First Tech FCU Review July 2024: A credit union with high-yield checking and savings accounts

To become a member of FTFCU, which is a requirement to open an account, you must work for one of its more than 900 partner companies, be a family member of a current member, work in the state of Oregon, Live or work in Lane County, Oregon, belong to the Computer History Museum, or belong to the Financial Fitness Association. Even if you don’t fit into one of those categories, you may still be able to join by contacting the credit union directly.

All rates and fees are current as of July 26, 2024, and are subject to change.

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First Tech Federal Credit Union

Checking accounts:	Starting at $0 per month
Savings accounts:	Open with as little as $5
CD rates:	Earn up to 3.85% annual percentage yield (APY)

Pros and Cons

Pros

• The credit union has high-yield checking and savings accounts
• There are plenty of ways to join the credit union, including residency, employment, and organizational membership paths
• A wide range of banking products and services give you a full-service banking provider

Cons

• Branch locations are limited to eight states
• You must be a member of the credit union to open an account
• Best rates on checking are limited to $15,000, and savings are limited to $25,000

Who is First Tech FCU good for?

For people interested in a high-yield personal checking account, First Tech FCU is a great choice, thanks to a checking account that earns up to 5.00% APY. It is also a great choice if you prefer in-person banking and would rather have an account at a credit union rather than a traditional bank. This is especially true for people who live near a branch location in one of eight states.

First Tech FCU also offers various banking products and services, including lending, insurance, investment services, and business banking products. It provides nearly every banking product you could need. Finally, credit unions typically have better rates on savings and loans than traditional banks—but you should always shop around to be sure you’re getting the best rates. 

Who shouldn’t use First Tech FCU?

Branch locations for First Tech FCU are limited to eight states, so if you want to bank in person and live outside of those areas, you should consider an alternative. Also, you must be a member to open an account at FTFCU. While its website gives you several qualifying scenarios that allow you to join and encourages those who don’t meet those scenarios to contact the credit union, you still might not be able to join it.

Finally, while FTFCU offers excellent rates on checking and savings, both rates are balance-limited. Its rewards checking is limited to a 5.00% APY on the first $15,000 in the account, and rewards savings are limited to the first $25,000 at that rate. Other banking providers offer higher (or no) limits on high-yield accounts.

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First Tech FCU rates and products

First Tech Federal Credit Union offers personal checking, savings, and certificates of deposits (CDs), called share certificates. All of the checking accounts are free with no monthly fees. First Tech FCU does not offer money market accounts (MMAs), although because it offers high-yield checking and savings accounts, this shouldn’t be a deal-breaker to new customers.

Checking accounts 

You can choose from one of five personal checking accounts offered by FTFCU. All of them are free checking accounts with no monthly maintenance fees. First Tech FCU offers a new account sign-up bonus of $300 on its Rewards Checking as long as you set up a new qualifying direct deposit to that account of at least $1,000 per month for a minimum of three months.

First Tech Rewards Checking

FTFCU’s most featured account is its Rewards Checking, and for good reason. If you make 20 monthly debit or credit card transactions totaling at least $500, have a monthly direct deposit or automated clearing house (ACH) of $1,000 or more, and enroll in e-statements, you qualify for rewards. 

Those rewards include a rate of 5.00% APY on balances up to $15,000 in rewards checking and $25,000 in rewards savings, and ATM rebates of up to $15 per month. You also get credit card benefits, including an additional 0.5% cash back—up to $15 per month—on spending and a $10 streaming subscription rebate. Finally, you can get 0.25% cash back on minimum loan payments from other First Tech accounts, up to $15 per month on loans and home equity lines of credit (HELOCs).

First Tech FCU First Checking Plus

For customers who might not meet the rewards requirements of the Rewards Checking account, FTFCU offers the First Checking Plus account. It is also free and has the potential to earn dividends on balances, but it currently does not earn interest.

First Tech Carefree Checking

The only difference between Carefree Checking and First Checking Plus is Carefree Checking does not earn interest. Currently, neither account earns interest, but it is possible to earn interest with First Checking Plus. Otherwise, the accounts are the same.

Savings accounts

First Tech FCU offers five savings accounts, with its Rewards and Premium Rewards accounts qualifying as high-yield savings accounts. Both require you to meet transaction or balance requirements to qualify. Standard APY rates on savings accounts otherwise range between 0.01% APY and 0.80% APY. Startup savings offers a high-interest yield on balances of less than $1,000.

Check out our primer on high-interest savings accounts to learn more about savings accounts.

First Tech Rewards Savings Account

Customers can qualify for the rewards on this account with the same requirements as the Rewards Checking account: You must make 20 monthly debit or credit card transactions totaling at least $500, have a monthly direct deposit or ACH of $1,000 or more, and enroll in eStatements. This gives you an APY of 5.00% on balances up to $25,000 and 0.10% on balances above $25,000. Otherwise, this account earns 0.01% APY.

First Tech Instant Access Savings Account

This savings account has tiered interest rates. You will earn 0.65% APY on balances less than $100,000, 0.75% APY between $100,000 and $249,999.99, and 0.85% APY on balances greater than $250,000. You are limited to six monthly withdrawal-type transactions per month.

First Tech Carefree Savings Account

Carefree Savings earns just 0.05% APY on all balances. However, this account does not limit the number of withdrawal transactions per month.

