Apple Federal Credit Union Review 2022: Is It Right for You?
GOBankingRates Score
-
APYs
4.0
-
Benefits
4.0
-
Products
4.5
-
Customer Service
4.2
Pros
- Product offerings for almost every banking and financial need
- Most banking transactions can be completed without visiting a physical branch
Cons
- Limited membership
- High account requirements and minimums for the best APYs
- Few member benefits
Apple Federal Credit Union Overview
Apple Federal Credit Union was founded in 1956. Initially, its membership was limited to educators, but members no longer need to be affiliated with a school system to qualify. Now membership is open to anyone who lives, works, volunteers or worships in select Northern Virginia counties and cities. Apple FCU currently has 20 branches.
Key Features
GOBankingRates gave Apple FCU 4.2 stars based on the following key features.
APYs
Here are Apple FCU’s APYs on primary banking products.
| Account Type | APY |
|---|---|
| Free A+ Checking | N/A |
| Regular Savings | |
| Money Market Accounts | to depending on balance |
| Certificates | to depending on certificate term |
Apple FCU does offer an interest-bearing Advantage Checking account with a waivable monthly fee, as well as student and education savings accounts with better APYs for which members may be eligible.
Benefits
Apple FCU offers the following benefits to members:
- Learning Center: The Apple FCU Learning Center offers resources like free financial education and analysis to help you understand your money better.
- Financial Calculators: Apple FCU has calculators available for debt, mortgage, budgeting, auto, retirement and savings, with several options available in each category.
- Financial Seminars: Apple FCU schedules seminars for members on different topics, like purchasing a home.
- Dividend Earnings: Members can earn interest on select Apple FCU accounts.
Products
Apple FCU provides the following traditional banking products:
- Credit cards
- Checking
- Savings
- Money market accounts
- Certificates
- IRAs
- Loans
Unlike some traditional banks, Apple FCU provides insurance, estate services, wealth management and tax services.
Customer Service
Apple FCU provides several ways for members to get customer service assistance:
- Physical branch
- Phone
- Secure email
- Chat
Apple FCU has been a member of the Better Business Bureau since 2011 and has an A+ rating. It has a customer rating of 4.7 on its site.
Comparable Credit Union Options
Anyone interested in joining a credit union has a variety of choices and should compare options before applying to one. Here is how Apple FCU compares to two other credit unions.
Apple FCU vs. Consumers Credit Union
Apple FCU customers must meet specific minimum requirements to earn a APY on the Advantage Checking account. Consumers Credit Union offers fee-free to APY Rewards Checking. CCU membership is open to anyone.
Apple FCU vs. Ascend Federal Credit Union
While Apple FCU’s member benefits are somewhat limited, Ascend Financial Credit Union offers quite a few member perks, including:
- Access to financial education lessons, videos, tools and calculators
- Member profit-sharing
- Debit card purchase discounts
- Free access to Ascend’s robust money management tool
How To Apply
Those interested in joining Apple FCU can apply online or visit a local branch. Applicants will need at least one form of identification and must prove membership eligibility. For online applications, the required documentation can be securely uploaded during the application process.
Who Apple Federal Credit Union Is Best For
Apple FCU is best for those who live or work in Northern Virginia and can meet minimum account requirements to benefit from better APYs. Anyone who cannot meet Apple FCU’s minimum account requirements may find better APYs from other financial institutions.
Final Take
Apple Federal Credit Union provides a suite of financial services beyond what you can get from many traditional banks, but its account APYs cannot compete with those of some other credit unions. However, customers and the Better Business Bureau give Apple FCU high ratings.
Compare to Other Institutions
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FAQ
Here are answers to common questions about Apple FCU.- Is Apple Federal Credit Union owned by Apple?
- Apple Federal Credit Union is not owned by nor associated with Apple Inc., the technology company. Apple began as a credit union for educators, which is likely the reason for "apple" in the name.
- What states is Apple Federal Credit Union in?
- All physical branches of Apple Federal Credit Union are in Northern Virginia.
- Who can use Apple Credit Union?
- Membership to Apple Federal Credit Union is available to anyone who lives, works, worships, volunteers or attends school in the following areas of Northern Virginia: Fairfax County, Frederick County, Prince William County, City of Fairfax, City of Manassas and City of Manassas Park.
- Is Apple Federal Credit Union FDIC insured?
- Since Apple FCU is a credit union, it is insured by the National Credit Union Administration rather than the FDIC. Apple FCU accounts are protected up to $250,000 by the NCUA.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 8, 2022.
Editorial Note: This content is not provided by Apple Federal Credit Union. 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 Apple Federal Credit Union.
