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All Contents © 2020The Kiplinger Washington Editors
By Lisa Gerstner, Contributing Editor
| July 6, 2018
Our top banks in this category offer extra discounts and perks if you're 65 or older (or 60 or older, in the case of our runner-up), such as breaks on fees and free or discounted checks and safe-deposit boxes. They also offer decent rates on CDs and other savings options.
Here's a look at our top picks for senior-friendly banks.
All rates as of June 22, 2018.
U.S. Bank is a solid choice if you prefer to do your banking in person. And if you're 65 or older, you'll pay no monthly fee for Premium Checking, which otherwise requires a $5,000 minimum balance to avoid the $10.95 monthly fee. The account offers free paper statements and copies of checks, and a 50% discount on a safe-deposit box and on new checks (plus, the first box of checks is free). U.S. Bank doesn't charge for using out-of-network ATMs with this account, although the ATM owner may levy a fee. Among savings products, the promotional CD specials are especially appealing; recently, an 11-month CD yielded as much as 2%, and a 19-month CD yielded as much as 2.25% ($1,000 minimum, rates and terms vary by region).
U.S. Bank also offers comprehensive wealth-management services, including financial planning and investment management, as well as self-directed investment accounts. Generally, customers with at least $300,000 in investable assets qualify for Wealth Management, which comes with a dedicated advisory team. If you have $3 million in investable assets, you're eligible for Private Wealth Management, which provides planning and strategies designed for affluent clients.
Langley is a good choice for banking at any age. And if you're 60 or older, the icing on the cake is the Silver Select Club. Benefits include two free boxes of checks per year if you have a direct deposit; free money orders, certified checks and wire transfers; and a 20% discount on a safe-deposit box. Langley offers two free checking accounts: the basic Smart Checking and Langley Pays, which pays 10 cents back each time you use your debit card, yields 0.25% on up to $1,000 and reimburses two out-of-network ATM surcharges monthly. Platinum Checking yields 0.25% on up to $10,000 (and charges a $10 monthly fee if the balance falls below $10,000).
Among the free savings options are Langley Saves, which yields 1.21% on up to $1,000 (0.05% on higher balances). The Platinum money market deposit account pays 1% on balances of $25,000 or more (but you can make only one free withdrawal or transfer per month), and the Traditional money market account yields up to 0.75%. CD yields include 1.51% on a 15-month term ($1,000 minimum deposit).
Langley is based in Hampton Roads, Va., but anyone can join by making a $5 donation to an eligible organization and depositing $5 into a savings account. Langley is part of CO-OP, a nationwide network of more than 5,000 credit union branches where members can do their banking. And members can access 55,000 ATMs in the Allpoint network surcharge-free.
These stellar banks and credit unions are making all the right moves to win satisfied customers: