Best Banks for Retirees
When you retire, you want to spend more time doing the things you love. The last thing you want to contend with is fighting with your bank over fees.
And that's where our best banks list comes in handy. Retirees looking for face-to-face assistance, low fees or high yields should be able to find a suitable account at one of these three banks.
This is part of Kiplinger Personal Finance Magazine's 2024 best bank for you rankings. See lower down on this page for more categories.
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Chase
Why it won: Chase has a widespread network of branches — a plus for retirees who prefer face-to-face assistance — and several accounts to choose from.
Standout accounts: Sapphire Checking and Total Checking are both good options, depending on how large a balance you maintain.
Where it is: More than 4,700 branches in all of the lower 48 states and Washington, D.C. (Rates and terms are for customers in Columbus, Ohio.)
Overview:
Chase’s basic Total Checking account requires a reasonable minimum of $500 in monthly electronic deposits to avoid the $12 monthly fee (or bypass the fee by keeping a minimum balance of $1,500 in checking or $5,000 combined in Chase deposit and investment accounts).
Those who maintain at least $75,000 in deposit and investment accounts can avoid the $25 monthly fee on Sapphire Checking, one of the highest-scoring checking accounts in our rankings. Sapphire customers get free standard checks, cashier’s checks, money orders, stop payments, and incoming and outgoing wire transfers. You also get reimbursement of out-of-network ATM surcharges and pay no monthly fee on linked Chase personal savings accounts.
You can also use this tool from Bankrate to compare savings account rates from multiple banks quickly:
Lake Michigan Credit Union
Why it won: This credit union offers a range of checking accounts — including one dedicated to seniors — as well as attractive savings options.
Standout accounts: Advantage 50 Checking has benefits tailored to those 50 and older, and LMCU’s CDs come with enticing yields.
Where it is: Dozens of branches in Michigan and Florida.
How to join: If you live outside of Michigan or Florida, join by donating $5 to the ALS Association.
Overview:
The Advantage 50 Checking account is designed for those 50 and older. It has no monthly fee or minimum balance requirement, provides two free boxes of standard checks per year, and offers a 0.25% yield.
For a higher yield, look to the no-fee, no-minimum Max Checking account, which pays a 3% rate on balances up to $15,000 and reimburses up to $10 monthly in out-of-network ATM fees if you meet monthly requirements of having a direct deposit, making 10 or more purchases with your LMCU debit or credit card, logging into online or mobile banking at least four times, and opting for electronic statements.
CDs ($500 minimum balance) recently yielded 4.30% for a seven-month maturity, 3.65% for maturities of three to 11 months, and 3.50% for maturities of 12 to 60 months, among other options. The no-fee Max Money Market account yields up to 3.25%, depending on the balance.
Charles Schwab
Why it won: Charles Schwab waives foreign transaction fees and allows you to monitor your finances with your investments.
Standout accounts: The Schwab Investor Checking account comes with no monthly maintenance costs and unlimited ATM fee rebates.
Where it is: They’re located in 45 states, with more than 400 branches nationwide, although many physical locations are brokerages.
Overview:
If you invest and travel, this is the checking account for you. The Investor Checking account won’t nickel and dime you with fees. You’ll receive unlimited reimbursement on ATM withdrawals from out-of-network machines. And if you go overseas, you won’t pay foreign transaction fees when you use your Charles Schwab debit card. The debit card also features travel accident insurance and other benefits, including access to an English-speaker doctor if you’re injured or become sick overseas.
It also marks a great place to house much of your finances. To open a checking account, you must link your Charles Schwab brokerage account. It allows you ease of access to monitor both accounts on the go and you can fund investments quickly. This is the perfect account for retired investors and travelers looking to save money and keep it in one place.
Kiplinger's Best Banks
- Best National Banks
- Best Internet Banks
- Best Credit Unions
- Best Banks for High-Net-Worth Clients
- Best Banks for Travelers
Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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