Senior Checking Accounts

Senior checking accounts are one such benefit offered by several firms. These accounts are characterized by various perks offered to make transactions easier for senior citizens. These include investments, interest rates, discounts, and much more. Each institution’s upsides differ from the rest. This article will shed light on the pros and cons of senior checking accounts and some of the corporations and banks that provide them. They include One American Bank, Chase Bank, BB&T Bank, and US Bank.

What even are senior checking accounts?

Usually, senior checking accounts aren’t all that different from regular checking accounts. Except for the bonuses they pertain, their acquisition and use are remarkably similar to the traditional ones.  Senior checking accounts offer benefits aimed at people who are 55 or older. The primary reason for the growing popularity of senior checking accounts is the advantages they proffer. These vary from organization to organization. 

Pros:

These are some perks of senior checking accounts

Accessibility: It’s incredibly effortless to get entry to cash saved in a checking account. Customers could make as many withdrawals as they prefer in loads of distinct methods that include traveling to a financial institution, the usage of a debit card at an ATM, writing a check, and making use of internet banking. Security: Do not mistake accessibility with susceptibility. Senior checking accounts are convenient to enter for older people but by no means are they not secure. The fact that the FDIC overlooks checking accounts is a confidence booster. Direct deposits: This is when money is transferred without employing the usage of paper checks. In traditional checking accounts, this needs to be set up separately. However, in the majority of cases, senior checking accounts come equipped with this feature. Debit Cards: Similar to how most checking accounts are linked to debit cards in case one doesn’t want to use cash, so are senior checking accounts. Interest: This isn’t assured at all corporations but some of them allow senior checking account holders to earn interest on their money.

Except for these, all patrons receive exclusive benefits like reduced transaction fees, complimentary checks, and the absence of minimum balance requirements.

Please note that the aforementioned points are a broad classification of the pros, however, they differ slightly depending on the bank or credit union.

Cons:

Here are a few of the downfalls of having a senior checking account.

Fees: The additional perks that these checking accounts encompass do tend to make them a tad bit pricey. The registration isn’t expensive, per se, but the management or overdraft costs tend to add up. Age: The very obvious downfall of a senior checking account is the fact that they require a minimum age you need to be to enlist for one. Depending on the place, it can vary from 50 to 65. Availability: Few firms provide standard senior checking accounts. The increased usage of online means like the internet and mobile banking have made the situation easier but it still might be tricky for certain users.

The Application process:

The process is identical to opening a traditional checking account. The only differentiator is that you will need a way to provide proof that you are old enough to sign up for one. You can use your passport, birth certificate, etc. In the post-pandemic world, this procedure can conveniently be done online.

Places that provide the best senior checking accounts:

One American Bank:

For older people who are looking for interest without monthly expenditure, Kasasa’s cash checking account in One American Bank pays an APY of 1% for $10,000 and above. Clients must enlist for electronic bank statements, and complete at least 12 debit proceedings monthly. One doesn’t need to pay for ATM withdrawal.

(APY: Annual Percentage Yield, the rate of interest one earns yearly)

Chase Bank:

A relatively uncommon advantage of Chase Bank is that they have abundant branches all over the country. This makes it an ideal choice for someone who lacks good financial institutes around them. Consumers stand to gain up to $200 on setting up a direct deposit if it is done within a predetermined time frame. The monthly charge is $12 which can be waived under a few, select circumstances.

BB&T Bank:

A unique advantage of senior checking accounts at BBT is that they are awarded a premature withdrawal for medical emergencies. The $10 monthly fee can be overlooked if the account has more than $1000 or direct deposits worth greater than $500. They also provide free checks, individualized debit cards, and e-banking facilities.

US Bank:

The minimal fee of around $7 is relinquished for members older than 65. Additional privileges include access to internet banking, free checks, and direct deposits. Similar to Chase Bank, these too have a significant amount of branches, aiding availability. 

The answer to the pertinent question, “is a senior checking account worth it?” is, very simply, yes! They might have certain drawbacks but the benefits outweigh those. In most cases, the minimum fee pays for itself. Many of their downsides aren’t all that different from those of a traditional checking account but senior checking accounts possess privileges they do not.

Do check plans most convenient to you and be judicious while registering for a senior checking account!