First Tech Federal Credit Union: Savings, Checking and CDs

First Tech Federal has a range of personal and business banking products to choose from and offers 24/7 customer service. But you’ll need to meet eligibility requirements to become a member.

Our verdict

Founded in 1952, First Tech Federal Credit Union is a member-owned financial institution that offers a variety of options for checking, saving and share certificates — a credit union’s equivalent of certificates of deposit (CDs). Members get access to over 30,000 fee-free ATMs, which makes cash withdrawals convenient. However, its savings account rates aren’t the best unless you jump through a few hoops, and the credit union’s online reputation is a bit hit-or-miss. And if you prefer in-person banking, branch locations are limited to a handful of states.

Best for: Those looking for a free rewards checking account with in-person and virtual service.

Is First Tech Federal Credit Union right for you?

First Tech Federal Credit Union, or First Tech, can be a good fit if you’re looking for a high-yield checking account with a solid APY and minimal monthly fees or other competitive offers such as low-rate personal loans. That said, you may want to look elsewhere if you need a top-tier APY or want in-person support but live outside First Tech Federal’s service areas.

Like most credit unions, First Tech limits its membership criteria based on employment, residency or familial relationships. A few membership qualifiers include:

• Work for one of its 1,700+ partner companies, such as Amazon or Microsoft
• Work for the State of Oregon
• Live or work in Lane County, Oregon
• Have a family or household member who is a First Tech member
• Belong to the Financial Fitness Association

First Tech says that if you’re unsure whether you qualify for membership, you can schedule a virtual or in-person meeting to determine eligibility.

Related: Best High-Yield Savings Accounts

How First Tech Federal Credit Union stacks up

First Tech offers several perks that help distinguish it from the competition, but similar to other credit unions, you must meet specific criteria to become a member and open an account.

What we like

• High-yield checking. First Tech Federal’s Rewards Checking offers up to 3.00% APY — an impressive rate for a checking account.
• Minimal monthly fees. Most of this credit union’s checking and savings accounts have no monthly maintenance fees.
• Fee-free ATMs. First Tech Federal is part of the CO-OP ATM network, which supports over 30,000 fee-free ATMs across the US.
• 24/7 customer service. First Tech Federal’s toll-free line is available 24/7.

What could be better

• Mediocre savings rates. Unless you can meet the balance requirements for the credit union’s premier savings option, you’ll probably be looking at a low savings APY.
• Limited branch network. First Tech branches are only located in California, Colorado, Georgia, Idaho, Massachusetts, Oregon, Texas and Washington.

First Tech’s checking accounts

First Tech advertises two personal checking accounts on its website: First Tech Rewards Checking and First Checking Plus. Either gives you access to over 30,000 CO-OP ATMs.

• First Tech Rewards Checking. First Tech Rewards Checking allows you to earn a higher APY in conjunction with its First Tech Rewards Savings account. Qualified members could also receive up to 1% cash back on credit card spending and up to 0.50% cash back on minimum loan payments. To qualify for the advertised rate of 3.00% APY, you must first three requirements (card spending, direct deposit and paperless statements). There are no monthly maintenance fees or minimum balance requirements, and there is a low $25 opening deposit.
• First Checking Plus. Unlike First Tech Rewards Checking, First Checking Plus isn’t a checking account that pays you for keeping money in the bank. However, it has zero monthly maintenance fees and no account requirements, so it’s still a solid choice if you’re looking for a low-maintenance option without messy frills.

Related: Best Checking Accounts

First Tech’s savings accounts

First Tech Federal Credit Union has a few savings accounts to choose from. Like most savings accounts, you’re limited to up to six withdrawals per month, and like all of First Tech’s other products, you must be a member of the credit union to be eligible.

• Membership Savings. Offers a low 0.01% APY, a typical $5 opening deposit requirement and no monthly fees. Basic, simple and no frills.
• First Tech Rewards Savings. Pays a nice 3.00% APY, but to unlock this rate, you must have the Rewards Checking account and meet a few requirements. Otherwise, the APY on all balances is only 0.01%. Note that the same monthly requirements that apply to earning interest on the Rewards Checking account also apply to the Rewards Savings account.
• First Tech Premier Rewards Savings. Offering a high 3.50% APY, this is the credit union’s premier savings option. However, to qualify for the highest APY, you must maintain a daily average balance of $250,000 across your checking, savings or certificate accounts with First Tech, or have an aggregate balance of $500,000 with Addison Avenue Investment Services.

Related: Best Savings Accounts

First Tech Federal Credit Union’s share certificates

At First Tech Federal, you can choose from traditional share certificate terms that range from six to 60 months and bump-up share certificates with terms ranging from 13 to 36 months. Traditional share certificates offer a fixed interest rate for the entire term, whereas bump-up share certificates let you increase your rate once (or multiple times) if rates rise during the term.

First Tech’s traditional rates range from 3.25% to 3.50% APY, all with a reasonable $500 opening deposit requirement. Standard share certificates have terms ranging from three to 60 months.

There’s also First Tech’s Bump Up certificates, with rates up to 3.40% APY on an 18-month term with a $100,000 opening deposit.

Related: Certificates of Deposit Guides

Customer reviews and ratings

First Tech Federal is accredited by the Better Business Bureau (BBB) with an A+ rating, and has really good ratings on Trustpilot, at the time of writing. With just over 6,000 ratings on Trustpilot, it holds a fantastic 4.9-star rating. Many praise the credit union for its excellent customer service, knowledgeable staff and easy-to-set-up accounts.

That said, First Tech Federal has accumulated over 100 customer complaints on its BBB profile over the past three years, with some reporting unexpected account closures and delays in customer support. But overall, the positive ratings easily drown out the bad ones.