Best Banks for Retirees

Whether you do your banking online or at full-service branches, you should be able to find accounts that suit your needs with one of these institutions. They both offer free personal checks and some high-yield savings options, too.

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Discover Bank 

Why it won: A no-fee checking account, high-yield savings accounts and strong customer service make Discover a bank worth considering for retirees.

Standout account: The Cashback Debit checking account is free of nearly all fees, and you get 1% cash back on up to $3,000 in debit card purchases each month. 

As an online bank, Discover doesn’t have branches. But its U.S.-based customer-service team is available by phone 24/7. The Cashback Debit checking account keeps fees to a minimum—the bank lists only a $30 charge for outgoing wire transfers among its account and service fees. Cash withdrawals are free at a network of more than 60,000 ATMs, and personal checks as well as cashier’s checks are free. 

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For retirees who want healthy yields on their savings, Discover offers strong options with no monthly fees. Recently, the Online Savings Account yielded 3.9% with no minimum-deposit requirement, and the Money Market Account—which comes with a debit card and free checks—yielded 3.8% on balances of less than $100,000 and 3.85% on higher balances. CDs ($2,500 minimum deposit) yielded as much as 4.75% for a maturity of 12 or 18 months. 

TD Bank

Why it won: TD Bank has hundreds of branches for customers who want in-person services, and it offers fee breaks for those who are in their sixties or older. 

Standout account: TD 60 Plus Checking requires a low minimum balance to avoid the monthly fee and comes with benefits that are well suited for retirees.

Where it is: More than 1,100 branches in 15 eastern states and Washington, D.C. Rates and terms are for Delaware.

The TD 60 Plus Checking account, for those who are 60 or older, comes with free paper statements, checks and money orders, and you need to maintain a balance of just $250 to avoid the $10 monthly fee. Plus, the Simple Savings account is free for those who are 62 or older (as well as customers who are 18 or younger)—but it recently yielded only 0.02%. The TD Signature Savings account offers better yields, including 3% on balances of $100,000 to $249,999 and 3.51% on higher balances if you have an eligible TD checking account (minimum activity requirements apply), mortgage, home equity line of credit, or credit card. TD offers a range of CDs, too, including a nine-month Choice CD that recently yielded an impressive 5% ($250 minimum deposit) for those who have an eligible TD checking account. 

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.