The best banks for retirees | Kiplinger
Best Award: TD Bank
Why she won: TD offers a dedicated checking account with perks just right for retirees, who can skip the fees on some savings accounts, too. For personal services, TD has branches stretching along the East Coast.
Premium account: 60 Plus Checking has a minimum daily balance, $250 minimum to waive the $10 monthly fee.
where is she: More than 1,100 branches in 15 eastern states and Washington, DC. Terms and rates are for Delaware.
The 60 plus check The account is aimed at those 60 or older with free standard checks, cashier’s checks, money orders, and paper statements. In addition to that simple savings The account is free if you are 62 or older (for more, see the gold medalist “Top National Banks”), as well as money market growth The account, which offers a high rate of 0.03% on a balance of $25,000 or more if you have a recurring transfer of at least $50 to the account each month (otherwise, it yields 0.01% to 0.02%, depending on the balance).
TD also offers investment and wealth management, including an automated advisor platform ($5,000 minimum, or $25,000 minimum for some help from human advisors) and full advisory services. Those with at least $750,000 in investable assets are eligible for TD’s Client Wealth Suite.
Runner-up: Fidelity Investments
Why she won: Retirees who want to do their banking online will find a lot to like in the equivalent of a Fidelity checking account.
Premium account: Fidelity Cash Management is free, earns interest and provides additional security on deposits.
Fidelity Investments does not own a full-service bank, but money management The account offers all the components of a low-cost checking account. It does not require any monthly fees or minimum balance, and yields a favorable 0.25%. Ordinary checks, cashier’s checks, and paper statements are free, and the account reimburses all out-of-network local ATM fees. Although cash management is technically a brokerage account, the funds are covered by Federal Deposit Insurance Corp. , and you are insured for up to $1.25 million against bank failure — instead of the standard $250,000 per depositor per institution — thanks to a cash sweep program that holds funds in various institutions.
You don’t have to open any other Fidelity account to use cash management, but there are plenty of options out there if you want investment services, from a robo Fidelity Go advisor to in-depth financial and investment advice ($250,000 minimum assets for Fidelity Wealth services).