Best Bank Accounts for Retirement

published 17 July 2017

Banks like retirees for one very big reason: They tend to keep a fair amount of cash on deposit. That’s why banks often offer special accounts or perks for older customers. Here are our two favorite bank accounts for retirees.

Best Deals in Online Banking, 2017

Favorite bank account for retirees: U.S. Bank Premium Checking Account

What we like most:

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monthly checking fee waived if you’re 65+
50% off safe-deposit box
free checks and paper statements
no ATM fees charged by U.S. Bank
no charge for money orders or cashier’s checks

Runner-up: Fidelity Cash Management Account

What we like most:

no monthly fee
no minimum balance requirement
0.07% interest rate
free checks and paper statements
reimbursement of all ATM fees

Be sure to check out our complete guide to all of the best banks of 2017.

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Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.