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The Best Places to Spend Your Golden Years (and Age in Place)

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Retirement doesn’t have to mean moving away from a city you love or giving up the cultural opportunities bigger metros provide that can make your retirement years golden. Aging in place is a growing phenomenon, as many seniors plan to stay in their own homes and remain active members of their communities rather than move elsewhere. But other retirees may still feel the urge for new scenery and a new zip code, whether to lower their cost of living as they adjust to life on a fixed income, or to find a new home that better fits their lifestyle or health care needs.

At MagnifyMoney, we decided to look at which of the 50 largest metros offer the best opportunities for senior citizens in terms of lifestyle, cost of living, medical care and — when the time comes — both in-home and residential assisted care.

Key takeaways

  • Portland, Ore., Salt Lake City and Denver top the list of best places to spend your golden years.
  • Retirement life isn’t so golden in New York, Houston and Miami, which earned spots in the bottom three of our list.
  • Surprisingly, metros in the iconic retiree destination Florida didn’t do well on our list, with Jacksonville ranking 32 out of 50, Orlando ranking 40, and Miami ranking 48.
  • Midwestern metros did well, however, thanks to a relatively low cost of living.

Aging in place

Aging in place simply means living in one’s own home (possibly in a continuing care retirement community) independently for as long as possible. In a 2017 AARP survey, senior citizens consistently expressed a preference for living “in their homes and community-at-large”.

As the monumental baby-boomer generation tips into old age, communities, policy makers and other institutions have started to focus their attention on creating environments to increase the likelihood of successfully aging in place.

One big bright spot is the availability of technology to assist people with certain vital tasks, such as taking medicines, keeping track of lists and contacting medical providers for nonemergency consultations.

Seniors can access transportation from anywhere with apps like Uber and Lyft, shop for groceries from their computers and use smart speakers if the keypads on their phones become challenging, access smart-home features (like changing the thermostat) or even call for help in an emergency.  Wearable health monitors including fall alerts, mean that family and medical professionals can be immediately alerted if any concerns arise.

With that in mind, we were especially mindful of local metrics that would help people age in place, such as lower costs of living, community engagement and the availability and quality of assisted care.

How we ranked metros

We used four major categories to make our determinations of which of the biggest 50 US metros were the best places to spend one’s golden years.

Lifestyle:

  • Volunteer rates for those ages 55 and older to get a sense of where senior citizens had the opportunities to be most engaged with the community-at-large
  • Rate of physical activity in each metro to get a sense of which communities offer the most opportunities for activity
  • Percentage of residents ages 65 and over who moved into the metro that year so we could see how desirable seniors find these metros

Cost of living:

  • Median monthly housing costs because whether renting or owning, retirees are on fixed incomes and the ability to afford housing is crucial to aging in place
  • Regional prices for goods and services because the salary bumps of living in more expensive places no longer apply to those who are no longer working

Medical quality and cost:

  • The percentage of hospital discharges of Medicare enrollees that were for conditions considered preventable with adequate primary care
  • The average cost that Medicare pays per enrollee in a given metro
  • The percentage of people aged 65 or older who are up-to-date on their core preventive services, such as flu shots and cancer screenings

The availability and quality of different kinds of assisted care:

  • We looked at the number of home nursing service providers registered with Medicare per 100,000 residents because the availability of home nursing may be essential to those who age in place
  • The average Medicare rating of registered home nursing service providers
  • The number of nursing home beds registered with Medicare per 100,000 residents because sometimes people do require temporary or permanent intensive residential care and sometimes on very short notice
  • The number of continuing care retirement communities registered with Medicare per 100,000 residents because these communities (a subset of nursing homes) offer a bridge between independent living in private apartments (with some community and medical amenities such as dining rooms, group activities, physical therapy) and more intensive nursing care in the same facility
  • The average Medicare rating of registered nursing homes

The top places to spend your golden years

1 – Portland, Ore.

Final score: 62.6
About 6% of Portland’s population ages 65 and older moved there from somewhere else in 2016, the highest rate of any metro on our list, which implies that retirees who have ability to move find Portland highly desirable. The metro boasts an 82.6% activity rate, and while housings costs are higher than average at $1,236 per month, costs for goods and services are a smidgen below the nation’s average. Seattle was the only metro on our list to get a medical quality and cost score higher than Portland’s score of 79.8. Portland falls short in the availability of assisted care services, however, with fewer than one home nursing provider per 100,000 residents, and they’re not rated particularly well by Medicare. A lack of nursing homes and continuing care retirement communities leaves Portland with an assisted care quality and availability score of 21.1; the average among metros we reviewed was 38.4.

