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Published: Oct 30, 2021 10 min read
A line of seniors ready to deposit and make transaction at their bank.
Janice Chang for Money

One of the perks of growing older is discounts on everything from movie tickets to restaurants — to bank accounts. The best bank accounts for seniors waive fees and offer an array of discounts to help you keep your nest egg intact a little longer.

As you look for the perfect senior bank account, keep in mind that different banks will have different age requirements: 62 is most common, but some banks allow you to sign up as early as age 50.

Once you figure out where you qualify, it’s easy to compare perks. Look for things like higher interest rates on savings accounts, free checking or discounts on other banking services like safe deposit box rentals or lower interest rates on loans.

Our Top Picks for Best Accounts for Seniors of 2021

Best Bank Accounts for Seniors Reviews

TD Bank’s 60 Plus Checking Account combines a low opening balance requirement, no fees, free checks and discounts on select loans. Plus, the account earns interest. All that makes TD Bank our pick for best overall for seniors.


  • $0 opening balance requirement
  • Checking account earns interest
  • Free standard checks plus discounts on select styles
  • Interest rate discounts on home equity and personal loans


  • $10 monthly maintenance fee
  • Limited number of bank branches in the U. S.

Anyone who is 60 years of age or older can open the 60 Plus Checking Account account with $0. The account pays 0.01% interest, which is not much but still beats the zilch offered by other national banks. The account does have a $10 monthly maintenance fee, but it is waived if you keep a minimum daily balance of just $250.

This account offers a number of free benefits specifically for seniors. There are no charges for online or paper statements, money orders or official bank checks. TD Bank logo checks are free (or get a discount on select check styles if you prefer). You’ll also be able to take advantage of a 0.25% discount on home equity and personal loans.

TD Bank currently has over 1,200 branches in the U.S. located in 16 states, with the highest number located in New York, New Jersey, Massachusetts, Florida and Pennsylvania. However, you’ll also have access to TD’s online banking and mobile app, which will allow you to track your accounts, pay bills, transfer money, deposit checks and make person-to-person payments with Zelle.

Axos Golden Checking account has no fees for a number of banking services, including overdrafts, which most competitors charge for. Plus, you can get free personal checks and earn interest on the account.


  • No fees for many bank services
  • Account earns interest
  • Up to $8 in ATM fee reimbursements per month
  • Free checks


  • It’s an online bank so there are no branches for consumers who prefer an in-person banking experience
  • Minimum opening balance is required

The Golden Checking account is open to anyone aged 55 or older, one of the lowest age requirements we’ve found on senior accounts. In addition to not charging a monthly service fee, you won’t pay an overdraft fee or insufficient fund fee with this account, which is unusual for most accounts we reviewed.

You can open the account with $50, which is a little higher than the minimum required by other accounts but hardly prohibitive. Once open, there’s no minimum monthly balance requirement and you’ll earn 0.10% interest on all balances below $100,000, which is a pretty good rate considering most checking accounts don’t pay interest at all.

While Axos doesn’t have an ATM network of its own, you do have surcharge-free use of the Allpoint ATM network, which has over 55,000 ATMs, as well as free access to ATMs in retailers such as Target and Ralph’s as well as at CVS and Rite Aid pharmacies. If you need to use an out-of-network ATM, Axos will reimburse up to $8 in domestic ATM fees per month. As an online bank, you also won’t have access to a bank branch.

Citibank’s Basic Banking package provides unlimited check writing and waived ATM fees plus a savings account that earns a competitive interest rate, making it our pick for the best rates for seniors.


  • Free, unlimited checks
  • Monthly maintenance fee is waived
  • Automatic Access to Citibank’s Identity Theft Solutions if needed
  • Savings account earns a competitive interest rate


  • No other banking fees are waived
  • No ATM fee reimbursements

Although this isn’t an account specifically designed for seniors, Citibank’s Basic Banking package will waive the $12 monthly fee for those who are 62 years or older on accounts opened prior to July 18, 2022. No other fees, such as an overdraft or insufficient funds fees, are waived, but Citi does charge slightly less for each ($34) than most other national banks.

There’s no minimum opening balance, and you can write as many checks as you need to without incurring a cost. On the savings side, you can earn 0.50% interest on all balances in the account. You’ll also have access to over 65,000 ATMs across the country as well as Citi’s mobile banking app so you can keep track of all your accounts without having to visit a branch. Citibank won’t charge any fees if you use an out-of-network ATM, but you may have to pay ATM owner fees — Citi won’t reimburse out-of-network fees.

If you feel you’ve been the victim of identity theft, Citibank’s Identity Theft Solution will provide expert advice on how to identify any accounts that may have been compromised, as well as contact Transunion to place a fraud alert on your credit report, help walk you through the process of filing a police report and keep you up to date on the status of your claim. You’ll also find helpful tools to learn how to keep your personal information safe and identify potential scams.

With the Easy Checking account, you’ll enjoy waived fees and discounts on paper checks and safe deposit boxes, making US Bank our pick for best bank with senior perks.


  • Low opening deposit
  • Free box of checks
  • Discount on safe deposit box rental


  • High qualifying age
  • No reimbursement of non-network ATM fees

You can open US Bank’s Bank Smartly Checking account with a low opening deposit of $25. The $6.95 monthly service fee is waived for those 65 or older, which is a higher age requirement compared to other national and online banks we looked at. US Bank will also waive the $2 paper statement fee for senior customers.

Other perks include a free first box of US Bank logo checks or a 50% discount on other personal check designs. Then, you’ll get a 50% discount on reorders of either check design. You’ll also get a 50% discount on a safe deposit box rental fee.

You’ll be able to enjoy free access to US Bank’s online and mobile banking, which allows you to keep track of your accounts, receive security alerts, make payments or send money via Zelle. While you won’t be charged a fee to use over 30,000 US Bank and MoneyPass ATMs, there is a $2.50 fee to use out-of-network ATMs, which is slightly lower than fees charged by other banks. US Bank doesn’t reimburse out-of-network fees.

How We Chose the Best Accounts for Seniors of 2021

To pick Best Accounts for Seniors, Money started with 25 of the largest national retail-focused banks by assets and 15 of the largest online banks. We looked for accounts dedicated to seniors or which waived certain fees or offered other perks for seniors. Money then partnered with data provider Curinos to review account minimums and qualifications, interest rates, monthly service fees, ATM fees, overdraft fees, overdraft protection fees, insufficient funds fees, debit card replacement fees, domestic wire transfer fees, and online banking capabilities.

When selecting finalists, priority was given to checking and savings accounts with no or easily waived monthly fees, free ATMs, and higher interest rates. In naming free accounts, we assumed customers would be okay with receiving e-statements to avoid a monthly fee.

When available, we weighed customer service ratings from J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study, 2021 Online Banking Satisfaction Survey, and 2021 Mobile Banking Satisfaction Survey. Money’s edit team independently fact-checked information in September and October.

The interest rates quoted were checked on October 25, 2021.

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