First Tech Federal Credit Union Checking Account Review 2024

First Tech Federal Credit Union is located in Oregon, but it has branches throughout the West Coast and in some neighboring states.

The four checking accounts offered through the institution range from the most basic with no bells and whistles to the Rewards Checking, which provides a competitive interest rate and other ways to grow your money. Here’s what you need to know if you’re interested in working with First Tech.

First Tech Federal Credit Union Checking Account At-a-Glance

First Tech Federal Credit Union offers numerous financial instruments, including four checking accounts.

The Rewards Checking is the most popular, and with no minimum balance requirement and no fees, it’s quite easy to use. Certain checking accounts offer competitive interest rates as well as little perks, such as rewards earned when you use your debit or credit card. With over 30,000 in-network ATMs available, it’s easy to manage your money with First Tech.

Easily Compare the Best Checking Accounts Online

Compare fees, see which banks are offering bonuses for new account holders, and find the best checking account for your needs.

How It Works

There are four checking account options at First Tech Federal Credit Union. Two of them provide interest, and one of them is rather competitive in the market; the other two don’t offer interest but still have robust service and everything you might need for a hassle-free checking option. One of those interest-bearing checking options is tied to a health savings plan, providing you with the opportunity to save for big expenses while earning some interest on your everyday savings. None have a monthly fee or minimum balance requirement.

Pros and Cons

Understanding the advantages and disadvantages of a checking account can help you decide if a particular bank is for you. Here’s what to expect from the checking accounts at First Tech Federal Credit Union.

Compare to Other Checking Accounts

When choosing a bank to keep your hard-earned money, it pays to evaluate several and determine which one is right for you. Consider what matters most to you in the banking experience and look for an institution that gives you exactly that and more.

One Cash

There are no branches for One Cash, and all finances are handled on the app. However, you can add cash at Walmart locations, which can make it easy to bank from anywhere. The checking accounts do have fees, but those are easy to waive with simple activities that you are likely doing anyway, such as direct deposits.

There are no monthly or overdraft fees, debit card purchases earn rewards, and the network has plenty of fee-free ATMs.

TD Bank

TD Bank offers several checking account options, and most of them offer easy ways to waive the fees. There is no minimum deposit to open an account, the mobile app is robust, and you can link to your savings account for more security.

With well over 1,100 branches and more than 2,600 branded ATMs, it’s easy for those in the area of TD Bank to choose to manage money online, on an app, or in person. None of the checking account options earn competitive interest, however, so consider that if you have large amounts of money to put into your checking account.

Discover®

Those looking for a nationwide bank can find it through Discover, which offers over 60,000 ATMs worldwide and a very intuitive and popular mobile app.

There are no monthly fees, no overdraft charges, and cashback rewards for using your debit card. However, those cash-back rewards are limited. There is also the problem of being unable to deposit cash. Early direct deposit is a nice perk, as customers can get their money up to two days sooner.

Who is First Tech Federal Credit Union For?

Since most branches are on the West Coast, First Tech Federal Credit Union is best for residents of that region.

However, it’s also good for those who want to bank online, look for competitive interest rates, and want to avoid monthly fees. Those who want serious flexibility will love these checking accounts with no minimum balance.

However, those who travel extensively might be disappointed with the ATM coverage and the lack of reimbursement for ATM fees.

Rating the Features

When choosing the right checking account for your needs, it’s important to break down the features of the account and/or bank to determine if you want to keep your money there. Here are some of the strong features of First Tech Federal Credit Union.

Minimum Balance

There is no minimum deposit and no minimum balance required to keep the Rewards Checking account in good standing. This means that you can easily open the account and fund it on your timetable. Other accounts require a $10 minimum opening deposit but don’t have an ongoing balance requirement.

Fees

There are no monthly fees for any of the checking accounts offered by First Tech. There are other fees, such as a fee for overdrafts or stopping payment on a check, but these fees tend to be on par with what other banks charge. Take a look at the fees and decide if they are things that will affect your financial life. If so, are you willing to pay them?

Rates

First Tech offers competitive rates on the Rewards Checking account, as well as the HSA account. However, keep in mind that those interest rates are tiered – the highest interest goes to the first $15,000 in the Rewards Checking account, and anything over that receives minimal interest. If you want to carry a higher balance, this might be a good reason to open up more than one account.

Customer Service

You can get customer service via phone 24/7. The bank has automated systems, a robust website, and a mobile app, all of which allow you to get help whenever you need it. However, some customers say that they are unhappy with the website and that the only way to get solid service is by visiting a branch.

Accessibility

This credit union has over 40 branches, mostly on the West Coast. It also has a network of over 30,000 ATMs where you can withdraw money without a fee. The 24/7 phone assistance is quite helpful for customers, and the accounts can be opened and managed online, meaning that you don’t have to be anywhere near a branch to take advantage of the services.

Other Products

As with many large banks or credit unions, First Tech Federal Credit Union offers a full suite of services to customers, including mortgage or other loan options, CDs, retirement accounts, and more. There are also savings accounts and other products ready for you when it’s time to expand your financial profile.

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