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The Top 5 Best Banks in the for retirees

20 Senior Discounts You Didn’t Know You Had… and More! | The Senior Life

You’ve just retired and you’re searching for a new bank. You’re searching for a new opportunity to place your money in. You’re on a fixed-income so you want the chance to make the best moves with your money.

Where do you start?

Let’s take a look at five of the best banks in the United States that’ll work with you and give you the best bang for your buck when it comes to commercial banking.

1. Capital One

Capital One is one of the biggest commercial banks in the United States. As one of the biggest banks, Capital One has banking options that fit your needs and fit your lifestyle. If you open a checking and savings account with Capital One, you aren’t charged a fee or required a minimum to open your account. This is ideal if you’re retired and living on a fixed-income as you don’t have extra money to spare in order to pay for unnecessary fees or banking requirements.

Another perk of banking with Capital One is that you’re able to earn 5X (1.50% APY) the national average savings rate when you open a 360 Performance Savings account; without a minimum deposit required 1 . Plus Capital One provides fraud coverage for their customers and their accounts are FDIC insured up to their admissible limits.​

Capital One offers a variety of accounts ranging from Certificates of Deposits (CDs), Personal Checking accounts, Savings accounts, and Kids Savings accounts for you to help your children, or grandchildren, get started.

Opening an account with Capital One is easy as they’ve made the process user-friendly; so much so that you can open any type of account you wish with them in five minutes or less.

Plus Capital One has over 39,000 ATMs via the Allpoint network, so you’ll never be stranded without access to your money.

Additionally, Capital One has the best mobile banking app with easy access to digital tools to help you manage your bank accounts. Through the app, you’re also able to send payments to people directly, make mobile deposits, and use bill pay which allows you to decide what bills you want to pay and when.

Capital One takes care of the rest.

2. Wells Fargo

Wells Fargo is one of the most popular commercial banks in the United States mainly due to its vast number of branches. There are a variety of banking options available at Wells Fargo, such as personal checking and savings accounts, CDs, business checking and savings accounts, along with commercial banking options.

Banking with Wells Fargo is simple as they provide their customers with a Wells Fargo mobile app that gives you access to your accounts and the ability to send money to your family and friends without having to share your account information.

Wells Fargo does have banking fees and a minimum opening deposit when opening an Everyday Checking account. The minimum deposit is $25 and there is a monthly service fee of $10. However, Wells Fargo gives you a number of ways you can avoid this $10 service fee, including:

  • Posting at least 10 debit transactions, per month, from the checking account.
  • Direct deposits (must be qualified) totaling at least $500.
  • Maintaining a $1,500 minimum balance (daily).
  • The primary account holder is between 17-years-old and 24-years-old.
  • You’re a college student who uses a connected Wells Fargo Campus ATM or Campus Debit Card.

Everyday Checking Account

Although Wells Fargo does have a variety of fees and guidelines, their Control Tower offering, a way to monitor and manage your account, gives you added peace of mind and security over checking your account for fraudulent activity.

3. Citibank

Citibank offers services ranging from wealth management to banking and credit card accounts. This commercial bank has more than 1,800 locations and has almost 700 branches; more than enough to service their wide range of customers with varying needs.

Here are a few of their checking account options:

  • Citigold Account Package​: Provides banking and wealth management services.
  • Citi Priority Account Package​​: Provides priority banking with a wealth management financial advisor.
  • The Citibank Account Package​​: Provides relationship checking and the opportunity to be eligible for Citi ThankYou Rewards Points.
  • Basic Banking Package​​: Provides basic checking and limitless check writing for seniors aged 62-years-old and older.
  • Access Account Package​​: Provides low-cost access banking without paper checks and you have access to Citi’s digital products and services.

Open a Bank Account Online |

If you’re 62-years-old or older, the best checking account option for you would be Citibank’s Basic Banking Package. With this package, if the first person listed on the account is 62-years-old or older, or you’re able to maintain a $1,500 or more average monthly balance across your linked accounts, the $12 monthly service fee is waived.

Plus, you’re able to access Citi ATMs fee-free; even when using a non-Citi ATM.

Who doesn’t like waived fees!

4. PNC

PNC has roughly 2,300 branches and currently has around 9,100 ATMs, with that number changing in the near future.

The Virtual Wallet product is PNC bank’s pride and joy. This Virtual Wallet consists of a checking and savings account together paired with their own specialized tools that help you keep track of and manage your money. With the PNC Virtual Wallet, you’re able to do the following:

  • Set up savings rules automatically to your Reserve or Growth account.
  • Track progress towards your money goals.
  • Plan your bills and schedule your bill reminders.
  • Create budgets to keep track of your goals and savings.

Virtual Wallet is Checking & Savings. Together. | PNC

With PNC banking, you’re also able to send money to your friends and family, deposit checks with mobile deposit, and transfer money between your PNC accounts.

Tip​: When deciding to open a PNC Virtual Wallet account, if you open it online, the minimum deposit of $25 is waived.

5. U.S.Bank

U.S.Bank is one of the biggest banks in the United States with roughly 3,000 branches and about 5,300 ATMs via the MoneyPass network.

With U.S. Bank’s Easy Checking account, there is a $6.95 monthly fee that you can avoid paying if you have a $1,500 average account balance. If you choose to open a savings account, you must keep at least $300 daily or $1,000 average in your accounts. U.S. Bank has a variety of accounts to choose from, such as:

  • Checking accounts
  • Savings accounts
  • CDs

Which Bank Should You Choose?

Looking for more information on the best bank to use for your personal or business needs?

Check out​ for more information!

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