2 – Salt Lake City

Final score: 61.3
Salt Lake City seems to have the most engaged senior community, with 40.3% of people over the age of 55 volunteering, far in excess of the 24.7% average among the 50 metros we reviewed. Residents in the metro are also a bit more active than many other places, and at 27.6%, the metro has the lowest rate of preventable hospital stays. That may explain why, at $8,914, the average healthcare cost per Medicare patient is lower than the $9,627 average for the 50 metros. The metro could use a boost in their assisted care and quality availability, earning a score of 35.4, which is lower than the average of all metros we reviewed. Interestingly, Salt Lake City does not appear to be a draw for seniors, as only 1.5% of them moved there from elsewhere.

3 – Denver

Final score: 61.1
Residents in only two other metros (San Francisco and San Diego) get more physical activity than in Denver, where 83.3% do, and that combined with the fourth highest percentage of seniors who moved into the metro from elsewhere brings Denver’s lifestyle score to 75.5 – drastically higher than 50 metro average of 43.8. At just 29%, the Mile High City has the third lowest rate of hospitalizations of Medicare recipients are for preventable causes, and the medical quality and cost score is 75.9, compared with the average of 48.3 across all 50 metros. On the downside, median housing is quite expensive at $1,285 per month, higher than the national average, and the metro could use some additional assisted care options.

The worst places to spend your golden years

50 – New York

Final score: 30.8
Those who always dreamed of moving to New York City sometime in the future may be disappointed to know that senior citizens don’t fare very well there. Community engagement is low, with only 16.2% of seniors volunteering, although locals do get a respectable amount of physical activity. The big issue for the Big Apple is the high cost of living: The metro has the highest costs for good and services, and median monthly housing costs for the metro are $1,528. Health care also isn’t as good as it could be, with the metro earning a score of 34.0, compared with the 50 metro average of 48.3. The upside is that assisted care availability score just bumps over the metro average at 39.0.

49 – Houston

Final score: 33.7
Houston needs to improve in several areas, but where it does worst is in the availability of assisted care. The metro has fewer than one home nursing service provider for every 100,000 residents, and fewer than 295 beds per 100,000 residents (compared with the 50 metro average of 463.3). What’s more, the average Medicare ratings for nursing homes is the lowest of any metro we reviewed, at 2.3. All of these things combined to give the metro the lowest assisted care availability and quality score by a considerable margin (19.3). The metro also performed very poorly for medical care quality and cost, earning a score of 24.5, compared with the 50 metro average of 48.3.

48 – Miami

Final score 39.1
Surprisingly for a place we often think of as a mecca for retirees, Miami isn’t the ideal destination we saw in “The Golden Girls” TV series. Senior volunteer rates of just 12.1% are the lowest of any metro we reviewed, the average cost per Medicare enrollee is the highest ($11,582) and it has the fourth lowest rate of seniors being up-to-date on preventative care (26.3%). Miami runs on the low end of the middle of the pack for cost of living, but it does much better in assisted care availability and quality, earning a score of 46.9, compared with the 50 metro average of 38.4.

Metros often perform well in some areas and poorly in others

It stands to reason that with so many elements to consider, no metro can beat the others in every single area, and some metros that rise to the top in one area we measured sink to the bottom in others.

  • Cleveland has the lowest rate of seniors who are up-to-date on their core preventative services, but it has the most continuing care retirement communities per capita of any of the metros we reviewed.
  • Conversely, Raleigh, N.C., has the highest rate of seniors who are up-to-date on preventative care, but the fourth fewest continuing care retirement communities.
  • Washington, D.C., has the fourth highest senior volunteer rate, but also has the third highest housing costs.
  • Buffalo, N.Y., has the second cheapest housing, but also has the second worst rate of seniors up-to-date on core preventative services.

It’s important for individuals and couples to decide which elements are most important for their later years and make their choices accordingly.

It’s also essential for communities to make improvements in their weakest areas as the number of retirees continues to skyrocket.

