Top Banks Ideal for Retirees in 2025
A recent analysis by Curinos, a financial-data provider, and Kiplinger's Personal Finance Magazine has revealed the top-rated national banks, internet banks, and credit unions for high-net-worth clients, retirees, and travelers. The analysis considered criteria such as fees, minimum balance requirements, yields, and availability of extra perks.
High-Net-Worth Clients
For high-net-worth clients, the analysis highlights national banks offering concierge-level service, investment support, fee breaks, and higher-yield products. These banks provide robust perks aligned with affluent clients' needs, including wealth management and personalized financial planning.
Some financial institutions offering youth-oriented accounts for families with children at home, such as TD Bank, also cater to high-net-worth clients. For instance, TD Bank's Simple Savings account waives its monthly fee for those who are 62 or older.
Retirees
For retirees, the same methodology focuses on fees, services, and account offerings suitable for those on fixed incomes or retirement planning. These banks and credit unions rank highly for low fees, ease of access, good interest rates on savings, and special retirement products.
Travelers
For travelers, top internet banks and national banks are favored for their no-fee foreign transactions, wide ATM networks, and digital banking convenience. While not explicitly ranked in the results, Marcus by Goldman Sachs and Capital One stand out among internet banks for their competitive rates and widespread accessibility, catering well to mobile or travel-prone clients.
Recommended Institutions
In summary, the top-rated national banks, internet banks, and credit unions for high-net-worth clients, retirees, and travelers, based on the analysis, emphasize premium service, personalized financial advice, exclusive rewards, and wealth management options tailored to affluent customers.
| Client Type | Recommended Institution Types | Key Features | |-----------------------|------------------------------------------------------|----------------------------------------------| | High-net-worth clients| National banks with wealth management (e.g., top 10) | Concierge services, personalized advice, fee breaks, investment support | | Retirees | Banks and credit unions with low fees and retirement focus | Low fees, good savings yields, tailored retirement accounts | | Travelers | Internet banks and national banks with broad ATM access | No foreign transaction fees, competitive rates, easy online access |
Specific banks explicitly mentioned for high-net-worth clients and strong savings rates include Marcus by Goldman Sachs and Capital One for their high savings rates, no fees, and digital convenience.
This selection reflects a data-driven approach to catering to these distinct customer segments.
Additional Considerations
Consider a certificate of deposit (CD) for parking extra savings and locking in a high yield before interest rates decrease. TD Bank's Promotional CDs recently offered yields of 4% for a three-month term and 3.51% for a six-month term. To bypass the $25 monthly maintenance fee for TD Bank's Beyond Checking account, maintain a $2,500 daily balance, have $5,000 or more in direct deposits within a statement cycle, or have a $25,000 combined balance in linked eligible TD Bank deposit accounts and loans.
- The analysis reveals that financial institutions offering high-net-worth services, such as national banks like Marcus by Goldman Sachs and Capital One, provide competitive rates, no fees, and digital convenience for personal-finance management, making them suitable for high-net-worth clients.
- For retirees seeking banks that cater to their needs, such as low fees and tailored retirement accounts, the top-rated institutions identified in the analysis are a mix of national banks and credit unions, providing ideal services for retirees on fixed incomes or planning for retirement.
