There are bank accounts specifically designed for seniors, and then just great accounts for anyone of any age. Whether you’re looking to increase your savings, get free checkbooks or just want a free checking account for seniors, we’ve rounded up the best options to compare.
Charlie is an online banking option designed for seniors aged 62 and older. One of the most noteworthy features is the ability to receive your Social Security benefits three to five days early — much faster than other early direct deposit methods, which typically only deliver up to two days early. Other perks include a 4% savings bonus on balances, no monthly fees or balance requirements, fee-free access to over 55,000 Allpoint ATMs and US-based phone support. But as an online account option, Charlie doesn't have physical branches, and it lacks investing and savings accounts.
APY
4.00%
Fee
$0 per month
Minimum deposit to open
$0
Charlie is an online banking option designed for seniors aged 62 and older. One of the most noteworthy features is the ability to receive your Social Security benefits three to five days early — much faster than other early direct deposit methods, which typically only deliver up to two days early. Other perks include a 4% savings bonus on balances, no monthly fees or balance requirements, fee-free access to over 55,000 Allpoint ATMs and US-based phone support. But as an online account option, Charlie doesn't have physical branches, and it lacks investing and savings accounts.
SoFi is no stranger to our best bank account lists and is great for anyone of any age. SoFi offers a free, all-in-one bank account with both checking and savings. There are no monthly fees, no balance requirements, no overdraft fees and tons of perks. You can plan your savings goals, earn interest on both your checking and savings balance, get early direct deposit and even check out its investing platform, SoFi Invest®. You'll also get access to over 55,000 Allpoint ATMs for free, be able to make cash deposits at Green Dot retail locations and receive free paper checks when you open the account. But as an online bank, there are no physical locations.
APY
Up to 4.20%
Fee
$0 per month
Minimum deposit to open
$0
SoFi is no stranger to our best bank account lists and is great for anyone of any age. SoFi offers a free, all-in-one bank account with both checking and savings. There are no monthly fees, no balance requirements, no overdraft fees and tons of perks. You can plan your savings goals, earn interest on both your checking and savings balance, get early direct deposit and even check out its investing platform, SoFi Invest®. You'll also get access to over 55,000 Allpoint ATMs for free, be able to make cash deposits at Green Dot retail locations and receive free paper checks when you open the account. But as an online bank, there are no physical locations.
Pros
$0 monthly fees
High APYs on checking and savings
Lending and investing services
Large ATM network
Free paper checks upon signup
Cons
No physical branches
$4.95 cash deposit fee at Green Dot locations
Annual Percentage Yield (APY)
Up to 4.20%
Intro or bonus offer
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Rewards
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.20% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits.Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Our account fee policy is subject to change at any time.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Chase is the biggest bank by asset size and has over 4,700 branches for in-person support and a fee-free ATM network of over 15,000. The Chase Total Checking account normally has a monthly fee of $12, but you can waive it by setting up qualifying direct deposits of at least $500 per month. Chase considers qualifying direct deposits to include Social Security checks, pension, payroll or other government benefits. Chase also frequently offers welcome bonuses for new customers, as well as lending and investing services and a variety of other account options. On the downside, Chase's savings APYs aren't the most competitive.
APY
N/A
Fee
$12 per month
Minimum deposit to open
$0
Chase is the biggest bank by asset size and has over 4,700 branches for in-person support and a fee-free ATM network of over 15,000. The Chase Total Checking account normally has a monthly fee of $12, but you can waive it by setting up qualifying direct deposits of at least $500 per month. Chase considers qualifying direct deposits to include Social Security checks, pension, payroll or other government benefits. Chase also frequently offers welcome bonuses for new customers, as well as lending and investing services and a variety of other account options. On the downside, Chase's savings APYs aren't the most competitive.
Pros
Large branch and ATM network
Waive monthly fee with direct deposit requirements
Frequently offers signup and referral bonuses
Multiple checking and savings options
Investing services
Cons
$12 monthly fee if you can't waive it
Low APYs on savings
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.
