To pick Best Accounts for Seniors, Money started with 25 of the largest national retail-focused banks by assets and 15 of the largest online banks. We looked for accounts dedicated to seniors or which waived certain fees or offered other perks for seniors. Money then partnered with data provider Curinos to review account minimums and qualifications, interest rates, monthly service fees, ATM fees, overdraft fees, overdraft protection fees, insufficient funds fees, debit card replacement fees, domestic wire transfer fees, and online banking capabilities.
When selecting finalists, priority was given to checking and savings accounts with no or easily waived monthly fees, free ATMs, and higher interest rates. In naming free accounts, we assumed customers would be okay with receiving e-statements to avoid a monthly fee.
When available, we weighed customer service ratings from J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study, 2021 Online Banking Satisfaction Survey, and 2021 Mobile Banking Satisfaction Survey. Money’s edit team independently fact-checked information in September and October.
The interest rates quoted were checked on October 25, 2021.