Whether you’re looking for a new saving account for yourself or a loved one, you should be aware that bank accounts for seniors sometimes have special features that make them different from other accounts.
Also be aware that even if an account is labelled a “Senior” account, it doesn’t mean that it is the best choice. You need to make some detailed comparisons when making an important decision such as choosing a new bank account.
Getting older has money-saving advantages and senior discounts have finally started including banks. If you are shopping around for the best fit for you, you should take advantage of the possible discounts on loans and banking services, but always keep in mind that banks vary in their offerings.
Why Get a Seniors Saver Account?
Some banks offer special perks and pricing for seniors — often defined as people ‘55 and over’. High-interest transaction accounts may also be available for those who receive an eligible permanent pension.
“If you are shopping around for the best fit
for you, you should take advantage of the
possible discounts on loans and banking
services, but always keep in mind that
banks vary in their offerings.”
What Should I Look For?
Assessing your needs is not very different than when you were younger, but you might have different answers for some of the questions.
- Are you looking for a bank with physical branches?
- Are there branches close to you?
- Are you looking for a national bank vs. a regional bank?
- Is a high-interest rate on deposit accounts important to you?
- What is the fee structure?
- If you use ATMs a lot, what is that fee structure?
- Is the bank’s portal easy to navigate and understand?
Is a Senior Bank Account Really the Best Option?
Look for a bank that offers you a program with a decent interest rate and low fees. The goal of a savings account is to protect your money and help you take advantage of retirement benefits. Ask about minimum balances, interest rates, and any ‘penalties’ for accounts below a certain balance.
One of the fastest-growing trends for seniors is online banking. The convenience of paying bills online, checking your account, and transferring funds have more seniors jumping on the internet. It saves both time and energy. Most banks offer general customer service to explain this process, which is essential and simple.
Negotiating with Banks
Always keep in mind that banks will negotiate and may waive some fees under some circumstances. If you have significant funds to keep in a savings account, use that to your advantage. Regardless if you have a lot of money in savings or draw a modest pension, banks want your business. Know their competition and use it to your advantage to get the best deal on your bank accounts.
Understand all your options. Find a bank that will protect your money while earning you a decent interest rate with little or no fees.