Leading Financial Institutions for Seniors Retiring in 2025
In a comprehensive evaluation of financial institutions, Kiplinger Personal Finance Magazine and Curinos have identified the top banks in the categories of national, internet, and credit union banks based on fees, minimum balance requirements, yields, and extra perks.
Top Internet Banks
Capital One and EverBank stand out among internet banks for their high yields and low fees. Capital One's 360 Performance Savings account offers a yield of 3.5%, with no minimum balance or monthly fees. The bank also provides competitive CD rates and offers debit cards for teens, along with parental controls and mobile app management for its 360 Checking and MONEY Teen Checking accounts. EverBank's Performance Savings account boasts a yield of 4.3%, with no monthly fees or minimum balance, while their Performance Money Market account offers 4% on balances over $10,000.
Top National Banks
Capital One is a prominent top national bank, offering competitive yields and low fees, along with the availability of branches and strong online services. Marcus by Goldman Sachs, an online division of a national investment bank, also earns high ratings for national/internet banks combined, with yields such as 3.65% APY on savings accounts as of 2025.
Credit Union Banks
The evaluation did not specifically list top credit unions from 2021 based on these criteria. However, credit unions are known for their competitive rates and lower fees. Major credit unions such as Navy Federal Credit Union or Alliant Credit Union are often identified as leaders depending on individual criteria.
Additional Options and Considerations
- For frequent travelers, opening a separate checking account that waives foreign-transaction fees on debit card purchases and withdrawals, and cuts down on out-of-network ATM surcharges, can be a good idea.
- With the FDIC-Insured Deposit Sweep Program, Fidelity "sweeps" your money into accounts at one or more partner banks, insuring the funds with Federal Deposit Insurance Corp. coverage against bank failure; you can insure up to $5 million in cash, and you'll earn a yield of 2.21%.
- Certificate of Deposit (CD) can be a good option for parking extra savings and locking in a high yield before the Federal Reserve cuts interest rates further. TD Bank's Promotional CDs recently offered yields of 4% for a three-month term and 3.51% for a six-month term.
- TD Bank's Beyond Checking account offers benefits such as free standard checks, cashier's checks, money orders, stop payments, and incoming wire transfers, and refunds out-of-network ATM fees if a $2,500 daily balance is maintained.
In conclusion, the evaluations by Kiplinger and Curinos emphasize internet banks for higher yields and lower fees due to their lower overhead, with Capital One and EverBank standing out in 2021 for savings and checking products. For national banks, Capital One also ranks well, supported by later data confirming strong customer-oriented features. The lack of direct 2021 credit union rankings in these sources means no precise 2021 top credit union bank can be named from this data.
[1] Source: Kiplinger Personal Finance Magazine and Curinos, 2021 [2] Source: Kiplinger Personal Finance Magazine, 2025 data
The comprehensive evaluation by Kiplinger Personal Finance Magazine and Curinos highlights internet banks for their lower fees, higher yields, and competitive financial products, such as Capital One and EverBank in the year 2021. On the other hand, the evaluation did not explicitly list top credit union banks based on the specified criteria in 2021, but these institutions are recognized for their competitive rates and lower fees.
