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.
![A man sits on his couch and plays the guitar.](https://cdn.mos.cms.futurecdn.net/LTUiY8aFWWuobWT3xk5VBc-415-80.jpg)
- Best National Banks
- Best Internet Banks
- Best Credit Unions
- Best Banks for High-Net-Worth Clients
- Best Banks for Families With Kids
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.
![https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png](https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-320-80.png)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
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.
-
Confused by Annuities? Making Sense of the Different Types
Many investors aren't sure if annuities are a good option for meeting financial goals. Let's look at the different categories, along with their pros and cons.
By Kris Maksimovich, AIF®, CRPC®, CPFA®, CRC® Published
-
Talkin' 'Bout My Generational Wealth: Baby Boomers
With retirement, each generation has different priorities and challenges. For Baby Boomers, it's a matter of ready or not, here it comes.
By Alvina Lo Published
-
Medicare Basics: 11 Things You Need to Know
Medicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
By Catherine Siskos Last updated
-
Six of the Worst Assets to Inherit
inheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
By David Rodeck Published
-
403(b) Contribution Limits for 2024
retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
By Jackie Stewart Published
-
SEP IRA Contribution Limits for 2024
SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
By Jackie Stewart Last updated
-
Roth IRA Contribution Limits for 2024
Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
By Jackie Stewart Last updated
-
SIMPLE IRA Contribution Limits for 2024
simple IRA The SIMPLE IRA contribution limit increased by $500 for 2024 and workers at small businesses can contribute up to $16,000 or $19,500 if 50 or over.
By Jackie Stewart Last updated
-
457 Contribution Limits for 2024
retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
By Jackie Stewart Published
-
Roth 401(k) Contribution Limits for 2024
retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
By Jackie Stewart Last updated