Kiplinger’s Personal Finance: Best banks for retirees | Column

TD Bank is one of the top banks for retirees. Dreamstime/TNS Retirees, shopping for a



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TD Bank is one of the top banks for retirees.




Retirees, shopping for a new bank?

In Kiplinger’s Personal Finance magazine’s annual bank survey, these two ranked at the top for retirees because of their low or no minimum account balances, free checks and paper statements, and access to investment and advisory services.

Best: TD Bank

Why it won: TD has a big footprint of branches for in-person service and a strong checking account for those 60 and older.

With a reasonable balance minimum of $250, you avoid a $10 monthly fee on the 60 Plus Checking account. Standard checks, cashier’s checks, money orders and paper statements are free, and as with other TD personal checking accounts, you get a discount of 0.25 percentage point on a TD home equity or personal loan.

If you’re 62 or older, the Simple Savings account (0.05% yield) and the Growth Money Market (0.01% to 0.15% rate, depending on the balance, if you have a monthly transfer of at least $50 into the account) are free.

For a higher yield, check out the TD Beyond Savings account. Certificates of deposit have a low minimum of $250; recently, the three-month Promotional CD offered a 0.5% rate for those with an eligible personal checking account. (Longer terms had lower yields.)

On the investment and wealth management side, you can use TD Ameritrade’s brokerage services. (Options may change after Charles Schwab finishes its buyout of TD Ameritrade.) With investable assets of at least $750,000, you’re eligible for TD’s private banking and retirement and wealth planning services, which come with a dedicated, local relationship manager.

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