Best Bank Features That A Retiree Should Know
Senior citizens or retirees are always good at financial management and the reasons are not too difficult to understand. They usually have substantial funds that are saved in a form of a deposit with the bank, and they draw money from it. Unlike the account of a working professional, these accounts do not get funded only once a month, after which it’s all downhill till the next payday. Senior citizens maintain various accounts with banks, so the banks also offer various perks for them.
Also, unless the bank has done something really drastic to offend them, retirees are usually not too demanding. Many banks have certain features that are chalked out for retirees. Let us see what are a few things that a retiree would want from his/her bank.
- The rate of interest is by far the single biggest factor which determines how a bank can qualify to be the best bank for retirees. The reason is that retirees do not have a monthly source of income, and their sole income is usually from the interest earned on their life’s savings which they have deposited into their bank account. Usually, banks do have better rates for senior citizens, but there are certain banks which go the extra mile in offering more attractive rates to their retiree account holders.
- Because retirees might not all be conversant with online banking, and because many of them prefer to walk into a branch, chat with the bank officials and then get their work done, therefore they would prefer a bank where the branch ambiance is relaxed and the queries are answered efficiently.
You might also like : How To Avoid Unwanted Bank Fees And Charges
- Retirees prefer a bank which is transparent in terms of the charges and fees. If a bank wants to rank high in the opinion of a retiree, it should be honest with all charges to the retiree.
- Banks need not worry about the minimum balance to be maintained by the retiree account holders, because they usually have substantial deposits in the accounts. Banks which give them additional incentives (an increased rate of interest) for such deposits, they would be popular with retirees.
- Services delivered at home would be really useful and very popular with the retiree account holders. Many branches which are located in the suburbs with a higher percentage of senior citizens have some team members specifically devoted to them. They visit the homes of the retirees to pick up cash, cheques or to get forms filled up.
- Many banks charge a small fee for delivering paper statements to customers. Retirees are not always comfortable with internet banking hence they often issue checks and waive off such charges. For this reason, they need more checks than regular customers. But banks usually charge for issuing extra checks. Banks which waive off these charges would be popular with senior citizens and retirees. There are certain banks that offer lockers and safe deposit boxes to the retirees at a nominal rate or sometimes free or complementary.
Keep yourself updated with the latest on Banking . Like us on Facebook and follow us on Twitter for more on Investments.
Disclaimer:
The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.
