American First Credit Union Review: Top Savings Accounts

American First Credit Union has gained a lot of publicity lately for offering some top-yielding savings accounts.

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. 

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 4.40% 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: 4.00% 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 long as you have $500 in your account each money, 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 contactus@amerifirst.orh. Additionally, you can call 800-290-1112. The credit union also maintains a social media presence on Facebook, Instagram, Twitter, and LinkedIn @americanfirstcu. 

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.  

How Do I Open An Account?

If you want to open any of the accounts available through American First Credit Union, select Open an Account from the home page. From there, you’ll choose to apply for Checking/Savings Accounts.

At this point, you can pick out which of the savings accounts you want to move forward with. Once you choose the accounts, you’ll need to provide a government-issued ID, mailing address, Social Security number, and date of birth. 

You’ll also need to provide the details of your funding account. In some cases, you may also need to pay a one-time membership fee. 

Is It Safe And Secure?

When working with a credit union, it’s important to find out whether or not it is an NCUA member. American First Credit Union is an NCUA member, which means that your deposits are insured for up to $250,000. 

Beyond that level of protection for your funds, your accounts are protected with multi-factor authentication and encryption. 

Is It Worth It?

The high APYs offered by American First Credit Union’s money market account and CDs are difficult to beat. As a saver looking to get the most out of their dollars, these account APYs can help your savings grow faster.

These rates offered from American First Credit are especially helpful to anyone who wants to build a CD ladder. But before moving forward, it’s smart to take a minute to shop around. Make sure that you are locking in the best rates before committing your funds to these accounts.

American First Credit Union Features