For people living in select portions of the Southwest and Western United States looking for a credit union that provides strong interest yields on deposit accounts, America First Credit Union (AFCU) could be a great option. The credit union has a limited geographic and employment membership eligibility, with accounts available to certain residents of Utah, Nevada, Idaho, Oregon, Arizona, New Mexico, and California. See the credit union’s website for exact qualifications.
The credit union had assets of $20.4 billion as of March 2024, making it the seventh-largest credit union in assets in the U.S. It is the fifth-largest credit union in terms of membership in the nation. It provides full-service personal and business banking products to its members. It operates 115 branches across Arizona, Idaho, Nevada, New Mexico, and Utah, and offers online banking.
America First Credit Union was founded on March 16, 1939, in Salt Lake City. It was initially named the Fort Douglas Civilian Employees Credit Union. In 1947, its headquarters was moved to Ogden, Utah, and renamed the Federal Employees Credit Union. That name remained until April 14, 1984, when it was given its current name.
All rates and fees are current as of August 12, 2024, and are subject to change.
America First Credit Union
| Checking accounts: | Starting at $0 per month |
| Savings accounts: | Open with as little as $0 |
| Certificate of deposit (CD) rates: | Earn up to 5.25% annual percentage yield (APY) |
Pros
- High-yield money market savings and CD products make it easy to earn passive income
- Multiple account options make it easy to find something that fits your needs
- Great credit portfolio with many different types of loans and credit cards available
Cons
- Limited geographic and employment footprint means most people won’t be eligible
- Multiple account options might overwhelm those used to limited products at some community banks
America First Credit Union could be a great choice for residents of Utah and surrounding states who are eligible for an account. It’s also a solid option for those wanting to earn passive income from reserve funds, as both the money market savings and CD accounts have strong interest yields. With multiple account options, America First CU should have an account that fits your deposit needs.Finally, America First is great for people looking for multiple credit options, as the credit union offers a wide variety of loan products and credit card offerings.
The biggest drawback to America First is its limited geographic and employment footprint. Despite being one of the largest credit unions by membership in the nation, most people won’t be eligible and will have to choose an alternative. Also, while having many account options is great for those who want to find the right account, it can overwhelm those who want simple banking options.
America First CU rates and products
America First Credit Union offers two free checking accounts and a third with a waivable monthly fee. In addition, the credit union offers a savings account, a money market savings, and five types of certificates of deposit. All deposit accounts earn at least 0.05% APY.
| Checking accounts | Up to 0.30% APY |
| Savings accounts | Up to 3.50% APY |
| Money Market Savings | Up to 4.60% APY |
| Certificates | Up to 5.25% APY |
Checking accounts
America First CU offers three checking accounts, two of which are free, and the third with a waivable monthly fee. However, America First does not offer a checking account sign-up bonus.
America First CU Classic Checking
The entry-level account is America First CU Classic Checking. There are no monthly fees and no minimum opening balance required. However, to earn dividends on the account, you must have at least $500 in your account. The account earns 0.10% APY on all balances above $500.
America First CU Classic checking account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 0.10% |
| Minimum balance to earn dividends | $500 |
| Out-of-network ATM fee | $1.50 per transaction plus third-party fee for transactions at non-AFCU or CO-OP Network ATMs |
America First CU Premium Checking
America First has packed a lot of perks in its Premium Checking. It refunds up to $10 in ATM fees it charges each month for out-of-network withdrawals. Coupling this account with an AFCU auto loan or Visa card gives you additional points on select purchases. You can also access the credit union’s Identity Protection Suite in collaboration with Allstate Insurance. The credit union also offers various coupons and discounts for shopping and travel.
There is a $6 monthly fee for this account, but it can be waived by receiving a direct deposit into your account of at least $500, 20 or more transactions with your Visa debit or credit card in a month, or by maintaining an average daily checking balance of at least $1,500. As with the Classic checking account, this account earns 0.10% APY on balances of at least $500.
America First CU Premium checking account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $6; waivable |
| Top APY | 0.10% |
| Minimum balance to earn dividends | $500 |
| Out-of-network ATM fee | Up to $10 in AFCU fees refunded per month; $1.50 per transaction plus third-party fee for transactions at non-AFCU or CO-OP Network ATMs |
America First CU Money Market Checking
America First offers a unique Money Market checking product with a slightly higher interest yield. You need at least $2,000 to earn interest, but since the minimum opening balance required is $10,000, that should be easily attainable. The interest yield starts at 0.10% APY on balances between $2,000 and $10,000, but the rates increase as the balances increase. The maximum rate is 0.30% on balances over $250,000.
There are no monthly account fees, making this account an excellent option for those with at least $10,000 in their checking account.
