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POSTED
ON BY Ken Tumin
AARP Financial Savings Center cut the rates today on both its High Yield Savings account and its Jumbo Secure Money Market account. The new yield is 4.05% APY for both. The Jumbo MMA yield had been 4.75% APY, and the savings account yield had been 4.50% APY. A reader informed me of his conversation with a CSR who said that the new rate will only apply to accounts opened from today. Those who had accounts opened prior to today are still getting the old yields. They will be grandfathered in for now, but there's no guarantee how long this will last.
I was afraid the rates would be cut, but I was hoping it wouldn't be this big and this soon. I'm afraid we'll probably see more cuts since other accounts managed by Waterfield and Affinity are only between 2.70% and 3.75% (see post).
With the current rate, it's now not much higher than what Alliant Credit Union offers. Since you don't have to worry about the issues of having a middle-man between you and the bank, Alliant's savings account with a 4% APY is looking more attractive (see my Alliant review).
For more details about AARP Financial Savings Center and the the savings and money market accounts, please refer to the following past posts:
Thanks to all the readers for noting this change.
I was afraid the rates would be cut, but I was hoping it wouldn't be this big and this soon. I'm afraid we'll probably see more cuts since other accounts managed by Waterfield and Affinity are only between 2.70% and 3.75% (see post).
With the current rate, it's now not much higher than what Alliant Credit Union offers. Since you don't have to worry about the issues of having a middle-man between you and the bank, Alliant's savings account with a 4% APY is looking more attractive (see my Alliant review).
For more details about AARP Financial Savings Center and the the savings and money market accounts, please refer to the following past posts:
- Research into AARP Financial Savings Center
- Update on AARP Financial Savings Center
- Overview of the AARP Financial Savings Center
Thanks to all the readers for noting this change.
