Senior checking account is a regular practice that involves verifying accounts for elderly and/or retired people. It offers a number of features such as free checks or lower monthly charges to lure the elderly above 55 of age.
Generally, the seniors receive numerous discounts and perks during their retirement age. In the U.S, the seniors represent a large share of customers for banking services. This has prompted banks to focus on retirees as a market niche. Today, banks are providing account checking services for seniors. Some of the common accounts checking services include the following:
BB&T Senior Checking
It targets seniors, 55 years and above. The unique feature of this account is that it offers free personal account checks. Also, it allows one to have a free early withdrawal for any medical service. However, it attracts a minimum monthly fee of $10 and an average monthly balance of not less than $1,000.
TD Bank TD 60 Plus Checking
It targets seniors, 60 years and above. The TD Bank offers the 60 Plus checking account that has distinctive features. For instance, the account allows you to earn some interest on the account balances. Other features include free money orders, lower minimum account balances, free cashier checks, and monthly fee waiver for prime customers. Specifically, the account requires a $10 monthly fee and a minimum daily account balance of $250 only. Furthermore, with TD 60 Plus checking account, you are eligible for a 0.25% discount rate on your home equity. Also, personal loans are available for as low as 0.25% discount.
S. Bank Gold Checking Account
It does not target seniors only but also other categories of people. The leading U.S Bank offers the account. The account has exceptional features, such as low monthly maintenance charges of $14.95. This can be further be waived if you own another account for other products in the same bank. Also, the account offers attractive mortgage products, especially if you are keen on selling your old home or downsizing your apartment. Other benefits include; free online and mobile banking services and a 0.25% discount on personal loans.