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American Airlines Federal Credit Union Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
4.7

Bankrate Score

bank-logo

High APYs

No monthly fees

American Airlines Federal Credit Union is best for airline industry employees looking for a convenient, full-service financial institution.

  • Checking
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    4.9
  • Savings
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    5.0
  • CDs
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    4.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    UFB Direct

    Member FDIC

    Savings account

    2.61 % APY

    $ 0

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    2.40 % APY

    $ 0

    Min. balance for APY

    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Overall

    4.7

    Bankrate Score

    American Airlines Federal Credit Union offers a range of banking and lending products for its airline industry members.

    What we like

    • The credit union offers a convenient banking option to its members.

    • It pays competitive APYs on its deposit products.

    • It offers fee-free products with attainable minimum deposit requirements.

    • Just $6 is needed to join the credit union. ($5 to open a savings account and $1 to pay the credit union’s one-time fee.)

    • The credit union has paid dividends to members, though future dividends aren’t guaranteed.

    What we don't

    • Membership is limited to certain airline industry members and their families.

    • The credit union doesn’t offer a money market account.

    Checking accounts

    4.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    2.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    American Airlines Federal Credit Union offers multiple checking accounts to meet the individual needs of its members. The Priority Checking account is the credit union’s “everyday checking” option, “with the ability to earn additional benefits for doing a few simple things each month,” according to the website. The account charges no monthly service fee and doesn’t require a minimum balance.

    Account holders who make 15 debit card transactions per month, maintain a direct deposit of $250 or more and enroll in online statements qualify for upgraded benefits, including:


    • A competitive return on balances up to $5,000.

    • ATM fee rebates up to $20 per month.

    • Foreign transaction fee rebate.


    Additional checking account features for all account holders include: mobile banking with mobile check deposit, free bill pay, mobile wallet payment options and account alerts. The credit union is also part of the CO-OP ATM network, giving customers access to thousands of fee-free ATMS nationwide.

    What we like

    • Members can choose the checking account that best fits their needs.

    • Account holders get access to lots of features.

    • Members have free access to thousands of ATMs nationwide.

    What we don't

    • Upgraded account features require members to meet certain criteria.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    UFB Direct

    Member FDIC

    Savings account

    2.61 % APY

    $ 0

    Min. balance for APY

    American Airlines Federal Credit Union’s Primary Savings Account requires only a $5 opening deposit and a one-time $1 membership fee. It pays a competitive APY and doesn’t charge a monthly service fee. Members looking exclusively for a savings account that pays the best rate will do well with an American Airlines Federal Credit Union savings account, though you can find slightly higher yields at some other institutions.

    The credit union also offers its Emergency Fund Savings Account. It pays the same APY but doesn’t require a minimum balance.

    A $5 fee is assessed on inactive Primary Savings accounts should the balance fall below $250 and 12 months have passed since the last transaction.

    What we like

    • Members get access to a fee-free savings account.

    • Only a $5 deposit and one-time $1 fee are needed to open.

    • The savings account pays a competitive yield.

    • The credit union will match your opening deposit, up to $25 in the Emergency Fund Savings account.

    What we don't

    • Though the APY is competitive, those looking for the highest possible yield will want to shop around.

    • Inactive accounts (accounts with balances under $250 and no transactions for 12 consecutive months) are charged $5 a month.

    CD rates

    4.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    3.00 % APY

    1yr

    Term

    $ 500

    Min. deposit

    American Airlines Federal Credit Union offers certificates with terms ranging from one year to five years. All pay competitive yields, particularly the shorter-term certificates, and they all require a manageable $1,000 minimum balance.

    American Airlines Federal Credit Union also offers its Share Certificate Ladder, which has options for balances of $1,000.00-$9,999.99 as well as balances of $10,000 and up. Bigger balances and longer certificate terms earn a higher yield.

    The credit union doesn’t offer a bump-up or no-penalty certificate. However, it offers its Dream Plan Share Certificate, a five-year certificate that pays a strong APY. This product requires $25 to open, then customers must contribute $25 each month until the term ends or the balance reaches $50,000, whichever comes first.

    What we like

    • Members have access to a range of terms and competitive yields.

    • All certificates require a manageable $1,000 minimum balance.

    • The Share Certificate Ladder gives members a convenient laddering option.

    • Funds from an American Federal Credit Union CD used for a downpayment on a home loan through the credit union won’t result in an early withdrawal penalty.

    What we don't

    • The credit union doesn’t offer a bump-up or no-penalty certificate.

    • Other financial institutions offer higher APYs on CDs.

    Bank experience

    American Airlines Federal Credit Union offers a convenient banking option for certain airline industry employees and their families. The credit union offers highly rated apps for iOS and Android. It also has branches in most major U.S. airports and is a part of the CO-OP network of ATMs and shared branches.

    Members can get in touch with the credit union in a number of ways, including through a live chat, on the phone and in a branch. Live chat is available Monday through Saturday from 8 a.m. to 5 p.m. Central. Phone representatives are available Monday through Friday from 7 a.m. to 7 p.m. and Saturday from 7 a.m. to 5 p.m.

    American Airlines Credit Union was offering a $25 reward for each family member referred to the credit union at the time of Bankrate’s review.

    The credit union also offers an IRA savings account as well as online courses related to personal finance to its members.

    About American Airlines Federal Credit Union

    Founded in 1936, American Airlines Federal Credit Union offers a range of banking and lending products for its airline industry members. Membership is limited to certain active or retired airline industry workers and their families. Funds deposited with American Airlines Credit Union are insured up to $250,000 by the National Credit Union Share Insurance Fund. The credit union has branches in most major U.S. airports and is a part of the CO-OP network of ATMs and shared branches.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth