Members 1st Federal Credit Union Review: Good Rates, Low Fees and Personalized Help

GOBankingRates Score

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Quick Take: Members 1st Federal Credit Union offers a full suite of banking products, from checking and savings accounts to investments and insurance. If you qualify for membership, it's a good place to have all your accounts at a single institution.
  • Rewards
  • MyConcierge
  • ATM Access
  • Breadth of Products
How did we calculate this?


  • Rewards for combined account balances
  • Access to live personal finance help
  • Breadth of products


  • The mobile app is problematic

Overview of Members 1st Federal Credit Union

A full-service credit union, Members 1st Federal Credit Union offers a full range of checking, savings, loan and investment products to its members. To promote loyalty to the credit union, members are rewarded for having multiple, linked accounts. Members 1st Credit Union was ranked no. 17 on GOBankingRates’ list of the Best Credit Unions for 2022 and no. 37 on the list of Top 100 Banks of 2022.

Members 1st Federal Credit Union Product Details

Learn more about the various products offered by Members 1st Credit Union.

Members 1st Federal Credit Union Checking Accounts

A Members 1st checking account has all the features you’ll need: free bill pay, a contactless debit card, and a mobile app. There’s no monthly fee unless you want paper statements, in which case you’ll pay $2 a month.

Overdraft Protection

Members 1st offers overdraft protection by linking checking to another account, including savings accounts, money market accounts and lines of credit. The credit union will transfer funds from your linked account to cover a transaction when your checking account balance is insufficient.

Members 1st also offers Courtesy Pay. Accounts are automatically enrolled in Courtesy Pay up to a qualifying limit, although you can opt out. Courtesy Pay will temporarily fund check, bill pay, ACH debit or recurring debit card transactions that exceed your checking account balance, up to the Courtesy Pay limit. You will be charged $37 per transaction, but the item will be paid.

Extra Courtesy Pay includes coverage for non-recurring debit card transactions.

Members 1st Federal Credit Union Savings Accounts

You can open the Regular Savings account with just $5. This is the first account you’ll open as a member. If you maintain a balance of at least $50, you’ll earn dividends, or interest, of 0.10% APY. You can also open a Goal Savings account to save for a specific goal, or a Holiday or Vacation Club account.

Members 1st Federal Credit Union Money Market Account

There’s no minimum deposit to open a Money Market Account at Members 1st , and the higher your balance, the more you’ll earn. Here are the rates for each balance tier.

Balance Tier Annual Percentage Yield
$0.00 – $2,499.99 0.05% APY
$2,500 – $49,999.99 0.10% APY
$50,000 – $99,999.99 0.15% APY
$100,000 – $249,999.99 0.20% APY
$250,000 or more 0.25% APY

Members 1st Federal Credit Union Certificates

Certificates — or what many banks refer to as Certificates of Deposits, or CDs — offer a guaranteed rate of interest for a specific term. Members 1st offers a 12-month certificate that pays 0.35%, an 18-month certificate that pays 0.45% APY, a 24-month certificate that pays 0.50% APY and a 36-month certificate that pays 0.60% APY. The minimum opening balance and minimum balance to earn interest is $500.

Members 1st Federal Credit Union Lending, Investments and Insurance

Members 1st Federal Credit Union also offers mortgages, personal loans, student loans, auto loans, investment products and insurance.

Best Features of Members 1st Federal Credit Union

See how GOBankingRates evaluated the top features of Members 1st Federal Credit Union.

Members 1st Rewards

Members 1st members who use three or more services from the credit union qualify for rewards based on their combined balances. These include deposit account, investment and loans — except for first-time mortgages or purchased loans.

There are four membership levels, based on your total balances: Silver ($2,500 – $14,999), Gold ($15,000 – $34.999), Platinum ($35,000 – $74,999) and Titanium ($75,000 and up). Rewards members get reduced rates on certified checks, teller checks, and money orders; free ATM transactions, and discounts on safe deposit boxes and stop payments. The number and amount of rewards depend on your reward level.


MyConcierge connects you to a human being who can answer your questions about personal finances, right from online banking or the mobile app. When you click to connect to MyConceierge, you’ll be connected to someone who can explain saving, spending and borrowing in simple terms, and who can help you define and achieve your goals.

ATM Access

You can use ATMs on the CO-OP and CU$ networks for free. You get some surcharge-free foreign ATM transactions depending on your Rewards level.

Breadth of Products

If you qualify to be a Members 1st member, you can have your checking, savings, investments, loans, and even insurance products all in one place. And the higher your combined account balances, the more you’ll save on some services.

Banking Experience

Learn about the Members 1st Credit Union members’ banking experience.

Mobile App

The mobile app does not garner high ratings from users. On the Apple App Store, it’s rated 3.2 out of 5 stars, and the Android version is rated just 2.65 out of 5 stars on Google Play.


As with all credit unions, you must become a member to open an account. To be eligible for membership in Members 1st Federal Credit Union, your employer, organization, church or school must be affiliated with Members 1st as a Select Employer Group, or you must be a relative of a current member.

Editor’s Favorite

MyConcierge is a great feature. When you’re using online banking or the mobile app and you have a question, you can just click and get connected with someone who can answer that question. It’s a real human, not a bot, and they can help with all kinds of personal finance questions.

Members 1st Federal Credit Union vs. Competitors

Credit unions are often a solid choice for low fees and good interest rates. Because they are owned by their members and don’t have to answer to shareholders, they can often provide better rates. They also value loyalty, as demonstrated by Members 1st‘s Rewards program that provides discounts on banking products for those members who have multiple accounts.

Members 1st Credit Union vs. Navy Federal Credit Union

Competing credit unions include Navy Federal Credit Union, which is a good choice for military members who want branches nationwide, or Police and Fire Federal Credit Union if a highly rated mobile app is important to you.

Members 1st Credit Union vs. Wells Fargo

You could also consider a national bank with a full suite of products, like Wells Fargo, but you won’t get the rewards that Members 1st offers.

Final Take

If you can qualify as a member and want to have all your accounts in one place, Members 1st Federal Credit Union is worth a look. The fact that you can get discounts if you have multiple accounts, and can get personal finance advice from a live person is a big bonus.

Members 1st Federal Credit Union FAQ

Here are the answers to some of the most frequently asked questions about Members 1st Federal Credit Union.
  • Is Members 1st Federal Credit Union FDIC insured?
    • No. FDIC insures only banks, not credit unions. Credit unions, including Members 1st Federal Credit Union, are insured by the National Credit Union Administration up to $250,000 per depositor per account type.
  • What is the advantage of joining a credit union?
    • Credit unions are owned by their members, so if you join, you become an owner. Banks, on the other hand, report to their stockholders, and their ultimate goal is to earn money for their stockholders. Credit unions answer to members, so they can often charge lower fees and pay better rates of interest.
  • Do I have to pay to join Members 1st Federal Credit Union?
    • There's no fee to join Members 1st Federal Credit Union. When you join, you will open a savings account with a minimum of $5.

Rates are subject to change. Information on accounts is accurate as of Jan 5, 2022.

Editorial Note: This content is not provided by Members 1st Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Members 1st Federal Credit Union.


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