Here’s How All 50 Metros Compare With Each Other

Methodology:

Data was grouped into four categories:

Lifestyle

  • Percent of people aged 55 and over who volunteered (Corporation for National & Community Service “Volunteering and Civic Life in America” database, available here.)
  • Percentage of people who reported getting physical activity (The Robert Wood Foundation and University of Wisconsin Population Health Institute “2018 County Health Rankings” database, available here.)
  • Percentage of the population, aged 65 and older, who moved into the metro in 2016 (U.S. Census Bureau “Geographic Mobility by Selected Characteristics in the United States” 2016 American Community Survey 5-Year Estimates, available here.)

Cost of living

  • Median Monthly Housing Costs (U.S. Census Bureau “Median Monthly Housing Costs (Dollars)” 2016 American Community Survey 5-Year Estimates, available here.)
  • Regional Price Parities, excluding housing costs (U.S. Bureau of Economic Analysis Real Personal Income and Regional Price Parities for 2016, available here.)

Medical quality and cost

  • Percentage of hospital admissions of Medicare enrollees that are for preventable conditions (The Robert Wood Foundation and University of Wisconsin Population Health Institute “2018 County Health Rankings” database, available here.)
  • Health care costs per Medicare enrollee (The Robert Wood Foundation and University of Wisconsin Population Health Institute “2018 County Health Rankings” database, available here.)
  • Percentage of the population, aged 65 and older, who are up-to-date on core preventative services (Centers for Disease Control and Prevention “500 Cities: Local Data for Better Health, 2017 release,” available here.)

Assisted care availability and quality

  • Number of home nursing service providers per 100,000 residents (Medicare “Home Health Care Agencies” database, available here.)
  • Average rating of home nursing service providers (Medicare “Home Health Care Agencies” database, available here.)
  • Nursing home beds per 100,000 residents (Medicare, “Nursing Home Compare” dataset, available here.)
  • Continuing care retirement communities per 100,000 residents (Medicare, “Nursing Home Compare” dataset, available here.)
  • Average nursing home ratings (Medicare, “Nursing Home Compare” dataset, available here.)

The data was aggregated to the metropolitan statistical area level (“MSA”) and limited to the 50 largest MSAs by population.  Where necessary, statistics were derived using the 2016 population data from the “Comparative Demographic Estimates” table for 2016 from the US Census Bureau’s American Community Survey 5-year estimates (available here.)

Each category was scored individually by created a relative value for each component, summing them together, and then dividing by the number of components, for a highest possible score of 100 and a lowest possible score of zero.  The sum of these four categorical scores were then divided by four to create the final score, with a highest possible score of 100 and a lowest of zero.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Kali McFadden
Kali McFadden |

Kali McFadden is a writer at MagnifyMoney. You can email Kali at [email protected]

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Financial Therapy: What It Is and How to Know if You Need It

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Whether you’re stressing over paying bills or spending money to make yourself feel better, anxiety and money often go hand in hand. Still, financial advice tends to emphasize numbers and strategies, not the root cause of money concerns.

Financial therapy is a holistic process that enlists both therapeutic and financial methods to help you transform your relationship with money. Here’s how to tell whether or not it might be the right move for you.

What is financial therapy?

The Financial Therapy Association was born out of the 2008 financial crisis, which left many Americans feeling totally hopeless and out of control with their money — a kind of trauma that went deeper than traditional financial counseling could heal. Researchers and practitioners from both the mental health and business fields teamed up shortly after the crash to create a unique, new practice that combines the best aspects of both disciplines.

By late 2009, the Financial Therapy Association, or FTA, was officially recognized as a nonprofit corporation, and the group held its first annual conference in September of 2010. Today, the association offers a variety of tools for both consumers and professionals looking to participate in this unique practice, and also offers a searchable database for finding financial therapists by state.

The association defines financial therapy as “a process informed by both therapeutic and financial competencies that helps people think, feel and behave differently with money to improve overall wellbeing through evidence-based practices and interventions.”

In short, just like regular therapy, it helps you get your head on straight — except in this case, it’s particularly concerned with financial matters. Many financial therapists are also licensed family or marriage counselors, so you can take it on solo or with a partner.

5 signs you need a financial therapist

So, how can you tell if financial therapy is right for you?

Chances are, almost anyone could benefit from professional coaching… but if these scenarios sound familiar, you might want to take finding professional help more seriously.

1. Your relationships are strained, and money’s always the reason. If you’re constantly fighting with your spouse (or other relatives or family members) about money matters, a financial therapist can help you find productive ways to navigate your relationships.

2. You’re depressed or anxious about your money in a way that’s impacting your wellbeing. While money can be a stressful topic for anyone from time to time, if it’s ruling your life, a therapist can help you find new behavioral patterns. Whether it’s the emotional toll of debt or the stress of saving a workable nest egg, a financial therapist can offer both mental and monetary tactics to help you tackle the problem.

