AARP does not offer checking or savings accounts directly

AARP itself is not a bank — it is a membership organization for people 50 and older. AARP does not issue checking accounts, savings accounts, debit cards, or any other deposit products. If you see an advertisement that says "AARP checking account" or "AARP savings account," it is coming from a bank that has partnered with AARP to market products to its members, not from AARP itself.

What AARP does offer is a list of banks and credit unions that have agreed to offer discounted or special rates to AARP members. These are real banks with real deposit insurance, but the account belongs to the bank, not to AARP. The difference matters because it means AARP is not responsible if something goes wrong with your account — the bank is.

Key Takeaways

  • AARP partners with banks to offer checking and savings accounts to members, but AARP does not run the accounts or hold your money.
  • The bank that issues the account is responsible for your deposits and customer service, not AARP.
  • You can open an account with any AARP partner bank without being an AARP member, though membership may unlock better rates or lower fees.
  • Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type at each bank, regardless of AARP's involvement.
  • You should compare the actual terms — monthly fees, minimum balance, interest rates — across all banks, not just AARP partners.

Which banks partner with AARP to offer accounts

AARP has partnerships with several large banks and credit unions. The list changes over time as partnerships end and new ones begin. Some of the banks that have offered AARP-branded products in the past include Merrill Edge (which is part of Bank of America), Truist Bank, and various credit unions. You can find the current list on AARP's website under their banking and financial products section.

The key thing to understand is that these partnerships are marketing arrangements. The bank agrees to offer a product with certain terms to AARP members, and AARP promotes it to its membership. The bank still sets the rules, holds the money, and handles customer service. If you have a problem with your account, you contact the bank, not AARP.

What "AARP member discount" actually means

When a bank offers an "AARP member discount," it usually means one of three things: a lower monthly fee, a lower minimum balance requirement, or a higher interest rate on savings. For example, a bank might charge $15 per month for a checking account to the general public but waive the fee for AARP members. Or it might require $500 in the account to avoid fees for everyone else, but only $100 for AARP members.

These discounts are real, but they are not automatic. You have to show proof of AARP membership when you open the account. If you are not an AARP member, you can still open an account at that bank — you just will not get the discount. You can also become an AARP member if you are 50 or older, which costs money (membership fees vary by membership level), so you should do the math: Does the discount on the account save you more than the membership fee costs?

How to find and compare AARP partner accounts

Start by going to AARP's website and looking for their banking and financial products page. This page lists current partner banks and the accounts they offer. For each account, you will see the basic terms: monthly fee (if any), minimum balance, interest rate on savings, and any other key features.

Write down the terms for each account that interests you. Then go to each bank's website directly and confirm those terms are still current — banks change fees and rates frequently, and the information on AARP's site may lag behind. Look for any additional details the bank's own website mentions, such as how you can deposit checks or whether there are limits on how many transfers you can make per month.

Do not stop at AARP partners. Compare their terms to accounts at banks that do not have AARP partnerships. A non-partner bank might offer a better rate or lower fees than an AARP partner, even without a membership discount. The goal is to find the account that costs you the least and pays you the most, regardless of whether AARP is involved.

FDIC insurance covers your money the same way

Whether you open an account through an AARP partnership or directly with a bank, your deposits are protected by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type at each bank. This means if the bank fails, the FDIC will return your money up to that limit. AARP's involvement does not change this protection — it is a federal may provide that applies to all bank deposits.

The $250,000 limit applies separately to each account type. So if you have a checking account with $250,000 and a savings account with $250,000 at the same bank, both are fully insured. If you have two checking accounts at the same bank, the $250,000 limit is split between them. This rule is the same whether you opened the account through AARP or not.

When AARP partnerships might make sense for you

An AARP partner account makes sense if the discount is large enough to matter and you were already planning to become an AARP member anyway. For example, if AARP membership costs $16 per year and the bank waives a $15 monthly fee for members, you break even in the first month and save money after that. But if the discount is small — say, $2 per month — and membership costs $16 per year, you would need to stay a member for eight months just to break even.

An AARP partner account also makes sense if the bank itself is a good fit for you — meaning it has branches near you, good online tools, or customer service that works well for you — and the AARP discount is a bonus on top of that. Do not choose a bank just because AARP partners with it. Choose a bank because it meets your needs, and if AARP membership saves you money on top of that, even better.

Opening an account with an AARP partner bank

The process is the same as opening an account at any bank. You will go to the bank's website or visit a branch in person. You will provide your name, address, Social Security number, and other identifying information. You will choose which accounts to open and fund them with an initial deposit. The bank will run a background check (usually through ChexSystems, which is a checking account history database) and may ask questions about your employment or income.

If you want the AARP member discount, bring your AARP membership card or membership number. The bank will verify your membership before explore the discount. If you do not have a membership card yet, you can show a membership letter or receipt. Ask the bank what proof they need before you go in.

Frequently Asked Questions

Can I get an AARP account without being an AARP member?

Yes. You can open an account at any AARP partner bank without membership. You just will not receive any member discounts on fees or rates. If the account is still a good deal without the discount, there is no reason to join AARP just to open it.

Does AARP hold my money or is it the bank?

The bank holds your money. AARP is only involved in marketing the account to its members. If you have a problem with your account, contact the bank, not AARP. Your money is insured by the FDIC, not by AARP.

What if I am younger than 50 — can I open an AARP partner account?

You can open an account at the bank, but you cannot get the AARP member discount because you are not old enough to join AARP. You would still have access to the account itself; you just would pay the regular fees and rates that non-members pay.

How do I know if an AARP account is a scam?

Real AARP partnerships are listed on AARP's official website. If you see an advertisement for an AARP account somewhere else, go directly to AARP's site to verify it. Never give money or personal information to someone who contacts you claiming to offer an AARP account — real banks do not recruit customers that way.

Should I switch to an AARP partner account if I already have a checking account?

Only if the new account will cost you less money or pay you more interest over time. Calculate the difference: subtract the new account's annual fees and add the interest it pays, then do the same for your current account. If the AARP account comes out ahead by more than the cost of AARP membership, it might be worth switching. Otherwise, stay where you are.