If you're a senior citizen, you likely know you can get some big discounts on movie tickets and meals. But if you're not also making the most of senior bank account perks and discounts, you could be missing out on long-term ways to save money through your bank or credit union. These perks can range from free checking and expanded ATM access to financial planning tools.
Here are the 10 best checking accounts for seniors and retirees based on criteria including minimum opening requirement, monthly service fees, number of branches and access to benefits like 24-hour phone service, live chat, and online and mobile banking:
Charles Schwab Bank High-Yield Investor Checking
Citizens Bank Platinum Checking
Travis Credit Union Silver Wings Checking
TD Bank 60 Plus Checking
BBVA Compass ClearChoice Checking for Seniors
M&T Bank Classic Checking With Interest
U.S. Bank Premium Checking
SAG-AFTRA Federal Credit Union Senior Checking
BB&T Bank Senior Checking
Rabobank America Rewards Banking Checking
Bank
Checking Account
Min. Opening Deposit
Monthly Fee
Min. Balance to Avoid Fee
Interest Rate (APY)
24/7 Live Customer Service
Charles Schwab Bank High-Yield Investor Checking
$0
$0
$0
0.10%
Yes
Citizens Bank Platinum Checking
$0
$25
$25,000
0.02%
Yes
Travis Credit Union Silver Wings Checking
$1
$0
$0
0.05%
No
TD Bank 60 Plus Checking
$0
$10
$250
0.05%
Yes
BBVA Compass ClearChoice Checking for Seniors
$25
$4
$1,500
N/A
No
M&T Bank Classic Checking with Interest
$25
$4.95
$500
0.01%
No
U.S. Bank Premium Checking
$25
$10.95
$5,000
0.01%
Yes
SAG-AFTRA Federal Credit Union Senior Checking
$25
$0
$0
N/A
No
BB&T Bank Senior Checking
$100
$10
$1,000
N/A
Yes
Rabobank America Rewards Banking Checking
$100
$10
$1,000
N/A
No
See: Does Your State Have the Best Checking Account Interest Rates?
Charles Schwab Bank High-Yield Investor Checking
Minimum opening deposit: None
Interest rate: 0.10% APY
A tenth of a percent might not sound like "high-yield interest," but it's actually the highest interest rate available among checking accounts for retirees. The interest rate, along with no minimum opening deposit, makes this Charles Schwab account one of the best bank accounts for seniors. The High-Yield Investor Checking account provides customers with online and mobile banking, 24-hour phone service and live chat, as well as brick-and-mortar branches in 11 states.
The High-Yield Investor Checking account has no monthly service fee and no foreign transaction fees, making it a great option for retirees on a fixed income. If you plan to travel or relocate on a budget, take advantage of unlimited fee rebates for ATMs outside of Schwab's network.
Citizens Bank Platinum Checking
Minimum opening deposit: None
Interest rate: 0.02% APY
If you can handle the high minimum balance requirement -- $25,000 -- to avoid a $25 monthly fee, this is a great free checking account for seniors. You can meet the $25,000 requirement with a combined balance across your accounts, including investment accounts.
The account also comes with online and mobile banking, 24-hour phone service, live chat, and perks including free checks and personalized advice. You can bank at 1,200 branches located in 11 states.
Travis Credit Union Silver Wings Checking
Minimum opening deposit: $1
Interest rate: 0.05% APY
Travis Credit Union is one of the best banks for senior citizens -- provided you're over 60. The Silver Wings Checking comes with free checks, no overdraft transfer fees, online banking and live chat assistance.
Travis Credit Union does not offer 24-hour phone support or live chat, however, and you'll be charged $1.50 for using an out-of-network ATM, which is something to consider if you're retired and on a fixed income. Mobile and online banking services are available, and the credit union has 22 branches in Northern California.
Related: The 29 Best Banks of 2017
TD Bank 60 Plus Checking
Minimum opening deposit: None
Interest rate: 0.05% APY
With free online banking and bill pay, 24/7 customer phone service, and mobile banking, the TD Bank 60 Plus Checking account is one of the best deals for seniors. Live chat, however, is not available with this account.
You must keep at least $250 in your account to avoid a $10 monthly fee, and if you use non-TD Bank ATMs, you'll be charged $3 each time. In addition, overdraft fees are $35 -- and you could incur up to five per business day. TD Bank has 1,300 branches on the East Coast, making a brick-and-mortar bank easily accessible if you live nearby.