3. You know the steps you need to take, but can’t quite seem to make them happen. Whether it’s balancing your budget or paying down debt, if you can’t make your behavior match your financial plan, a financial therapist could have the answer.

4. You find yourself lying about money and hiding your excessive or emotional spending. These kinds of behaviors can wreak havoc on your wallet, not to mention your relationships, and may be based in compulsion. A financial therapist can help you develop alternative relaxation tactics so you can overcome your emotional splurges without doing damage to your nest egg.

5. Thinking about your financial future is leading to unexpected emotions or creating family tension. As important as estate planning may be, it can also be a difficult and emotional experience. After all, it means thinking seriously about the reality of your own death. And divvying up your stuff can lead to difficult conversations, particularly if you have a blended family or strained relationships. A financial therapist can help you work through all that emotional baggage and offer helpful communication tactics.

Do you need a financial therapist and a financial advisor?

There’s no specific set of certifications or degrees a professional must have to be a member of the Financial Therapy Association — so each individual counselor is just that: an individual. He or she may lean more heavily toward one side of the professional aisle or the other, and finding the right fit could take some trial and error.

For instance, if you’re mostly concerned with the how-to part of financial advisement, like figuring out the difference between a Roth IRA and a traditional IRA or the best way to tackle credit card debt, a plain-old financial advisor can probably help you, but so could a financial therapist who works primarily as an advisor or wealth management professional.

On the other hand, if you’re really digging into the emotional side of your financial landscape, finding a financial therapist who is a mental health professional first can help you tackle those struggles, while also laying the framework for solid monetary planning and behavior down the line. A financial therapist who identifies more strongly with the clinical counselling part of their job title may also be able to help you in other aspects of your mental health, if you’re struggling with matters beyond your money.

The bottom line is, there’s no one approach that’s right for everyone — and, just like dating, you’ll definitely want to shop around. Whether you hire a financial therapist, a financial advisor or both, when you’re talking about people who are going to advise you on matters as important as your financial future, getting along well is key. It’s worth making several calls and sitting through a few introductory interviews to make sure you’ve found a good fit.

How to find a financial therapist

If financial therapy sounds like it might be a fit for you, there are some wonderful resources available from the Financial Therapy Association to help you find and hire a professional. For instance, it offers a great database of financial therapists that’s searchable by both name and state.

Of course, since it’s such a new field, financial therapists are relatively few and far between — and you may find there’s not one in your area. Several states on the list have zero names listed beneath them (so far, anyway).

Fortunately, the internet makes it possible to do financial therapy work at a distance, and many professionals do just that. If you find someone whose credentials, focus and basic methodologies you like, you can reach out to them directly to see if they’d be able to perform therapy via Skype or phone call. You can also check out the specific “at a distance” list available via the FTA database. The association also offers monthly online webinars and other educational tools to start the process on your own if you’re not quite ready to hire a professional.

The bottom line

Financial therapy can be a great way to help alleviate your anxieties and fears about financial matters, or to help you find ways to break money-related habits you just can’t seem to knock out on your own. And as with any type of therapy, seeking out professional help is anything but a sign of weakness. Money touches all of our lives and has a huge impact on our lifestyles, so it makes sense that it’s a wildly emotional topic. So if financial therapy sounds like it might be a fit for you, don’t be afraid or ashamed to reach out. If anything, recognizing you need help makes you that much stronger — and both your brain and your bank account will thank you for it.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jamie Cattanach
Jamie Cattanach |

Jamie Cattanach is a writer at MagnifyMoney. You can email Jamie here

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9 Great Free Checking Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

free checking accounts
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The humble checking account may not offer rewards, cash back or many of the other perks offered by ritzy credit cards, but it remains the cornerstone of your financial life. Nobody likes paying monthly maintenance fees, so why not pick a free checking account that does away with them altogether?

