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A senior checking account is a special age-specific bank account, usually for customers age 55 and up.

After reviewing bank accounts from several national banks, here are our top picks for the best senior checking accounts. These accounts may waive fees that it would charge on other accounts, or come with unique perks. 

Axos Bank Golden Checking Account

Why it stands out: Although this account is specifically for people age 55 and older, you don't have to be a certain age to waive the monthly service fee — no customer pays a monthly fee. Axos has around 91,000 free ATMs around the US, and if you use an out-of-network machine, Axos reimburses you up to $8 per month in fees the provider may charge.

What to look out for: Axos is the only bank on this list without in-person branches. You'll have to be comfortable with an online-only banking experience. 

Bank Smartly™ Checking

Why it stands out: Although Bank Smartly™ Checking isn't a senior account, there is no monthly fee if you are at least 65 years old. If you are a senior, you may qualify to enroll in Smart Rewards. You're benefits include: waited monthly service fees on Bank Smartly™ Checking, waived paper statement fees, 50% off yearly safe deposit box rental fees, and 50% off personal checks.

What to look out for: US Bank charges $2.50 each time you use an out-of-network ATM fee, plus any fee charged by the ATM provider. This is a pretty common charge for national brick-and-mortar banks, though.

TD Bank 60 Plus Checking

Why it stands out: There's no minimum deposit to open a TD Bank 60 Plus Checking Account. You'll get free paper checks, paper statements, and money orders with this account, and a 0.25% discount on home equity loans and personal loans with TD Bank.

What to look out for: If you use savings transfers as overdraft protection, you'll pay $3 each time money automatically transfers. This is less than what other banks charge, though.

Regions LifeGreen 62+ Checking

Why it stands out: You can earn cash-back rewards with this account when you activate individual rewards online or in the Regions app. You'll also receive discounts on loans if you set up automatic payments through your Regions Bank LifeGreen 62+ Checking Account.

What to look out for: Regions offers several types of overdraft protection, but none are free. If you link to another Regions account for money to automatically transfer to cover overdrafts, you'll pay up to $12 each time that money transfers.

Methodology: How did we choose the top senior checking accounts?

We only chose senior accounts at national banks, but there may be more options at regional or local banks in your area. There are very few accounts specifically for seniors at national banks, and we've listed them in this roundup.

Frequently asked questions

What is a senior checking account?

A senior checking account is an account specifically for older customers, usually age 55 and up. Sometimes you have to be a certain age to open the account, while some banks just waive fees on their regular checking accounts for senior customers. Senior checking accounts usually come with more perks than others.

Should I open a senior checking account or a regular one?

It depends on what you want out of a checking account. Senior checking accounts come with special perks, but you may decide you want something else from a checking account, like a high interest rate or no foreign transaction fees. Here are some other Insider guides to check out:

Bank trustworthiness and BBB ratings

We have included each bank's score from the Better Business Bureau. The BBB grades businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.

US Bank has a B+ rating due to government action taken against the bank.  In 2020, US Bank paid the US government $200 million for approving FHA loans for mortgage insurance even though either a) borrowers didn't meet requirements for FHA loans, or b) US Bank didn't check their credit scores.

Meanwhile, the BBB states that the TD Bank's score went down because the government has taken action against TD Bank. The US Bureau of Consumer Financial Protection said TD Bank has been breaking the law by charging customers for its Debit Card Advance service without their permission.

Experts' advice on choosing a bank account

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best bank account for your needs.

Insider

• Tania Brown, Certified financial planner at SaverLife
• Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
• Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
• Laura Grace Tarpley, certified educator in personal finance, editor of banking and mortgages, Personal Finance Insider

Here's what they had to say. (Some text may be lightly edited for clarity.)

How can someone determine whether a bank is the right fit for them?

Tania Brown, CFP:

"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."

Laura Grace Tarpley, Personal Finance Insider:

"I would look for the bank that charges you the least in fees. This means either no monthly fees, or you qualify to waive the monthly fees. If you expect to travel in retirement, you may want a bank that doesn't charge foreign transaction or ATM fees."

What makes a checking account good or not good?

Roger Ma, CFP:

"I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there's other stuff that could make life easier, whether it's a free checks, online bill pay, are they in the Zelle network?"

Mykail James, CFEI:

"The No. 1 thing about a checking account is you should know what provider the debit card is coming from. And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex."

Laura Grace Tarpley, Personal Finance Insider:

"I would make a list of the top three to five things you want out of a checking account. Is it a great mobile app, 24/7 customer support, no ATM fees? Then research the best banks for those features."