Banking for Seniors: Managing Your Finances With Confidence

To determine which banks are popular and trustworthy for seniors, RetireGuide reviewed the top banks based on their consolidated assets using data from the Federal Reserve. We narrowed the selection by only choosing FDIC-insured banks available in all 50 states.

Next, we considered the types of accounts offered, monthly fees, accessibility of branches and other bonus features seniors would benefit from. These metrics led us to our list of five popular banks for seniors — Chase, Capital One, Ally, Discover and Citizens Bank.

Remember, there isn’t one most popular bank that caters directly to seniors. At the end of the day, seniors can have similar savings goals as anyone at any age.

Don’t run to open a checking or saving account simply because it highlights senior discounts. Carefully compare the potential fees, required account balances, bonuses and any other features that may fit your retirement savings plan.

Many factors, such as access to your money through a physical branch, will influence which bank is right for you. For example, if you want a reliable checking account with no monthly service fees or minimum deposit requirement, you might consider Capital One.

So, if you’re looking for a high-yield savings account with a reputable bank, reconsider opening an account with the first bank you find. Rates fluctuate regularly, so be sure to compare them within the same timeframe for accuracy.

On the other hand, if you want multiple savings buckets to track goals like renovating your home or buying your granddaughter a car, you might consider Ally Bank instead. No matter your priorities, taking the time to define your goals can help you determine which bank is best for your retirement needs.

There are five main types of bank accounts you can open — a checking account, savings account, money market account, certificate of deposit (CD) and individual retirement account (IRA). They each have different pros and cons to consider. Keep in mind you can open multiple bank accounts to personalize your savings needs.

For example, if you have a moderate deposit and want to earn high interest, you could consider a high-yield savings account.

“High-yield savings accounts do have a place in retirement portfolios, especially if you like the safety of these accounts,” Greenhalgh told RetireGuide.

However, if you can tolerate your money being locked away to earn moderate interest, you could consider a CD instead.

If you fail to manage your savings effectively, you could find yourself unable to fund your retirement plans.

“Take the time to consider what you want to do in retirement. Are you going to travel more, improve your home, downsize or move?” Greenhalgh offered. “You should also prepare for medical expenses. Talk with a financial advisor about how you plan to fund the rest of your life.”

Break down your goals and potential medical costs to get an idea of how much you need to save. It can help to match up savings vehicles with goals to best manage your money. For example, if your goal is to combat inflation for long-term goals, you could consider an I bond.

Strategies like delaying your Social Security benefits and investing in a 401(k) or an IRA early can also help you maximize your savings. Consider the following options to manage your finances.

There are common banking scams for retirees to be wary of. If you learn to recognize these scams, you can better avoid them and help protect your retirement funds.

There are different resources for reporting bank scams, depending on the type.

If you’ve received a phishing email, forward it to the Federal Trade Commission at spam@uce.gov.

Report counterfeit checks online to the FTC or call them at 1-877-382-4357.

If you receive a fake check in the mail, report it to the U.S. Postal Inspection Service.

Editor Malori Malone contributed to this article.