Best Banks and Credit Unions for Seniors for 2026
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% 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 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incomingwire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
5. ATM Access
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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
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.
7. Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
8. 0.70% Savings APY Boost
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Earn 4.00% APY* with Barclays' Tiered Savings Account
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
* Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 01/13/2025 and may change at any time without prior notice, before or after the account is opened. The APYs are determined by the Balance Tiers (Tiers) and the amount deposited. The same rate may apply to multiple Tiers and Tiers may change without notice. APY is calculated based on the Tier into which the end of day account balance falls. Fees could reduce the earnings on the account. No minimum balance to open, but for interest to post to your account you must maintain a minimum balance that would earn you at least $0.01. Please see the Compare Account Page for current Tier and APY information. The APY for the Barclays Tiered Savings account for balance tiers greater than $250,000 are currently 10X the national average of 0.46% APY, based on the national average of savings account rates published in the FDIC's National Rates and Rate Caps, accurate as of 09/16/2024.
Earn 3.75% APY* with Platinum Savings
-
With a Balance of $5,000 or More*
-
Earn 0.25% APY with a Balance of Less than $5k*
-
$100 Minimum Deposit to Open Account
-
No Account Opening or Monthly Service Fees
-
CIT Bank Account is FDIC Insured
*For complete list of account details and fees, see our Personal Account disclosures
1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-ofday account balance. *APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of November 17, 2025.
As you enter your golden years, you need a bank that meets your specific needs. Your priorities change over time, so it’s important to look for a financial institution that can help you make the most of your money at any stage of life.
To help you find the right bank for older Americans, Money researched over 50 banks and credit unions. Based on their offerings, annual percentage yields (APYs), fees and customer service, here are our choices for the Best Banks and Credit Unions for Seniors for 2026:
- Regions – Best Overall
- Axos – Best Rewards
- Lake Michigan Credit Union – Best for Checking
- FitnessBank – Best for Savings
- KeyBank – Best for High Balances
- First Federal Bank – Best for Fee Waivers
- Bank of America – Best for Financial Care
*Rates and APYS are subject to change. All information provided here is accurate as of Oct. 14, 2025.
Best Overall: Regions
Regions takes the top spot on Money's list of best banks and credit unions for seniors. The bank's LifeGreen checking, which is available to customers ages 62 and older, provides unlimited check writing, the option to open an accompanying LifeGreen savings account with no monthly fees and the opportunity to earn an annual savings bonus. Additionally, account holders are eligible for discounts on loans and safe deposit boxes.
The bank's senior checking accounts carry a $50 minimum balance requirement as well as an $11 per month maintenance fee. However, those fees can be waived if customers execute a monthly direct deposit transaction of at least $500 or if they maintain an average monthly balance of $1,500. While the bank does charge overdraft fees, you might be eligible for Overdraft Grace, a perk that gives you extra time to deposit or transfer money to cover those shortfalls. Be mindful that the bank only operates in 15 states.
- Discounted safety deposit box and lower rates on loans
- Unlimited check writing
- Opportunity to earn an annual savings bonus
- Branches only available in 16 states
- Monthly fees and overdraft fees
- Senior checking accounts are not interest-bearing
Best for Rewards: Axos
Axos offers its Golden Checking accounts features zero maintenance fees, no opening balance requirement and complimentary personal checks. Customers ages 55 and older are eligible. That account currently offers an APY of 0.10%, and Axos has a network of 91,000 ATM locations. But if you're unable to find one of those locations, the bank provides up to $8 per month in domestic ATM reimbursements.
Axos has a stellar reputation, receiving a Trustpilot rating of 3.9 stars out of a possible 5. However, as an online financial institution, you should be comfortable with mobile banking platforms. That said, Axos has a suite of tools available to customers to make online banking easier.
- Relatively low age requirement of 55
- Free personal checks
- No monthly maintenance fees
- Opening deposit required
- Online bank with limited branch locations
- APY for Golden Checking fixed regardless of balance
Best for Checking: Lake Michigan Credit Union
Lake Michigan Credit Union offers a variety of savings products with competitive yields, including CDs, money market accounts, savings and IRAs. Additionally, they offer the Advantage 50 Checking account designed for people aged 50 and above. The credit union advertises the account as free from top to bottom, with no monthly maintenance or per check charges. There’s no minimum to open the account or to earn interest. The Premier Checking account offers an APY of 4.00% on balances up to $15,000 and 0.40% on balances over $15,000.
You must meet membership requirements to qualify for a Lake Michigan Credit Union account. However, the field of membership is wide. If you don’t meet the requirement of living in certain parts of Michigan or Florida, you can donate to the credit union’s preferred charity to join. Those who prefer banking in person might not like the limited branch locations, but those who don’t mind digital banking can use the tools to bank from anywhere.
- No monthly maintenance fees for checking
- Two free boxes of checks
- Checking account APY up to 0.25%
- Geographic membership restrictions
- No senior savings account options
Best for Savings: FitnessBank
FDIC-member institution FitnessBank refers to its customers as "member-athletes," and with good reason, too. By documenting your daily exercise (i.e., swimming, biking, running and walking), you can earn up to 4.45% APY with FitnessBank's senior savings accounts (and 5.25% APY with its senior checking accounts). Those rates are performance-based. Once you have opened an account, you can download the bank's step tracker app and sync it with your activity tracker to start earning better rates.
