance required to waive the $10 monthly maintenance fee is $250.
          Yield
          0.01% APY.
          Loan Discounts
          Enjoy a 0.25% interest rate discount on eligible TD Bank home equity lines of credit.

          Ally Bank Interest Checking

          Our Rating
          4.3/5

          Pay no monthly maintenance fees — ever — and enjoy a reasonable yield with paper checks on demand.
          Monthly Fee
          $0
          ATMs
          40,000+
          Paper Checks
          Yes
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          Our Rating
          4.3/5
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          Ally Bank Interest Checking is a free checking account open to all U.S. adults, regardless of age. It boasts a solid yield on all balances: 0.10% APY on balances below $15,000 and 0.25% on balances above that threshold, making it one of the best interest checking accounts around.

          Although this online bank account isn’t age-restricted, it does have some advantages for older account holders, like free standard check orders (one book per order with no limit on order volumes). This is a nice perk for people who prefer to write checks rather than enroll in autopay or use online bill pay.

          Ally’s checking account also has a handy “Round-Up” feature that automatically rounds checking transactions up to the nearest dollar and deposits the spare change in an Ally savings account (also free and also featuring a solid yield on all balances). That’s useful for seniors living on fixed incomes.

            Minimum Opening Balance
            None.
            Minimum Ongoing Balance
            None.
            Linked Savings Account
            Yes, if you want.
            Other Account Types
            Money market account, CDs with terms up to 5 years, savings IRAs.
            Access to Investments
            Yes, through Ally Invest. A separate application is required.
            Overdraft Fees
            None.

            Methodology: How We Select the Best Bank Accounts for Seniors

            Our bank account evaluation process considers several important factors, including cost, rewards, yield, capabilities, and overall ease of use. Here’s how we think about them.

            Account Fees & Waiver Options

            Our rule about bank account fees is simple: the lower, the better. And none is best.

            Most bank accounts have some hidden fees lurking in their account disclosures, though you probably won’t encounter them if you maintain a positive balance and don’t need to make any unusual financial maneuvers.

            A smaller but still significant number charge monthly maintenance fees ranging from $5 to more than $30. You can usually get these fees waived with qualifying minimum transaction volumes or balances, but that’s easier said than done for some people. 

            So wherever possible, we look for senior-friendly bank accounts with no maintenance fees at all. When we encounter an otherwise great account that charges maintenance fees, we make sure they’re easy for regular people to waive.

            Account Opening Bonus

            Plenty of bank accounts offer one-time new customer promotions to entice sign-ups. These can range anywhere from a few dollars to more than $1,000, and they’re absolutely worth pursuing if you can meet the requirements.

            Unfortunately, most senior-friendly bank accounts don’t have great account opening promotions. But we prefer accounts that do and order this list accordingly. 

            Rewards & Yield

            High-yield checking accounts are increasingly common these days. Unfortunately, few senior-friendly checking accounts pay much in the way of interest. But some tie into high-yield savings accounts, and others offer debit card rewards or other spending-based incentives. Those are our favorites.

            Mobile Features & Capabilities

            Responsive bank websites and full-feature mobile apps aren’t “nice to have” anymore — they’re basic requirements of a high-quality bank account. We’ve ordered this list accordingly, focusing on senior-friendly accounts that let you manage your money from anywhere with an internet connection.

            Other Account Types Available

            Convenience is important no matter what stage of life you’re in, but it’s especially clutch for busy seniors: folks who travel often, spend tons of time with grandkids, or maybe even live in different parts of the country at different times of year.

            With that in mind, we look for senior-friendly checking accounts at banks with a full lineup of checking, savings, and other account types. Banks with in-house investment services are always a plus.

            Checking Accounts for Seniors FAQs

            If you’re looking for a new bank account as you move into your golden years, or wondering whether your current account will continue to serve you well over time, you probably have some questions. These are the most common, along with our expert answers.

            What’s the Interest Rate on the Best Senior Bank Accounts?

            Unfortunately, most senior-friendly checking accounts don’t pay interest at all. Those that do tend to pay only a token interest rate that doesn’t change much with prevailing rates, say 0.10% or 0.15% APY. 

            That’s why it’s useful to look for senior checking accounts at banks with a full complement of other account types, including high-yield savings accounts, money market accounts, and CDs

            How Much Do Senior Checking Accounts Cost Each Month?

            The best senior-friendly checking accounts have no monthly maintenance fees or other recurring fees. They’re free to use unless you need to perform a task that carries a fee, such as make an out-of-network ATM withdrawal.

            Some senior checking accounts charge monthly maintenance fees but waive them if you keep a certain minimum balance or use your debit card a certain amount each month. If you go with one of those, make sure you understand the waiver requirements so you’re not surprised by a tacked-on fee.

            Can You Write Checks Out of Your Account?

            Some senior checking accounts come with paper checks, which is important for folks who prefer to pay the old-fashioned way. Even if yours doesn’t, you can generally order a bank check from the institution or use their online bill pay service to send a physical check to your payee.

            Are Senior Bank Accounts As Mobile-Friendly As Others?

            The best ones are. Those at smaller financial institutions are more likely to be behind the times, but even they’re catching up. If mobile capabilities are important to you, be sure to read reviews of each bank’s mobile app and test out their websites on your mobile device if possible.

            Final Word

            Mainstream money management won’t ever be off-limits to older Americans, of course. If you’re happy with your current bank or credit union and none of the checking options on this list excite you, you can keep your money where it is as long as you’d like.

            You’re also free to move your money to another high-yield checking or savings account not listed here, explicitly senior-friendly or otherwise — like one of these leading rewards checking accounts from ever-popular institutions like Discover Bank and Citi.

            Still, it’s surely nice to know that some banks and credit unions do prioritize older Americans’ unique financial needs.

            Financial institutions should recognize just how much work their older customers have put in to get where they are — whether that’s enjoying a comfortable retirement, preparing a graceful exit from the workforce, or gearing up for the next great career challenge.

            Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.