Federal Credit Union Member First Review: Good Rates, Low Fees, and Personalized Help

GOBanking Rates Score

Quick take: Members First Federal Credit Union offers a full range of banking products, from checking and savings accounts to investments and insurance. If you qualify for membership, this is a good place to have all of your accounts at one institution.

  • Awards
  • My Concierge
  • ATM Access
  • Product range

How did we calculate this?


  • Rewards for Combined Account Balances
  • Access to online personal financial assistance
  • Product range

The inconvenients

  • The mobile app is problematic

First Federal Credit Union Member Overview

A full-service credit union, Members First Federal Credit Union offers a full range of checking, savings, loan and investment products to its members. To promote loyalty to the credit union, members are rewarded for having multiple linked accounts. Members First Credit Union was ranked no. 17 on GOBankingRates list of Best Credit Unions for 2022 and no. 37 on the list of the 100 best banks of 2022.

Members First Federal Credit Union Product Details

Learn more about the different products offered by Members First Credit Union.

First Federal Credit Union Members Chequing Accounts

A Members First current account has all the features you’ll need: free bill payment, contactless debit card and mobile app. There is no monthly fee unless you want paper statements, in which case you will pay $2 per month.

Overdraft Protection

Members First provides overdraft protection by linking checks to another account, including savings accounts, money market accounts and lines of credit. The credit union will transfer funds from your linked account to cover a transaction when your checking account balance is insufficient.

Members First also offers courtesy payments. Accounts are automatically enrolled in Courtesy Pay up to a qualifying limit, although you can opt out. Courtesy Pay will temporarily fund check, bill payment, ACH debit, or recurring debit card transactions that exceed your checking account balance, up to Courtesy Pay’s limit. You will be charged $37 per transaction, but the item will be paid for.

Extra Courtesy Pay includes coverage for one-time debit card transactions.

First Federal Credit Union Members Savings Accounts

You can open the regular savings account with just $5. This is the first account you will open as a member. If you maintain a balance of at least $50, you will earn dividends or interest of 0.10% APY. You can also open a Goal Savings account to save for a specific goal, or a Holiday or Vacation Club account.

First Federal Credit Union Members Money Market Account

There is no minimum deposit to open a money market account with Members First, and the higher your balance, the more you will earn. Here are the rates for each level of balance.

balance level Annual percentage return
$0.00 – $2,499.99 0.05% APY
$2,500 – $49,999.99 0.10% APY
$50,000 – $99,999.99 0.15% APY
$100,000 – $249,999.99 0.20% APY
$250,000 or more 0.25% APY

Members First Federal Credit Union Certificates

Certificates – or what many banks call certificates of deposit or CDs – offer a guaranteed rate of interest for a specific term. Members First offers a 12 month certificate which pays 0.35%, an 18 month certificate which pays 0.45% APY, a 24 month certificate which pays 0.50% APY and a 36 month certificate which pays 0. 60% APY. Minimum opening balance and minimum balance to earn interest is $500.

Members First Federal Credit Union Loans, Investments and Insurance

Members First Credit Union also offers mortgages, personal loans, student loans, auto loans, investment products and insurance.

Best Features of First Federal Credit Union Members

Learn how GOBankingRates rated key features of Members First Federal Credit Union.

Rewards first for members

Members First members who use three or more credit union services are eligible for rewards based on their combined balances. These include deposit accounts, investments and loans, with the exception of first-time mortgages or purchased loans.

There are four membership tiers, depending on your total balances: Silver ($2,500 – $14,999), Gold ($15,000 – $34,999), Platinum ($35,000 – $74,999) and Titanium ( $75,000 or more). Rewards members enjoy discounted rates on Certified Checks, Teller Checks and Money Orders; free ATM transactions and discounts on safe deposit boxes and chargebacks. The number and amount of rewards depends on your reward level.

My Concierge

MyConcierge connects you with a human being who can answer your personal finance questions, directly from the online banking or mobile app. When you click to log into MyConceierge, you’ll be connected to someone who can explain saving, spending and borrowing in simple terms, and who can help you set and achieve your goals.

ATM Access

You can use ATMs in the CO-OP and CU$ networks for free. You get surcharge-free overseas ATM transactions based on your rewards tier.

Product range

If you qualify to become a Members First member, you can have your checks, savings, investments, loans, and even insurance products all in one place. And the higher your combined account balances, the more you’ll save on certain services.

Banking experience

Learn about the Member First Credit Union member banking experience.

Mobile app

The mobile app does not get high ratings from users. On the Apple App Store, it is rated 3.2 out of 5 stars, and the Android version is only rated 2.65 out of 5 stars on google play.


As with all credit unions, you must become a member to open an account. To be eligible for membership in Members First Federal Credit Union, your employer, organization, church, or school must be affiliated with Members First as a selected employer group, or you must be a parent of a current member.

Editor’s Favorite

MyConcierge is a great feature. When you’re using online banking or the mobile app and you have a question, you can just click and connect with someone who can answer that question. It’s a real human, not a bot, and they can help you with all sorts of personal finance questions.

First Federal Credit Union Members vs Competitors

Credit unions are often a solid choice for low fees and good interest rates. Because they are owned by their members and don’t have to answer to shareholders, they can often offer better rates. They also value loyalty, as demonstrated by 1 membersstRewards program that offers discounts on banking products to members who have multiple accounts.

Members First Credit Union v Navy Federal Credit Union

Competing credit unions include Navy Federal Credit Union, which is a good choice for military members who want nationwide branches, or Police and Fire Federal Credit Union if a highly rated mobile app is important to you.

Members First Credit Union vs. Wells Fargo

You could also consider a national bank with a full line of products, like Wells Fargo, but you won’t get the rewards offered by Members First.

Final take

If you can qualify as a member and want to have all your accounts in one place, Members First Federal Credit Union is worth a look. The fact that you can get discounts if you have multiple accounts and that you can get personal finance advice from a live person is a big bonus.

Federal Credit Union Member First FAQs

Here are answers to some of the most frequently asked questions about Members First Federal Credit Union.
  • Is Members First Federal Credit Union FDIC insured?
    • No. The FDIC only insures banks, not credit unions. Credit unions, including Members First Federal Credit Union, are insured by the National Credit Union Administration for up to $250,000 per depositor per account type.
  • What is the benefit of joining a credit union?
    • Credit unions are owned by their members, so if you join, you become the owner. Banks, on the other hand, report to their shareholders and their ultimate goal is to make money for their shareholders. Credit unions respond to members, so they can often charge lower fees and pay better interest rates.
  • Do I have to pay to join Members First Federal Credit Union?
    • There is no charge to join Members First Federal Credit Union. When you join, you will open a savings account with a minimum of $5.

Rates are subject to change. Account information is accurate as of January 5, 2022.

Editorial Note: This content is not provided by Members First Federal Credit Union. Any opinions, analyses, criticisms, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Members First Federal Credit Union.

About the Author

Karen Doyle is a personal finance writer with over 20 years of experience writing about investing, money management, and financial planning. His work has appeared on numerous news and finance websites, including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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