PROVIDENCE – Financial advice and ratings website GoBankingRates.com has identified Citizens Bank as the best bank in the nation for baby boomers, based on its excellent customer service and accessibility, as well as its planning services and bank accounts designed for older customers.
Seniors have become a major focus for banks, GoBankingRates said, because 89 percent of people aged 50 to 68 currently own at least one checking, savings or money market account. Despite their growing influence as consumers, however, GoBankingRates found that many banks fail to meet the unique needs of their older customers.
In naming Citizens Bank the best bank nationwide for the baby boomer generation, GoBankingRates cited the bank’s numerous savings programs and products to help those preparing for retirement, including traditional products, like CDs, but they also have unique programs like GoalTrack Savings, which breaks down the each customer’s goals into smaller steps to make incentives appear less overwhelming.
According to the “Best Banks in America” report released by CNN Money last year, Citizens Bank was the only surveyed institution that provided 24/7 customer service. They also had long branch hours, clocking in 55 hours during the week and 10 on the weekends.
A recent Gallup poll identified the increasing influence of the baby boomer demographic, which has reached more than 80 million consumers. GoBankingRates found that Citizens bank has successfully recognized and acted upon the baby boomers’ need for specialized financial services and support.
The complete list of GoBankingRates’ top 10 banks for baby boomers is as follows:
- Citizens Bank (Providence)
- Frost Bank (San Antonio)
- Arvest Bank (Lowell, Ark.)
- BB&T (Winston-Salem, N.C.)
- TD Bank (Cherry Hill, N.J.)
- Bangor Savings Bank (Bangor, Maine)
- Huntington Bank (Columbus, Ohio)
- Wells Fargo (San Francisco)
- USAA (San Antonio)
- American Savings Bank (Honolulu)
To view the GoBankingRates report, visit www.gobankingrates.com.
