American Airlines Federal Credit Union Review: Excellent Rates for Airline Employees

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Quick Take: American Airlines Credit Union is an excellent option for airline industry employees and family members. The member-owned credit union offers valuable discounts to its members, such as APR discounts on loans and lower monthly payments for first-time borrowers. Members can access free personal finance tools, fee-free accounts and competitive APYs on checking accounts. But the credit union's physical branch locations are limited and the strict membership requirements make it impossible for everyone to join. Here's how to decide if AA Credit Union makes sense for you.

Overview of American Airlines Federal Credit Union

American Airlines Federal Credit Union was founded in 1936 by a group of American Airlines employees who wanted to create a financial institution that would better suit their needs. American Airlines Credit Union offers a wide variety of products and services to its member-owners, as well as lower loan rates and fees than you’ll find at many other financial institutions. 

Products

American Airlines Federal Credit Union offers various accounts, including checking, savings, certificates of deposit and loans. Here’s what to consider as you find the best fit. 

American Airlines Federal Credit Union Checking Accounts

American Airlines FCU offers several checking account options with rates as high as for Priority Checking, making it comparable with the best checking accounts available.

Members have access to the following checking accounts:

• Priority Checking: This is the best option to maximize dividend earnings. 
• Ascend Checking: This account offers straightforward banking, but you can’t write checks.
• Flagship Checking: This account offers additional perks like fee rebates, higher spending and deposit limits, and reward points for members with high balances. 
• UChecking: American Airlines Federal Credit Union’s youth checking account is a great choice for people between 13 and 25.

Most accounts have a monthly maintenance fee, but you can waive it. For example, Ascend accounts have a $5.75 monthly fee, but you don’t have to pay it if you have direct deposits of $250 or more per month. 

American Airlines Federal Credit Union Savings Accounts

American Airlines Federal Credit Union offers Primary Savings and Emergency Savings accounts with rates of APY. Members receive dividends on every dollar. The rates are average, but you can likely find a better high-yield savings account.

However, AAFCU’s inactive fee for accounts with a balance lower than $250 with no transactions during the last year is $5 per month. Plus, there’s a limit of four fee-free ATM withdrawals before you’re charged $2 for each subsequent withdrawal.

American Airlines Federal Credit Union CDs

Share certificates are similar to certificates of deposit offered at traditional banks. American Airlines Credit Union offers two share certificate options, with term lengths varying from 6 to 60 months.

A minimum deposit of $1,000 is required to qualify for a CD and earn APY to . However, the credit union’s term lengths are more limited since you can only earn the highest rates with the shortest terms. 

Consider a CD ladder, which includes multiple CD terms with different rates for a less traditional option. You can earn as much as APY. 

Or sign up for the Dream Plan, ideal for new savers. You can start with as little as $25 as long as you continue adding at least $25 per month over the term. It allows you to build your savings over time. Plus, you don’t have to pay an early withdrawal fee if you use the funds for a down payment on a home financed through the credit union.

American Airlines Federal Credit Union Loan and Credit Products

American Airlines FCU offers a few credit card options, including a business card. The interest rates are standard, but the perks are better than expected. Members can choose from the following cards:

• Visa Signature Cash Back: This card offers 2% cash back and a $100 rebate for Global Entry or TSA Pre-Check application fees. 
• Visa Platinum Rewards: This card is excellent for travelers because it charges no foreign transaction fee and allows you to earn points on every purchase. 
• Visa Platinum Low Rate: If you need to transfer a balance or regularly carry one, you might be able to get a lower rate with this card. 
• Visa Platinum Secured: This card allows you to start building or repairing your credit with a $250 deposit. 
• Visa Platinum Starter Rewards: This card offers rewards with a lower limit, which might be an excellent option for new credit users or young adults. 

American Airlines Federal Credit Union also offers auto, home, personal and student loans. Homeowners can also apply for a home equity line of credit. The rates are competitive. For example, auto loans start at 4.69%.

APYs

The credit union’s rates earned on balances, known as dividends, are competitive. The Priority Checking account offers an APY of , regardless of balance.

Savings accounts earn  on all balances. And CDs can earn a rate as high as  APY.

