GOBankingRates Score
First Technology Credit Union
Quick Take: If you haven’t looked at banking with a credit union, you’re missing out on potentially lower fees, better interest rates and a financial institution where your needs are understood. First Technology Federal Credit Union provides membership and banking for employees of companies such as Microsoft, HP, Google, Amazon and Nike, as well as access for qualifying Oregon residents. Follow this in-depth First Tech Federal Credit Union review to find out how to become a member and account holder.
- Rates
- Accessibility
- Breadth of Products
- Opening Deposit Requirements
How did we calculate this?
Choosing the right bank is sometimes overwhelming. After all, there are many options available. To keep it simple, consider why First Tech Federal Credit Union may be a good option.Â
Overview of First Tech Federal Credit Union
First Technology Federal Credit Union was started by a handful of Hewlett Packard and Tektronix employees back in 1952. The Oregon-based credit union has over 680,000 members and provides STEM scholarships each year to young, promising students.Â
There are 35 physical branches across California, Colorado, Georgia, Idaho, Massachusetts, Oregon, Texas and Washington, as well as 5,600 CO-OP branches and 30,000 free ATMs nationwide. There are several ways to become a member and qualify to bank with the credit union. Employees of one of the many partner tech companies such as HP, Google, Microsoft and Amazon are eligible. If you live or work in Lane County, Oregon, work for the State of Oregon or you’re a member of the Computer History Museum or Financial Fitness Association, you can also join.
First Tech Federal Credit Union Product Details
First Tech Federal Credit Union provides a wide range of services that can compete with or beat the top banks. What sets the credit union apart is the additional dividend you’ll earn on your balances once you’re a member. The foundation of their services are the following types of accounts:
First Tech Federal Credit Union Checking Accounts
First Technology Credit Union provides health savings accounts, kids accounts and four types of checking accounts known as Carefree, First Checking, Start Up Checking and First Tech Rewards. The Carefree account is the most basic, with no fees or minimum balance to worry about. However, it does not earn interest either.Â
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When you open a premium First Tech Rewards account, you’ll have access to the best interest rates — as high as 5.00% APY for balances under $15,000. Plus, you’ll have perks such as ATM rebates up to $15 each month.
First Tech Federal Credit Union Savings Accounts
First Technology Federal Credit Union’s savings accounts are simple to open and have no minimum balance requirements. If you start with the entry-level Member savings account, you can fund one with $5.
There are no monthly service fees for any of the three options. You can earn 0.05%, 0.01% or 0.80% APY, depending on the account. You may want to have a savings account for each type of goal, such as saving for a home down payment, emergency fund, wedding or trip.Â
First Tech Federal Credit Union Share Certificates
First Tech Federal Credit Union‘s certificate of deposit is known as a Share Certificate. Terms of six to 60 months are available. You can earn a guaranteed interest rate between 1.80% and 3.85%. While there’s a small minimum of $500 to open a CD, higher balances and a longer term are recommended to get the best rates.
Best Features of First Tech Fed
First Tech Federal has a lot to offer account holders. Some of the best features that contribute to First Tech Fed’s overall score of 4.8 out of 5 include:
Rates
First Tech Fed’s rates are competitive, especially for high balances. CDs earn as much as 3.85%. First Tech Rewards account holders have access to 5.00% APY rates for balances under $15,000. Â
Accessibility
Besides the range of branches, ATMs, and CO-OP locations, First Tech’s mobile app is robust enough to handle account management, bill payments and more.
Breadth of Products
Besides deposit accounts, First Tech Federal offers loans, mortgages, investing, retirement planning and insurance products including home, renters and disability coverage.
Opening Deposit Requirements
Most accounts only require $5 to $10 to get started. Earning the highest APR requires higher balances but you can start small with minimal opening balance requirements.
Banking Experience
First Tech Federal Credit Union serves the tech industry. As you can imagine, innovation and the digital experience are at the forefront of banking with the credit union.
