Get the Best Bank for Your Buck This Year!

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Most people would jump at the chance to have a checking account with free checks and no fees. If you’re a senior, you’ve hit the jackpot. Banks are targeting you with offers of discounts and free services that will make your head spin. But are they really worth it?

The very best banks waive maintenance fees and offer perks for customers over 65. But not all banks are created equal. Some businesses advertise senior accounts that actually cost more and give you less. Here’s how to filter out the best from the rest.

  • Make sure you can use the benefits. Senior accounts that advertise free cashier’s checks or reduced fees at automatic teller machines (ATMs) might not save you any money in the long run if you prefer to get your cash from a bank teller. Don’t pay extra for things you won’t wind up using.

  • If the account comes with a maintenance fee, see what it takes to get it wiped away. Some banks charge these fees for their senior checking accounts, but you might have a way to get out of them. If you stay above your minimum balance or have direct deposits coming in, you’re probably in the clear.

  • Don’t be afraid to shop around and compare benefits. Check different banks and types of accounts. You might find that a basic checking account will save you more than an account geared toward seniors.

 

For more ways to improve your banking, turn to page 85 in The Retirement Survival Guidebook!

 

 

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  • FC&A Staff Writer