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But with the wild amount ofbank accountsout there, how do you know which ones right for you?
Heres seven bank accounts she said are the best places to deposit yourSocial Security check.
Look for accounts that offer no monthly maintenance fees, especially for seniors those exist and theyre great.
These accounts often come with other perks like free checks and no minimum balance requirements.
Ask your bank which one is right for you.
And if your bank doesnt have one, shop around.
High-yield savings accountscan help your money grow a bit faster, Rachael continued.
Even a slightly higher interest rate can make a difference over time.
Online banks often offer the best rates for these accounts, so absolutely look beyond your local brick-and-mortar.
Senior-Specific Accounts
Some banks offer accounts tailored specifically for retirees and Social Security recipients.
Pro-tip: verify to read the fine print.
Second-chance checking accounts can be a lifesaver for people whove had issues with over-drafting, Rachael said.
Again, its a good idea to shop around and confirm youre getting the right account for you.
Joint Accounts
For couples receiving Social Security, a joint account can make things significantly easier.
A lot of people have joint accounts to pay for household expenses, Rachael explained.
Money Market Accounts
If youre looking for a bit more flexibility, consider amoney marketaccount.
Consider setting up a CD ladder with different maturity dates to balance higher rates with accessibility.
