Air Force Federal Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

For service members, mobility is part-and-parcel to their lives, so while Air Force Federal Credit Union only has physical branches in Texas, close to their San Antonio headquarters, they have co-op relationships with more than 5,000 other credit unions around the world. They also allow free withdrawals from thousands of partner-owned ATMs, including at 7-11 stores.

Membership is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

This review of Air Force Federal Credit Union highlights the range of personal banking products available. APY rates cited are based on information for the San Antonio locations, as listed on the credit union’s website. As rates can change, you should check the latest information before opening an account.

AFFCU’s Most Popular AccountsAPY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

AFFCU Regular Share Account

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

2.30%

CD Rates

AFFCU 1 Year CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.60%

CD Rates

AFFCU 3 Year CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.90%

CD Rates

AFFCU 5 Year CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Air Force Federal Credit Union’s checking account options

Air Force Federal Credit Union’s savings account options

Air Force Federal Credit Union’s CD rates

Air Force Federal Credit Union’s money market account options

Air Force Federal Credit Union’s IRA account options

Overall review of Air Force Federal Credit Union’s banking products

The Air Force Federal Credit Union Elite Checking account is meant for large balances. While you can open this account with a deposit of only $25, you’ll need to keep a minimum balance of $50,000 to waive the $6 monthly maintenance fee and get into the higher APY tiers.

In exchange, this account comes with a bunch of perks. First, it earns interest, though the calculation is a little complicated: Rather than paying a flat interest rate on your entire balance, they split it up in different brackets.

For example, if you have $12,000 in your account, they will pay 0.05% on your first $10,000 and then 0.23% on the remaining $2,000. Your APY depends on exactly how much money you have in each bracket.

This account also provides three free orders of checks a year, doesn’t charge overdraft fees and refunds all ATM fees so you can make free withdrawals from anywhere in the World. When you shop with the debit card, it earns 12 cents cash back for every purchase over $5.

To open an Elite Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Elite Checking account.

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With the AFFCU Plus Checking account, you only need to keep a minimum balance of at least $750 to avoid the monthly maintenance fee.

If you sign up for Plus Checking, you receive two free orders of checks per year, free withdrawals from any ATM in the world and cash back on debit purchases (12 cents for every purchase of at least $5). This account also earns interest though the rates are not as high as what you would receive with the Elite Checking account.

To open a Plus Checking account, you must become a member of Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Plus Checking account.

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The Air Force Federal Credit Union Advantage Checking account only requires a minimum balance of $500 to waive the $4 monthly maintenance fee. It earns the same interest rate as the Plus Checking account.

However, in exchange this account does not offer free access to ATMs worldwide. If you use an ATM that isn’t part of the AFFCU network or one of their partners, Air Force Federal Credit Union will charge you a $1 fee per transaction and will not refund any fees charged by the owner of the ATM.

This account comes with one free order of checks per year and provides cash back on debit purchases (12 cents for each purchase of at least $5).

To open an Advantage Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open an Advantage Checking account.

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If all you want is free basic checking, the Air Force Federal Credit Union Value Checking account, could be a good option. It does not have a minimum balance requirement and never charges a monthly maintenance fee.

With this account, you receive free online banking, a debit card and the ability to order checks. You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

To open a Value Checking account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Value Checking account.

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AFFCU’s SAF-T account sets limits on how the account can be used in order to prevent bank fees. It requires you sign up for e-statements to avoid the cost and trouble of paper statements and fees for delivering a statement to the wrong address, as service members often move locations.

It also only allows debit transactions, so you can’t spend beyond your account balance. That way you won’t get hit with overdraft or NSF fees. This account does not charge monthly maintenance fees or have a minimum balance requirement.

You can make free withdrawals from AFFCU and co-op ATMs but will need to pay if you use out-of-network ATMs. Air Force Federal Credit Union does not refund ATM fees on this account. This account does not earn interest or cash back on debit purchases.

To open a SAF-T account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a SAF-T account.

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We love the variety with Air Force Federal Credit Union’s checking accounts. Whether your goal is to earn tons of perks, minimize fees on a small account or do something in the middle, AFFCU offers something that could be a good fit.

If you can manage the $750 balance requirement, the Plus account seems like the best value because it comes with nearly all the features of Elite Checking with a fraction of the balance requirement — $750 versus $50,000.

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You can open an Air Force Federal Credit Union Savings Account with a deposit of only $5. This account does not charge a monthly maintenance fee or have a minimum balance requirement but it will stop paying interest if your balance falls below $5.

This account limits how often you can take out money per month, which is a Federal Reserve requirement for savings accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, AFFCU will charge a $10 fee per excess transaction.

To open this account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Savings account.

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Air Force Federal Credit Union markets their Christmas Club account as a way to save for the holidays. You put money aside during the year and then on November 1, Air Force Federal Credit Union transfers everything to your checking account.

But if you need your money before November, AFFCU will charge a $10 early withdrawal fee. This account pays the same interest rate as the regular Savings account. The only difference is you can open this account with a deposit of any size, instead of $5.

To open a Christmas Club account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Christmas Club account.

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The Air Force Federal Credit Union savings accounts are not that great. They just do not pay enough interest to make up for the extra restrictions for using a savings account instead of a checking account.

The Christmas Club account is a good example of the cost of those restrictions: If you ever need your money before November 1, AFFCU charges a $10 fee which will likely erase your earnings and eat into your initial deposit. You can receive the same interest rate through the regular Savings account, making that account a better option to prepare for the holidays.