FitnessBank does have a minimum opening balance requirement of $100 and it charges a $10 monthly maintenance fee; however, that fee can be waived by maintaining a $100 minimum average daily balance. As an online-only bank, it does not operate physical branches. However, FitnessBank is available to residents of all 50 states and provides all of its services via its website and mobile app. Account balances are capped at $250,000.
- Customers can earn higher rates for documented exercise
- Up to 4.45% APY for senior savings accounts
- Up to 5.25% APY for senior checking accounts
- APYs are tied to daily physical performance
- Online-only with no branch locations
- Account balances are capped at $250,000
Best for Account Options: KeyBank
With KeyBank, seniors can choose from two checking options that both are suitable and offer attractive benefits. With a network of 40,000 fee-free ATMs, online banking as well as nearly 1,000 branches located in 15 states, KeyBank is a strong option for in-person or mobile banking enthusiasts. But where it stands out is its account options for seniors. The bank's Key Smart Checking accounts has no monthly maintenance fees and no minimum balance requirements; however, that account is not interest-bearing.
On the other hand, KeyBank's Key Select Checking is interest-bearing and allows customers to earn an annual $100 cash bonus with qualifying direct deposits. That account compounds interest daily and carries a $25 per month maintenance fee. However, that fee can be waived by maintaining a balance of $15,000 among all of your KeyBank accounts, or by having at least $3,000 in eligible direct deposits during each statement cycle.
- Account options with no monthly maintenance fee
- Annual $100 cash bonus with qualified direct deposits
- Checking account options with daily compounded interest
- Some account options have waivable monthly fees
- Branch locations restricted to 16 states
- Overdraft fees for balances below negative $20
Best for Fee Waivers: First Federal Bank
First Federal Bank's Essential Seniors checking account is a great option for customers ages 55 and up. The account carries a $50 minimum opening deposit and a $6 per month maintenance fee. However, that monthly fee can be waived by maintaining a daily balance of $1,000 (which saves customers $4 per month), and by opting for an e-statement instead of a paper statement (which saves customers $2 per month).
One downside to banking with First Federal Bank is its geographic restrictions. Branch locations are limited to Florida and South Carolina, and beyond the bank's CDs, its other products are unavailable outside of its service areas. While those CDs start at a $1,000 minimum, the bank offers higher rates on higher balances.
- Fees can be waived by meeting certain conditions
- $300 in overdraft protection
- CDs offer higher rates for higher balances
- $50 minimum opening deposit
- $7 per item overdraft charge
- $6 monthly maintenance fee
Best for Financial Care: Bank of America
For the second consecutive year, Bank of America takes Money's top spot as the best bank for financial care. In addition to offering different banking products that seniors might find helpful, Bank of America also provides Financial Care for Older Adults — a suite of educational resources and tools. The bank offers help with setting up beneficiaries for accounts, offers trusts and can even help with power of attorney. Their estate services can help you manage others’ finances if needed.
While Bank of America doesn’t offer specific banking products for seniors, some accounts and services can benefit elders. For example, the bank's Financial Care for Older Adults can direct you to take steps to protect your finances, while its estate services can help caregivers and others with money management as you age. Bank of America is also an ideal financial institution for older Americans as it is available online in all 50 states, while boasting 3,600 branch locations in 39 states. The bank received the highest rank for customer satisfaction with retail banking advice in J.D. Power's 2025 U.S. Retail Banking Advice Satisfaction Study.
- Education and tools elder financial management
- Different options for accounts that waive monthly maintenance fees
- Access to Estate Services
- Other banks offer more competitive savings rates
- No specialized bank accounts for seniors
- Must have at least $20,000 in accounts to receive the best perks
It's never too late to start saving — compare rates & start earning interest!
Up to 2-day-early paycheck
Earn up to 4.30% APY*
- Limited Time Offer - New accounts earn a 0.70% APY boost to 4.30% for up to 6 months with eligible direct deposit*
- $0 min. balance to earn APY
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
- No Account Fees5 & No-fee Overdraft Coverage6
*Terms Apply
No monthly maintenance fees
- $0 Min. Balance to Earn APY on Barclays' Tiered Savings
- No Monthly Maintenance Fees
- Easy Direct Deposits & Online Transfers
- Deposits are FDIC Insured
*Rate as of 11/19/2025
Open an account in 5 minutes
- With a Balance of $5,000 or More*
-
Earn 0.25% APY with a Balance of Less than $5k*
-
$100 Minimum Deposit to Open Account
-
No Account Opening or Monthly Service Fees
-
CIT Bank Account is FDIC Insured
No hidden fees
Enjoy hassle-free banking and earn 4.20% APY* with no more hidden fees.
- Enjoy free monthly maintenance
- Watch your savings grow with daily compounded interest.
- Deposit anytime, anywhere with unlimited mobile check deposits.
- Deposits are FDIC-insured up to $250,000
*Rate as of 10/10/2025
How we chose the Best Banks of 2026
To determine our list of best banks for 2026, Money staff evaluated hundreds of the largest retail banks, credit unions, regional banks, state banks and online banks ranked by assets. We then compared opening balance requirements, interest paid, fees and features to determine our top picks.
Money researched dozens of leading financial institutions to identify the best banks and credit unions for seniors for 2026. We compared bank account options, rates, deposit minimums, fees and added benefits and features to select our top choices. We placed particular emphasis on banks that offer special perks that seniors might benefit from, such as discounts on safe deposit boxes, free checks and elder support. We also prioritized banks with broad ATM networks and low fees.
You can read our full methodology here.