Member Benefits and Rewards

American Airlines Federal Credit Union’s Bonus Dividend is among the most popular benefits. Members receive a monetary bonus at the end of the year — the more you participate as a member, the more you earn. It’s not guaranteed, but members have received $193 million since the program began. 

AA Credit Union also offers members-only discounts, including reduced interest rates for direct deposit, loyalty, timely payments and new members. The discounts range from 0.25% APR to 2.00% APR.

Members can also use free expert services and tools, including credit score monitoring, educational seminars, real estate consultants and online research tools. 

Customer Service

American Airlines Federal Credit Union offers accessible customer service options, including Live Chat and the Member Advocacy hotline.

The Member Advocacy Center is available Monday through Friday from 7 a.m. to 7 p.m. CST and Saturday from 7 a.m. to 5 p.m. CST. Members can call 800-533-0035 to speak to a representative. Live chat service is available on the AA credit union website Monday through Saturday from 8 a.m. until 5 p.m. CST.

Branch Locations and Accessibility

American Airlines Credit Union has branches available in most major airports across the U.S. Members who cannot find branches nearby also have access to nearly 70,000 domestic ATMs and 15,000 international ATMs. Plus, you can visit 5,000 shared branches through the CO-OP Shared Branch and ATM networks.

American Airlines Credit Union has a small number of its own physical branches, though it is part of an extensive, nationwide Shared Branch network. Even if you don’t live near a branch, you can still handle most transactions through the mobile app and website.

Online banking at American Airlines Credit Union gives you access to your accounts and lets you handle many of the same transactions you might conduct at a branch or ATM. The mobile app allows members to view balances, transfer funds and manage their debit cards. The app has a rating of 4.7 out of 5 on Google Play and 4.7 out of 5 on the App Store. Depending on the device, fingerprint and facial identification are available as login options.

Membership Eligibility

You must become a member before you can open an account with American Airlines Federal Credit Union online. Here’s how.

Membership is limited to the following groups:

1. Current and retired employees of American Airlines
2. Employees and retirees of the Air Transportation Industry
3. AA Credit Union members’ family and household members

Once you become a member, choose a checking account and provide identifying information, including a government-issued ID, physical and mailing addresses, Social Security number and date of birth.

How American Airlines Federal Credit Union Stands Out

AAFCU is an excellent option for airline employees and other qualifying members searching for low-cost, full-service, quality banking. If there’s a branch located at the airport where you work, the convenience factor is also worth noting. Its presence could save you time when depositing a check or handling financial matters.

The strongest showing may come from its CDs designed to guarantee the best rate possible. The credit union’s Dream Plan Share Certificate is a unique investment vehicle, especially for new savers.

American Airlines Federal Credit Union vs. Competitors

If American Airlines Credit Federal Union isn’t for you, these other credit unions are worth considering.

American Airlines Federal Credit Union vs. Navy Federal Credit Union

Navy Federal Credit Union has a money market account with an APY of up to , which you won’t find at American Airlines Federal Credit Union. At American Airlines Federal Credit Union, you can set up a dedicated emergency fund with no minimums or fees and earn  APY. Navy Federal’s Basic Savings Account has an APY of .

American Airlines Federal Credit Union vs. Alliant Credit Union

Alliant Credit Union charges no fees for its checking accounts, which saves members money over time. American Airlines Federal Credit Union has a larger selection of checking account options to meet members’ diverse banking needs, but you might have to pay a fee if you don’t complete the required steps.

American Airlines Federal Credit Union vs. Delta Community Credit Union

Delta Community Credit Union offers APY on its 60-month CD. The rate is competitive and beats American Airlines Federal Credit Union’s 60-month CD rate of APY. However, American Airlines Federal Credit Union’s Dream Plan Share Certificate lets you start saving with as little as $25 as long as you commit to depositing $25 each month during the term.

Final Take

American Airlines Federal Credit Union offers an impressive amount of products and services to its members. It’s an excellent banking option for people who want to maximize their savings on loans or want an interest-earning checking account with a top APY. 

If you have ties to the airline industry, it’s worth checking your eligibility to see if you can join. But you should look elsewhere if you and your immediate family members work in a different industry.

Alexandria Bova and Cynthia Bowman contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 18, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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