Below, we’ve selected nine of the best free checking accounts (presented in no particular order) by scouring our database for products meeting the following criteria:

  • No monthly maintenance fee
  • A low initial deposit amount (between $0-$25) needed to open the account
  • No minimum daily balance requirement
  • Minimal third-party ATM fees
  • Available nationwide

Account Name

Minimum needed to open

APY

Consumers Credit Union (IL) Free Rewards Checking$05.09%
Simple Account$02.02%
Aspiration Spend and Save$102.00%
nbkc personal account$51.01%
Alliant Credit Union High-Yield Checking$5 (to become a member of this credit union, none for opening the account itself)0.65%
Discover Cashback Credit$0None, but customers receive 1% cash back each month on certain spending with a limit of $3,000
Ally Bank Interest Checking$00.60%
Evansville Teachers FCU Vertical Checking$30 ($25 if you're already a member of this credit union)3.30% (if you meet monthly requirements)
Bay State Savings Bank Kasasa Cash$02.01% (if you meet monthly requirements)

Great free checking accounts

Consumers Credit Union (IL) Free Rewards Checking

The Consumers Credit Union provides an online-only checking account to anyone in the nation who becomes a member. You can qualify for membership with a one-time $5 payment to Consumers Cooperative Association. Some of the perks of the Free Rewards Checking account include:

  • No monthly maintenance fee
  • No minimum balance required
  • Unlimited check writing
  • Unlimited ATM fee refunds

However you do have to meet some requirements in order to get all of the benefits of the account (including the high APY). The APY for this account is divided into three tiers, with the lowest earning 3.09% on balances up to $10,000, the middle 4.09% and the highest tier 5.09%. The requirements for each of these tiers are:

To earn 3.09%

  • Receive eStatements
  • Make at least 12 debit card purchases a month
  • Post direct deposits or ACH payments of at least $500 each month

To earn 4.09%

  • Meet all the requirements of the previous tier
  • Have a Consumers Credit Union Visa credit card and spend at least $500 a month on it

To earn 5.09%

  • Meet all the requirements of the previous tier
  • Spend at least $1,000 a month on your Consumers Credit Union Visa credit card

Keep in mind these high APYs only apply to balances up to $10,000. The portion of any balance between $10,000.01 and $25,000 earn 0.20% APY, and balances greater than $25,000 earn an APY of 0.10%.

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on Consumers Credit Union (IL)’s secure website

NCUA Insured

Simple Account

Simple is owned and backed by regional bank BBVA and offers customers a free checking account that’s intertwined with the app’s budgeting tools. Simple doesn’t charge any fees, meaning users enjoy:

  • No monthly maintenance fee
  • No minimum balance needed
  • No account closing fee
  • No stop payment fees
  • No debit card replacement fee
  • No ATM fee if using Simple’s network, but users can be charged a fee by other banks if using a non-network ATM

One fee you do have to pay is a foreign transaction fee when using your Simple card internationally, which can be up to 1% of the transaction.

If you maintain a balance of $0.01 or more, you can earn an APY of 2.02%.

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on Simple’s secure website

Aspiration Spend and Save Account

The recently rebranded Aspiration Spend and Save account is online-only and technically is a cash management account (according to the company), combining the high APY of a savings account with the accessibility of a traditional checking account. After paying an initial $10 to open this account, you gain access to a completely fee-free account — if that’s what you choose.

One of the most eye-catching (and marketable) aspects of this account is that Aspiration tells its customers they can pay whatever fees they wish, even if that amount is zero. The online bank does heavily advertise the fact that 10% of whatever fee customers pay them will be donated to charity.

Other benefits this account gives without any fees include:

  • Unlimited ATM fee reimbursement
  • $600 in cellphone damage insurance
  • Scheduled bill payments

Technically, the Spend and Save account operates as two separate linked accounts — a savings account, where your money earns an APY of 2.00% each month (provided you deposit at least $1 in the account), and a spend account you draw on with your Aspiration ATM card. Transfers of funds between the spending and saving sides of the account happen instantly and without any limitations, so it’s easy for customers to think of it as one product.

It’s important to note that the 2.00% APY only applies to funds in the save portion of the account, not the money you have in the spend portion (which earns no APY). But with the instant and limitless transactions you can make between the two sides, there’s no reason to leave money parked in the spend portion of the account that you aren’t planning to utilize in the short term.

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on Aspiration’s secure website

nbkc personal account

nbkc bank may be based in Kansas and Missouri, but customers anywhere in the nation can sign up for its personal account, which provides a whole bevy of benefits with only minimum fees — all while providing a very competitive APY.

Customers can open this free checking account with a $5 deposit, and so long as they maintain an average daily balance of $0.01, earn 1.01% APY. They also can use more than 32,000 ATMs without any fees, and nbkc will rebate up to $12 a month any non-network ATM fees customers accrue.