BBVA Compass ClearChoice Checking for Seniors
Minimum opening deposit: $25
Interest rate: None
BBVA Compass ClearChoice Checking for Seniors is great for tech-savvy seniors because it comes with online and mobile banking and live chat, although there is no 24/7 phone support. If you prefer banking in person, BBVA has 688 branches in the West.
Using an out-of-network ATM will cost you $1.75 each time, and overdraft fees can be complicated, ranging from $7 for a transfer from a linked account to $32 for an insufficient funds item the bank paid. This account carries a monthly service fee of $4. You can avoid the service fee by scheduling a direct deposit of at least $300 per month or cumulative direct deposits of $600 or more per month or by keeping an average daily balance of $1,500.
M&T Bank Classic Checking With Interest
Minimum opening deposit: $25
Interest rate: 0.01% APY
M&T Bank has more than 690 branches on the East Coast and 1,500 ATMs, making it very convenient. M&T Bank also offers 25 percent off check orders.
You can avoid the $4.95 monthly service fee in a number of ways, including scheduling direct deposits, maintaining a minimum balance of $500 or an average daily balance of $500, or making 10 or more debit card payments or purchases per month. Online and mobile banking are part of this checking package, but you won't get live chat or 24/7 phone support.
Find Out: When to Use Your Debit Card Instead of Your Credit Card
U.S. Bank Premium Checking
Minimum opening deposit: $25
Interest rate: 0.01% APY
This bank account is for those who are 65 and older, and it comes with free U.S. Bank logo checks, free money orders and cashier's checks, and a discount on a safe deposit box. U.S. Bank won't charge you for monthly fees or for using an out-of-network ATM. For an in-person experience, visit one of U.S. Bank's 3,122 branches in 25 states.
The Premium Checking account comes with online and mobile banking and 24/7 phone support but no live chat.
SAG-AFTRA Federal Credit Union Senior Checking
Minimum opening deposit: $25
Interest rate: None
SAG-AFTRA Federal Credit Union's free checking account for seniors has a few opening requirements, including a $25 initial deposit. At least one account holder must be 62 years or older and must schedule a direct deposit from Social Security or a pension plan each month.
You can conduct only 15 ATM transactions -- including four deposits -- for free each month and must pay $2 each for additional transactions. Also, you can write only 10 checks per month for free; after that, they are 50 cents each.
You won't get 24/7 phone support or live chat with this account, but you will have access to online and mobile banking, and you can visit one of three branches in Los Angeles.
BB&T Bank Senior Checking
Minimum opening deposit: $100
Interest rate: None
The minimum age to open this account is 55. You'll get free BB&T Bank design checks or $6 off other designs. It also offers account holders one, no-penalty, early CD withdrawal to pay for expensive medical emergencies and access to money management tools.
The account does carry a $10 monthly service fee, but you can get that waived by holding a mortgage with the bank, maintaining a $1,000 monthly minimum balance, or scheduling direct deposits that total $500 or more per month.
This senior checking account also comes with online and mobile banking, 24/7 phone support, and live chat. BB&T Bank has 2,220 branches.
Rabobank America Rewards Banking Checking
Minimum opening deposit: $100
Interest rate: None
For seniors living in California, this checking account might be a good choice: All of the bank's ATMs -- and its 100 branches -- are located in the Golden State. This account works on a tier system, so you get more rewards as you work your way up through different levels. For instance, bronze rewards members pay a monthly checking account fee, whereas silver, gold, and platinum account holders do not.
Other potential perks as you move up include special rates on personal loans and CDs, discounts on safe deposit boxes, and out-of-network ATM fee reimbursement. You can calculate your rewards level with the bank's online tool, which measures monthly direct deposits, online bill payment activity and more. Rabobank's America Rewards Banking account features live chat and online and mobile banking but no 24/7 phone support.
Keep Reading: Every Type of Check Fraud You Have to Worry About
To determine the best checking accounts for retirees, GOBankingRates scored each checking account from most to least favorable for the following factors: (1) minimum deposit to open the checking account; (2) fees; (3) interest rate; (4) customer service; (5) access to bank branches; (6) access to mobile and online banking; and (7) benefits for retirees.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.
This article originally appeared on GOBankingRates.com: 10 Best Checking Accounts for Retirees