Fee
$12 per month
To waive the fee
Do any ONE of the following: • Set up monthly direct deposits of $500 or more • OR have a $1,500 balance or more each morning • OR have a combined balance of $5,000 or more in your Total Checking account and any other linked qualifying Chase accounts or investments
Liberty Savings Bank has one of the best offers for savings accounts on the market. With an outstandingly high 4.5% APY and no monthly fees, balance requirements or transaction limits, you'd be hard-pressed to find a better option elsewhere. Even sweeter, you only need to deposit $1 to open the account. This rate is an exclusive offer that you open through Raisin, a savings deposit account marketplace. Raisin only operates online, so you won't have branch access and can't deposit cash.
APY
4.50%
Fee
$0
Minimum deposit to open
$1
Liberty Savings Bank has one of the best offers for savings accounts on the market. With an outstandingly high 4.5% APY and no monthly fees, balance requirements or transaction limits, you'd be hard-pressed to find a better option elsewhere. Even sweeter, you only need to deposit $1 to open the account. This rate is an exclusive offer that you open through Raisin, a savings deposit account marketplace. Raisin only operates online, so you won't have branch access and can't deposit cash.
Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
Chime is a fintech with banking partners. If your banking history isn't ideal, the Chime Checking Account application doesn't involve a review of your ChexSystems report, so you'd have a better chance of qualifying. Chime's account has no monthly, overdraft or insufficient fees and no opening deposit requirements. Having the checking account also unlocks the optional savings account, which features a decent 2.00% Annual Percentage Yield (APY) with no balance requirements. With direct deposit of at least $200 per month, you'll gain access to additional services like SpotMe® and cash advances. However, Chime is online only, so there's no branch access, and it doesn't support joint accounts or wire transfers.
Fee
$0 per month
Minimum deposit to open
$0
Chime is a fintech with banking partners. If your banking history isn't ideal, the Chime Checking Account application doesn't involve a review of your ChexSystems report, so you'd have a better chance of qualifying. Chime's account has no monthly, overdraft or insufficient fees and no opening deposit requirements. Having the checking account also unlocks the optional savings account, which features a decent 2.00% Annual Percentage Yield (APY) with no balance requirements. With direct deposit of at least $200 per month, you'll gain access to additional services like SpotMe® and cash advances. However, Chime is online only, so there's no branch access, and it doesn't support joint accounts or wire transfers.
Pros
$0 monthly fee
No ChexSystems review
2.00% APY on savings
Overdraft fee-free with SpotMe
Cons
Best perks require direct deposit
No joint accounts or wire transfers
No physical branches
Annual Percentage Yield (APY)
N/A
Intro or bonus offer
Refer a friend to Chime using your referral link, and if they complete a $200 direct deposit within 45 days of opening their new account, you both get $100.
Rewards
Cash back offers on everyday purchases through the app
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC. ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status. Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account. APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest. Get Paid Early: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Credit Builder: To apply for Credit Builder, you must have an active Chime® Checking Account. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
U.S. Bank Smartly Checking usually charges a $6.95 monthly fee, but there are no monthly fees for military members or seniors over the age of 65. The account comes with three overdraft protection options, as well as budget and goal-planning tools. But the crowning jewel is the U.S. Bank Smart Rewards program, which you can join for free with the Smartly Checking account. The program gives you relationship perks like waived IRA annual fees, rate discounts on select loans, cashback offers and a complimentary financial consultation with the U.S. Bancorp Investments Wealth Management Advisory Center. And while your kids might be out of the house already, the US Smartly Checking account also comes with complimentary access to Greenlight, a popular kids' debit card. This account is also interest-bearing, but you'll have to ask a banker about deposit rates.
APY
N/A
Fee
$6.95 per month
Minimum deposit to open
$25
U.S. Bank Smartly Checking usually charges a $6.95 monthly fee, but there are no monthly fees for military members or seniors over the age of 65. The account comes with three overdraft protection options, as well as budget and goal-planning tools. But the crowning jewel is the U.S. Bank Smart Rewards program, which you can join for free with the Smartly Checking account. The program gives you relationship perks like waived IRA annual fees, rate discounts on select loans, cashback offers and a complimentary financial consultation with the U.S. Bancorp Investments Wealth Management Advisory Center. And while your kids might be out of the house already, the US Smartly Checking account also comes with complimentary access to Greenlight, a popular kids' debit card. This account is also interest-bearing, but you'll have to ask a banker about deposit rates.
