Southwest Airlines Federal Credit Union

Overview / Commentary
2430 Shorecrest
Dallas, TX 75235

Southwest Airlines Federal Credit Union is headquartered in Dallas and is the 46th largest credit union in the state of Texas. It is also the 549th largest credit union in the nation. It was established in 1975 and as of March of 2024, it had grown to 118 employees and 59,279 members at 3 locations. Southwest Airlines Federal Credit Union's money market rates are 9X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Southwest Airlines Federal Credit Union is open to employees of Southwest Airlines or any of more than 150 Select Employee Groups, or for immediate family of those eligible. (Membership details are listed in the credit union's online application)
See current membership details

Misleading Reviews

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All I can say is that the high RCA rate says everything. For those who qualify, we should be grateful. On top of it, their service is not bad at all.

I do think that the bad reviews here by no means reflect what this credit union is truly about. I, for one, enjoy the credit union (for more than five years) and am very appreciative of such a profitable long-term relationship with SWACU!!

UPDATE: (4%, $25K) as of 11/1/2022. Still not good enough in this climate when most OSA/MM are approaching 4% APY, with no tedious RCA requirements. SWACU: Wake me up when you remove the $5 minimum per debit card transaction.

Luv Reward Checking

Posted by: |

Just for clarification, their 4% APY for Luv Reward Checking is slightly off. It is actually 3.93% APY (or 4% simple interest rate). It is confirmed by their own financial calculator and by a CSR.

It is still a great sustaining interest rate offer.

UPDATE: After a few drops of rate as well as removing of qualified RCA accounts to two per social security, SAWCU is no longer my favorite credit union; especially in view of the recent rate drop (from 3% APY to 2.75% APY) without prior notice. Nevertheless, their customer service is still superb, waiving my recent NSF fees due to multiple account conversions/closures.

UPDATE: (4%, $25K) as of 11/1/2022. Still not good enough in this climate when most OSA/MM are approaching 4% APY, with no tedious RCA requirements. SWACU: Wake me up when you remove the $5 minimum per debit card transaction.

Horrible Interface

They must use the same computer systems as Southwest Airlines. Full of glitches and error screens. Avoid this credit union at all costs.

Re SWACU Changes

I am in the same situation as 51hh. I have 10 of their RCA's maxed out along with other RCA's scattered the countryside, so yes,it would be completely impossible for me to satisfy this new requirement. I am now in the process of looking at new options for my money. SWACU did give advanced warning, so like 51hh said, we can prepare and for that I am very grateful.

I wish they had lowered the rate rather than impose the 5.00 min., but it is what it is. I am going to call and speak with them about this and I am also going to post on their FB page my thoughts and suggestions. You think doing things like this make no difference and many times it doesn't, but every so often it does happen that enough public outcry does change an outcome. I have a RCA with a bank that a few years back made an unfavorable change to their RCA and I just started looking for a new place to move my money and never even thought about contacting them to voice my opinion. But, I guess they had enough people who did that before the change was to take place that instead they sent out notices saying that due to customer input, they had decided to not make that change, but instead make this change (they had come up with a new change~ that although wasn't as good as the original RCA~was more favorable to the customers than initial change they were going to do), so goes to show you never can tell. I am still with that bank as of today.

SWACU could lower the APY rate slightly, raise the required number of debits slightly and with the %rate they get off of each transaction plus the upfront fee they charge for each transaction to boot with the number of accounts they have with customers now that this change will not affect them in how much they spend but will insure they make a few more debit charges (bringing in a little more revenue for SWACU) and the interest pay out will be a few dollars less (again, a little more revenue for SWACU) and overall, I am positive this would be in SWACU's favor to satisfy the need for additional profit ore than the 5.00 in. debit change will produce. I am also confident no one would take their money out of SWACU for such a small change as this and it would still be lucrative enough in today's market to bring in new members. As the change stands now, I have a feeling SWACU will be seeing a lot of cash leaving out due to actual inability to meet the 5.00 min.debit charge change. I know when I look for RCA's, I look for the highest rate of course, but then I adjust that to the max. amount allowed and will pick an account with the higher max. account when there is only a small difference in APY and I never even give a look at one that requires a specified spending amount to qualify. I don't think I'm in this ballpark by myself.



Health Grade Components

NCUA #22157
Year Chartered1975
Primary Regulator
Profit Margin
Return on Assets - YTD0.3%
Return on Equity - YTD2.79%
Annual Interest Income$9.3MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$779.1MM$750.1MM
LoansQ1 2024vs Q1 2023$596.2MM$565.9MM
DepositsQ1 2024vs Q1 2023$685.9MM$663.2MM
Equity CapitalQ1 2024vs Q1 2023$83.6MM$80.3MM
Loan Loss AllowanceQ1 2024vs Q1 2023$3.8MM$2.6MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$4.8MM$2.5MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Always verify rates and promotions with the bank or credit union. We are not Southwest Airlines Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Southwest Airlines Federal Credit Union Savings Account Rates

1.00%$0-IRA Savings
0.10%$100-Regular Savings
0.10%$0-Youth Savings

Southwest Airlines Federal Credit Union Money Market Rates

4.00%*$50k*-LUV Fund (Money Market)
OTHER TIERS: 3.00% $2k - $10k | 3.50% $10k - $50k

Southwest Airlines Federal Credit Union Checking Account Rates

4.00%$0$25kLUV Reward Checking

Southwest Airlines Federal Credit Union CD Rates

5.10%$75k-12 Month Jumbo CD
5.00%$1k$75k12 Month CD
5.00%$75k-6 Month Jumbo CD
5.00%$75k-48 Month Jumbo CD
4.75%$1k$75k6 Month CD
4.75%$1k$75k48 Month CD
4.75%$75k-36 Month Jumbo CD
4.50%$1k$75k36 Month CD
4.50%$75k-24 Month Jumbo CD
4.25%$1k$75k24 Month CD

Southwest Airlines Federal Credit Union IRA Rates

5.10%$75k-12 Month Jumbo IRA
5.00%$75k-6 Month Jumbo IRA
5.00%$1k$75k12 Month IRA
5.00%$75k-48 Month Jumbo IRA
4.75%$1k$75k6 Month IRA
4.75%$75k-36 Month Jumbo IRA
4.75%$1k$75k48 Month IRA
4.50%$75k-24 Month Jumbo IRA
4.50%$1k$75k36 Month IRA
4.25%$1k$75k24 Month IRA

Southwest Airlines Federal Credit Union Locations
Branch Office8441 Gulf Fwy Ste 103Houston, TX 77017-5064
Branch Office4645 E Cotton Center Blvd Ste 115Phoenix, AZ 85040
Branch Office801 W Euless Blvd Ste 104Euless, TX 76040-4438

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