First Tech Federal Credit Union Review 2024 (2024)

First Tech currently offers five checking accounts, including a rewards checking account, an interest checking account, a fee-free checking account, an HSA checking account and an account for children and teens. The credit union also provides several options for savings accounts and multiple certificates.

First Tech Rewards Checking

First Tech Rewards Checking has no minimum balance requirements or monthly fees and earns interest and other rewards with qualifying activity. Members can earn an impressive 5.00% APY on balances up to $15,000 (0.10% APY on any portion of your balance above $15,000) by satisfying all of the following criteria:

• Conducting at least 20 credit or debit transactions each month with a minimum spend of $500.
• Receiving at least $1,000 in direct deposit or ACH transactions each month.
• Enrolling in eStatements.

Accounts that do meet these requirements earn the lower APY on balances over $15,000, and accounts that don’t meet monthly requirements earn 0.01% APY. Taking full advantage of this high-yield checking account requires having a credit card or select loans through First Tech. Additional rewards include monthly ATM rebates, a $10 monthly streaming subscription rebate, additional cash back on credit card purchases and cash back on First Tech loan and HELOC payments from a linked First Tech account.

First Checking Plus

First Checking Plus , another interest-bearing account, earns 0.01% APY on all balances. This is far less than the average interest checking account earns. Opening an account requires a$10 minimum deposit. The account carries no monthly service fees and comes with a free debit card and fee-free access to almost 30,000 co-op ATMs nationwide.

First Tech Carefree Checking

First Tech Carefree Checking requires a $10 minimum deposit to open. The no-frills checking account doesn’t earn interest, but it has no monthly fees and comes with a free debit card.

First Tech HSA Checking

First Tech HSA Checking is a health savings account (HSA) for customers who want to save money for future qualifying medical expenses. This type of account is only available to individuals with qualifying insurance plans and restricts spending to health-related expenses, per federal guidelines. The account requires a $10 opening deposit and currently earns 1.00% APY on all balances. Annual HSA contribution limits apply.

First Tech Start Up Checking

First Tech Start Up Checking is a joint custodial checking account for kids and their parents. The account requires a $10 minimum opening deposit and earns 0.10% APY on all balances. The child and parent must both be members of the credit union to open an account. When the child turns 18, First Tech automatically converts the account to a standard checking account. Parents can opt to receive a debit card for their child to use with the account.

Compared to the best debit cards for kids, this account doesn’t offer many benefits.

First Tech Rewards Savings

First Tech also offers multiple savings accounts for credit union members. First Tech Rewards Savings requires a 5.00% APY on up to $24,999.99 and 0.10% APY on balances greater than $25,000 (0.01% without meeting certain requirements) minimum opening balance and comes with access to the same perks as the Rewards Checking account. Additionally, the savings account earns the following APY when you meet requirements.

With qualifying activity, you’ll earn 5.00% APY on up to $24,999.99 and 0.10% APY on balances greater than $25,000 (0.01% without meeting certain requirements).

The same monthly spending and deposit requirements to earn the best interest rates on the Rewards Checking account apply to the Rewards Savings account.

First Tech Instant Access Savings

First Tech Instant Access Savings requires $25 to open an account, but larger balances unlock slightly higher rates. Members can earn tiered interest based on the account balance:

• 0.75% APY on balances up to $99,999.99
• 0.85% on balances between $100,000 and $249,999.99
• 0.90% on balances of $250,000 or more

Still, even with a balance of $250,000, First Tech’s Instant Access Savings account is not competitive with what the best high-yield savings accounts currently offer.

First Tech Membership Savings

The First Tech Membership Savings account, required to establish membership with the credit union, only asks for a $5 opening deposit but earns a mere 0.05% APY. This is considerably less than the average savings account currently earns.

First Tech Carefree Savings

First Tech Carefree Savings is a basic savings account that requires a $25 opening deposit and earns 0.05% APY on all balances.

First Tech Start Up Savings

First Tech Start Up Savings is another joint custodial account for children up to 17 years of age. The account earns 5.00% APY on balances under $1,000 and 0.10% APY on balances of $1,000 or more, with no requirements to qualify for interest or monthly fees. First Tech automatically converts the account to a standard savings account when the child turns 18.

Certificates of Deposit (Share Certificates)

Share certificates are the equivalent of certificate of deposit (CD) accounts for credit unions. First Tech offers two types of share certificates—Traditional and Bump Up share certificates.

First Tech Traditional Share Certificates terms range from six months to five years, with APYs between 1.80% to 4.25%. All CDs require a minimum deposit of $500.

Traditional Share Certificates

First Tech also offers bump-up certificates for 13-, 24- and 36-month terms with base rates ranging from 3.25% to 3.65% APY. There’s also the First Tech Promotional 13-month Bump Up Certificate with an APY of 5.00%. With Bump Up Certificates, account owners can upgrade the account to the current rate once every 12 months.

Bump Up Share Certificates

First Tech charges an early withdrawal penalty on both types of share certificates if you pull funds—other than earned interest—from the account before it reaches maturity. Share certificates carry a penalty of up to 270 days of interest, whether or not it’s been earned, based on the term length. Dividends, like interest, compound monthly and are credited to the account monthly or at certificate maturity.