Free checking accounts can be particularly important if you are retired. Every little bit of savings helps when you no longer have an income or have an unexpected expense. Fortunately, many banks have a no monthly fee checking account for those 65 years of age or older.
Senior-specific advantages differ between types of bank accounts, and free checking is just the tip of the iceberg. Before opening a checking account, consider the following common banking benefits to look for to help you make the most of your golden years.
- Convenience – Does your bank have branches and ATMs nearby? Are you worried about using your account while traveling abroad in retirement? The best free checking accounts for you depend on the services you frequently need.
- Investments – Some free checking accounts have built-in investment options and third-party integrations. Likewise, some online banking apps have checking and savings accounts, stock and cryptocurrency investment accounts, and more to help build your wealth portfolio – all in one place.
- Rewards – Who wouldn’t want to earn a bonus just by doing everyday activities? Reward programs have cashback and point systems for using the account. Banks gift airline miles, gas cards, hotel discounts and other travel-related benefits for deposits, transfers, purchases and withdrawals.
- Banking perks – Banks often give customers more benefits for using additional services. For instance, a bank may give account holders lower interest rates on mortgages, home equity, and personal loans.
US Bank and TD Bank waive monthly service fees for seniors, and minimum age requirements vary between 55 and 65 years of age. Seniors may qualify for discounts on other banking services, such as check designs and reorders, safe deposit box rental, and identity protection services.
Technology-savvy seniors may enjoy the perks from Axos Bank Golden Checking, like earning interest and getting up to $8 monthly in ATM fee reimbursements. Individuals 55 years of age or older can avoid fees for many banking services and get free checks when they open a Golden Checking account with at least $50.
Citibank waives the monthly fee for Basic Banking account holders 62 years of age or older. They are also privy to free unlimited checks, access to identity protection services, and zero charges for out-of-network ATM transactions.
Many financial organizations work with older account holders to meet their needs as they change. A bank representative may suggest a different free online bank account with features better suited during middle age, near retirement, and in retirement.
While older individuals may have enough money in their bank account to cover minimum balance requirements for monthly service fee waivers, younger individuals often do not. Learn how young adults can avoid banking fees next.