America First Credit Union

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America First Credit Union banking products: Savings, Checking, and CDs

Offers high APYs, some free accounts and plenty of variety — but has a small service area.

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America First Credit Union is a Salt Lake City-based credit union servicing select counties from five states. It offers a comprehensive list of accounts, including those with high APYs and no monthly fees. But some accounts have unavoidable monthly fees and require members to visit a branch to get started.

Am I eligible?

To qualify for an America First Credit Union membership, you must live, work, worship, volunteer, or attend school in select counties from one of the following five states:

  • Arizona
  • Idaho
  • Nevada
  • Oregon
  • Utah

What banking products does America First Credit Union offer?

Personal banking

  • Regular Checking account. Earn a flat 0.05% APY as long as you keep a $500 minimum balance.
  • Money Market Checking account. Requires a $10,000 opening deposit and a minimum $2,000 balance to earn interest. Rates range from 0.25% to 0.65% depending on your balance.
  • Share Savings account. You only need $1 to open this account and earn a 0.1% APY.
  • Money Market account. Has no minimum balance or opening deposit requirements, and earns 0.25% to 0.9% APY depending on your account balance.
  • Dedicated Savings CD. A high-yield savings account/CD hybrid with terms ranging from three to 60 months, additional deposits after account opening and 1.25% to 1.9% APY depending on the term length.
  • Wedding Savings account. Family members, friends and guests can contribute cash gifts to this account for wedding couples.
  • Youth Savings account. Kids can get a jump start on savings with no annual fee or minimum deposits.
  • Student Savings account. Students under age 26 can grow their money starting at 1.55% APY, but the rate drops to 1.5% on balances over $500 and then to 0.1% on balances over $1,000.
  • Regular CD. Earn APYs from 1.25% to 1.9%% depending on the term length.
  • Bump-Rate CD. Offers one free interest-rate increase during the life of the CD — you choose when to take it.
  • Flexible CDs. Offers a 1.55% APY and penalty-free access to funds for five days each quarter.
  • Ladder CD. Always retain access to a portion of your funds with up to 10 staggered CDs ranging from one to five years.
  • IRA CD. Those nearing retirement can earn 1.25% to 1.9% depending on the term length.
  • Coverdell Education Savings account. A tax-advantaged account that lets you save up to $2,000 a year for each child under 18.
  • Charitable/Memorial account. Similar to GoFundMe, those experiencing financial hardships can request donations using this account.
  • HSA. Save for future medical costs with this tax-advantaged savings account for individuals with a high-deductible healthcare plan.

Business banking

  • Basic Business Checking account. Ideal for low volume businesses, this account has no monthly fees and comes with 250 free transactions a month.
  • Premier Business Checking account. Has an $8 monthly fee, but earns a 0.96% dividend rate and comes with 250 free transactions a month.
  • High-Yield Business Checking account. Requires a $10,000 opening deposit and a $50 monthly fee, comes with monthly transaction fees and its interest rates range from 0.25% 0.65%.
  • Non-Profit Business Checking account. For nonprofit corporations and associations, this account comes with a Share Savings account, optional Money Market Savings account and 250 free monthly transactions.
  • Business Share Savings account. Earns 0.10% APY on all balances and allows deposits and withdrawals at any time.
  • Business Money Market Savings account. Take advantage of no minimum balance and APYs ranging from 0.25% to 0.9% depending on your account balance.
  • Regular CD. Requires a $500 opening deposit with terms ranging from three months to five years.
  • Ladder CD. Retain access to a portion of your cash at all times through laddered CDs, which mature in sequential one- to five-year terms.
  • Bump CD. Requires a $500 opening deposit, but APYs are high at 1.1% to 1.75% depending on the term length.
  • Flexible CD. A12-month account with penalty-free access to your funds for the first five days of each quarter.
  • Business Dedicated Savings CD. Allows additional deposits after account opening with terms ranging from three months to five years.
  • HSA for employers. Help your employees with high deductible health care plans save for future medical expenses.

Other products

  • Mortgages. Offers refinancing and traditional mortgage loans including fixed-rate, adjustable-rate, FHA and construction mortgages.
  • Loans. Choose from auto, personal, student, consolidation and business loans.
  • Credit cards. Offers four personal and two business credit cards.

How does America First Credit Union compare to other banks and services?