First Tech FCU savings rates compared to current top rates*

While First Tech is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:

Share certificates

First Tech FCU offers traditional and bump-up share certificates—the credit union equivalent of CDs. While the rates on both types of CDs are decent, you may find higher CD rates by shopping around. First Tech does charge an early withdrawal penalty for some early withdrawals, but not all of them. Check with FTFCU before considering a withdrawal to see if there is a penalty.

Before opening a share certificate with First Tech, check out our guide to CDs.

First Tech Bump-up Share Certificates

You can choose a bump-up certificate, which allows you to take advantage of higher rates during the maturity period of your share certificate. First Tech offers bump-up certificates between 13 and 36 months.

First Tech gives you the opportunity within every 12 months of the current term to exchange the rate on your certificate with a new rate currently offered for no cost. This applies to certificates of 24 months or greater. In the same scenario, you can make one additional deposit up to the original amount of the certificate at the start of the term.

First Tech Traditional Share Certificates

Traditional certificates range between 6 and 60 months, with rates between 1.80% APY and 3.85% APY.

Business banking products

First Tech FCU offers two business checking and business savings products. Both savings accounts are free, while both checking accounts come with a waivable monthly fee. 

The entry-level Simple Business Checking does not earn interest, and it has a $6 monthly fee, which is waived if your daily balance is $1,000 or more. The interest-bearing Business Dividend Checking earns 0.10% APY and has a $15 monthly fee, which is waived with a daily balance of $5,000 or more.

Both Simple Business Savings and Business Membership Savings earn 0.01% APY. Simple Business Savings requires a minimum opening deposit of $25 but no minimum balance requirement, while Business Membership Savings requires a $5 minimum opening deposit and balance requirement.

Other services First Tech FCU offers 

First Tech Federal Credit Union offers a wide range of other banking products and services, including:

• Credit cards: First Tech FCU offers five different credit cards, including Choice Rewards World, Odyssey Rewards Elite, Platinum Rewards, Platinum, and Platinum Secured.
• Personal loans: The credit union offers several types of personal loans, including term loans, lines of credit, stock-secured loans and lines of credit, certificate-secured loans, and savings-secured loans.
• Vehicle loans: FTFCU has loans for new and used cars, auto refinancing loans, boat loans, motorcycle loans, and RV loans. 
• Home loans: Whether you’re looking to buy a home, refinance your current home, or tap into your home’s equity, First Tech has a home loan product to fit your needs.
• Student loan refinance: First Tech allows you to refinance your student loans on terms from 5 to 15 years, with no payments for up to 90 days after loan closing. These loans have no application fees, origination fees, or prepayment penalties.
• Commercial lending: Whether you are a broker or a member, First Tech has commercial lending for your business needs. This includes financing multifamily properties, office and industrial buildings, retail and mixed-use buildings, self-storage units, mobile home parks, flagged hotels, and healthcare businesses.

Online banking

First Tech Federal Credit Union offers personal and business digital banking, including online banking and bill pay. You can set up direct deposit, see account alerts, and view e-statements. You can also check completed transactions, transfer funds between First Tech accounts, pay bills or First Tech loans, check account balances, and search for branch and ATM locations. 

The mobile app allows you to deposit checks and access all the same transactions you can perform on the desktop version.

First Tech gives you access to send and receive money via Zelle for free. Zelle transaction limits may vary depending on your checking account with First Tech.

The First Tech FCU platform and customer support 

You can access your First Tech FCU accounts via desktop or mobile apps. The mobile apps are rated well, with 4.4 stars out of 5 on the Google Play Store based on almost 12,000 reviews and 4.7 stars out of 5 on the Apple App Store based on more than 36,000 ratings.

First Tech gives you many options to reach customer service. You can schedule an in-person or virtual appointment with customer service through the website. You can send secure messages and chat through online banking. There is also an online form to send comments, suggestions, and concerns to First Tech. You can also call them 24 hours a day toll-free.

Finally, you can reach them via mail at several addresses listed on First Tech’s contact page. The general correspondence address is PO Box 2100, Beaverton, OR 97075-2100.

Is First Tech FCU secure?

First Tech FCU uses several methods to help keep your information secure. You can use two-factor authentication (2FA) for your account, which can be delivered on a hard token or mobile device. 

In addition, FTFCU uses built-in security measures and fraud prevention tools on its website and mobile apps to help secure your account. It encourages customers who receive a suspicious message claiming to be from First Tech to contact them directly. The credit union says on its security page that it will not call, text, or email you to request account information, such as verification codes, personal identification numbers, passwords, or account balances.

Finally, First Tech accounts are insured by the National Credit Union Administration (NCUA), which insures each account up to at least $250,000 per individual depositor.

First Tech FCU user reviews

First Tech generally has good reviews online. It is rated 4.2 stars out of 5 on Trustpilot out of more than 500 reviews. Positive reviewers raved about the credit union’s customer service, even calling out individual employees by name. Negative reviewers had issues with loans being declined and cards being canceled. 

On Trustpilot’s site, First Tech has commented on almost every review, encouraging those who left a negative review to contact them directly to try to better understand the circumstances of their complaint.

Compare First Tech FCU alternatives

Is First Tech FCU right for you?

If you’re looking for a credit union with high-interest yield checking and savings accounts, First Tech FCU could be a great option. While standard rates on some accounts could be higher, if you qualify for the high-yield accounts, you can earn some nice passive income. It does have a limited physical footprint, so be sure you live near one of its branches if that is important to you. If you are eligible for membership, First Tech offers outstanding products and customer services to meet your banking needs.

Frequently asked questions