Best Banks and Credit Unions for Seniors

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 seniors, 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 for seniors in 2025:

• Golden 1 Credit Union – Best Overall
• Regions – Best Rewards
• Axos – Best for Checking
• Citibank – Best for High Balances
• U.S. Bank – Best for Fee Waivers
• Bank of America – Best for Elder Financial Care
• Lake Michigan Credit Union – Best for Savings

*Rates and APYS are subject to change. All information provided here is accurate as of Oct. 8, 2024.

Golden1 Credit Union offers competitive yields on certificates and a member reward program. However, where this credit union shines for seniors is its Golden Prestige package, which is only available to those ages 62 and older. It includes free checks annually, no monthly maintenance fees, up to 10 free cashier’s checks per month, access to notary services and 30,000 surcharge-free ATMs in the CO-OP Network.

The California-based credit union has membership requirements that involve living or working in California. If you don’t meet that criteria, you can still join as long as an immediate family member or registered domestic partner is a member of Golden1. If you can join Golden1, there are perks for seniors who are at least 62 years old. These perks include free domestic wire transfers, a stock of free checks each year, access to free cashier’s checks each month and no monthly maintenance fee. As a member, you also get access to programs that provide you with discounts on loan products, and the credit union offers higher-than-average rates on share certificates (the credit union version of a certificate of deposit (CD).

Regions offers its 62+ LifeGreen Checking, which includes the option to open a LifeGreen Savings account for no monthly fee. The LifeGreen Savings account has an annual savings bonus if you set up automated transfers. There are different ways to waive the monthly fee, and you might be eligible for Overdraft Grace, a perk that gives you extra time to deposit or transfer money to cover an overdraft. For seniors looking for cash back, the 62+ LifeGreen Checking account has perks that can give you a little extra boost — this checking account comes with the option to open a LifeGreen Savings account and earn an annual bonus. On top of that, you can earn cashback when you take advantage of Regions Offers, saving you money on things you already buy.

While opening an account with Regions online is possible, you might be disappointed if you want to visit a branch. Additionally, ATM fee reimbursement on up to two non-Regions transactions is only available for certain customers and accounts. The 62+ LifeGreen Checking account has a monthly fee, but it can be waived if you set up a monthly direct deposit or maintain an average daily balance of $1,500. As long as you have a plan to avoid the monthly fee, you can take advantage of other perks, like a discounted safety deposit box and lower rates on loans.

The Axos Bank Golden Checking account offers an APY, free personal checks, no maintenance fees and up to $8 in monthly domestic ATM reimbursement. This can be a good choice for those looking for a main checking account that supports all types of transactions. Unlike some other banks that require seniors to be 62 years old to access special accounts, Axos has a minimum age of 55. Like other senior bank accounts, Axos offers free personal checks each year. The APY on the Golden Checking account is on the low end, with other Axos accounts offering potentially higher yields.

Even though the opening deposit is $250, the Axos Bank Golden Checking account can still be worth it. You won’t pay a monthly maintenance fee and can access over 91,000 surcharge-free ATMs. Plus, if you do end up with a charge, Axos will reimburse you up to $8 per month. However, Axos is an online bank, so seniors should be comfortable with online banking. Axos has a suite of tools available to customers to make banking easier.

Citibank’s Basic Banking Package allows seniors to create an experience that meets their needs, especially with high balances. As part of the package, you can include Regular Checking, Savings or Money Market accounts. If you deposit at least $30,000, you can take advantage of a relationship tier with extra benefits. Additionally, Citibank offers relationship perks to those with at least $30,000 in balances across their accounts. By building the right package, you can access higher-tier relationship perks, such as free financial checkups and reimbursement for Citi fees at non-Citi ATMs. If you have more than $200,000 in your accounts, you can get guided investment management help, cash rebates for subscriptions and unlimited reimbursement for other banks’ ATM fees.

Citibank offers competitive yields on their savings products and access to a wide network of ATMs. While there are monthly fees for the checking account, they’re waived when you make a qualifying deposit or maintain an average monthly balance of $1,500 across your package accounts.

Seniors hoping to avoid fees can use the U.S. Bank Smart Rewards program, which waives fees based on your balance tier. For those 65 and older, the program waives monthly maintenance fees on the Bank Smartly Checking account, regardless of tier. However, at the lowest tier, certain ATM and IRA annual fees are waived. Additionally, U.S. Bank offers complimentary financial consultation and a higher savings interest rate when you participate in the program.

U.S. Bank’s Smart Rewards works with its products, such as the Bank Smartly Checking account, which waives the monthly maintenance fee for those 65 and older without the need to meet balance requirements. Additionally, as your balance grows, so do your rewards. For example, with a $20,000 minimum balance across accounts, you qualify to have up to four non-U.S. Bank ATM fees waived each statement period, along with the annual IRA fee. As your balance grows, you can access other waivers, such as all ATM fees waived and no overdraft fees.

U.S Bank’s program also includes a Savings Lift that boosts the APY of your savings account as you reach different tiers, although this doesn’t compete with other banks’ yields. While some perks, such as the 50% discount on check reorders, aren’t as generous as other banks’, for some seniors the fee waivers make up for it.

In addition to offering different banking products that seniors might find helpful, Bank of America also provides education and tools for Elder Financial Care. Bank of America 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, they have an education and tools center on Elder Financial Care that can direct you to take steps to protect your finances. Additionally, they offer Estate Services that caregivers and others can use to help with money management as you age. The Advantage checking accounts offer different perks, depending on your chosen account. While they all come with monthly maintenance fees, they can be waived by meeting relatively simple daily balance requirements. The Preferred Rewards program, available to those with at least $20,000 across eligible accounts, offers bonuses and discounts that seniors can use to maximize their finances.

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 offers access to various savings products with high yields, making it attractive to seniors using cash for living expenses as part of the decumulation phase. Choose from CD, money market, savings and IRA accounts. Additionally, the Advantage 50 Checking account offers an average yield and access to two free check boxes a year without charging a monthly maintenance fee.

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.

How we chose the Best Banks of 2025

To determine our list of best banks for 2025, 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 for seniors in 2025. 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.

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