Every financial planner will advocate the importance of setting aside some money for a rainy day. They will also advise you on the best banks where you will have the highest levels of security over your money. However, choosing an appropriate bank for seniors can be a daunting task. Besides, everyone desires to find a bank that will offer more services than just safeguarding your money.

As seniors advance in age, they become more vulnerable

Through the culture of consistent saving, seniors tend to accumulate so much by the time they get to their retirement age. But according to many banks, they quickly become targets of fraud and financial abuse. They tend to put more trust in strangers, and their families do nothing or very little to prepare them against scams.

In the United States, the population of seniors is increasing by the day. As the numbers rise, exploitation activities are on the rise too. According to TrueLink, a financial investment firm, close to $17 billion, is lost to quack investment schemes, $7 billion to abusive caregivers, and $13 billion to other fraud activities.

“Financial exploitation in later life is devastating for seniors and their families… I have seen scams ruin not just retirement, but family relationships – and ultimately affect victims’ longevity,” said Elizabeth Loewy, a partner at EverSafe.

Winning banks with best accounts options for elderly people

Research is inevitable if you want to pick the right bank account, be it checking or a savings account. Read below some of the banks that competitive accounts for seniors: –

Chase: – The bank has earned a high level of popularity due to its excellent customer service. Although it has a monthly fee of $12, it offers both financial information and planning. This protects seniors from financial abuse.

TB Bank: – Some of its perks include free money orders on the “60 Plus Checking” account. It has the second eye, which monitors and safeguards a person’s account. In case of a large withdrawal or unusual activities in your account, the bank has automatic alerts. The monthly fee is $10

BB&T: It is suitable for people above 55years. The bank’s “Senior Checking” account offers free personal checks. A monthly fee of $10 payable but can be waived to anyone making a monthly deposit of $500.