Senior checking accounts are checking accounts geared toward the needs of seniors. With one, you can typically make check and cash deposits, set up Social Security direct deposits, write checks and gain access to a debit card that can generally be used anywhere that accepts credit cards.
With a senior checking account, you’ll also usually gain access to special perks or benefits. However, accounts vary greatly from bank to bank. Features of a senior checking account may include:
The biggest difference between senior checking accounts and traditional accounts is who can open them. Banks set a minimum age of eligibility, such as 55 or 62 years, and will only open a senior account for someone who meets the criteria.
Other things that set senior accounts apart from traditional ones will vary from bank to bank and may include any of the benefits or perks outlined above.
While there are many benefits to having a senior checking account, there is one major drawback you need to consider: joint accounts. Seniors who want to add their adult children to their accounts in case of emergency may be unable to do so if their children don’t also meet the age requirements. In addition, a senior with a spouse who's below the minimum age requirement may not be able to open a senior checking account as a joint account. Some banks address this problem by requiring only one person on a joint account to be of eligible age, but not all do.
Depending on the bank, there may be other downsides to choosing a senior checking account as well. For example, a bank may charge a low monthly maintenance fee on a senior checking account while also offering a traditional account with no perks that has no monthly fees. In this case, how beneficial the perks of the senior checking account are to you will determine whether it's worth the added cost.
Another potential disadvantage is the interest rate. Some senior checking accounts don’t pay interest at all, and even with those that do, the interest rate on senior checking accounts may be lower than rates for other accounts at the same bank.
Because there's so much variability between banks, the best approach is to research both traditional and senior checking accounts at a few banks before deciding which account is right for you. Some financial institutions in the Colorado Springs, CO area that offer accounts for senior citizens include:
Keep in mind that this list of banks isn’t meant to provide financial advice. Instead, we hope you’ll use it as a starting point for researching your banking options.
How you’ll apply for a senior checking account depends on the bank’s policies. Some banks allow you to open accounts online, while others require you to stop into a branch office in person. Residents of Broadmoor Court senior living community can arrange free transportation to local banks as a part of our services and amenities. Before visiting the bank of your choice, call the office and find out what you need to bring with you to verify your identity and open your account.
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Colorado Springs, CO 80906
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