AARP does not offer checking or savings accounts directly

AARP itself does not issue checking accounts, savings accounts, or any other deposit accounts. AARP is a membership organization focused on advocacy and information for people 50 and older. It does not operate as a bank and has no banking license.

What AARP does offer is information about banking products and partnerships with financial institutions that provide accounts to AARP members at negotiated rates or with waived fees. If you see an AARP-branded banking product, it is actually issued and managed by a separate bank or credit union — AARP is endorsing it or has negotiated terms on your behalf, but AARP is not holding your money.

This distinction matters because it affects where your deposits are insured, who you contact if something goes wrong, and what protections apply to your account. The bank or credit union issuing the account is responsible for the account itself, not AARP.

Key Takeaways

  • AARP partners with banks and credit unions to offer checking and savings accounts to members, but AARP does not issue the accounts themselves.
  • Any AARP-branded account is actually managed by the partner bank or credit union, which holds your deposits and is responsible for account terms.
  • Deposits in partner accounts are insured by the FDIC (if the partner is a bank) or NCUA (if the partner is a credit union), not by AARP.
  • AARP membership may waive certain fees or lower minimum balances on partner accounts, but you must meet the partner bank's own requirements to open an account.
  • You contact the partner bank directly for account support, transactions, and dispute resolution — not AARP.

Which banks and credit unions partner with AARP

AARP has had partnerships with several financial institutions over the years, though these partnerships change. Historically, AARP has worked with institutions like Merrill Edge (a brokerage), Nationwide Bank, and various credit unions. The specific partners available to you depend on your state and the current partnership agreements AARP has in place.

To find out which accounts are currently available through AARP, visit the AARP website directly and look for their banking or financial products section. You can also call AARP membership services at 1-888-687-2277 to ask which checking or savings accounts are offered in your state right now. The person on the phone can tell you the partner institution, what fees are waived for AARP members, and what the minimum opening deposit is.

Do not assume an account is still available just because you saw it advertised in the past. Financial partnerships end, and new ones begin. Calling or checking the website takes five minutes and prevents you from starting an application for an account that is no longer offered.

How AARP membership affects account terms

When AARP negotiates with a bank or credit union, the deal usually covers one or more of these: waived monthly maintenance fees, waived overdraft fees, lower minimum opening deposits, or higher interest rates on savings accounts. The exact benefit depends on which institution is the partner and what they agreed to with AARP.

You must be an AARP member to receive these negotiated terms. If you open an account through an AARP partnership but let your AARP membership lapse, the bank may stop honoring the waived fees or special rates. Check the account agreement to see what happens to your account if you are no longer an AARP member — some banks will convert you to a standard account with standard fees, while others may close the account.

AARP membership itself costs money (currently $16 per year for a standard membership), so factor that into whether the account benefits actually save you money. If the partner bank waives a $12 monthly maintenance fee, that is $144 per year in savings — enough to cover AARP membership and more. But if the only benefit is a slightly higher savings rate, do the math before you join.

FDIC and NCUA insurance on AARP partner accounts

Your deposits in an AARP partner account are protected by federal deposit insurance, but the insurance comes from the bank or credit union, not from AARP. If the partner is a bank, your deposits are insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000 per account category. If the partner is a credit union, your deposits are insured by the NCUA (National Credit Union Administration), also up to $250,000 per account category.

AARP has no role in this insurance. AARP cannot may provide your deposits or protect them if the bank fails. The FDIC or NCUA protection exists whether or not you are an AARP member — it is a function of the bank or credit union itself.

When you open an account, the partner institution will send you documentation explaining the insurance coverage. Read it to understand what is covered. For example, if you have a joint checking account with your spouse at the same bank, that account is insured separately from a savings account you hold alone at the same bank, so you can have up to $250,000 in each without losing coverage.

How to open an AARP partner account

First, confirm you are an AARP member or willing to become one. AARP membership is open to anyone 50 or older. You can join online at aarp.org or by phone at 1-888-687-2277. Membership is instant once you pay the fee.

Next, visit the AARP website and navigate to their banking or financial products section. You will see which accounts are currently available and which partner institution offers each one. Click on the account that interests you — this will take you to the partner bank's website or application portal.

Complete the application on the partner bank's website. You will need to provide personal information (name, address, Social Security number, date of birth), proof of identity, and proof of address. The bank will run a credit check and check ChexSystems (a banking history database). The bank, not AARP, makes the decision to open or deny the account based on its own underwriting standards.

Once approved, the bank will mail you a debit card and checks (if applicable) and provide you with online banking access. You can then deposit money and begin using the account. All future support — questions about your balance, disputes, lost cards, account changes — goes through the partner bank's customer service, not AARP.

What to do if you have a problem with an AARP partner account

Contact the partner bank or credit union directly. AARP does not handle account disputes, lost deposits, or billing errors. The bank's customer service number will be on your statement, your debit card, or the bank's website.

If the bank does not resolve the problem to your satisfaction, you can file a complaint with the FDIC (if the partner is a bank) or the NCUA (if the partner is a credit union). You can also file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. These agencies investigate complaints and can pressure the bank to fix errors or refund money.

You can also contact AARP to report problems with a partner account, and AARP may escalate the issue to the bank on your behalf. However, AARP has no legal authority over the bank — the bank is the entity responsible for fixing the problem. AARP's role is to advocate for you and potentially threaten to end the partnership if the bank is treating AARP members unfairly.

Alternatives if AARP partner accounts do not meet your needs

If no AARP partner account is available in your state, or if the terms do not appeal to you, you can open a checking or savings account directly with any bank or credit union. You do not need AARP membership to have a bank account. Many banks offer no-fee checking accounts, high-yield savings accounts, or accounts designed for older adults without requiring membership in any organization.

Credit unions often have lower fees and higher savings rates than banks, and many credit unions are open to people 50 and older regardless of employer or location. You can search for credit unions near you at co-opsharedbranch.org or at your state's credit union league website.

If you want the specific benefit of waived fees or higher rates, compare what AARP partners offer to what you can get directly from a bank or credit union. Sometimes a bank's standard account is cheaper than an AARP-negotiated account when you factor in AARP membership fees. Use online banking comparison tools or call banks directly to get current fee schedules and rates.

Frequently Asked Questions

Is my money safer in an AARP account than a regular bank account?

No. Safety depends on whether the bank or credit union is FDIC or NCUA insured, not on whether it is an AARP partner. An AARP account at an insured bank is equally safe as a non-AARP account at the same bank. AARP membership does not add any extra protection to your deposits.

Can I open an AARP account if I am not yet 50?

No. AARP membership requires you to be 50 or older, so you cannot open an AARP partner account unless you meet that age requirement. You can open a regular checking or savings account at any bank or credit union regardless of age.

What happens to my AARP account if I cancel my membership?

That depends on the partner bank's agreement with AARP. Some banks will convert your account to a standard account with standard fees. Others may close the account. Check your account agreement or call the bank to find out what will happen before you cancel your AARP membership.

Does AARP charge a fee to open an account through their partners?

AARP does not charge a fee to open an account. However, you must pay AARP membership fees ($16 per year for standard membership) to receive the negotiated terms. The partner bank may also charge an opening deposit or monthly maintenance fee, depending on the account type and whether you may have access to for the AARP waiver.

Can I use an AARP account if I live outside the United States?

Most AARP partner accounts are only available to U.S. residents. If you live abroad, contact AARP directly at 1-888-687-2277 to ask whether any accounts are available to you. You may also be able to open a regular account with a U.S. bank that serves international customers, though fees and requirements vary.