Sunday, July 21

Happy Retirees Chose These 8 Banks This Year, Studies Say

Knowing how to properly manage your finances is mandatory, no matter your age. However, for those who are closer to retirement, finding the right bank to help you keep your money as secure as possible is even more critical.

Truth be told, some of the best banks for seniors have all kinds of perks, such as waived fees and discounts on products and services, which are all made to make your life easier and keep those life savings for as long as possible. Today, we’re going to talk about some of the best banks, so hop in with us and let’s see what’s out there:

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Best bank overall: PNC

If you’re looking for the best overall account for seniors, then PNC’s Virtual Wallet is the best pick. It successfully combines both checking and savings into only one super-easy-to-manage account. This virtual wallet can be easily opened with only $25, and the $7 monthly service fee is completely waived for customers who are 62 and older.

You might also get access to more than 60,000 ATMs all over the country, and the first two non-PNC ATM fees will also be free for every statement cycle. You can easily earn interest on checking and savings accounts together.

PNC’s highlights are diverse, as they pay interest (depending on the state), there’s no service fee, they have a wide ATM network, and you can earn as much as a $50 bonus when you open an account. As for cons, there are only two things worth mentioning: the interest rate is not high, and they will charge you an overdraft fee of $36.

Best rates: Axos Bank

Axos’ Golden Checking Account is one of the best picks when it comes to rates. You can easily earn 0.10% interest, which is the highest rate you could earn on any checking account. There’s no monthly service fee, and you might get two free boxes of checks per year. Besides, Axos will automatically reimburse up to $8 in domestic ATM fees every month.

This type of account is available for seniors who are 55 and older. Some of the best things about Axos Bank are the fact that you’ll have a 0.10% APY, a $0 monthly service fee, a $250 opening balance, and that you can refer a friend and earn a $20 bonus. The only downside of this bank is that the opening balance will be much higher than required by the majority of banks.

Best perk: U.S. Bank

If you’re looking to open a senior account with the best possible perk, such as the Bank Smartly Checking account, then you have to go to the U.S. Bank. Every account owner who is 65 or older has access to a wide variety of benefits, such as a 50% discount on any safe deposit box rental, waived fees for every paper statement, and 50% off check recorders.

There’s no monthly service fee on this type of account. However, there are two main downsides to opening an account here: the U.S. Bank reimburses only one ATM fee for those ATMs that are out-of-network, and no more than 2,000 branches are located in 26 states.

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Best for reward checking: Mountain America Credit Union

Mountain America’s MyStyle Checking account is one of the most efficient accounts you could ever open before retiring, especially when it comes to earning rewards. You can easily open an account there for only $25, and it gets better: the $7 monthly service fee is waived for seniors who are 60 and older, and rewards include 0.25% rate discounts on loans but also discounts on shopping, dining, and entertainment.

But the list of perks isn’t over yet, as you’ll also get free telehealth, mobile phone protection, and, of course, identity protection. Do you think you might need dark web monitoring, too? Because you’ve got that in the package as well!

However, membership in the credit union is completely limited to residents who live in Utah, Arizona, Idaho, Montana, and Nevada, but also in New Mexico, and to employees in many industries, such as Smith’s Food and Drug and Salt Lake County employees.

Best for checking/savings combo: Regions Bank

Regions Bank has two things: 62+ LifeGreen Checking and a LifeGreen Savings account. These two things make this bank the best choice when it comes to the checking and savings rewards combo, but also for perks and discounts.

The monthly fee could be easily waived for checking, and you won’t have to pay any monthly fee for your savings. You will also be able to earn 1% in rewards that will go right into your savings account every time you transfer $10 from your checking account.

There are other perks, too, such as unlimited check writing, discounts on any safe deposit box rental, and immediate cash-back rewards on your Visa debit card purchases. However, it’s worth mentioning that there are a couple of downsides.

First, we need to emphasize the difference between these two accounts: while on the 62+ LifeGreen Savings account, you will be paid interest, on the 62+ LifeGreen Checking account, you won’t. Also, you can access this bank only if you’re living in the South, Midwest, or Texas. And last but not least, the bank won’t reimburse any out-of-network ATM fees.

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Best for elder care resources: Bank of America

If you’re looking for a bank that provides the best elder care resources out there, then we strongly recommend Bank of America. First, it is a known fact that this bank offers numerous tools and services that will help you with your estate planning, and it might even protect you from financial fraud. Advantage Banking account holders could easily sign up for Bank of America’s Signature Services, which is a collection of financial services.

These also include account monitoring, something else that you might need sooner or later, financial planning assistance, and even free notary services. Fortunately, I’m not even done: you’ll also get to call a trusted contact with whom you can address any kind of suspicious activity.

When it comes to the Bank of America, there are only two major downsides: it doesn’t pay interest and you won’t be offered any kind of out-of-network ATM fee reimbursement.

Best for low fees: Golden 1 Credit Union

We decided that Golden 1 Credit Union is the best choice if you’re looking for a bank with lower fees because here’s where you’ll find the lowest standard fees in the country. All account holders who are 62 and older can easily use the bank’s Golden Prestige add-on to their credit union’s Free Checking account.

You won’t have to pay any monthly service fee, but you will have to pay a $10 insufficient funds fee and a $2 overdraft fee, which is lower than anywhere else. In fact, you might also get 10 free cashier’s checks a month, limitless check writing choices, and two free boxes a year.

The downsides are that you won’t be paid any interest, the membership is limited to California and employees that work for the affiliated companies, and probably the most important one: that you must have a recurring direct deposit or keep a balance of $5,000 in any combination of savings accounts.

Best for conventional checking: TD Bank

TD Bank’s 60 Plus Checking is our top choice for conventional checking because all account holders can get a free standard check and won’t have to pay a dime, whether we’re talking about online or paper statements.

There are also other perks, such as free money orders, a cashier’s check, and a 0.25% rate discount on all equity lines of credit (personal or home). The only downsides are that you’ll be paid a low-interest rate and that TD Bank branches are mainly located in 16 states in Northeast America.

Here’s another topic that might interest you: 6 Simple Budget Tips for People Who Don’t Make Enough Money

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