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Seniors and retirees

Retirees often want a clear fee schedule, direct deposit for benefits or pension payments, and the option of a branch. This list is not a ranking. Confirm every term with the provider.

Editor's choice

Personal

Our pick when you are opening a new personal account.

Editor's choice

SoFi Checking and Savings

SoFi Bank, N.A.

Bank

Monthly fee
$0No account, service, or maintenance fee. Outgoing wires, Instant Transfers, and global remittances are charged separately.as of Oct 30, 2026 source
APY
3.30%Savings APY with eligible direct deposit, as of Oct 20, 2026. No minimum balance. New members can get a 1.10% boost for up to 6 months, up to 4.40%, if they qualify.as of Oct 30, 2026 source
Sign-up bonus
Up to $400Direct deposit bonus through Dec 31, 2027. $50 if eligible deposits total $1,000 to $4,999.99 in 25 days. $400 at $5,000 or more. $0 below $1,000. One bonus per member.as of Oct 30, 2026 source
Min. deposit
$0as of Oct 30, 2026 source
  • No monthly fee
  • 3.30% savings APY with direct deposit
  • Up to $400 direct deposit bonus
Open account for SoFi Checking and Savings, opens in a new tabRead review of SoFi Checking and Savings

What matters for you

  • Branch access
  • Direct deposit
  • Clear fees

Accounts to compare

Listed alphabetically. This is not a ranking. The editor's choice above is our recommendation for opening a new account. Fees, rates, and bonuses are copied from each provider's site and dated. How we review

  • Best for Fee-free spending

    Ally

    Ally

    Bank

    Monthly fee
    $0No monthly maintenance fee, no overdraft fee, and no minimum balance.as of Oct 30, 2026 source
    APY
    0.10%Spending account balances under $15,000. Balances of $15,000 or more earn 0.25% APY. Rates are variable.as of Oct 30, 2026 source
    Sign-up bonus
    Noneas of Oct 30, 2026 source
    Min. deposit
    $0as of Oct 30, 2026 source
    • No monthly fee
    • No overdraft fee
    • Up to $10 ATM fee reimbursement a cycle
    Open account for Ally, opens in a new tabRead review of Ally
  • Best for Branch checking with a direct-deposit waiver

    Bank of America Advantage

    Bank of America

    Bank

    Monthly fee
    $12Advantage Plus. $0 with a qualifying direct deposit of $250 or more, a $1,500 minimum daily balance, or Preferred Rewards at Preferred Plus or higher. $100 to open. Non-interest bearing. Fee schedule effective Aug 7, 2026.as of Oct 30, 2026 source
    APY
    0%Advantage Plus is non-interest bearing.as of Oct 30, 2026 source
    Sign-up bonus
    Noneas of Oct 30, 2026 source
    Min. deposit
    $100as of Oct 30, 2026 source
    • $12 monthly fee, or $0 if you qualify
    • $100 to open
    • Non-interest bearing
    Open account for Bank of America Advantage, opens in a new tabRead review of Bank of America Advantage
  • Best for Branch banking with a way to waive the fee

    Chase Total Checking

    Chase

    Bank

    Monthly fee
    $15$0 with $500 or more in qualifying electronic deposits, a $1,500 balance at the start of each day, a $5,000 average beginning balance with linked deposits or investments, or a linked qualifying checking account.as of Oct 30, 2026 source
    APY
    Not listedas of Oct 30, 2026 source
    Sign-up bonus
    Noneas of Oct 30, 2026 source
    Min. deposit
    Not listedas of Oct 30, 2026 source
    • $15 monthly fee, or $0 if you qualify
    • FDIC insurance
    • More than 14,000 ATMs
    Open account for Chase Total Checking, opens in a new tabRead review of Chase Total Checking
  • Best for Everyday checking with a fee you can waive

    Wells Fargo

    Wells Fargo

    Bank

    Monthly fee
    $15Everyday Checking. $0 with $500 in qualifying electronic deposits, a $1,500 minimum daily balance, $5,000 in qualifying deposit or investment balances, if the primary owner is 17 to 24, or with a qualifying military direct deposit.as of Oct 30, 2026 source
    APY
    Not listedas of Oct 30, 2026 source
    Sign-up bonus
    Noneas of Oct 30, 2026 source
    Min. deposit
    Not listedas of Oct 30, 2026 source
    • $15 monthly fee, or $0 if you qualify
    • Everyday Checking
    • Fee schedule effective Jul 28, 2026
    Open account for Wells Fargo, opens in a new tabRead review of Wells Fargo

How to choose

  • Decide whether you want a branch nearby or an online account is enough.
  • Check direct deposit timing and any fee waiver tied to it.
  • Ask about paper statements if you do not want online-only documents.

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