Some of the nation's big credit unions like PenFed and Alliant have made it easy for people to join. However, there are others that have kept their fields of membership limited. The 11th largest credit union in the nation, American Airlines Credit Union, is one of these. Membership continues to be primarily limited to those in the air transportation industry. For those who are members or are eligible to join, there are some good deals for savers.
One deal that may interest savers is a 3% CD. As you might expect there's a catch, but it's still a good deal. The credit union has what it calls a share certificate ladder program. My last review of this was last year. This program makes it easy for members to start a CD ladder, and it rewards members with higher rates on the ladder CDs.
The best deal is currently the credit union's ladder option 1 which requires opening a 30-month CD and a 60-month CD. These have the following yields for a $10K minimum deposit as of 9/17/2012:
- 3.09% APY 5-year CD
- 1.81% APY 30-month CD
Equal deposits must be made in each CD. These are also available in IRAs. For the other ladder options, ladder details and for the latest rates please refer to the credit union's rate sheet. Thanks to the reader who emailed me news about these latest rates.
If you don't want a CD ladder, you can still get competitive long-term CD and IRA CD rates. The following are the best CD rates for a $10K minimum deposit as of 9/17/2012:
- 2.27% APY 5-year CD
- 1.81% APY 4-year CD
- 1.51% APY 3-year CD
Checking Account Deal
The credit union also offers a free reward checking account that it calls Priority Checking. However, I don't consider it a good deal as compared to other reward checking accounts due to its low balance cap. As of 9/17/2012, it has a 2.27% APY for balances up to $5K. To qualify for this rate, the member must make 15 debit card purchases per month, receive direct deposit of at least $250 and receive e-statements. This also qualifies the member to receive ATM fee refunds up to $20 per month. For the latest rates and for the details of this account, please refer to the credit union's Priority Checking page.
$100 Checking Account Bonus Until 9/30/2012
The best checking account deal is a $100 bonus for opening the Priority Checking and completing one month of its requirements. The promotion is scheduled to last until 9/30/2012. Bonus details are listed at the bottom the credit union's Priority Checking page.
As I mentioned above, American Airlines Credit Union hasn't expanded its field of membership to include any easy-to-join associations or any community areas. Their membership continues to be open only to those working in the air transportation industry. Please refer to the credit union's eligibility page for the full details.
As you expect from a major airlines credit union, American Airlines Credit Union branches are located in airports of many cities around the country.
Credit Union Overview
With $5.53 billion in assets, it's the 11th largest credit union in the nation. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.64% (excellent) based on March 2012 data. Please refer to our financial overview of American Airlines Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 23957).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.