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American First Credit Union Review

Saving money is a critical part of building a bright financial future and finding the best savings account to tuck your money away is a crucial part of that process. If you’re ready to level up your savings potential, it’s smart to shop around for a top-tier account that allows you to earn high interest. That way you can make your money work for you. 

American First Credit Union offers a suite of savings products including a high-yield savings CD or money market. Find out if it makes sense to join American First Credit Union. 


Quick Summary

  • American First Credit Union is offering attractive APYs on some savings products.
  • You’ll find the best rates through their partnership with SaveBetter. 
  • The membership requirements are easy to meet for this credit union.
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American First Credit Union Details

Product Names

American First Credit Union CD and Money Market

Min Deposit

$1 

Monthly Fee

$0

Savings APY

3.50%

Monthly Prizes

Opportunities to win prizes of up to $1,000 per month, $10,000 per quarter, and $50,000 each year

Table of Contents
What Is American First Credit Union?
What Does It Offer?
Are There Any Fees?
How Do I Contact American First Credit Union?
How Does American First Credit Union Compare?
How Do I Open An Account?
Is It Safe And Secure?
Is It Worth It?
American First Credit Union Features

What Is American First Credit Union?

Originally founded in 1952, American First Credit Union started as a credit union to serve grocery store workers. However, the credit union expanded its charter to offer services to more individuals in the early 2000s. 

In order to open an American First Credit Union account, you must meet one of the qualifications for membership. These include:

  • Live work, worship, or attend school in San Bernardino, Riverside, or Orange County. (You can also live in one of the 14 other qualified Californian cities.) 
  • Be an employee of one of the hundreds of partner businesses. 
  • Have a roommate or family member who is a current member. 
  • Accept a complimentary membership to the Children’s Museum of La Habra. 

If you don’t meet any of the qualifications, consider becoming a member of the Children’s Museum of La Habra. It’s free and will qualify you to join. 

What Does It Offer?

American First Credit Union offers a wide range of financial services, including loan products. Today, we’re focusing on the savings opportunities this credit union provides. 

SaveBetter Money Market Account

American First’s SaveBetter money market account offers a relatively lucrative place to store your savings. Right now, you can earn 3.50% APY on your savings held in this money market account. 

Perhaps the best part is that you can open this account with just $1 so it’s easy to take advantage of this rate.

Open an account here >>

SaveBetter Certificates Of Deposit

If you are comfortable giving up immediate access to your funds, then you stand to lock in a higher APY through a certificate of deposit (CD). When you open a CD, you agree to give up access to your cash for the duration of the CD. However, you’ll often find a worthwhile rate. 

Here are the CD rates you can lock in through American First Credit Union’s SaveBetter CDs:

  • 12-month CD: 4.50% APY

Based on the market conditions, these CDs represent an attractive place to put your savings to work in a risk-free way. 

Check out these CD rates here >>

Big Prize Savings

Although saving money is important, it isn’t always easy to find the motivation required to stick to your savings plan. After all, it might be more fun to splurge on a big purchase. But American First Credit Union’s Big Prize Savings Account puts a fun twist on savings. 

When you open this savings account, you’ll have the opportunity to win cash prizes by saving more money. As of November 2022, you can earn up to $1,000 per month, $10,000 per quarter, and $50,000 every year. 

You can earn entries into the drawing for every $25 saved. It’s also like entering a lottery without buying a ticket. 

Are There Any Fees?

The money market account doesn’t have any fees to worry about. Additionally, the Big Prize savings account doesn’t have a monthly fee. 

But the CDs have the regular fees involved. If you decide to pull your funds out early, you’ll get hit with an early withdrawal fund equal to a portion of your earned interest. Therefore, it’s important to consider your upcoming expenses before locking your funds into a CD. Otherwise, you might not earn the interest returns you were expecting.

How Do I Contact American First Credit Union?

If you need to get in touch with American First Credit Union about their savings products, you can send an email to [email protected]. Additionally, you can call 800-290-1112. The credit union also maintains a social media presence on Facebook, Instagram, Twitter, and LinkedIn @americanfirstcu. 

Customer feedback on American First Credit Union is lackluster. The credit union earned 3 out of 5 stars on Trustpilot and 1.58 out of 5 stars through the Better Business Bureau. However, a limited number of reviewers makes it difficult to decide whether the issues these reviewers mentioned are more universal issues or specific to their situation.

How Does American First Credit Union Compare?

As a saver looking for competitive CD and money market account APYs, American First Credit Union's offerings are top-notch. For example, the 24-month CD rate is one of the best opportunities on the market right now. 

But the savings account options aren’t as enticing. And for those looking to simply open an account without becoming a credit union member, there are other high-yield savings accounts out there.  

For savers looking for high-yield savings accounts with relatively high APYs, consider UFB Direct, CIT Bank, and Discover. CIT Bank and Discover regularly make our list of the best high yield savings accounts and our list of the best money market accounts. 
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This post first appeared on The College Investor | Investing And Student Loan, please read the originial post: here

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