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Published: Nov 15, 2022 7 min read
Illustration of a senior woman driving a piggy bank
Rangely García for Money

Managing your finances is important at any age. But for those nearing or in the retirement years, finding a bank that helps you keep your money secure is even more critical. The best banks for seniors offer perks like waived fees and discounts on products and services, which are all designed to make life easier and help those life savings last longer.

Here are our picks for the best banks and credit unions for seniors of 2022-2023:

*Rates and APYs are subject to change. All information provided here is accurate as of May 19, 2023.

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Best overall: PNC

PNC’s Virtual Wallet is our pick for best overall account for seniors because it combines both checking and savings into one easy-to-manage account. Virtual Wallet can be opened with as little as $25, and the $7 monthly service fee is waived for customers 62 or older. You’ll also get access to over 60,000 ATMs across the country, and the first two non-PNC ATM fees are free each statement cycle. You’ll earn interest on both the checking and savings accounts.

PNC highlights

  • Pays interest (varies by state)
  • $0 monthly service fee
  • Large ATM network
  • Earn a $50 bonus when you open a new account
  • Interest rate is not very high
  • Charges an overdraft fee of $36

Best rates: Axos Bank

We chose Axos’ Golden Checking Account as the top pick for the best rates. You can earn a high-interest rate, the highest you can earn on any checking account among the banks we considered. There are no monthly service fees, and you’ll get two free boxes of checks per year. Plus, Axos will reimburse up to $8 in domestic ATM fees per month. The account is available for those 55 and older.

Axos Bank highlights

  • 0.10% APY
  • $0 monthly service fee
  • $250 opening balance
  • Refer a friend and get a $20 bonus
  • The opening balance is higher than required by most other banks
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Best perks: U.S. Bank

Our top pick for the best senior account with perks is the Bank Smartly Checking account from U.S. Bank. Account owners over the age of 65 can enjoy perks such as a 50% discount on safe deposit box rentals, waived fees for paper statements and 50% off check recorders. There are no monthly service fees related to the account.

U.S. Bank highlights

  • Earns interest (varies by state)
  • $0 monthly service fee
  • Discounts on products and services
  • Reimburses only one out-of-network ATM fee per month
  • About 2,000 branches located in 26 states

Best for rewards checking: Mountain America Credit Union

Mountain America’s MyStyle Checking account is our top pick for earning rewards. The account can be opened with as little as $25. The $7 monthly service fee is waived for those 60 or older, and rewards include rate discounts on loans as well as discounts on shopping, dining and entertainment. You’ll also get perks such as free telehealth, mobile phone protection and identity protection/dark web monitoring.

Membership in the credit union is limited to residents of Utah, Arizona, Idaho, Montana, Nevada and New Mexico, as well as employees of several large industries, like Smith's Food and Drug, and Salt Lake County employees.

Mountain America highlights

  • Low opening balance
  • Waived monthly service fee
  • Access to over 55,000 ATMs nationwide
  • Discounts on loans, shopping and entertainment
  • Doesn't pay interest
  • Membership is limited to residents of Utah, Arizona, Idaho, Montana, Nevada and New Mexico, and also employees of affiliated employers

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Best for checking/savings combo: Regions Bank

Regions Bank’s 62+ LifeGreen Checking and LifeGreen Savings account are our top pick for the best checking/savings combo for seniors because of the rewards, perks and discounts. The monthly fee can be waived for checking and there's no monthly fee for savings. You’ll also earn 1% in rewards on your savings account when you automatically transfer $10 from your checking account each month. Other perks include unlimited check writing, discounts on safe deposit box rentals and cash-back rewards on Visa debit card purchases.

Regions Bank highlights

  • $50 minimum opening balance
  • $8 monthly service fee can be waived by maintaining an average monthly balance of $1,500 or making direct deposits of $300 (single) or $1,000 (combined)
  • Earn rewards on savings and Visa debit card purchases
  • 62+ LifeGreen Savings pays interest but 62+ LifeGreen Checking does not
  • Serves customers in the South, Midwest and Texas only
  • Does not reimburse any out-of-network ATM fees

Best for elder care resources: Bank of America

Bank of America is our choice for providing the best elder care resources because it provides a number of tools and services that assist in estate planning and can help protect older Americans from financial fraud. Advantage Banking account holders can sign up for Bank of America’s Signature Services, a collection of financial services. These include account monitoring, financial planning assistance, free notary services and the ability to name a trusted contact with whom to address suspicious activity.

Bank of America highlights

  • $100 opening balance on Advantage Plus Checking account
  • $12 service fee can be waived by having one qualifying direct deposit of at least $250 per statement cycle, maintaining a daily balance of $1,500 or enrolling in the Preferred Rewards program
  • Resources to learn how to identify fraud
  • Free estate planning and notary services
  • Does not pay interest
  • No out-of-network ATM fee reimbursement

Best for low fees: Golden 1 Credit Union

We chose Golden 1 Credit Union as the best option for low fees because it has lower standard fees compared to other banks and credit unions we considered. Account holders 62 and older can take advantage of the Golden Prestige add-on to the credit union’s free Checking account. There is no monthly service fee, a $10 insufficient funds fee and $2 overdraft fee, which is much lower than that of the banks that do still charge these fees. You’ll also get 10 free cashier's checks per month, limitless check writing and two free boxes of Custom Image checks per year.

Golden 1 Credit Union highlights

  • Very low fees
  • No monthly service fee
  • $0 opening balance
  • Free unlimited checking
  • Does not pay interest
  • Membership limited to residents of California and employees of affiliated companies
  • Must have a recurring direct deposit or keep a $5,000 balance in any combination of savings accounts sharing the same account number to qualify

Best for conventional checking: TD Bank

TD Bank’s 60 Plus Checking is our choice for best conventional checking as account holders get free standard checks and don’t pay a fee for either online or paper statements. There are also several free perks, like free money orders and cashier's checks, plus a 0.25% rate discount on personal and home equity lines of credit (HELOCs).

TD Bank highlights

  • 0.01% APY
  • $10 monthly service fee, waived by keeping a daily balance of $250
  • Free checks
  • Discount on loans
  • Interest paid is very low compared to some online banking options
  • Branches located in only 16 states, mainly in the Northeast

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How we chose the Best Banks of 2022-2023

To determine our list of Best Banks for 2022-2023, Money staff evaluated 50 of the largest retail banks and credit unions, ranked by assets, and 15 of the most popular online banks. We then compared opening balance requirements, interest paid, fees and features to determine our top picks. You can read our full methodology here.

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