Updated September 19, 2022

Best Checking Accounts for Seniors

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Looking for a senior-friendly checking account? Review top recommendations in this guide, including free checking, banks offering welcome bonuses and more.

With seniors-only perks and discounts, banking in your golden years has never been easier.

But which bank offers the best checking account for your needs?

Below, discover our top recommended checking accounts for seniors. Plus, see which general checking accounts also offer appealing perks and how to choose the best bank for you.

How to Choose a Senior Checking Account

Banks catering to seniors typically offer the following perks for their checking accounts. Before signing up for a new account with a bank, ask them if they can offer you these features.

  • Waived maintenance fees
  • Free physical check books
  • Better interest rates
  • Opening bonuses (at select banks)
  • Discounted loans, insurance (at select banks)

When looking for a checking account, you'll also want to ask yourself a few questions:

  1. Do you frequently write checks? (Some accounts come with free or discounted checks)

  2. Do you want to be near a physical branch? (Some banks have fewer branches or are only online)

  3. Are you going to keep a minimum balance? (Some banks have minimum balance requirements to avoid fees)

Consider the above questions in your search, and don't hesitate to contact customer service to get your questions answered.

How to Qualify for a Senior Checking Account: Most of the checking accounts we researched have specific age requirements (ranging from 50-65 years old) to be eligible for the senior perks, but a few were open to anyone. Continue reading for our list of the best checking accounts for seniors.

Best Overall for Seniors - Axos Bank Golden Checking

You may have never heard of Axos Bank but their convenient seniors-only checking account is definitely worth a look.

Axos' Golden Checking account offers an attractive 0.10% APY without any maintenance fees, no monthly balance requirement, and two free boxes of checks per year.

Axos also tries to make your banking experience easier by never charging overdraft fees and reimbursing you for $8 worth of domestic ATM fees each month.


  • Earn 0.10% APY (rate is subject to change with market)
  • No maintenance fees and no overdraft fees
  • Reimburse $8/month in domestic ATM fees
  • No minimum balance requirement ($250 deposit to open account)[1]
  • Two free boxes of checks per year
  • Minimum age requirement: 55 years

Best APY - Lake Michigan Credit Union, Advantage 50 Checking

Lake Michigan Credit Union (LMCU) is a top choice because their Advantage 50 Checking offers one of the best rates for a checking account - currently 0.25%.

There are no maintenance fees, no minimum balance requirements, and to top it off, you get two free boxes of personal checks per year.

To join, you must be at least 50 years of age and a member of the credit union (membership is free and open to everyone).


  • Earn 0.25% APY on 100% of your balance (rate is subject to change with market)
  • No monthly maintenance fees
  • No minimum balance requirements
  • Two free boxes of personal checks each year
  • Minimum age requirement: 50 years

How is a credit union different from a bank?
Banks and credit unions both offer checking accounts and other standard financial products, but they have different legal structures. While banks are for-profit businesses, credit unions are owned by their members and as a result, they tend to offer higher interest rates and are generally more customer-focused.

Best for Bundling with a Loan - TD Bank 60 Plus Checking

TD Bank's 60 Plus Checking is ok as a standalone product. It pays a typical checking interest rate (currently 0.01%) and has a higher balance requirement ($250) than most banks to avoid a monthly fee.[2]

However, it does offer a few perks that we didn't see at other banks - namely free paper statements and a 0.25% rate discount on TD Bank's home equity and personal loan products. So, if you are going to take out a loan, it may be worth opening a checking account with TD Bank.


  • 0.25% rate discount on TD Bank personal and home equity loans
  • Free monthly paper statements
  • $10 monthly maintenance fee (waived for account balances >$250)
  • 0.01% APY
  • Two free boxes of checks per year
  • Minimum age requirement: 60 years

Is Axos or TD Bank better for seniors? If you keep a larger checking balance, Axos is probably a better choice with their higher interest rate. TD Bank might be your top choice if you also plan to take out a personal or home loan.

Best for Cash Back Rewards - Regions Bank 62+ LifeGreen Checking

Regions Bank offers a senior checking account for those 62 years and older with great features plus a few extra perks.

The Regions 62+ LifeGreen® Checking account gives you the opportunity to earn cash back rewards for qualifying purchases with your Regions Visa CheckCard. Plus, you can also earn discount on installment loan when you set up an automatic payment.

They require a monthly direct deposit of at least $300 or an average balance of $1,500 in order to waive their monthly fee.[3]


  • Cashback Rewards program
  • Option to open a Regions LifeGreen® Savings account with no monthly fee
  • Unlimited check writing
  • Discount on Safe Deposit Box
  • Discount on installment loan
  • Overdraft Protection option with no transfer fees
  • Relationship rates on most CDs
  • Minimum age requirement: 62 years

Best Opening Bonus - Chase Total Checking

Chase's Total Checking® account is not exclusively for seniors (it's open to anyone), but it made our list because they are currently offering an attractive opening bonus that should be easy for most retirees to qualify for.


  • Government benefits (such as Social Security) are considered eligible direct deposits
  • $12 monthly maintenance fee (waived for account balances > $1,500 or $500 direct deposit)
  • No age requirement

Best for Basic, No-Hassle Checking - U.S. Bank Easy Checking

U.S. Bank's Easy Checking account comes with a few perks for those over 65 years old, which makes it a good choice for those who favor simplicity over all else.

Their monthly maintenance fee is automatically waived for seniors so there is no need to maintain a certain balance or set up a direct deposit.

And while U.S. Bank would normally charge $2 for paper statements, they offer these to seniors free of charge.


  • Never pay any maintenance fees
  • No minimum balance requirements ($25 deposit to open account)
  • Free monthly paper statements for seniors
  • Minimum age requirement: 65 years

Best for No Monthly Service Fee - PNC Foundation Checking

PNC Foundation Checking account is not exclusively for seniors. However, it's included in our list because there is no monthly service charge if you are 62 years old or older.

PNC Checking makes for a hassle-free banking experience as there is low minimum deposit to open an account and you can save money in monthly service fees if you're 62 or over. They also offer free monthly paper statements for seniors.[4]


  • Monthly maintenance fee is waived if you're 62 years old or older
  • Free monthly paper statements for seniors
  • No overdraft and returned item fees
  • Low minimum deposit ($25 deposit to open account)
  • Access to PNC Bank financial advice and money management services

As a senior, the features you look for in a checking account will be very similar to those preferred by any age group - low fees (preferably free checking), fewer account requirements, and high interest rates.

Luckily, most banks with senior checking score really well in these categories, giving you a few options to choose from. In many cases, the deciding factor might be one of the more unique perks - like cheap insurance, discounted loans, or roadside assistance, which we explain below.

Access to Cheap Insurance Coverage
Almost everybody has some type of insurance coverage. If the banking relationship that comes with your checking account can get you more affordable access to that coverage, then that is a great perk just for opening a checking account.

Roadside Assistance
When considering age and overall health, seniors would probably benefit from having 24/7 roadside assistance.

If their checking account can get them discounted access to this service, then that by itself could be a great reason to choose one checking account over another.

Discounted Loans
If you know you are going to be taking out a home or personal loan in the not-too-distant future, it might make sense to choose the bank instead of the checking account.

For example, there's nothing too special about TD Bank's senior checking account by itself that would make it stand out, but the 0.25% rate discount they offer their customers on personal loans might make that the best choice for you.

Bottom Line

As a senior or someone approaching old age, many banks are competing for your business by waiving fees and offering some exclusive perks.

When selecting a checking account, you should make sure you are looking at all of your options and choosing the best overall package for your situation.


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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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