Account holders will have to pay a $5 fee to wire money domestically, and $45 if they are receiving or sending an international wire transfer.

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on nbkc bank’s secure website

Member FDIC

Alliant Credit Union High-Rate Checking

Alliant Credit Union offers a free checking account with a very decent yield and great features. You must become an Alliant member before opening an account, which anyone in the country can do by making a $10 donation to Foster Care to Success during your application process. However, there’s no minimum deposit needed to open this free checking account, no minimum daily balance and no monthly maintenance fee.

Alliant’s account also grants customers access to roughly 80,000 ATMs they can use without any fees. If you have to use an ATM outside of this network, Alliant will reimburse fees up to $20 each month.

Finally, this free checking account is called “high-rate” because it gives 0.65% APY—so long as you opt to receive electronic statements instead of paper statements, and make one electronic deposit into the account each month. Examples of deposits include:

  • Direct deposits
  • Payroll deposits
  • ATM deposits
  • Mobile deposits
  • Transfer from another financial institution

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on Alliant Credit Union’s secure website

NCUA Insured

Discover Cashback Debit

You might be more likely to think of credit cards when it comes to this brand, but Discover also functions as an FDIC-insured, online only bank that offers a suite of personal banking products including one of the best free checking accounts currently on the market. The Discover Cashback Debit account features a smorgasboard of perks and goodies for customers, including:

  • No monthly maintenance fees, minimum balance to open or minimum daily balance
  • A nationwide network of more than 60,000 ATMs customers can use fee-free
  • Free replacement debit cards
  • Free online bill pay

Living up to its name, the Cashback Debit account grants 1% cash back each month on qualifying spending up to $3,000. What kind of spending counts? Just about everything, with the exception of ATM transactions, the purchase of money orders, loan payments or account funding, and peer-to-peer transactions. In addition, some purchases made over a third-party app or service (such as Venmo) may not qualify.

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on Discover Bank’s secure website

Member FDIC

Ally Bank Interest Checking Account

The Ally Bank Interest Checking Account may not offer a high APY (unless you can maintain at least a $15,000 balance), but the free online banking, bill pay, and checks — both standard and cashier — along with no monthly maintenance fee, required minimum balance or minimum deposit to open make it a great option for customers looking for a free checking account.

While no minimum balance is required to earn 0.10% APY, customers can earn 0.60% if they maintain a daily balance of at least $15,000.

Customers can use any of the 55,000 ATMs in the Allpoint® network for free, and Ally will reimburse up to $10 of non-network ATM fees each billing cycle. Other fees to watch out for include:

  • $15 stop payment fee
  • $25 per-day maximum overdraft fee
  • $20 outgoing domestic wire fee

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on Ally Bank’s secure website

Member FDIC

Evansville Teachers Federal Credit Union Vertical Checking

Credit unions such as Evansville Teachers Federal Credit Union might not command the same name recognition as nationwide banks, but they can offer rates and services for customers that are every bit as competitive as the big banks. Don’t let the name of this credit union fool you—anyone can become a member if they open a $5 savings account, which then allows you to open a Vertical Checking account with a minimum balance of $25.

This free checking account doesn’t charge a monthly service fee or require you to maintain a minimum balance, and in return gives you an APY of as high as 3.30% on balances up to $20,000, provided you fulfill the below requirements:

  • Make at least 15 debit purchases each month
  • Make at least one direct deposit into the account each month
  • Login to your mobile or online banking at least once each month
  • Opt in to receive eStatements
  • In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

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on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

Bay State Savings Bank Kasasa Cash

This free checking account offers one of the highest APY rates around — up to 2.01%, provided you meet some qualifications — and coupled with its minimal fees, make it a great option for customers looking for free checking.

There’s no minimum amount needed to open the free checking account and, like the other accounts on the list, you don’t need to maintain a minimum balance or pay a monthly maintenance fee. That’s already good news, but where this account really shines is when you fulfill the following criteria each month:

  • Have at least 12 PIN-based debit card purchases
  • Receive electronic statements
  • Enroll — and log in at least once per cycle — to online banking (which is free)

For every month you meet the above qualifications, your balance up to $20,000 earns 2.01% APY. The other big bonus you receive is unlimited refunds on ATM fees that you pay when using a machine out of the bank’s network. If you don’t meet the criteria, you still don’t pay any fees on your account. However, you earn a much lower APY and will have to pay fees on out-of-network ATMs.

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on Bay State Savings Bank’s secure website

Member FDIC

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here