How senior checking accounts work and if they are right for you
A huge part of the banking market includes seniors and in order to meet their requirements, banks introduced senior checking accounts. It is a product that is promoted keeping the needs of senior citizens in mind.
A senior checking account is basically a checking account which offers features like lower monthly service fees or a waiver of fees, free checks, high-interest rates, as well as ATM fee reimbursement. It is suitable for customers above the age of 55 and the perks on the account vary between banks.
Should you go for it?
First of all, you need to understand that the account is not meant for everyone. It is also not necessary for every senior resident to apply for this account. It might be the best choice for one and not the same for someone else. Therefore, you need to decide for yourself whether the account is ideal for you or not. You may do this by comparing the banks and credit unions with reference to the perks they offer. Consider whether you will be able to save more money by investing in the bank or a credit union. Look at the monthly fees and the minimum balance requirements before you make a decision.
Next, you need to consider whether the benefits will actually help you save money or not. Do compare the checking account you currently own with the senior checking account. Compare the perks and the associated features. You might end up concluding that the regular checking account is much better than opening a new account only because you are a senior resident. For instance, certain banks charge a higher monthly maintenance fee for a senior checking account than a regular account.
Best senior checking accounts
Make a well-informed decision when you consider opening an account. The account might do no good for your money and might serve the same purpose that a regular checking account does. So, research and compare the features before making the big decision to move to a senior checking account. Some of the top checking accounts for the elderly include the following:
- Charles Schwab Bank High Yield Investor Checking® with no monthly fees
- TD Bank 60 Plus Checking with no monthly fees
- U.S. Bank Premium Checking with a monthly fee of $10.95
- KeyBank Key Advantage® Checking with a monthly fee of $18
- BB&T Bank Senior Checking with a monthly fee of $10