What Are Senior Checking Accounts?

A senior checking account is essentially a regular checking account that may offer features such as free checks and lower monthly fees.
Checking Accounts for Seniors

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

As you near retirement age, you'll see plenty of discounts and perks aimed at seniors. Among them: senior checking accounts. Should you get one?

The quick answer: not necessarily.

What are the perks of senior checking accounts?

A senior checking account is essentially a regular checking account that offers features designed to appeal to seniors, often customers age 55 and older. Requirements and perks vary by bank, but fee waivers and free checks tend to be the top selling points.

Here's a comparison of senior checking accounts at two major banks:

Name of account

Minimum age

Top features

Monthly fee

BB&T Senior Checking

55

Free personal checks. If you also open a CD, you can make one penalty-free early withdrawal for a medical emergency.

$10, waived with a minimum of $500 in monthly direct deposits, or monthly average balance of at least $1,000.

TD Bank 60 Plus Checking

60

Free money orders, personal checks and cashier’s checks. Minimum balance requirement to waive monthly fee is relatively low.

$10, waived with a minimum daily balance of $250.

Banks and credit unions may offer different combinations of these features or have other perks. Even so, some institutions have free checking accounts that offer similar perks to any customer, regardless of age. It pays to shop around.

What are the downsides of senior checking accounts?

Some of these accounts can save you money, but others can end up costing you more than a regular checking account would. Common downsides include:

  • Higher monthly maintenance fees. Some banks offer a senior account with a monthly fee that’s higher than that of some of its other checking accounts. You might be able to avoid that fee if you have a minimum or average balance of a certain amount, such as $1,000, but you might end up paying for it if your balance regularly dips below the threshold.

  • Not all banks with the best senior checking accounts are widely accessible. Some institutions are available only in limited regions or states.

  • A minimum balance to qualify for interest rates. Some banks and credit unions require a minimum balance to qualify for interest. Depending on how much you plan to keep in checking, you might be better off keeping some money in a savings account with a high interest rate or a certificate of deposit. (Check out top savings accounts with competitive interest rates and low or no minimum balance.)

If you’ve worked a long time and have saved a solid amount, a higher minimum balance may be no problem. But for those who have retired, a checking account might run lower than it did when they were earning a paycheck. If you can’t maintain the required balance on a senior account, you could lose more than $100 a year in fees.

Should I open a senior checking account?

Here's how you can determine whether a senior checking account is right for you.

  • Research and compare nearby credit unions and banks. Keep your eyes peeled for minimum balance requirements and monthly fees.

  • Consider whether the benefits of senior checking will ultimately save you money. If they don’t really apply to you, skip it.

  • Compare regular checking accounts with senior checking accounts. (Here are our picks for the best checking accounts right now.) You may find that a regular checking account is still the better deal. Many banks offer free checking accounts with no monthly service fees, along with perks such as free checks, higher interest rates or ATM fee reimbursements.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.