A senior checking account might be a good fit if you're 50 years of age or over. You'll need to hit an age requirement to open a senior checking account, but if you qualify, they tend to come with perks that the other bank's traditional checking accounts don't.
After reviewing bank accounts from several national banks, here are our best checking accounts for seniors. These accounts have also stayed as our top picks for the last few months because they continue to stand out for their features.
Best Senior Checking Accounts of February
- Axos Bank Golden Checking Account
- Lake Michigan Credit Union Advantage 50 Checking
- Regions Bank LifeGreen 62+ Checking Account
When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. If a bank fails, your insured deposits will be protected by government agencies like the FDIC and NCUA.
Compare Best Checking Accounts for Seniors
0.10%
$50
- No minimum opening deposit
- No monthly fees
- Reimburses up to $8/month in out-of-network ATM fees
- 1 box of free checks every 6 months
- No overdraft fees
- No physical locations
- Online account available to people age 55+
- 91,000 free ATMs in the US; if you use an out-of-network ATM, Axos refunds up to $8 per month in fees
- Interest compounded daily, paid monthly
- FDIC insured
no monthly service fee
0.25%
$0
- Earns interest
- No minimum opening deposit
- No minimum balance requirements to earn interest
- No monthly maintenance fees
- Two free boxes of checks per year
- $30 overdraft fee
- $2 out-of-network ATM fee
- Around 70 LMCU branches in Michigan and Florida
- $5 minimum required to become a member of LMCU
- To become a member of LMCU, you must meet one of the following requirements: 1) live, work, or worship in select areas in Michigan or anywhere in Florida; 2) have an immediate family member who is a member; or 3) you are a U.S. citizen who lives outside of Florida and can make a $5 donation to the Amyotrophic Lateral Sclerosis Foundation
- Access to over 55,000 free ATMs through LMCU and AllPoint network
- Tailored for customers age 50 and older
- Interest compounded daily, paid monthly
- Federally insured by the NCUA
None
$50
- $50 minimum opening deposit
- Free overdraft protection option
- Unlimited check writing
- 50% discount on a safe deposit box, or 60% when you set up automatic payments for your deposit box from this account
- Activate cash-back rewards online or in the app for when you use your debit card or shop online
- Receive discounts on qualified loans when you set up automatic payments from this account
- Monthly service fee as high as $11
- $36 overdraft fee
- $3 out-of-network ATM fee
- Around 1,300 branches in 15 US states
- Free access to around 2,000 ATMs
- Free overdraft protection if you link your checking account to a savings account
- $11 monthly service fee with paper statements; $8 monthly service fee with e-statements
- No monthly service fee on months that you either receive direct deposits (one of $300 or more or $1,000 total) or maintain an average monthly balance of $1,500 in this account
- Member FDIC
Best Checking Accounts for Seniors FAQs
A senior checking account is a checking account that you can only open if you're over a certain age. They usually come with extra perks, like lower monthly fees.
There are some banks that offer high-interest checking accounts for seniors. You could also get one of the best high-yield checking accounts if you're looking for options that can apply to any age demographic.
Many banks have no-fee banking options for retirees. Banks might waive fees on a standard checking account or offer a free checking account that's specifically tailored for seniors.
Online banking can be important for seniors who want to manage their bank accounts online or are comfortable with an online-only banking experience. Some online banking features that you can look for include mobile check deposits, online bill pay, and bank account alerts.
Chase Bank doesn't have any bank accounts specifically for seniors, nor does it waive fees for seniors. But you still might like Chase if you're looking for a bank with branches and ATMs around the US.
Senior Checking Account Reviews
The best checking accounts for seniors will avoid bank fees as much as possible. They'll also offer unique perks tailored for seniors. They'll also offer accessible ways to bank, such as online banking or ample ATM networks.
Here are the best checking accounts for seniors as picked by Business Insider editors in 2025.
Axos Bank Golden Checking Account
The Axos Bank Golden Checking Account is specifically for people age 55 and older, you don't have to be a certain age to waive the monthly service fee — no customer pays a monthly fee. Axos has around 91,000 free ATMs around the US, and if you use an out-of-network machine, Axos reimburses you up to $8 per month in fees the provider may charge.
Axos is the only bank on this list without in-person branches. You'll have to be comfortable with an online-only banking experience.
Lake Michigan Credit Union Advantage 50 Checking
Lake Michigan Credit Union Advantage 50 Checking is tailored for anyone age 50 and up. This checking account stands out because it earns interest — you can get 0.25% APY, and there aren't any minimum balance requirements. You also might like this checking account if you're interested in getting two free boxes of checks per year.
Lake Michigan Credit Union requires membership to open a bank account. You may qualify to join if you meet one of the following requirements: you live, work, or worship in select areas in Michigan or anywhere in Florida; you have an immediate family member who is a member; or you are a U.S. citizen who lives outside of Florida and can make a $5 donation to the Amyotrophic Lateral Sclerosis Foundation.
