Free Checking in Massachusetts? How 18/65 Accounts Help Teens and Seniors

For teens learning how to manage money and older adults living on fixed incomes, bank fees can be frustrating. Monthly charges and minimum balance requirements can make it harder to save and stay on budget. To help people in these age groups, Massachusetts created a special banking option known as the 18/65 account.

What Is a Massachusetts 18/65 Account?

A Massachusetts 18/65 account is a no-fee banking option available to those who are 18 and under, and those who are 65 and older. It was created to make everyday banking simpler and more affordable for teens and seniors. 

Those who qualify can open one checking account and one savings account that meet the requirements of the 18/65 account program, which include:

• No monthly maintenance fees
• No minimum balance requirement
• No fees for deposits or withdrawals
• Free basic checks (if the account is a checking account)
• Consumer protections defined by Massachusetts law

It’s important to note that banks may still charge for certain services on these accounts, such as wire transfers and stop payments. There is also a $5 per-item cap on fees related to transactions paid or returned due to insufficient funds.

Even if a bank doesn’t label a product as an “18/65 account,” Massachusetts law requires state chartered banks to make a qualifying no-fee checking and savings account available to eligible consumers for personal or household use.

Why National Banks Don’t Always Offer 18/65 Accounts

The Massachusetts 18/65 law applies to Massachusetts state chartered banks and credit unions. Federally-chartered or national banks (even those with branches in Massachusetts) are not required by state law to offer these accounts.

While some national banks advertise “student accounts” or “senior accounts,” those products may still include monthly fees, minimum balance requirements, or other restrictions. This is one reason many people choose a Massachusetts community bank like BankFive. Community banks are deeply connected to the customers they serve. Plus, deposits at community banks like BankFive help support local businesses, homebuyers, nonprofits, and community projects. Banking locally means investing in your community.

Why 18/65 Accounts Matter

For Teens: A Smart Start

A teen checking or savings account gives young people a safe and practical way to learn how money works. The 18/65 account is especially helpful because it removes many of the fees and rules that can make banking confusing or stressful for first-time account holders. 

Teens benefit from:

• A low-pressure way to learn banking basics: With no monthly fees or minimum balance requirements, teens can learn how to use a debit card, check balances, and make deposits without worrying about costly mistakes.
• Tools for budgeting and saving: Teens can track spending, plan savings goals, and get comfortable using online and mobile banking tools. These skills will support long-term financial success.
• Protection from common fees: Traditional checking and savings accounts may charge fees for low balances or frequent transactions. The 18/65 account helps teens avoid these pitfalls while they are still learning and may not yet have a steady income.

Because 18/65 accounts are simple and straightforward, teens can build confidence and independence while developing healthy financial habits.

For Seniors: Peace of Mind

A senior checking or savings account should make banking easier, not more stressful. Many older adults live on fixed incomes, so avoiding unnecessary fees can make a real difference. The 18/65 account helps seniors by removing extra costs and simplifying account management.

Seniors benefit from:

• Lower banking costs: With no monthly maintenance fees or minimum balance requirements, seniors keep more of their money each month.
• Simple account management: Fewer rules and no surprise charges make accounts easy to manage, whether banking in person, online, or both.
• No pressure to maintain a high balance: Seniors can use their money for everyday needs like groceries, medication or utilities, without worrying about fee thresholds.
• Protection from basic transaction fees: Deposits and withdrawals are not subject to service charges, helping make budgeting more predictable.

These features help seniors stay financially independent and reduce stress around everyday banking.

Banking That Supports Every Generation

An 18/65 account is more than just a no fee banking option—it’s a valuable resource designed to support people at important stages of life. Teens get a safe place to learn money skills without worrying about unnecessary fees, and seniors enjoy simpler, more predictable banking.

If you’re eligible for an 18/65 account, getting started is easy. Our Free Checking, Basic Checking, and Passbook Savings accounts are designed to meet 18/65 requirements for those 18 and under and 65 and older. Our Nickels Savings Account for Kids is another great option for those 12 and under, aimed at making saving fun while teaching valuable financial lessons. For older kids and teens, our Student Savings and Student Checking accounts are a great fit. 

Visit one of our convenient branch locations or apply online today, and don’t hesitate to contact us if you have any questions regarding our 18/65 account options.