Tuesday, 24 November 2020

American Airlines Credit Union Review: Checking, Savings, CD and IRA Accounts

American Airlines Credit Union Review: Checking, Savings, CD and IRA Accounts
25 Oct
12:49

American Airlines Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.87%

Savings

American Airlines Credit Union Primary Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.12%

CD Rates

American Airlines Credit Union 12 Month Regular Share Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.32%

CD Rates

American Airlines Credit Union 36 Month Regular Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.84%

CD Rates

American Airlines Credit Union 60 Month Regular Share Certificate

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

American Airlines Credit Union’s checking account options

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How American Airlines Credit Union’s checking accounts compare

We really like American Airlines Credit Union’s checking accounts. There are a range of different accounts to choose from — everything from an uber-high-interest checking account for people with big balances to a rehabilitation checking account to help those who need to rebuild their checking account competency.

Still, we have a few concerns. The overdraft policies are needlessly complicated, with different charges for different types and amounts of transactions. Some of these accounts also come with pesky “inactive checking” account fees, or other burdensome stipulations (like needing to have direct deposits) that some folks won’t be able to meet.

If you’re interested in seeing American Airlines Credit Union’s competitors, these top checking accounts offer similar rates with less hassle.

American Airlines Credit Union’s savings account options

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How American Airlines Credit Union’s savings account compares

Most credit unions (and banks for that matter) offer low rates on their savings accounts, but that’s not the case at American Airlines Credit Union. It offers a fantastic rate on its savings account — quite close to the current top-yielding credit union savings account. To see which credit union actually wins, and which banks are offering even higher rates still, check out our list of top online savings accounts.

One thing we don’t like about this account is that you’ll likely pay a fee for making an ATM withdrawal, unless you happen to be near an American Airlines Credit Union-branded machine. Checking accounts are generally better options for cash withdrawals; however, if you do use your savings account frequently for cash, this may be one account to avoid.

American Airlines Credit Union’s CD rates

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How American Airlines Credit Union’s CD rates compare

American Airlines Credit Union doesn’t offer bad rates, but they’re far from the best out there. For the highest rates possible, see our article on the current best CD rates.

You can earn even higher rates at American Airlines Credit Union by taking advantage of the premium rates offered with a laddering certificate plan, and indeed, we think these are very useful for people interested in earning money through ladders. It simplifies and automates the process, and you earn better rates to boot.

We also like the Dream Plan Share Certificate and the fact that you can get started with as little as $25 while still earning a decent rate on a long-term certificate. Again, it’s not the best rate out there, but for some folks, the drawbacks are well worth the perks.

American Airlines Credit Union’s IRA options

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How American Airlines Credit Union’s IRA CD rates compare

Many banks and credit unions are offering higher rates for their IRA CDs today compared to their regular, non-IRA versions. Unfortunately, that’s not the case at American Airlines Credit Union.

Still, the rates aren’t horrible. But you can do a lot better with one of these top IRA CDs. One reason why you might still choose these IRA CDs — even with their lower rates — is if you live near a branch and still want the ability to walk in and talk to someone. In that case, this very well may be the highest-earning option near you, and if so, this could be the best credit union for you.

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Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/american-airlines-credit-union/

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