What Features Matter Most in a Bank for Older Adults?
- Purple
- 14 minutes ago
- 2 min read
Banking looks very different when you’re over 62 and living on Social Security, retirement income, or fixed benefits. You’re not chasing points, juggling 5 cards, or setting up business transfers. You just want an account that’s safe, simple, and works for your life.
So what really matters in a bank for older adults?
Let’s break it down — and show how Purple is built for exactly this stage of life.
1. Easy, Reliable Direct Deposit for Benefits
The first (and most important) priority: your benefits need to land on time.
Whether you receive:
Social Security (SSA)
Supplemental Security Income (SSI)
Social Security Disability Insurance (SSDI)
Railroad Retirement
Or pension payments
Your bank account should accept and support all types of government benefit deposits. Bonus points if you get early access — Purple offers deposits up to 4 days early¹, at no extra cost.
2. No Surprise Fees or Minimums
When you’re managing a fixed monthly income, fees can sneak up fast. Look for an account that has:
No monthly service fees
No overdraft charges
No hidden requirements
No minimum balance rules
Purple keeps things simple — no surprise charges and no hoops to jump through.
3. Human Support, Not Just Bots
If you’ve ever tried to call customer service at a big bank… you know. Long menus, confusing transfers, and often no one picks up.
You deserve an account where:
You can talk to a real person
You can get help fast if your card is lost or stolen
You’re not pushed to an app when you want real help
Purple’s support is designed for older adults and people with disabilities, with human help when it matters most.
4. Deposit Alerts and Balance Visibility
You should always know:
When your money arrives
What your balance is
What’s been spent
Purple sends instant notifications when your deposit hits. You can also view all transactions, lock your card if needed, and get ahead of any issues — all from the app.
5. Designed for Benefits Compliance
If you’re on SSI, you probably already know: there’s a $2,000 asset limit. Go over it, and you could risk your benefits.
Purple helps you stay on track by:
Tracking your spending and income
Giving you a view of your monthly benefit flow
Offering tools to store receipts or SSA paperwork
It’s not just a bank — it’s a system that helps you keep your benefits safe.
Ready to Switch?
If you’re 62+ and looking for a new account after Charlie, Purple may be exactly what you need:
Built for benefit recipients
No monthly fees
Human support
Early access to Social Security and SSI¹
Purple is a financial technology company, not a bank. Banking services 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.
² See our fee schedule for complete details