Pros
$0 monthly fees for ages 65+
$0 monthly fees for military members
Smart Rewards program with relationship perks
Complimentary Greenlight plan
Cons
APY not disclosed
Rewards based on balance across US Bank accounts
Annual Percentage Yield (APY)
N/A
Fee
$6.95 per month
To waive the fee
Waive the $6.95 Monthly Maintenance Fee with one of the following: - Are 24 and under, 65 and over or a member of the military (must self-disclose), OR - Have combined monthly direct deposits totaling $1,000+, OR - Keep average account balanceof $1,500+, OR - Hold an eligible U.S. Bank credit card, OR - Qualify for one of the four Smart Rewards™ tiers (Primary, Plus,Premium or Pinnacle)
Overdraft fee
$36
APY
N/A
Fee
$6.95 per month
Minimum deposit to open
$25
verified_userFDIC Insured
Best for ATM access
Axos Bank Golden Checking
5
★★★★★
Finder score
Axos Bank is an FDIC-insured online bank that offers multiple checking accounts. Designed for '55+ years young,' the Golden Checking account has no monthly fees, includes free personal checks and earns 0.1% APY on all balances and up to $8 in domestic out-of-network ATM reimbursements. A standout perk with Axos is its very large ATM network: over 91,000 fee-free ATMs across the country. You can also deposit cash at Green Dot locations. But as with most online banks, Axos doesn't have physical branch locations.
APY
0.10%
Fee
$0 per month
Minimum deposit to open
$250
Axos Bank is an FDIC-insured online bank that offers multiple checking accounts. Designed for '55+ years young,' the Golden Checking account has no monthly fees, includes free personal checks and earns 0.1% APY on all balances and up to $8 in domestic out-of-network ATM reimbursements. A standout perk with Axos is its very large ATM network: over 91,000 fee-free ATMs across the country. You can also deposit cash at Green Dot locations. But as with most online banks, Axos doesn't have physical branch locations.
Pros
Large ATM network
Designed for ages 55+
$0 monthly fees
Free personal checks
Out-of-network ATM reimbursements
Cons
No physical branches
Annual Percentage Yield (APY)
0.10% on balances of $0+
Fee
$0 per month
Nonsufficient funds fee
$0
Overdraft fee
$0
Paper statement fee
$5
APY
0.10%
Fee
$0 per month
Minimum deposit to open
$250
verified_userFDIC Insured
Best for no-frills
PNC Foundation Checking Account
Don't need anything fancy? Consider the PNC Bank Foundation Checking account. It doesn't charge monthly service fees if you're 62 or older. This account also lacks overdraft fees, which are traditionally pricey with PNC. As a midsize bank, PNC has over 2,300 branches and nearly 60,000 fee-free ATMs, making it a great option for those who prefer classic, in-person banking. Its mobile app has a lot of features, too, like budgeting tools, mobile check deposit and more. As a full-service bank, you'll find tons of other typical banking products and services, including its hybrid Virtual Wallet accounts, high-yield savings accounts, interest-bearing checking, lending, investing and money market accounts. Just watch out for monthly fees on PNC's other accounts, though.
Fee
$5 per month
Minimum deposit to open
$0
Don't need anything fancy? Consider the PNC Bank Foundation Checking account. It doesn't charge monthly service fees if you're 62 or older. This account also lacks overdraft fees, which are traditionally pricey with PNC. As a midsize bank, PNC has over 2,300 branches and nearly 60,000 fee-free ATMs, making it a great option for those who prefer classic, in-person banking. Its mobile app has a lot of features, too, like budgeting tools, mobile check deposit and more. As a full-service bank, you'll find tons of other typical banking products and services, including its hybrid Virtual Wallet accounts, high-yield savings accounts, interest-bearing checking, lending, investing and money market accounts. Just watch out for monthly fees on PNC's other accounts, though.
