Review
Updated
Fact Checked
Nathan Alderman
A good money market account can be worth its weight in gold -- these accounts generally offer easy money access and a high APY. A good option might be the American First Credit Union Money Market Deposit Account from Raisin, which is offered through the Raisin platform in partnership with the credit union. Our American First Credit Union Money Market Deposit Account from Raisin review breaks down the details and can help you decide whether it's the right account for you and your money.
Federally insured by NCUA.
Ratings Methodology
Rates as
of May 04, 2024
American First Credit Union Money Market Deposit Account from Raisin
Federally insured by NCUA.
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Poor
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= Fair = Poor
Monthly Fee
$0
Min. Balance
$1
APY
5.24%
Min. To Earn APY
$1
- High APY
- No account fees
- An unlimited number of deposits and withdrawals
- NCUA insured
- Deposits and withdrawals can only be conducted via ACH transfer to/from an external bank account (limit to one linked external account)
- No checking accounts offered through Raisin
- Limited customer service hours
- Cannot link Raisin accounts to third-party apps (e.g. personal budgeting apps)
- No branch access; online only
American First Credit Union is a 70-year old credit union with nearly $1 billion in assets and insurance from the NCUA. The American First Credit Union powered by Raisin could be a great choice if you're looking for a high APY savings product. It offers a higher APY than you'd get when opening an account directly through the credit union, plus you get access to Raisin's savings marketplace and easy account management. On the other hand, accounts through Raisin do not offer branch access and limit you to using one account to transfer money in and out of the money market account.
Full American First Credit Union Money Market Deposit Account from Raisin review
American First Credit Union is based in California and has more than 70 years of history serving its community. Now it's partnered with financial company Raisin to offer a money market account with an exceptionally high APY. If you instead opt to open a money market account directly with American First Credit Union, you won't get the high APY. Going through Raisin gives you the chance to take advantage of some decent perks.
Top perks
High APY: The 5.24% APY on this money market account is very generous indeed, and in fact beats out the best money market accounts out there.
Only need $1 to open the account: Some of our favorite money market accounts have opening balance requirements as high as $2,500. This isn't the case for the American First Credit Union Money Market Deposit Account from Raisin, as you can get started with just $1.
Monthly dividend payments: The money you earn on your account is paid out monthly, on the last calendar day of the month.
NCUA insurance: You've likely heard of FDIC insurance for bank accounts; NCUA (National Credit Union Administration) insurance serves the same purpose. Up to $250,000 of your money in this money market account is protected in case of credit union failure.
No withdrawal limits: Accounts through Raisin aren't subject to the old withdrawal limits once enforced under Regulation D. This means you can take money out of the account anytime you want.
What could be improved
Account is online only: If you rely on in-person banking, this money market account won't be a fit for you. Raisin is an online-only banking platform.
Raisin only allows you to link one bank account: While it might be convenient to have your American First Credit Union Money Market Deposit Account from Raisin linked to both your existing checking and savings account, you can't connect more than one account to Raisin.
You can't link your account to financial apps: Another downside of bank accounts offered by Raisin is that there's no way to add them to budgeting apps and other money-management tools.
How to access your money
You have to work through Raisin's system to add funds or remove them from your American First Credit Union Money Market Deposit Account from Raisin.
Deposit options
You can link one existing account (could be a checking account, savings account, or even a brokerage account) to Raisin, and it can be used to deposit money into any accounts you open with the platform. Once you set this up, you can request that money be deposited into an account held with Raisin, and your money is sent via ACH transfer. It takes one to three days to fund your account.
Withdrawal options
To withdraw from your American First Credit Union Money Market Deposit Account from Raisin, yes, that's right -- you go through Raisin. Again, money is transferred via ACH to that same single linked bank account you used to initially fund the account. It takes one to three days to take money out, too.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.26%
Min. to earn: $1
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N/A
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This money market account is right for you if:
The American First Credit Union Money Market Deposit Account from Raisin could be right for you if you want to earn a high APY on your money, are a fan of online banking, and don't mind routing both deposits and withdrawals through a single linked bank account. If you prefer in-person banking and want the option to directly fund a money market account via multiple other accounts, keep looking.
Our money market account methodology
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
- APY: 60%
- Brand and Reputation: 15%
- Fees and Minimums: 15%
- Perks: 10%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Raisin isn't a bank at all -- it's a financial services platform that partners with banks and credit unions to offer banking products. It only works with financial institutions that are FDIC and NCUA insured, however, so you know your money is safe.
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Yes, you'll be able to keep track of your American First Credit Union Money Market Deposit Account from Raisin via Raisin's mobile app, which is available for both iOS and Android.
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Money market accounts offer higher yields than standard savings and also often offer features like check-writing abilities or debit cards. This account offered through Raisin functions a little differently, but a money market account can be a great way to manage some of your money.
Our Banking Experts
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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