Overview
First Tech Federal Credit Union is a top 10 credit union in the United States. Founded back in 1952 in Oregon this credit union continues to grow. Today, they are headquartered in California and are known as one of the best an investment bank in both Oregon and California, serving the world’s leading technology companies and holds over $11 billion in assets. First Tech maintains over 40 branches and is a member of the CO-OP ATM, offering a 30,000 ATM network to its customers.
The bank’s services include banking, credit cards, loans, insurance, and investments. Furthermore, First Tech also offers fraud prevention, hardship assistance, and financial calculation services to its clients.
Mission: “Think Forward – A Better Experience”
Star One Credit Union focuses on providing long-term financial solutions to all of their members by delivering on money-saving benefits through their products and services.
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Banking with First Tech
First Tech prides itself in offering to its members a different experience than other credit unions. Offering a complete suite of financial services designed to meet your needs and to help you achieve your goals through enhanced account features and digital perks:
Membership
To become a member of First Tech Federal Credit Union you must meet any of the criteria below:
- Work for an innovative company on our partner list or for the State of Oregon (this list can be found on their website)
- Work or live in Lane County, Oregon
- Belong to the Computer History Museum or the Financial Fitness Association
Once you qualify as per the above, you are required to open a Members Savings account and make an initial deposit.
Checking Accounts
At First Tech there are 3 types of checking accounts:
Dividend Rewards Checking:
- Earn standard APY of 0.20% on balances over $15,000
- Minimum opening deposit of 1 cent
- No monthly balance requirement
- Earn a higher dividend rate of 2.00% & ATM fee rebates when you:
- Use your debit card for a minimum of 12 purchases
- Set up direct deposit or one recurring ACH withdrawal
- Enroll in e-Statements (for each qualifying period)
Carefree Checking:
- Ideal for a student, teen or starting your financial journey
- Minimum opening deposit of 1 cent
- No minimum balance required
- No monthly maintenance fees
HSA Checking:
- Must be enrolled in a qualified, high deductible health plan
- Minimum opening deposit of 1 cent
- Helps pay for medical expenses
- Earn 1.00% dividend rate
- No account fees
- No monthly maintenance fees
Savings Accounts
There are simple savings solutions available to First Tech members:
Instant Access Savings:
- Earns up to 1.20% APY
- Minimum deposit of $5,000
- Earn tiered dividends for larger balances
- No monthly maintenance fees
- No early withdrawal fees
Carefree Savings:
- Earn 0.10% APY
- Minimum deposit of $0.01
- No Monthly fees or access fees
- No monthly maintenance fees
Membership Savings:
- Earns 0.05% APY
- Minimum deposit of $5
- No monthly fees
- Monthly dividends
Certificates
First Tech offers their members two types of certificates to choose from in order to grow their money in the most convenient and accessible way.
Share Certificate: is a great and straight forward choice if you want a less risky alternative to other investments and prefer a hands-off approach to savings
- Terms range from 6 months to 5-years
- Minimum $500 is required
- Earn an additional 0.10% APY on balances over $50,000
- 6-month Share Certificate – Earn up to 1.25% APY
- 12-month Share Certificate – Earn up to 2.15% APY
- 24-month Share Certificate – Earn 2.20% APY
- 36-month Share Certificate – Earn up to 2.30% APY
- 60-month Share Certificate – Earn up to 2.40% APY
Bump Up Certificate: Offers the flexibility to bump up your rate or balance during the term at any time. This option also ensures a less risky alternative to the stock market and allows a hands-off approach to savings
- Terms range from 13 months to 5-years
- Minimum $500 is required
- Earn an additional 0.10% APY on balances over $50,000
- 13-month Bump Up Share Certificate – Earn up to 2.10% APY
- 24-month Bump Up Share Certificate – Earn up to 2.15% APY
- 36-month Bump Up Share Certificate – Earn up to 2.25% APY
Youth Accounts
First Tech believes in starting kids on their financial journey as soon as possible. With this, they offer ‘start up’ accounts that are designed with children in mind.
