For those 50 and over, this is an excellent deal. There's no guarantee that it'll last, but it's currently the best savings account deal in the nation.

The savings account currently has a yield of 4.50% APY. There's only a $1 minimum, and there are monthly service fees.

There's also a money market account with a yield of 4.75% APY, but this requires a minimum deposit of $50,000.

Update 6/14/08: Unfortunately, these rates didn't last long. The current yield is now only 3.50% APY for both the savings account and the Jumbo money market account.

 

Submitted: May 6, 2008    Views: 1528    Comments: 6    Likes: 2   


View Article: http://bankdeals.blogspot.com/2008/05/update-on-aarp-financial-savi...


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Comments Received:

BankMan
BankMan

This looks like a great deal. I just sent it to my Dad. Thanks.

Posted: May 6, 2008

Liverpool08

the money market listing at Money-Rates.com says Huntington National Bank is that the same bank offering?

Posted: May 7, 2008

Sam Cass
Sam_Cass

"the money market listing at Money-Rates.com says Huntington National Bank is that the same bank offering?"

Don't think so. It looks like the AARP offer if done through Waterfield Financial Services Inc. Huntington National Bank is a different entity as far as I can tell.

Posted: May 7, 2008

ktexas
ktexas

It is confusing.

Waterfield Financial Services runs the aarpsavings.com website, but the deposits are held at Huntington National Bank. So deposits are FDIC insured. The bottom of the aarpsavings.com page has the official details of this arrangement.

It's very similar to UFB Direct, and in fact, UFB Direct account holders have reported being able to easilsy switch their accounts to aarpsavings.com. I'm not sure how aarpsavings can offer so much higher yield than what UFB Direct offers.

Posted: May 9, 2008

tightwad

Looks like the rate already took a dive.

Posted: May 24, 2008

Saver
(not registered user)

The rate on the money market is down to 4.05% That's still pretty good.

Posted: Jun 12, 2008



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