America First CU Money Market checking account features
| Account opening bonus | None |
| Minimum opening deposit | $10,000 |
| Monthly fees | None |
| Top APY | 0.30% (on balances over $250,000) |
| Minimum balance to earn dividends | $2,000 |
| Out-of-network ATM fee | $1.50 per transaction plus third-party fee for transactions at non-AFCU or CO-OP Network ATMs |
Savings accounts
You can open one type of savings account with America First Credit Union. It isn’t a high-yield savings account as it only earns 0.05% APY. You will need to open the credit union’s Money Market savings to get an account considered high-yield.
America First CU Share Savings Account
While the America First CU Share Savings account isn’t a high-yield savings, that doesn’t mean it is a bad account. It is free as long as you keep $1 in the account, but the APY is only 0.05%.
A unique option the credit union offers with its Share Savings is a Wedding Savings account. Couples can open a Share Savings account, or other individuals can open it on behalf of a couple. The credit union will provide registry announcements, including cards for announcements and invitations. People wishing to contribute cash as gifts can deposit it directly into the couple’s savings account.
America First CU Share savings account features
| Minimum opening deposit | $1 |
| Monthly fees | None |
| Top APY | 0.05% |
America First CU savings rates compared to current top rates*
While America First Credit Union is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts (MMAs)
If you want a true high-yield savings account, choose AFCU’s Money Market Savings. It is an MMA with tiered interest earnings.
America First CU Money Market Savings Account
The interest yield on this account is among the best MMAs available. It earns up to 4.60% APY and earns interest on all balances. You earn 1.50% APY on balances from $0 to $9,999.99, and the APY increases from there. On balances above $1 million, you earn 4.60% APY. If you have low balances, you may find better rates elsewhere, but with no cap, high-balance customers may want to consider this account.
America First CU money market account features
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Top APY | 4.60% on $1 million or more |
America First offers five types of CDs, including both standard CDs and IRA CDs. The rates for all four types are similar, but the features of each one are slightly different.
All but the dedicated savings CDs require a $500 minimum opening balance and at least that amount to earn interest. The dedicated savings CD requires at least a $10 monthly minimum automatic deposit, with a contribution limit of up to $10,000 per month. The rates offered are among the best CD rates on the market.
If you withdraw any of the principal before the maturity date, the credit union can charge an early withdrawal penalty.
America First CU Regular Certificates
America First’s Regular CD has very solid rates of return, with 3- to 5-month CDs and 6- to 11-month CDs earning 5.25% APY.
America First CU Regular Certificate features
| Minimum opening deposit | $500 |
| Available term lengths | 3 to 60 months |
| APY range | 4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months) |
| Early withdrawal penalty | Terms of 12 months or less: 60 days of dividendsTerms over 12 months: 180 days of dividendsMinimum penalty is $5 |
America First CU Bump-rate Certificates
The bump-rate CDs have a slightly lower rate, but you can adjust the interest rate once during the account’s lifespan. This allows you to take advantage of a rate increase after you’ve opened your account. Otherwise, the terms are the same as the classic CD accounts.
America First CU Bump-rate Certificate features
| Minimum opening deposit | $500 |
| Available term lengths | 3 to 60 months |
| APY range | 4.05% APY (30-35 months, 48-59 months, 60 months)5.10% APY (3-5 months and 6-11 months) |
| Early withdrawal penalty | Terms of 12 months or less: 60 days of dividendsTerms over 12 months: 180 days of dividendsMinimum penalty is $5 |
America First CU Flexible Certificates
America First also offers a flexible, no-penalty CD, which is 12 months in length. You can access your funds in the certificate penalty-free for the first five days of each quarter. It can only be opened over the phone, in a branch, or through secure chat in online banking.
It has a minimum opening deposit of $500, and deposit limits are $10,000 per month. Total deposits in flexible CDs cannot exceed $100,000 per member. You can renew the CD automatically at the end of the 12-month term.
America First CU Flexible Certificate features
| Minimum opening deposit | $500 |
| Available term lengths | 12 months |
| Top APY | 4.85% |
| Early withdrawal penalty | Terms of 12 months or less: 60 days of dividends; however, funds may be accessed for the first five days of each quarter |
America First CU Dedicated Savings Certificates
Another savings option for America First customers is the credit union’s Dedicated Savings CDs. You can contribute up to $10,000 a month and take advantage of the same rates offered in classic CDs. The CDs require a $10 minimum monthly automatic deposit but otherwise do not require a minimum opening balance.
Your dividends can be deposited into your checking, money market, or savings account. You also have the option to roll them back into the certificate.
America First CU Dedicated Savings Certificate features
| Minimum opening deposit | None; Requires a $10 monthly minimum automatic deposit |
| Available term lengths | 3 to 60 months |
| APY range | 4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months) |
| Early withdrawal penalty | Terms of 12 months or less: 60 days of dividendsTerms over 12 months: 180 days of dividendsMinimum penalty is $5 |
America First CU IRA Certificates
You can open an IRA Certificate with America First CU at the same rates offered on its regular Certificates. Specific regulations and tax implications apply, so check out our article on IRA CDs for more information.
