How to Choose a Bank If You’re Over 62 and on Fixed Income
- Purple
- 4 hours ago
- 2 min read
If you’re over 62 and living on Social Security, SSI, or a fixed income, you need a bank account that works for you — not against you.
And with the Charlie banking app shutting down, many older adults are looking for a new place to deposit benefits, pay bills, and manage money. But not all banks are built the same — and very few are designed with seniors or benefit recipients in mind.
Here’s what to look for — and why Purple might be one of the best options available today.
1. Make Sure It Accepts Government Benefits
You’ll want to confirm that your new account can receive:
Social Security (SSA)
Supplemental Security Income (SSI)
Social Security Disability Insurance (SSDI)
Or pensions and retirement deposits
Many fintech apps are designed for workers with paychecks — not benefit recipients. So make sure the account can accept government direct deposits and that it doesn’t treat them like exceptions or delays.
2. Look for Early Direct Deposit (When Possible)
When you’re on a fixed income, timing matters. An account that offers early access to your deposit — even by a day or two — can give you breathing room for rent, bills, or food.
Purple gives users access to their benefits up to 4 days early¹, depending on when Social Security sends the payment file.
3. Avoid Surprise Fees or Minimums
Seniors on fixed income don’t need accounts that nickel-and-dime them. Look for an account with:
No minimum balance requirements
No monthly service fees
No overdraft fees
Transparent fee schedule
Purple keeps it simple — no monthly fees, no minimums, and no tricks.
4. Find an App That’s Easy to Use
You don’t need to be a tech expert. But your account should still let you:
Check your balance
Get alerts when deposits hit
View transaction history
Lock or replace your card if needed
Talk to a real person if something goes wrong
Purple offers a modern app with human support when you need it — not just bots.
5. Bonus: Does It Help You Stay Compliant?
If you receive SSI, you probably know about the $2,000 asset limit. That means you need to watch your balance and may need to store documentation.
Purple was built for people on SSI, SSDI, and similar programs. You can:
Track your spending and deposits
Store documents like SSA letters or receipts
Avoid accidental overages that could risk your benefits
Why Purple Might Be the Right Choice
Purple is a banking experience designed for:
People 62+
SSI/SSDI recipients
Retirees living on fixed income
People with disabilities and caregivers
It helps you manage money, stay compliant, and access your benefits early — all without fees or confusion.
Purple is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC. The Purple Mastercard® Debit Card is issued by OMB Bank, Member FDIC, pursuant to license from Mastercard.
¹ Early access is not guaranteed and depends on payer timing. We generally make funds available on the day we receive the payment file, which may be up to 4 days early for government benefits like SSI or SSDI, and up to 2 days early for other deposits. Early access is available at no additional cost.