Start Up Savings:
- Earns up to 5.00% APY on balances up to 1,000
- Membership fee of $5 is required upon opening
- Monthly dividends
- No monthly maintenance fees
- Limit of one child per account
Start Up Checking:
- Earns up to 0.10% APY on all account balances
- Required a membership deposit of $5
- No balance minimum requirement
- No monthly maintenance fees
- Limit of one child per account
IRAs
Traditional and ROTH are available at First Tech Federal Credit Union. Each with their own distinctive features ranging in 6 months to 5-year terms. Available for your retirement needs are IRA Savings, Instant access savings and Certificates. The highest rate you can earn up to is 2.50% APY with an IRA certificate where the lowest rate offered is 0.05% APY.
| TRADITIONAL IRA SAVINGS | ROTH IRA SAVINGS | |
| Annual Contribution | $6,000 –if under age of 50 $7,000 –age 50 or older | $6,000 –if under age of 50 $7,000 –age 50 or older |
| Tax Advantage | Tax-deferred growth Contributions may be tax-deductible | Tax-free growth Tax-free qualified withdrawals |
| Earnings | Grows tax-deferred until withdrawn | Grows tax-free |
| Withdrawals | Withdrawals are taxed as income | None, unless taxed for early withdrawals |
| Withdrawals Restrictions | Most withdrawals before age 59½ result in IRS penalties | Most withdrawals before age 59½ result in IRS penalties |
| Distribution Age | 70½ | N/A |
| Minimum Balance Requirement | No minimum for IRA Savings Accounts $500 minimum for IRA Certificates | No minimum for IRA Savings Accounts $500 minimum for IRA Certificates |
| Fees | No set-up or monthly maintenance fees | No set-up or monthly maintenance fees |
Loans
Borrowing from First Tech is made simple, most products can be applied for through an online application or via the phone with the customer team. Of course, you can also visit any branch near you to begin. First Tech Federal Credit Union offers a multitude of loan options including, home loans, home equity, refinancing, auto loans and other motor vehicles, student loans, secured and unsecured loans as well as, commercial lending.
Credit Cards
On the credit card front, there are several options to choose from but we will only go over the two most popular cards from First Tech:
Odyssey Rewards:
- Earn 30,000 bonus points when you spend $3,000 in the first 90 days
- Annual fee is $0 for the first year and then $75
- Low APR of 12.99%
- Earn 3X premium rewards for travel purchases and 2X on dining
- Earn 1X point on all other purchases
- World Elite Mastercard Global Concierge services
- No balance transfer fee, no foreign transaction fee and no cash advance fee
Platinum Rewards:
- Earn 10,000 bonus rewards points when you spend $2,000 in the first 2 months
- Earn Reward points on every dollar
- 0% Introductory APR on balance transfers for 12 billing cycles
- No balance transfer fee
- Low APR of 11.99%
- No Annual fee
Banking Features
- Financial Calculators: The First Tech website offers financial calculators as tools to help you learn the value of a college degree or if you should consolidate debt. You weigh the cost of a new home or car and how long it will take you to reach your savings goal.
- Business Accounts: Not popular among other credit unions are Business accounts, but at First Tech there are several business accounts options. For the day-to-day banking the accounts include a business checking account and two savings accounts. They also offer CDs for businesses but these cannot be opened online.
- Youth Financial Education: As a member of First Tech your kids will gain access to two programs offers by the credit union to learn about money management. On the website the under the Financial Wellness tab there are two age specific modules equipped with games and more. There is also the Trail Savers tab which enrolls your child to receive tips and tricks as they grow on building their financial portfolio.
About First Tech
Fifty years ago, a few employees over at Hewlett-Packard and Tektronix joined their vision to strengthen financial futures and their passion for technological innovation for a greater good. Thus, First Tech Federal Credit Union was born to serve those serving the technology industry. They became one of the first in the banking industry that began using computers for online data processing. First Tech Credit Union is one of the top credit unions in the nation and has one of the largest footprints of branch locations, with 40 branches in nine states and Puerto Rico. They have over 500,000 members with over $11 billion in assets and more than 1,400 employees. First Tech offers a full range of banking services, including traditional banking, mortgage, financial planning and insurance services.
The Bottom Line
First Tech Federal Credit Union provides relatively high interest rate and comparable account to other online banks’ accounts. It is also a member of the shared branching network making it virtually possible to bank no matter where you are.
The drawback to this credit union is that in order to attain those higher interest rates, you will need to deposit higher sums of money. So, if you’re looking for reasonable rates with an average deposit amount, you may need to keep searching.