America First CU IRA Certificate features
| Minimum opening deposit | $500 |
| Available term lengths | 3 to 60 months |
| APY range | 4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months) |
| Early withdrawal penalty | Terms of 12 months or less: 60 days of dividendsTerms over 12 months: 180 days of dividendsMinimum penalty is $5 |
Other services America First CU offers
America First Credit Union offers a wide range of additional banking products and services, including:
- Lending products: AFCU offers many types of loans, including vehicle, personal, home equity, and mortgage loans.
- Retirement and wealth: America First offers retirement planning and wealth services, including investment services, self-directed online trading, insurance services, trust services, and Medicare and Social Security planning.
- Credit cards: You can open one of six Visa credit cards with AFCU, including Signature, Platinum, Classic, Secured, RSL Visa, and Silicon Slopes.
- Business accounts: America First Credit Union offers full-service business banking products and services, including checking, savings, CDs, Visa cards, loans, and merchant services.
Online banking
America First Credit Union gives you access to digital banking services, including online banking and bill pay. Online banking allows you to check balances, review upcoming bills, monitor your budget, and view e-statements. There is also an integrated money manager included with online banking. You can view your FICO score and apply for loans through online banking as well.
Bill pay lets you set up one-time or recurring payments for services such as internet, utilities, rent, phone, daycare, cable TV, and more. You can even send next-day payments for a $15 charge.
You can send peer-to-peer payments via Zelle directly through online and mobile banking.
The America First CU platform and customer support
You can access America First CU online banking via desktop and mobile applications. The mobile app is highly rated, earning 4.8 stars out of 5 on the Apple App Store based on more than 59,000 ratings and 4.7 stars out of 5 on the Google Play Store out of more than 37,000 reviews.
To reach customer service, contact any branch location during branch hours. You can also call toll-free (800) 999-3961 Monday through Friday from 8 a.m. to 7 p.m. Mountain time and Saturday between 8 a.m. and 6 p.m. MT. Other options are to email the credit union at support@americafirst.com, use an online virtual assistant, or leave feedback through the website.
Is America First CU secure?
America First Credit Union requires two-step verification on its online banking platform and multifactor authentication (MFA) on its mobile application. You can report suspected fraud by calling the credit union, visiting a branch, or forwarding suspicious emails to emailfraud@americafirst.com.
The credit union provides several articles to help train customers on account security measures. You can also check your FICO score, which helps you monitor your credit for any potential security issues. If you have the bank’s Premium Checking, you are enrolled in Identity Protection through Allstate Insurance as a preventative measure against possible fraud. You will receive alerts about any suspicious activity as part of that service.
In addition, all deposit accounts are insured up to $250,000 per customer by the National Credit Union Administration (NCUA).
America First CU user reviews
The online reviews for America First are mixed, as the credit union earned a score of 2.6 stars out of 5 on WalletHub out of more than 250 reviews and 2.0 stars out of 5 on Trustpilot out of around 20 reviews. Most of the negative reviews involve accounts being closed and potential issues with customer service. However, there are positive reviews from customers who are pleased with loan approval times and CD and money market rates.
Compare America First CU alternatives
 America First CU |  Alliant CU |  Bellco |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 4.60% | 3.10% | 0.10% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.30% | 0.25% | 4.50% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.25% | 5.05% | 4.75% |
| Other services | Other services | Other services |
| Lending products Retirement and wealth Credit cards Business accounts | Auto loans Signature card Platinum card Uniform Transfers to Minors Act (UTMA) account | Business services Health savings account (HSA) Wealth management Insurance Fraud prevention |
| Learn more | Learn more | Learn more |
| Compare more online bank alternatives | View offer at Alliant | View offer at MoneyLion |
Is America First CU right for you?
The only major drawback to America First Credit Union is its limited operational footprint. It is clear, based on the large number of members despite its limited footprint, that it is an excellent option for many people. It has unique deposit options not offered by many traditional banks. The high-yield money market and CD accounts are among the best available today. If you qualify for a membership, America First Credit Union is a great option.
Frequently asked questions
How secure is America First Credit Union?
America First Credit Union is as secure as any traditional bank or credit union. With multifactor authentication (MFA), fraud alerts, and account insurance of up to $250,000 per customer through the NCUA, America First accounts are very secure.
Who is America First Credit Union insured by?
Like most credit unions, America First is insured by the NCUA for up to $250,000 per customer.
How big is America First Credit Union
America First Credit Union is the seventh-largest credit union in the nation based on assets, with more than $20 billion in total assets as of March 2024.