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The Air Force Federal Credit Union Share Certificates range in terms from six months to seven years. You can open an Air Force Federal Credit Union Share Certificate with a deposit as low as $1,000. However, their five-year and seven-year certificates are not available unless you deposit at least $2,500.

The credit union currently pays the same interest rate regardless of the size of your deposit. They do offer a rate bonus if you use other services there. If you have either an AFFCU checking account or loan, they will add an additional 10 basis points to your interest rate; if you have both a checking account and loan they will add 20 basis points.

These Share Certificates do charge an early withdrawal penalty if you take money out before the end of the term. Their owner’s manual (account agreement) states the complicated penalty as follows:

“The penalty is equal to one half the dividend that would accrue from the date of withdrawal to the maturity date applying the contracted dividend rate on the certificate to the amount withdrawn over and above any dividends credited to the certificate which have not been withdrawn prior to the date of any further withdrawal.”

Translation: Make an early withdrawal and you’ll lose one half of the payments you are still set to earn from the withdrawal date to the maturity date. The further you are away from the maturity date, the higher the penalty will be.

To open a Share Certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a Share Certificate.

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Despite the complicated — and potentially costly — early withdrawal penalty, the Air Force Federal Credit Union Share Certificates are a terrific option. They pay high interest rates, especially for their shorter-term CDs of three years or less.

The rates look even better when you add in their relationship bonus for having an Air Force Federal Credit Union loan and checking account. We also like that you can open a Share Certificate with a deposit of only $1,000 and still earn the full APY on 6 month to three year terms.

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You need to deposit at least $2,500 to open an Air Force Federal Credit Union money market account. If your balance drops below $2,500, this account will reduce the interest rate. If your account balance drops below $250, the account starts charging a $10 monthly maintenance fee.

This account limits how often you can take out money per month, a Federal Reserve requirement for money market accounts. You can only make six debit transactions out of the account, like writing checks or making transfers. If you make more than six per month, the Air Force Federal Credit Union will charge a $10 fee per transaction.

To open a money market account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

The application will also ask you how you plan on funding the account, assuming your application is accepted. Once you submit your application, the credit union will let you know within 10 days whether you are accepted to open a money market account.

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On the plus side, this account is free so long as you have a balance of at least $250. But there are other free money market accounts that still pay more. If you’re going to deal with all the money market restrictions, you should look for an account that offers a more reasonable rate.

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The Air Force Federal Credit Union share certificates can also be set up as part of an IRA. That way you can delay taxes on the interest earnings until retirement. The rules and interest rates are mostly the same as the share certificates. The only major difference is the six-month term is not available for the IRA certificates.

You need to deposit at least $1,000 to open a certificate and earn the APY on one to three year terms. These IRA Certificates also charge the same early withdrawal penalty as the regular Share Certificates.

Before you can open an IRA share certificate, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the Air Force Federal Credit Union website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number, and how you plan on funding the IRA. As part of the application, you pick which IRA certificates you want to open and how much money you want to go in each.

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You can open an Air Force Federal Credit Union IRA share account with a deposit as small as $5. This IRA option is more like a money market account in an IRA. The interest rate is just based on the amount of money in your account. You also don’t have to commit your money for a set amount of time like you would with an IRA CD.

This account does not charge an early withdrawal penalty. However, the interest rates are significantly lower compared to the Air Force Federal Credit Union IRA Certificates.

Before you can open an IRA share account, you must become a member of the Air Force Federal Credit Union. You can fill out the application online but at the end, you will need to print it out and deliver the form to an Air Force Federal Credit Union branch.

The form asks for you name, address, driver’s license/state ID and Social Security number. You will also need to select why you are eligible for Air Force Federal Credit Union membership, which is available to service members in Texas, Oklahoma, Arkansas, Louisiana, and Mississippi. It is also available to members and employees of a long list of businesses, churches, unions and other organizations throughout Texas.

After you become a member, you can sign up for an IRA at a branch or online by logging into the AFFCU website. You need to go to a different website to open the Air Force Federal Credit Union’s IRAs, their Retirement Central page. On this site you can find the IRA application. It will ask you to list your name, address, Social Security number and how you plan on funding the IRA. As part of the application, you can select the IRA share account and list how much money you want to go into it.

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The IRA Share account is just OK. It’s nice that you can open one with just $5 and that Air Force Federal Credit Union lets you move money out of the account without a penalty. Still, the interest rates are just not high enough.

You are better off using either the IRA Certificates or considering another one of the top IRA CDs on the market.

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Air Force Federal Credit Union has some excellent accounts along with some that really aren’t great. Our favorites were their CDs and IRA CDs thanks to their terrific interest rates. AFFCU also has a nice variety of checking accounts so you can find a good fit for all kinds of different needs.

We didn’t like their savings and money market accounts: They don’t earn enough interest to make up for their withdrawal restrictions. If you sign up with this credit union, focus on its other accounts besides savings and money market.

But before getting too excited about any of the Air Force Federal Credit Union accounts, you should make sure you are eligible to join. As a local credit union, they restrict who can become a member. Their accounts are only available to people in a few Southern states who also meet the memberships requirements, like being in the military or part of select Texas organizations and businesses. If you can make the cut, then the Air Force Federal Credit Union is definitely worth considering.

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