As the number of senior citizens in the US population continues to increase, so does the requirement for safer banks is increasing because people try to get a hold of their money. Seniors – who tend to be rich after saving and often trust strangers are some of the biggest targets.
Ken Tumin, founding editor of bank accounts says, “As seniors age, they become susceptible, and hence it is necessary for families to prepare them for inevitable email or scam calls.” One of the financial services firms, TrueLink, put forward a cost of elder financial abuse estimated at $37 billion per year. The breakup shows $13 billion from frauds and $7 billion from caregivers.
Meanwhile, banks in the US report older customers falling prey to strangers. According to a CFPB report, released in February, it estimated 3.5 million cases of financial fraud of seniors took place in 2017. Financial exploitation is indeed devastating for families and seniors and hence strong alerts and monitors should be imposed by banks. We have seen fraudulent activities and scams ruin not just retirement but also family relationships that eventually lead to influence victims’ longevity.
Age-friendly banking is explained as the services and products that facilitate seniors and remain accessible to them and prevent financial exploitations. Below are the best bank options for senior citizens in the US that offer perks and have special accounts designed for 65 and older. Have a look at these senior-friendly banks and decide for yourself which one will be the best in catering to your requirement.
6 Best Senior-Friendly Banks
CapitalOne Bank is one of the most senior-friendly banks operating in the US and has a unique approach towards senior customers. It offers the best savings account facilities along with constant access to the account as well as thorough support both on the phone and online.
It is one of the very few banks which offer FDIC-insured money markets along with a 2% APY interest rate; that is the maximum rate offered by any credible bank. In response to the interest rate, the minimum balance asked by the bank is very low as well.
Standard 360 saving accounts are offered by the CapitalOne bank which requires no minimum balance at all and this is the same for the savings accounts for juniors. Therefore, it makes CapitalOne bank one of the most senior-friendly banks operating in the US.
One more plus point of CapitalOne bank is that it offers both traditional and Roth style IRA savings accounts; offering you numerous possibilities to select your CapitalOne account.
Discover stands in the line of most senior-friendly banks of the US along with Capital One as it offers one of the best possible APY interest rates along with account-specific benefits for the elderly population.
Discover bank offers no service charges, no minimum deposits requirement while opening a checking account along with no liability to keep a minimum balance in the account to keep it open. It offers a 2.10% APY regardless of the balance in your account. Even if you have a penny in your account, you will receive the 2.10% APY applied over it. It also offers perks for seniors such as wallet-style checks, overdraft protection and no-penalty on early withdrawals.
American Express isn’t the first bank that comes to mind when you are looking for senior-friendly banks but surprisingly it offers one of the most competitive interest yields on personal savings accounts.
American Express indeed is the first bank that comes to your mind when looking for a senior-friendly bank. Surprisingly, it offers the most competitive interest yields on personal savings accounts. However, it is available with special perks to the seniors.
The best part about the American Express account is that it offers absolutely no monthly balance as well as no fees to maintain the account. Each service of the bank is FDIC-insured and it also offers 24/7 access for customer convenience.
Citizens bank is one of the largest banks in the US which offers a whole plethora of savings account options. We picked this bank because it scored the highest on the checklist of elder abuse protections. For instance, the bank lets customers give read-only access to the trusted family member or who has power of attorney.
No minimum amount is required to open a savings account and a wide variety of accounts is readily available for you to choose from, that is a college saver account to a business saver account, you can do it all on your own.
A platinum plus savings account is also offered by citizens bank which gives a rather decent interest rate and does not ask for a monthly maintenance fee.
Marcus is a Goldman Sachs bank which gives an unbelievable APY rate of up to 2.15%. It offers no minimum deposit as well as no maintenance fee and is FDIC-insured. One of the distinctive features of Marcus is that it also provides its customers an online handy calculator which tells how much high-interest yield you can expect to earn from your given account.
Marcus rates are compared to the top fifty banks of the US.
Great western bank
Great Western Bank is applauded for its excellent customer service team along with its competitive interest rates.
The savings account requires only a minimum of $50.00 to open and you can always transfer funds into the checking account which does not let you incur any over drafting fee or penalty.
The bank has one of the most intuitive apps which is very user-friendly especially for senior citizens making it easier to transfer funds without physically going to the bank.
Great western banks offer refundable ATM fees which means that you have to pay it upfront but you can receive it as a rebate in your account later. Other perks include mobile and online banking, online bill payment, and easy purchases with a debit card.
US bank is the fifth-largest bank of America and it is one of the most senior-friendly banks in the country. The US bank provides the seniors a checking account which waives off the maintenance fee for the account holders aged above 65.
US bank offers a number of benefits which includes:
- No opening bonus required for an account
- It does not provide additional APY
- The minimum opening balance is at an affordable amount of $25
- The account holders can enjoy a free mobile check deposit and receive $1000 in direct deposits every month; one can have an average amount of $1500 in their respective statement cycle.
The mainstream money management won’t be off-limits to the senior customers of the US. There are a number of savings and current bank accounts out there which claim to be senior-friendly banks but they might not have digital security. In the current era of increasing fraudulent activities, the banking system must have digital security to make it user-friendly, provided that the senior citizens are not well equipped with the technology they need. Those options can ease up modern banking for them rather than making it a painstaking task.
Choose a bank as per your ease from the list mentioned above and feel safe and at ease while performing your banking transactions. If you find this informative, please share with your friends!