First Tech Federal Credit Union Review: Checking, Savings and CDs
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
- Savings
- Checking
- Certificates of deposit
- Banking experience
- Overdraft fees
Overall institution rating
4.0
First Tech Federal Credit Union offers a great checking account with no monthly fees. Anyone can apply for membership if they meet an easy requirement. Best for: Those who want a free checking account and the option for in-person or virtual service, and who are unlikely to overdraft.
Pros
- No monthly fee and low minimum opening deposit on checking.
- Easy to join.
- In-person service at shared branches or virtual appointments online.
Cons
- You’ll need to open a Membership Savings account before you can open any other accounts.
- Overdraft fees are expensive.
Full review
Savings
Federally insured by NCUA
3.5
/5 NerdWallet ratingThough you won’t make much interest with the Membership Savings account — it earns less than the national average of 0.40% APY — you need only $5 to open an account, and there are no monthly fees. Having a Membership Savings account allows you to open other accounts at First Tech.
» Want to see how these rates stack up against others? Check out the best savings accounts
Checking
Federally insured by NCUA
4.5
/5 NerdWallet ratingFirst Tech offers Carefree Checking, a basic option that has no minimum opening deposit requirement. This straightforward checking option doesn’t charge a monthly fee or have a minimum balance requirement.
CD
Federally insured by NCUA
4.0
/5 NerdWallet ratingSome of First Tech’s certificates of deposit have rates that are on par with some of the best rates from online banks. The credit union’s minimum deposit requirement is reasonable (and lower than what some credit unions require), though you can find lower requirements at some online banks.
» Want to comparison shop? See the best CD rates
Banking experience
3.5
NerdWallet ratingUnlike many credit unions, First Tech makes it easy to join. The most straightforward ways to apply to become a member are to work or live in Lane County, Oregon, work for a qualifying high-tech or telecom company, or be related to a First Tech member. But you can also apply to join First Tech if you're a member of a nonprofit called the Financial Fitness Association, which costs $8 per year. Not many credit unions provide this type of option.
Though First Tech is easy to join, it has only a few dozen branches, mostly along the West Coast. If you aren't near one, you won't have access to in-person banking. The credit union's website is easy to use, however, and members can contact First Tech by phone on weekdays from 6 a.m. to 6 p.m. PT. You can also make an appointment for in-person or virtual support, or get help by mail, email, Facebook or Twitter.
First Tech’s mobile apps receive decent to high reviews, with both the Android and iOS versions receiving 4.7 out of 5 stars. The credit union doesn’t have an online chat feature, but members can send a secure message online through their accounts.
Overdraft fees
3.5
NerdWallet ratingThe credit union’s overdraft policy is pricey. Though First Tech’s overdraft fee is slightly lower than what some banks charge, it’s more costly than what you’ll find at some other credit unions. You’ll owe $33 every time you overdraw your account. First Tech charges an overdraft fee up to five times per day, which means you could potentially pay a max of $165 a day for overdrafting. Note that some banks and credit unions don’t charge overdraft fees at all.
The credit union does offer free overdraft transfers from a linked First Tech savings account or personal line of credit.
How does First Tech Federal Credit Union compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Online Savings Account Member FDIC |
|---|---|---|
NerdWallet rating 5.0 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.85% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at SoFi | Learn more at CIT Bank | Learn more at Citizens |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
