Some banks offer special bank offers for seniors such as reduced costs, increased interest rates, and favorable fee structures that may or may not be better than traditional offers. For example, the most basic “senior account” is a simple checking account that has no monthly maintenance fee. It’s a way for banks to court the funds of seniors while being cognizant of their biggest concern, reducing costs. However, as Smart Money has noticed, it’s often not that much better than typical alternatives. Their prime example is that the senior account at U.S. Bank, Silver Elite Checking, has an interest rate that’s 0.01% better of their regular Free Checking – not that great. The real benefit comes in things like free checks, cheaper fees on deposit boxes, traveler’s checks, and other services you may find yourself using.
While Smart Money reviews a bunch of banks, I thought Bank of America’s Advantage for Seniors seemed like it had the best deal. The benefits include free checks (worth $17 per order), cashier’s checks ( worth $10 each), traveler’s checks (worth $2.50 each), as well as a free standard-size safety deposit box ($44 annually).
Source: Smart Money
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