Earn high-interest yields with America First Credit Union (2024)

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)

Earn high-interest yields with America First Credit Union (1)

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 accountsUp to 0.30% APY
Savings accountsUp to 3.50% APY
Money Market SavingsUp to 4.60% APY
CertificatesUp 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 bonusNone
Minimum opening deposit$0
Monthly feesNone
Top APY0.10%
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 bonusNone
Minimum opening deposit$0
Monthly fees$6; waivable
Top APY0.10%
Minimum balance to earn dividends$500
Out-of-network ATM feeUp 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 bonusNone
Minimum opening deposit$10,000
Monthly feesNone
Top APY0.30% (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 feesNone
Top APY0.05%

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 feesNone
Top APY4.60% 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 lengths3 to 60 months
APY range4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months)
Early withdrawal penaltyTerms 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 lengths3 to 60 months
APY range4.05% APY (30-35 months, 48-59 months, 60 months)5.10% APY (3-5 months and 6-11 months)
Early withdrawal penaltyTerms 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 lengths12 months
Top APY4.85%
Early withdrawal penaltyTerms 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 depositNone; Requires a $10 monthly minimum automatic deposit
Available term lengths3 to 60 months
APY range4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months)
Early withdrawal penaltyTerms 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 lengths3 to 60 months
APY range4.20% APY (30-35 months, 48-59 months, 60 months)5.25% APY (3-5 months and 6-11 months)
Early withdrawal penaltyTerms 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

Earn high-interest yields with America First Credit Union (2)America First CUEarn high-interest yields with America First Credit Union (3)
Alliant CU
Earn high-interest yields with America First Credit Union (4)Bellco
Top savings APYTop savings APYTop savings APY
4.60%3.10%0.10%
Top checking APYTop checking APYTop checking APY
0.30%0.25%4.50%
Top CD APYTop CD APYTop CD APY
5.25%5.05%4.75%
Other servicesOther servicesOther 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 moreLearn moreLearn more
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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.

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  • Earn high-interest yields with America First Credit Union (2024)

    FAQs

    Which bank gives 7% interest on savings accounts? ›

    As of August 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

    Who has 5% interest on savings? ›

    Featured Nationally Available 5% APY Savings Accounts
    Account NameAPY (Annual Percentage Yield) Accurate as of 8/12/2024
    BrioDirect High-Yield Savings Account5.30%
    Customers Banks Yield Shield Savings Account5.14%
    UFB Portfolio Savings5.15%
    SoFi Checking and Savings (Member FDIC)up to 4.60%
    2 more rows
    Aug 12, 2024

    How strong is America First Credit Union? ›

    America First Credit Union has 1.3 million members and $19.3 billion in assets, making it the seventh-largest credit union by asset size, according to NCUA. Across its 120 full-service branches, America First offers checking, savings, loans, CDs, IRAs, credit cards and other financial products.

    Which credit unions pay the highest interest rate? ›

    Best CD Rates Today
    InstitutionRate (APY)Term
    INOVA Federal Credit Union5.40%5 months
    DR Bank5.35%6 months
    Climate First Bank5.34%6 months
    Communitywide Federal Credit Union5.30%6 months
    11 more rows

    Who pays 8% interest on savings? ›

    Principality BS offers the top rate overall at 8% fixed for six months on up to £200/month. You don't have to pay in every month, though you can't make withdrawals unless you're closing the account early.

    Where can I get 7% on a CD? ›

    The hunt for CDs offering 7% APY

    Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY.

    How can I get 7% interest on my money? ›

    Two credit unions pay over 7% APY on accounts right now: Landmark Credit Union and OnPath Rewards High-Yield Checking. However, these are both checking accounts with limitations on eligible balances. Plenty of high-yield savings accounts pay over 5% APY on your total balance without making you jump through hoops.

    Which bank gives 8% interest? ›

    Top 20 Scheduled Banks offering Best FD Rates
    BanksHighest FD rate (% p.a.)Additional interest rate for senior citizens (% p.a.)
    DCB Bank8.050.50
    AU Small Finance Bank8.000.50
    YES Bank8.000.50-0.75
    Bandhan Bank8.000.50-0.75
    16 more rows

    How to get a high-yield savings account? ›

    The easiest way to open a high-yield savings account may be to open one where you have an existing bank account. However, that may not be the best option. When it comes to HYSAs, online banks and neobanks often offer much higher interest rates than brick-and-mortar banks or credit unions.

    What is the controversy with the name America First Credit Union? ›

    'Nazis and KKK'

    Chicago Local 134 also released a critical statement saying, “The history of the phrase 'America First' and the imagery used in the credit union's logo is rooted in racist ideology [and] propaganda that harks back to the Nazis and the KKK,” the statement read.

    How secure is America's first credit union? ›

    Putting Your Security First

    At America First Credit Union, the financial safety of the membership is our highest priority. We offer best in free security features, including: High-grade network traffic encryption. Chip-enabled (EMV) cards.

    What is the 1 year CD rate for America First Credit Union? ›

    Earn More With a Certificate
    TERMAPYMIN. EARNING BALANCE
    6-11 Months5.15%$500.00
    12-17 Months5.10%$500.00
    18-23 Months4.40%$500.00
    24-29 Months4.40%$500.00
    6 more rows
    Aug 19, 2019

    How much does a $10,000 CD make in a year? ›

    Earnings on a $10,000 CD Over Different Terms
    Term LengthAverage APYInterest earned on $10,000 at maturity
    1 year2.59%$262.10
    18 months2.20%$335.19
    2 years2.08%$424.40
    3 years1.94%$598.77
    3 more rows
    Aug 8, 2024

    Where can I earn 5% on a CD? ›

    Highest current CD rates (overall)
    Institution nameAPYTerm length
    Marcus by Goldman Sachs5.00%12 months
    E-Trade Bank5.00%12 months
    LendingClub Bank5.00%18 months
    Morgan Stanley5.00%3 months
    31 more rows

    What is the best CD rate for $100,000 today? ›

    Compare the Best Jumbo CD Rates
    InstitutionRate (APY)Minimum Deposit
    Connexus Credit Union5.25%$100,000
    CD Bank5.20%$100,000
    State Department Federal Credit Union5.20%$100,000
    All In Credit Union5.17%$100,000
    12 more rows

    Which bank gives 7 percent interest on savings accounts? ›

    Earn up to 7%* Interest with Kotak ActivMoney Savings Account.

    Which bank gives 7% interest in RD? ›

    Major Bank's Best RD Interest Rates 2024
    BankGeneral Interest RatesSenior Citizen Interest Rates
    IDBI Bank7.00% – 7.15%7.50% –7.65%
    Citibank2.75% – 3.00%3.25% – 4.00%
    Canara Bank4.45% – 5.25%4.95% –5.75%
    Indian Bank6.25% – 6.30%6.75% – 6.80%
    28 more rows

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