Also, keep in mind that Lake Michigan Credit Union has locations primarily in Michigan and Florida. You'll have to be comfortable with an online experience if you don't live in these states.
Regions Bank LifeGreen 62+ Checking Account
The Regions Bank LifeGreen 62+ Checking Account lets you earn cash-back rewards when you activate individual rewards online or in the Regions mobile banking app. You'll also receive discounts on loans if you set up automatic payments through your Regions Bank LifeGreen 62+ Checking Account.
Regions has a $36 overdraft fee; the best banks for overdrafts don't charge fees at all. However, if you link your checking account to another bank account, there isn't a fee for overdraft protection transfers.
Bank Trustworthiness and BBB Ratings
We have included each bank's score from the Better Business Bureau. The BBB grades businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.
| Bank | BBB rating |
| Axos | A+ |
| Lake Michigan Credit Union | A+ |
| Regions | A+ |
In 2022, Regions Bank was required to $191 million in a settlement with the Consumer Financial Protection Bureau. The CFPB accused the bank of charging surprise overdraft fees for some ATM withdrawals and debit card transactions.
What Seniors Should Look for in a Checking Account
Minimal Fees and Maintenance Costs
The best senior checking accounts waive monthly bank maintenance fees, so seniors don't have to worry about meeting monthly minimum balance requirements.
Many national brick-and-mortar banks will also minimize common bank fees for seniors, so they can manage their accounts properly. For example, our top picks give seniors free checks or discounts on other products and services, like safe deposit boxes or loans.
Easy Access to Funds
A strong checking account should be easy to deposit and withdraw money from. If you prefer in-person banking over online-only banking, you can check which banks have ample branches and ATMs near your home. This will also help you find a bank that avoids ATM fees.
Robust Customer Service
Customer support availability can also significantly impact your banking experience. Some banks have several ways to communicate with representatives — for example, by phone, through email, or via live chat.
If you need assistance beyond traditional banking hours, some financial institutions also provide 24/7 customer service either online or by phone.
Additional Perks
Some banks also have checking accounts with senior discounts. If you frequently use checks to pay bills, look for a bank that gives seniors free checks. If you are interested in getting a loan or safe deposit box, you can see if the bank gives seniors discounts on other banking services.
You also might want to consider going with an eco-friendly bank of community development financial institution. Both types of accounts do good with the money you put in your accounts; eco-friendly banks help the environment, while CDFIs provide financial services to underserved populations. Using one of these banks can be an easy way to help causes you believe in.
Benefits of Senior-Focused Checking Accounts
A senior checking account is an account specifically for older customers, usually age 50 and up. Sometimes you have to be a certain age to open the account, while some banks just waive fees on their regular checking accounts for senior customers.
Deciding between a senior checking account and a regular one will ultimately depend on what you want out of a checking account. Senior checking accounts usually come with more perks than standard checking accounts, but you may decide you want something else from a checking account, like a high interest rate or no foreign transaction fees. However, when comparing different types of checking accounts make sure to review bank fees and minimum opening deposits.
How to Choose the Right Senior Checking Account
Here are some tips on how to choose the best senior checking account for you:
- Choose the type of bank that you want. Do you prefer in-person banking, or are you comfortable with an online-only banking experience? If you want to visit a branch to manage your bank account, you should look at checking accounts from brick-and-mortar banks. If you are OK with managing your online, online banks and credit unions may be appealing.
- Decide what type of checking account you want. Do you want to earn interest? Do you want to get perks like free checks and waived fees? Do you want access to a large ATM network? This will help you narrow down your banking options until you find bank accounts that have similar structures.
- Review the bank's fee schedule to see if there are any potential fees associated with your account. Some common checking account fees to look for include monthly service fees, overdraft fees, and out-of-network ATM fees.
Why You Should Trust Us: Experts' Advice on Choosing a Bank Account
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best bank account for your needs.
Here's what they had to say. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, CFP® professional and vice president of coaching strategy at OfColor:
"Obviously, you want to make sure it's FDIC-insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, banking editor, Business Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
What makes a checking account good or not good?
Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life":
"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network?"
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that because there are places that don't accept MasterCard or don't accept an Amex."
Sophia Acevedo, Business Insider:
"I would for a checking account that either doesn't have any monthly service fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings."
Methodology: How Did We Choose the Top Senior Checking Accounts?
Business Insider's personal finance team is editorially independent, meaning that the business team doesn't tell the team's writers and editors what to write. You can learn more about how we review products through our editorial standards page.
We only chose senior accounts at national banks, but there may be more options at regional or local banks in your area. There are very few accounts specifically for seniors at national banks, and we've listed them in this roundup.
We rate bank products on a scale from one to five stars, with one star being the lowest rating, three stars being an in-between rating, and five stars being the highest rating possible. See our bank account methodology to learn more about how we rate savings accounts.
For a quick overview, we use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
