Is a Senior Account right for You?

If you are a senior and are looking for banking options, you want to look into accounts that are specifically designed with seniors in mind. The reason you want to potentially use these accounts is because they often times have more benefits than traditional accounts. However, not all senior accounts are built the same, so you want to be aware of specific attributes that make these accounts worthwhile.

What to be Aware of with a Senior Account

The first thing you need to understand is what you are looking for in an account. You want to ask yourself questions like:

- How does this banking institution compare to your local credit union?

- Do you write checks often?

- Do you want a bank with numerous physical locations for easy accessibility?

- Are the fees understandable?

- Do you travel a lot?

- How important is interest rate to you on your deposit account?

- Can you understand the bank technology?

These are just some questions that you want to keep in mind when finding senior specialized accounts. However, sometimes the senior accounts that are available are worse than their traditional checking account counterparts. These are just some questions that can help you gauge whether or not the account will be a right fit for your finances and lifestyle.

Benefits to Using a Specialized Account

There are benefits to having an account that is specialized to your needs. The reason is because you will be able to get benefits that you may not traditionally get with other regular accounts. Not every banking institution is the same and offer a variety of benefits. Some benefits you may come across are fee waivers, free money orders and checks, low monthly fees, home equity discounts, personal loan discounts, early CD withdrawal, no penalties, and more.

Make Sure You Keep Your Mind Sharp

Some banks don’t have senior interest in mind with their senior account options. You want to be aware of all of their account options before just opting for senior right away. When you do side-by-side comparisons you can typically see that sometimes other options may be more beneficial overall.

You Should be Aware of Bonuses

Often times, accounts may be a great option, if you only look at their welcome offer. Banks want to onboard new clients, so they have special offers as incentives to have people join their bank. Once the welcome offer is “used” then you may realize that the account isn’t actually a great option for your situation. You want to make sure that you take the time to research not only the type of account that you will get, but the banking institution as well. You don’t want to find yourself entranced by the welcome offer just to be put into an uncomfortable position down the road. You also want to make sure that the bank’s customer service is great. If there are any issues with your account, you want to be confident that they will be handled properly and in a timely manner. When you take your time, research, learn your options, you will make the best decision for your next account!