Customer Service
Customer service is available 24/7 when you call 1-855-855-8805. You can also send a secure message through the online banking platform or request a virtual appointment.
Accessibility and Branch Availability
There are 35 physical branches, as well as 5,600 CO-OP branches and 30,000 free ATMs nationwide.
Mobile and Digital Experience
The online and mobile banking app is the heart of banking with First Tech. They’re designed with safety in mind and allow two-factor authentication to ensure no one has access to your accounts without your approval. Both are simply designed for ease of use. Features include account management, the ability to pay people and bills, mobile deposits and more.
First Tech Federal Credit Union reviews from customers rank the app above average, especially among Apple users who rated the app with a 4.7 out of 5. You can download the mobile banking app at Google Play or the App Store.
Convenience and Ease of Use
First Tech’s digital approach to customer service means there’s always someone available when you need help. Visit an Experience Center, schedule a virtual appointment, send a secure message when you’re logged in to your account or call for help.Â
How To Open an Account
You can open an account at a branch or through the website. To open an account online, you’ll need to apply for membership first. You’ll need:
- A government-issued photo ID such as a driver’s license or passport
- Social Security number
- Contact details including a home address, email address and phone number
- Bank and routing information if you plan on funding the account online
Fees
Some of the most common fees include: Â
- Monthly Maintenance Fees: $0
- Out-of-network ATM fees: $2
- Stop Payment Fee: $33
- Cashier’s Check Fee: $0
- Wire Transfer (Incoming): $5
- Wire Transfer (Outgoing): $20 domestic, $65 international
- Overdraft Fee: $33
Editor’s Favorite
Open a First Tech Rewards checking account and you won’t have to worry about minimum monthly balances or maintenance fees. You’ll earn as much as 5.00% APY for balances under $15,000 and get reimbursements on ATM withdrawals, fees for a hassle-free banking experience.
First Tech Federal Credit Union vs. Competitors
First Tech is a solid banking option, but it’s still worth comparing its features.
| Credit Union | Best For |
|---|---|
| First Tech Federal Credit Union | Tech industry employees |
| BECU | If you can’t qualify for a First Tech membership |
| OnPoint Community Credit Union | Oregon residents looking for a strong community banking presence |
| Alliant Credit Union | Lower fees |
First Tech Federal Credit Union vs. BECU
First Tech and BECU both offer competitive credit union rates, low-to-no-fee accounts and a variety of financial services. Start with First Tech if you work for a major innovative or tech-industry company, or live or work in Lane County, Oregon. If you can’t qualify, BECU’s membership expands your options and includes residents, employees or worshippers of Washington, Idaho and Oregon.
First Tech Federal Credit Union vs. OnPoint Community Credit Union
OnPoint doesn’t have the range of services that First Tech has. Go with First Tech if you want to manage all your financial needs and insurance in one place and don’t mind online banking. If you’re a resident of Oregon and would like to bank with a credit union with a strong presence in the state, OnPoint membership is available for residents of 28 counties in Oregon and two in Washington. It also has 57 branches across Oregon and southwest Washington. Â
First Tech Federal Credit Union vs. Alliant Credit Union
First Tech beats Alliant when it comes to rates and account options. However, Alliant’s fees are lower, which may make a difference if your account is occasionally overdrawn or you receive wires. An Alliant overdraft fee is $0, compared to First Tech’s $33. In addition, incoming wire transfers are free, while First Technology Federal Credit Union charges $5 for each one.
Final Take
First Tech Federal Credit Union provides everything you need, including banking, investments, loans and insurance. If you’re a qualifying Oregon resident or work for an innovative, tech-focused company, you may qualify for membership and also earn dividends on the balances you keep. Signing up for membership and opening an account is easy — give it a try today.
Rates are subject to change. Information on accounts is accurate as of July 22, 2024
Editorial Note: This content is not provided by First Tech Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by First Tech Federal Credit Union.
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