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6 Best Checking Accounts for Seniors – Rates for 2023

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.

Best Overall: Citigold® Checking Account

This offer is no longer available.

Citigold Logo

The Citigold® checking account is a checking account with the option to add a savings account. It comes with a white-glove wealth management service that only an institution like Citi can provide.

Currently, Citigold® membership is available nationally.

To maintain eligibility and avoid a monthly service fee, the account holder must maintain a minimum combined average monthly balance of $200,000 in eligible linked banking, retirement, and investment accounts.

Through July 23, 2023, new Citigold® members may qualify for an attractive account opening bonus.

First, open a new eligible checking account in the Citigold® Account Package by July 23, 2023, then deposit at least $200,000 in new-to-Citi funds between your checking and savings account within 20 days of opening your accounts.

Maintain a balance of at least $200,000 between your checking and savings accounts for 60 consecutive calendar days following the 21st day to receive a $1,500 bonus, eligible within 90 calendar days. The bonus will be paid 30 days after you successfully complete all qualifying activities.

Moving forward, enjoy access to 70,000+ fee-free Citi ATMs, a world-class investment platform and complimentary financial planning from Citi Personal Wealth Management, and more benefits.

Best Direct Deposit Bonus: Chase Total Checking®

Great Account Opening Bonus (Must Apply by July 19, 2023)

Chase Logo

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 July 19, 2023

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 $200 bonus within 15 business days. But you must apply by July 19, 2023, to qualify.

To avoid the $12 monthly maintenance fee in any statement period, do one of the following:

  • Receive direct deposits into the account totaling $500 or more, OR
  • Keep a beginning daily balance of $1,500 or more in your Chase Total Checking account, OR
  • 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, OR
  • Pay at least $25 or more in qualifying checking-related services or fees.

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.

  • Minimum Deposit and Balance Requirements: If you don’t complete one of the qualifying activities described above during a particular statement cycle, a $12 monthly maintenance fee applies for that cycle.
  • Account Opening Bonus: Open a new Chase Total Checking account by July 19, 2023, and complete qualifying activities to receive a $200 bonus within 15 business days.
  • Yield: None.
  • Rewards and Incentives: Enjoy access to more than 16,000 ATMs and 4,700 branch locations.
  • Possible Fees: See terms for a complete accounting of possible fees.

Open an Account

Best for CDs: BB&T Bank Senior Checking

Free Personal Checks and One Penalty-Free CD Withdrawal for Medical Emergencies

1280px Bb&t Logo.svg

BB&T Bank Senior Checking is an age-restricted checking account for Americans age 55 or older living across a broad swathe of the eastern United States.

With an easily attainable monthly maintenance fee waiver and 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.

Avoid the $10 monthly maintenance fee each statement cycle by receiving at least $500 in combined direct deposits or maintaining a $1,000 average minimum daily balance.

  • Minimum Balance Requirements: There’s no ongoing balance requirement, although a minimum daily balance of $1,000 or $500 in combined monthly direct deposits gets the $10 monthly maintenance fee waived. The minimum opening deposit is $100.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Senior Checking account holders enjoy one penalty-free early CD withdrawal for documented medical emergencies — a potentially invaluable perk should an unforeseen illness or injury strike. Other benefits include free mobile check deposit and digital money transfers with Zelle.
  • Possible Fees: See BB&T’s fee disclosures for a complete accounting of possible fees for this deposit account.

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Best for No Monthly Maintenance Fee: U.S. Bank Easy Checking

No Monthly Maintenance Fee for Account Holders Over Age 65

Us Bank Logo

U.S. Bank Easy Checking is a senior-friendly checking account that waives monthly maintenance fees for any account holder over age 65, regardless of balance or cash flow.

Otherwise, it’s a fairly basic account for older Americans not looking for anything fancy. Standard features include a complimentary debit card and online and mobile bill pay and check deposit.

  • Minimum Balance Requirements: There’s no ongoing account balance requirement for account holders over age 65. The minimum opening deposit is $25.
  • Account Opening Bonus: None.
  • Yield: None.
  • Rewards and Incentives: Enjoy free mobile check deposit.
  • Possible Fees: See U.S. Bank’s Easy Checking snapshot for a complete accounting of common fees, including for paper statements.

Learn More

Best for Loan Discounts: TD Bank 60 Plus Checking

Nominal Yield on All Balances

td bank

TD Bank 60 Plus Checking is an age-restricted account for Americans over age 60.

Like the BB&T Bank Senior 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 Balance Requirements: There’s no minimum opening deposit required, but the minimum daily account balance required to waive the $10 monthly maintenance fee is $250.
  • Account Opening Bonus: None.
  • Yield: This account yields 0.01% APY on all balances, subject to change by account holder location and prevailing interest rates.
  • Rewards and Incentives: Enjoy a 0.25% interest rate discount on eligible TD Bank home equity lines of credit, no ATM fees at TD Bank ATMs, and free standard personal checks and bank checks.
  • Possible Fees: This account has few fees, but opt-in overdraft protection generally does involve costs. See TD Bank’s account overview for more on possible fees.

Best Checking Yield: Ally Bank Interest Checking

Solid Yield and Free Checks

ally bank logo

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 Balance Requirements: There’s no minimum opening deposit required and no minimum daily balance requirement or monthly maintenance fee.
  • Account Opening Bonus: None.
  • Yield: This account yields 0.10% APY on balances below $15,000 and 0.25% APY on balances above $15,000.
  • Rewards and Incentives: Enjoy no ATM fees at more than 40,000 ATMs around the U.S. and free standard personal check orders when you need them (a rare perk in the online banking world).
  • Possible Fees: Ally Bank never charges overdraft fees. That’s a nice perk for seniors who typically maintain low account balances.

See our Ally Bank review for more information.

Learn More

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.