LAST UPDATED: April 7th, 2022
American Airlines Credit Union started more than 75 years ago with a small group of American Airlines employees who wanted to form a financial institution that was dedicated to helping their colleagues. The original plan from 75 years ago has flourished with Credit Union membership expanding to members of the airline transportation industry in general, such as airline employees; government employees including TSA, FAA and others who work directly in administration; regulation or security for airports or airlines; freight and air courier services; baggage; aircraft maintenance; onboard airline food services and more. When you are a member, your family is invited to join as a member as well, including your spouse, children, parents, siblings, grandparents, grandchildren and permanent household members. Once you become a member of the Credit Union, you remain a member as long as you wish, even if you should leave the airline industry for any reason.
- Competitive rates
The vision of American Airlines Credit Union is for every member-owner to realize that their life and financial welfare have been enriched as a result of being a member of American Airlines. Their goals are simple. They want your goals to be their goals, so whatever you dream of or want to accomplish they want to be there to help you in the Credit Union way of "people helping people." American Airlines Credit Union is a fully independent credit union and operates fully offering their members various services from mortgage loans, business investments, and loans, college savings accounts, to your basic everyday checking and savings accounts.
When you become a member of American Airlines you can expect higher rates, commitment, honesty, integrity, respect, and professionalism. Their rates are really great compared to many other Credit Unions. An American Airlines Credit Union Priority Checking Account, which is their version of a FREE checking account, has your basic perks to it but has one perk additional that many credit unions do not offer a basic checking account. In addition to no monthly maintenance fees and no minimum balance requirements, you can take advantage of their mobile banking apps, online banking, no surcharge ATM, fraud monitoring, and overdraft protection. But that isn't even the best part. When you become a member and open a Priority Checking Account you have an opportunity to earn as much as $20 in monthly ATM refunds and a premium dividend after meeting certain monthly criteria:
- Completing fifteen (15) or more Debit Card transactions that post to your account per month.
- Signing up for Direct Deposit with a monthly minimum of $250.
- Enrolling in Online Statements and providing a valid email account.
They do offer a Flagship checking account and the only differences between the Priority and the Flagship checking account is the minimum for the flagship is $750 and a distributed monthly APY, giving you as a member to actually earn a little more dividend.
American Airlines Credit Union also has a very competitive rate for basic savings accounts being at .80%! That is very high compared to other Credit Unions nationwide. Most offer rates around .20% and that is usually the higher end of the spectrum. And to open the account and be qualified for the .80% you only need a $6.00 minimum.
American Airlines Credit Union has extremely competitive rates for their CD's that is based on a tier or laddering system. American Airlines Credit union also offers a total of three cards, giving their members the opportunity to collect on rewards, choose from a locked in rate, or start off with a very low-interest rate for your card. Each checking account comes with its own separate debit card as well.
- Other interest rates
- Exceptions for accounts
There are a few things that most customers wouldn't be able to spot when researching credit unions. American Airlines Credit Union has a few fine print items that could affect a potential customer's choice when choosing an insitution to work with.
Other Interest Rates
They do not show or give actual amounts or interest rates for their Share Certificates on their laddering system. So there is no way to know what your rate will be if you were to invest $500 for a 12-month period without going into an actual branch and sitting down with someone. Most credit unions have some kind of rates schedule posted for their members to get an idea of what it would be even though rates are subject to change.
Exceptions for Accounts
It seems like they do have quite a few stipulations for their members with basic checking accounts to get a better rate, that can be annoying, but it is an added bonus to banking with them, there is no way to know what your APY would be on your basic account if you choose to not follow through on the monthly qualifications.
They do require a membership fee that is $1, one time. Not really bad at all, but it is good to be aware of any fees you might incur. Also, their apps for Apple and Android have a little less than desirable ratings, especially the Apple app. It is a good thing to look for companies that are accredited, as they must meet a certain set of standards.
The Bottom Line
If you are eligible to become a member of American Airlines Credit Union and they are not on your radar they should be. They have some of the highest rates available to their members across the nation. Even with the stipulations on the Priority checking if you don't want a must-do list, then their savings account is another great option. It would be difficult to find another bank to give you .80% on a savings account without requiring more than $6.They are accessible in almost every state with at least one branch location in all but a few states, and a huge network of surcharge-free ATMs, this is good if you work in the air transportation industry. Seattle one day to Orlando the next you will have access to your accounts when you need it.
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