Where are the CD rate specials for seniors?

Golden egg and money in a nest

I just "celebrated" my 65th birthday.

After making sure I was enrolled in Medicare, I began surfing the Internet to see if banks would offer me any CD rate goodies now that I’d passed that milestone.

Our society affords many benefits to seniors. We ride on buses and trains at reduced fares and receive discounts on admission to everything from amusement parks to movie theaters.

On the lending side, some banks offer us reverse mortgages.

But, for senior savers, banks have been only modestly accommodating.

Many banks offer senior checking and savings accounts, with no fees or balance minimums.

I have a senior checking account at Rabobank (www.rabobankamerica.com) but only use it to qualify for relationship rate promotions.

Better yet are special IRA CD rules.

MetLife Bank (www.metlifebank.com), for example, permits penalty-free withdrawals from IRA CDs for customers older than 59-1/2.

Other banks -- like Ally Bank (www.ally.com) -- limit this right to RMDs ("required minimum distributions" under the tax code for those over 70-1/2).

Union Bank (www.unionbank.com) has a nifty deal for the over-59-1/2 crowd, allowing the depositor, no more than once every 12 months, to withdraw IRA funds and use them to open another CD, without penalty, including one with a higher rate or shorter term.

Of course, what I’m really looking for are higher rates on everyday CDs.

So far, I’ve found a Citibank Senior Citizens Account with a 50 basis-point rate bump-up for time deposit balances up to about $30,000.

The problem is that this account is offered only in India, where, apparently, elders are revered and senior rate bonuses are common.

Where are the rate bonuses for oldsters here in the good old USA?

After all, those of us in our golden years have borne the brunt of the Fed’s savings-destroying monetary policies. We’ve suffered inordinately because of our reliance on "safe" investments, like CDs, for income.

If banks can offer higher rates for young savers, why not offer them to old savers, too? (Are you listening, Ally?)

If I can’t get higher APYs, I’d settle for a decent "senior citizen step-up CD" (to protect against rates going up) or "senior citizen add-on CD" (to protect against rates going down).

I’ll keep looking. I’m sure there’s something out there, but it probably involves visiting a branch in the middle of nowhere to get a lousy rate.

Maybe I’ll just have to be content with the fact that I’m still counted among the living.

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