Best Banks for Retirees, 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.
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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.
BEST: U.S. Bank
U.S. Bank (opens in new tab) 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 (opens in new tab), 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 (opens in new tab) specials are especially appealing; recently, an 11-month CD (opens in new tab) 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 (opens in new tab), which comes with a dedicated advisory team. If you have $3 million in investable assets, you're eligible for Private Wealth Management (opens in new tab), which provides planning and strategies designed for affluent clients.
RUNNER-UP: Langley Federal Credit Union
Langley (opens in new tab) 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 (opens in new tab). 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 (opens in new tab) 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 (opens in new tab) 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 (opens in new tab), which yields 1.21% on up to $1,000 (0.05% on higher balances). The Platinum money market deposit account (opens in new tab) 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 (opens in new tab) 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.
The Best Banks and Credit Unions for You, 2018
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Lisa has spent more than15 years with Kiplinger’s Personal Finance and heads up the magazine’s annual rankings of the best banks, best rewards credit cards, and financial-services firms with the best customer service. She reports on a variety of other topics, too, from retirement to health care to money concerns for millennials. 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.
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