Founded in 1939, America First is the 9th largest credit union in the US. It manages over $11.7 billion in assets and has over 1 million members. This credit union is part of the CO-OP ATM network, which gives members free access to over 30,000 ATMs nationwide. It has 131 full-service branches spread throughout Arizona, Idaho, Nevada, Oregon and Utah. All deposits are NCUA-insured for up to $250,000.

Checking accounts

Pros

  • Large ATM network. Withdraw cash for free at over 30,000 CO-OP ATMs nationwide.
  • Earns interest. All of America First’s personal checking accounts earn interest when you meet certain balance requirements.
  • Several business options. Business owners can choose from four checking accounts with varying transaction limits and minimum balance requirements.

Cons

  • High deposits for some accounts. If you plan on opening a Money Market Checking account, you’ll need to set aside at least $10,000 to get started.
  • Unavoidable monthly fees. Expect to pay $8 a month for a Premier Business Checking account and $50 a month for a High-Yield Business checking account.
  • Other fees. America First charges $25 for overdrafts, $30 for outgoing international wire transfers and $1.50 for non-network ATMs.

Savings accounts

Pros

  • Strong APYs for student account. Students earn 1.55% APY on the first $500 in their account, 1.50% APY on the second $500 in their account and 0.1% on the remaining balance.
  • Some low opening deposits. You can open Share Savings and Student Savings accounts with as little as $1.
  • Specialized accounts. With America First, you can open a Dedicated Savings account to save for specific goals, a Wedding Savings account to stash away money for your big day or a Youth Savings account to help your little one develop good money management habits.

Cons

  • Low APYs. Unless you’re a student, rates start at 0.1% APY for a Share Savings account and go as high as 0.9% for a money market account. But you’ll have to stash away at least $250,000 to earn 0.9% APY.
  • High opening deposits for money markets. You’ll need at least $10,000 to open a money market account, which is much higher than deposits required by other banks.
  • Withdrawal limit. If you make more than six outgoing transactions a month, America First will charge you a fee or close your account. But you’ll want to check with them to see if this policy is temporarily suspended.

CDs

Pros

  • Competitive APYs. You’ll earn anywhere from 1.10% to 1.9% APY depending on your term length and CD type. Terms start at three-months and go up to five years.
  • Several CD types. Open a regular CD if you want to lock in the highest rate, a bump CD if you want to increase your rate before maturity, a flexible CD if you want penalty-free access to your money or a laddered CD if you want to open multiple CDs at once.
  • Low opening deposits. You only need $500 to open a CD with America First, which is much lower than other banks that require as much as $10,000.

Cons

  • Early withdrawal penalties. You’ll pay a penalty equal to 60 to 180 days interest if you need to withdraw money outside of your CD’s grace period.
  • Maximum limit. America First members can’t keep more than $100,000 in Flexible CDs at any given time.

Overall banking

Pros

  • Identity theft protection. America First members get access to free identity theft protection tools and services.
  • Card Guard mobile security. This feature lets you control how, when and where your America First Visa cards are used, straight from the mobile app.
  • Convenient customer service. Easily reach a customer service representative by phone, email or at a local branch.

Cons

  • Unwaivable fees. Unlike most banks, America First Credit Union doesn’t waive monthly fees.
  • Small service area. This credit union only services select counties in these five states: Arizona, Idaho, Nevada, Oregon and Utah.

    Compare America First Credit Union to the competiton

    Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
    Quontic Bank CD
    0.6%
    0.75%
    1%
    1.11%
    Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
    State Exchange Bank CD
    Locally-owned independent community bank. FDIC insured. No fees.
    CIT Bank Term CDs
    0.3%
    0.3%
    0.4%
    0.4%
    0.45%
    Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
    Discover CDs
    0.5%
    0.5%
    0.55%
    0.6%
    0.8%
    Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees.
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    America First Credit Union customer service

    There are several ways to get in touch with America First Credit Union customer service:

    • Call 800-999-3961 weekdays from 8 a.m. to 8 p.m. MT and Saturdays from 8 a.m. to 7 p.m. MT.
    • Email support@americafirst.com
    • Visit a local branch

    Bottom line

    American First Credit Union services select counties from five states. It offers strong APYs that range from 0.1% to 2.4% and free basic checking and savings accounts. But its service area is small and some accounts have unwaivable monthly fees.

    If you’re looking for an account with a broader service area or more free accounts, explore your options.

    Frequently asked questions

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