Javascript is not enabled.

Javascript must be enabled to use this site. Please enable Javascript in your browser and try again.

Skip to content
Content starts here
CLOSE ×

Search

Leaving AARP.org Website

You are now leaving AARP.org and going to a website that is not operated by AARP. A different privacy policy and terms of service will apply.

Just In! This Year’s Best Banks for Retirees

'Kiplinger' releases list of 2017 winners

spinner image Best banks
Getty Images

Personal finance publisher Kiplinger has chosen U.S. Bank as the winner of its 2017 award for the best bank for retirees.

Kiplinger chose the Minneapolis-based financial institution, the fifth-largest commercial bank in the nation with $450 million in assets, out of 12,000 banks that it initially considered, according to Kiplinger contributing editor Lisa Gerstner.

spinner image Image Alt Attribute

AARP Membership

Join AARP for $12 for your first year when you sign up for Automatic Renewal. Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP The Magazine

Join Now

For customers 65 and older, the bank waives the monthly maintenance fee on its interest-paying premium senior checking account, regardless of the balance.

(Younger account holders must maintain an average monthly balance of $5,000 or pay a fee of as much as $12.95 a month.)

Additionally, standard checking, cashier’s checks, money orders, and copies of checks and statements are all provided for free to older customers, and they get a safety deposit box at half price. There’s also no charge for using an ATM outside of U.S. Bank’s network, though the institution owning the machine may impose a fee.

Shopping & Groceries

Coupons for Local Stores

Save on clothing, gifts, beauty and other everyday shopping needs

See more Shopping & Groceries offers >

Gerstner said in a phone interview that U.S. Bank’s size and geographical distribution — it has more than 3,000 offices in 25 states — are an advantage to retirees who like to go to a branch to do their banking in person.  “It’s a big footprint,” she said.

Kiplinger’s runner-up was the cash management account offered by Fidelity, the Boston-based financial services giant. The institution doesn’t charge a monthly fee for the FDIC–insured account or have any minimum balance requirements. It also provides a debit card, free checks and paper statements, and reimburses customers for ATM fees.

Discover AARP Members Only Access

Join AARP to Continue

Already a Member?

spinner image membership-card-w-shadow-192x134

Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP The Magazine.