Best Banks and Credit Unions for Seniors of 2023-2024 

Security in banking is important to everyone. However, It’s especially critical for older customers who may still write paper checks and want to hold a monthly statement in their hands without turning to a smartphone. As banking grows increasingly digital, seniors want accounts that offer perks such as free checks and unlimited check writing. They also want what all bank customers want and deserve: a place they can save without worrying about the future.

Here are our picks for the best banks and credit unions for seniors of 2023-2024:

• Chase – Best overall
• Golden1 Credit Union – Best rates
• Axos Bank – Best perks
• Mountain America Credit Union – Best rewards checking
• Regions Bank – Best checking/savings combo
• Bank of America – Best elder care resources
• Lake Michigan Credit Union – Best for low fees
• TD Bank – Best conventional checking

*Rates and APYS are subject to change. All information provided here is accurate as of Sept. 26, 2023.

We picked Chase as the best bank for seniors overall because of its low fees, low opening balance and access to many other services, such as Zelle and Chase Online Bill Pay. Autosave makes saving easy by scheduling automatic transfers from your checking account to savings.

Chase Total Checking also allows new account holders to earn $200 by setting up direct deposit within 90 days.

When it comes to rates, Golden1 Credit Union is the clear standout, with its tiered interest rates that range from 0.05% up to a generous 3.5% APY, depending on balance — the highest of all the banks we considered. For members 62 and older, the credit union offers Golden Prestige, a special package of products and services. Features include no monthly maintenance fee, unlimited free check writing, two boxes of Custom Image checks each year and a complete statement of all of your Golden1 account information. Additionally, account holders can get up to ten free cashier's checks per account per month.

When it comes to perks, Axos is our top choice because of its basic checking account that pays an APY and reimburse up to $8 in domestic ATM fees each month. On top of that, account holders receive two free boxes of Colonial Classic checks per year. The account carries zero maintenance fees and has a number of security features, such as account monitoring for potential fraud. Axos executes regular updates to prevent viruses and malicious software. You can open an Axos Bank Golden Checking account when you turn 55.

The MyStyle Checking account from Mountain America Credit Union wins for best rewards checking because of its many, unique perks you won’t find at most other banks such as free telehealth, mobile phone protection and ID theft protection. You can earn redeemable points for travel rebates, gift cards and other rewards. The account has identity protection and can help in case of identity theft. You can open the account with no minimum balance. A Visa debit card with contactless payment tech is issued upon account opening for immediate use.

We chose Regions Bank’s 62+ LifeGreen Checking as the best combo checking/savings account because of its low fees and many perks. A linked LifeGreen Savings account carries no maintenance fees and offers ways to earn a savings bonus of up to $100 annually. Perks include unlimited check-writing, an overdraft protection option with no transfer fees and easy ways to waive the monthly fee, such as setting up regular direct deposit or maintaining a monthly average balance of $1,500. Additionally, you can get a 30% discount on safe deposit boxes and earn cash back or point rewards when using Regions Visa cards at certain retailers.

We chose Bank of America for best elder care resources even though it has no checking account solely for seniors, because it provides several services that protect the financial health of older Americans. In addition to a discounted membership to AARP, a suite of services includes fraud prevention, a resource guide detailing common scams targeting older people, warning signs that someone might be falling victim to a fraudulent scheme, advice for those who suspect they themselves or a loved one might have fallen for a scam and ways of reporting abuse.

We picked Lake Michigan Credit Union as best for low fees because its Advantage 50 Checking carries no fees. Not only that, eligible members (those 50 and older) can get two free boxes of standard checks per year and a free debit card. Writing checks is also free. There’s no minimum to open an account, and there’s no minimum to earn interest.

TD Bank’s TD 60 Plus Checking Account wins our best conventional checking category for its low opening balance and basket of perks, such as a 0.25% discount on home equity and personal loans. In addition to free money orders, Zelle, bank checks and paper statements, account holders get free bank transfers from external banks as well as internal TD accounts, free online banking and bill pay. The basic checking account has a fee that can be easily waived if you maintain a minimum daily balance of $250. Account holders can get free standard-design checks.

How we chose the Best Banks of 2023-2024

To determine our list of Best Banks for 2023-2024, Money staff evaluated 273 of the largest retail banks, credit unions, regional and state banks, ranked by assets, and 20 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.

More from Money

Back to Best Banks of 2023-2024

Best Credit Unions of 2023-2024

Best High-Yield Savings Accounts