Checking Accounts for Seniors: Find the One That's Right For You

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If you're a senior citizen, you may want to consider signing up for a checking account tailored to your needs. According to Bankrate.com, seniors are still among the lucky few who can score banking freebies:

"Many banks and credit unions offer seniors free checking accounts; some even pay interest. These accounts usually are aimed at customers who are 50 years old or older, and are a painless way to avoid bank fees that ding younger folks."

But as this NerdWallet article points out, not all checking accounts are created equally. Be sure you're making the smart decision when it comes to picking a checking account for you.

Check out the chart below, courtesy of FindtheBest.com, to search for one that suits your needs. Check out our Personal Finance channel for the latest news, advice, and tips on how to manage and invest your money.

About the ratings: "The Smart Rating is an unbiased scoring of the accounts features and other metrics, including interest rate, minimum balance (to open) and monthly fee. The features include online banking, account alerts, mobile banking, and free checks. It then assigns a weighted value to each variable, averages the scores, and produces an overall rating of the account."

Monthly fee: Maintenance fee charged in order to keep the account open

Interest rate: Annual rate of return you earn on your deposit

Bank type: Internet banks are all online, without any physical locations. They can offer cheaper services and higher interest rates, but lack the convenience of bank branches and usually don't provide numerous ATMs. Branch banks do offer storefronts and usually have a high number of ATMs, but their services are more expensive.

Account Type: Interest checking allows you to earn a percentage of your money in your account. Non-interest checking accounts do not earn interest, but are usually cheaper.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Personal Finance , Banking and Loans , Basics , Retirement

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