Best Bank Accounts for Retirement

These checking accounts offer attractive perks to retirees.

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.

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.

Lisa Gerstner
Editor, Kiplinger Personal Finance magazine

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.