Seniors are privy to a variety of checking account benefits. Most banks, even major ones, will have a senior program available where they waive monthly account fees for those 65 years of age and older. Additionally, some banks also offer discounted safety deposit boxes and no minimum balance fees for seniors.
With all these benefits available from even major banks, seniors should look into all their checking account options to see which benefits fit their lifestyle the most. A few tips to consider is what benefits are necessary and which are not.
If you like to travel in your retirement, you may want to search for a senior checking account that also offers miles as a reward to help fund your travels.
However, if convenience is more important to you, you should choose a bank with a beneficial senior account that has many ATMs and physical locations near you.
If you are interested in investing, there are senior checking accounts with built-in investment options and also accounts that let you earn higher interest rates.
With all the benefit combinations out there, seniors should take their time deciding on a checking account that is right for them.
This includes choosing to opt out of a senior specific account if it does not meet a seniors specific needs. Many senior accounts are marketed as being the perfect fit for all seniors, but this is often untrue.
Senior benefits, such as waiving account fees, can be added to standard checking accounts at a bank and you do not need to open a specific senior account at all.