Pros
$0 monthly fee for ages 62+
Large branch and ATM network
High APYs on savings
Lending and investing services
Checkwriting privileges
Cons
Other PNC accounts typically have fees
Annual Percentage Yield (APY)
N/A
Fee
$5 per month
Fee
$5 per month
Minimum deposit to open
$0
Methodology: How we chose the best banks for seniors
Finder’s experts analyzed hundreds of checking and savings accounts to find the best options for seniors, specifically those over the age of 55. We heavily considered banks with physical branch locations, checkwriting privileges, cash deposit acceptance and banks that specifically offer accounts designed for seniors. We only consider accounts that meet these requirements:
$0 monthly fee or easy ways to waive a monthly fee
Opening deposit requirements below $25
Savings APY at or above 2% APY
Wide state availability
How to compare the best bank accounts for seniors and retirees
It all depends on what your priorities are.
Monthly fees. Cost is a top consideration for anyone but likely a bigger concern if you’re retired and on a fixed income. Luckily, many banks offer fee-free checking and savings accounts for seniors, such as Axos, PNC and U.S. Bank.
Checkwriting privileges. If you prefer personal checks, look for an account that offers free checkbooks or offers checkbooks at all. Many traditional banks still offer checks, but new online banks may not.
Branch access. If you’re not keen on chat support, email communication or managing your account on a mobile app, you may want a bank with physical branch locations. Chase and PNC have very large branch networks, so you can talk to a real person.
Investing options. If you’re not a retiree yet, you may still be working out your investing and retirement planning. You can accomplish two goals at once by opening an account with a bank that offers investing services, such as SoFi, Chase or U.S. Bank.
Growing your savings. Looking to boost your savings account? Choosing a high-yield savings account is a good place to start. These accounts have significantly higher APYs than average, and the best APYs are often found with online banks, thanks to their lower overhead costs.
Federal benefits are sent electronically
Federal law mandates that federal benefit payments be made electronically. So, if you're a retiree or approaching retirement, you'll need an account that accepts electronic payments to receive Social Security or Supplemental Security Income benefits, according to SSA.gov.
Age ain’t nothing but a number when it comes to finding the best savings rates. If you need the best savings account, consider the APY and monthly fees instead of the age requirements.
Most online savings accounts don’t charge monthly maintenance fees, which is great if you’re trying to save as much as possible. And the best savings accounts, regardless of your age, will have significantly higher rates than average. The national average for savings accounts is
0.45%, according to the FDIC.(2)
Some of the best savings accounts in the market include:
Yes, and some popular options include IRAs and 401(k) plans. Before choosing a retirement account, consider trading fees, tradable assets, app reviews, signup bonuses, account types and your overall goal.
No, AARP doesn’t offer its own banking products and isn’t a financial services provider or bank.
Occasionally, AARP works with banks and investment companies to offer exclusive accounts, primarily certificates of deposit (CD)s, credit cards or savings accounts. On the downside, the APYs and details of these accounts aren’t always advertised.
Bottom line
There are multiple banks that offer accounts specifically designed for seniors and retirees. But at the end of the day, it doesn’t really matter who their target audience is — what matters to you is the account’s accessibility, monthly fees and whether it does what you want.
For more checking and savings guides, see our one-stop spot for all things banking.
Frequently asked questions
Can government benefits meet direct deposit requirements?
Government benefits, such as Social Security benefits, are often eligible for direct deposit requirements on a bank account. For example, to waive the $12 service fee for the Chase Total Checking® account, you can set up direct deposit of at least $500 per month from payroll or government benefits.
Can I get a bank account for an elderly parent?
You can take two main paths to help an elderly parent manage their financials and bank accounts. One method is asking your elderly parent to make you a joint owner on their existing bank account. This way, neither of you has to open a new account, and you can make transactions and withdrawals on their behalf. The second is opening a joint account with your elderly parent. You’ll both be able to manage the account and have equal access to the funds. Compare the best joint accounts here.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 435 Finder guides across topics including:
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
