Senior Savings Accounts Explained

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Written By Toma Bonev

 

 

 

 

 

Whether you are planning on investing in retirement savings accounts or you are just looking to start a new account, there are many options available. You can choose from banks that specialize in senior accounts or you can go for a traditional bank if you prefer.

TD Bank 60 Plus Checking

TD Bank 60 Plus Checking Senior Savings Account is designed for individuals over the age of 60. It is an interest bearing checking account that has no minimum opening deposit, a low monthly fee balance requirement, and free checks. It also comes with a TD Bank Visa debit card that offers fraud protection.

It is possible to open a TD Bank 60 Plus Checking account online, though it may be easier to find a branch in your area. Many TD Bank branches are open seven days a week and offer extended hours. Nevertheless, many seniors prefer to conduct their banking in person. It is also important to know that TD Bank has a large network of local branch locations throughout the East Coast.

U.S. Bank

Whether you are looking for an emergency fund or you are just starting out saving, a U.S. Bank senior savings account can be a great way to earn interest. These savings accounts can also help you save money for specific goals. Choosing the right one is easy, but it helps to consider your own financial needs.

If you are a saver who needs to access your money frequently, you might want to consider an online savings account. These accounts offer better rates and may not charge monthly maintenance fees. However, you should make sure that you understand how the account works. These types of accounts have a low balance requirement, so you can start out with a small amount of money. You can also increase the amount of your balance by making recurring transfers.

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CIBC Smart Account

CIBC Smart for Seniors Account is a chequing account that provides a variety of free services to help seniors save money on banking. The account also allows you to pay less in monthly fees. This account offers no minimum income requirement, as well as no monthly fee for the first three months.

Unlike many other bank accounts, the Smart for Seniors Account comes with free Interac e-transfers, as well as the option of making international ATM withdrawals at no cost. This account is also eligible for CDIC insurance.

The account features flexible fee structures, including the option to add an unlimited transaction package for an additional C$10 per month. These account features may be more advantageous for seniors who conduct many transactions each month.

EQ Bank Saving Plus

EQ Bank Saving Plus for seniors is a flexible hybrid chequing and savings account that allows you to take advantage of high-interest rates. It has no monthly fees, and includes free Interac e-Transfers. It is also protected by CDIC insurance. It has unlimited transactions, and offers the ability to make unlimited sub-accounts.

Unlike most savings plus accounts, EQ Bank is an online only bank, meaning you do not have to go to a physical branch. You can fund your EQ Bank account by using a credit card, direct deposit from your employer, or through a cheque deposit. It is also a great option for joint accounts, as it offers no minimum balance and free transfers between the two accounts.

Women’s Savings Accounts

Designed with women in mind, women’s savings accounts can help you to achieve financial independence. While they may not offer the high returns you’d expect from a traditional bank account, they come with a variety of features and benefits designed to meet your needs. These accounts are a great way to earn a tax-free return on your money and will also come in handy when you need to stow away your cash for a rainy day.

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One of the best features of women’s savings accounts is that they come with a range of insurance coverages that can prove to be extremely useful in case of emergencies. These features include accidental hospitalisation cover and personal accident cover.

Children’s Savings Accounts

Having a savings account for your child can help them develop important financial habits. It’s also a great way to get started with the banking world.

Most banks and credit unions offer children’s savings accounts. These accounts often have lower minimum balances and fees than their adult counterparts. They are also FDIC-insured. If your bank or credit union does not have a kids’ savings account, it may be a good idea to check out other options.

Some states are testing universal children’s savings accounts. These accounts are designed to make it easy for families to save for college.

In Colorado, the Department of Human Services is launching a pilot program for low-income preschoolers in November. The plan is to roll it out statewide in the future.