AARP offers its members discounts and savings on many financial services through AARP Financial, which is not owned or operated by AARP. However, AARP has licensed its name to AARP Financial and endorses its services and products. The majority of savings are realized in the form of lower service fees. In order to purchase AARP financial products individuals have to be members of the AARP organization. Memberships are available for people 50 and over and retiree status is not a requirement.

AARP Financial Saving Accounts

AARP Financial provides banking services to members through various partners. These partners are other financial institutions that have joined the network to provide financial services and discounts to members. These accounts are insured by the FDIC.

  • High Yield Certificate of Deposits – The minimum deposit for a CD is $500 at very competitive interest rates. CDs are offered at various maturities. The maximum amount insured by the FDIC under the AARP Financial Service program is $5 million.
  • Secure Money Market Savings Accounts – These are offered at competitive yields and with a minimum deposit of $200. If an account balance falls below this minimum a fee is charged.
  • Interest Checking – This account pays interests that are also very competitive nationally. The minimum to open an account is $50 and a $25 minimum balance required.

AARP Mutual Funds

Mutual funds are offered to members by AARP Financial with no commissions. There is a percent fee associated with each fund for operating expenses. These are the major type of funds offered by AARP Financial with information current as of 1/31/2010. These are not FDIC insured accounts.