First Tech CU Rewards Checking Account 2024 Review
First Tech Credit Union's Rewards Checking account offers an excellent APY on balances up to $15,000 when you meet minimum requirements. There are no monthly maintenance fees and it's easy to open an account online, over the phone, or at a First Tech CU branch location.
Rewards checking accounts can pay you interest on balances or reward you with cash back on purchases. First Tech Credit Union takes the interest approach, paying an outstanding rate on checking balances--and savings balances if you want to open multiple accounts here.
This account could be right for you if you:
- Are interested in joining a credit union
- Would like to earn interest on checking account balances
- Prefer a checking account with no monthly fees and multiple ways to access your money
- Want a checking account with fee-free ATM access
You can open the Rewards Checking account by itself or pair it with a Rewards Savings account. First Tech Credit Union also offers share certificate accounts and bank accounts for small businesses.
First Tech CU Rewards Checking Account Pros & Cons
Compared to Other Checking Accounts
Upgrade Rewards Checking Plus
Upgrade Rewards Checking Plus features a debit card that earns up to 2% cash back on purchases. There are no monthly fees or overdraft fees and you can earn a competitive rate when you open an Upgrade savings account to go with checking. There are no branches, however, which might be a drawback for some.
Read our full editorial review of the Upgrade Rewards Checking Plus account
Quontic Bank Cash Rewards Checking
Quontic Bank is an innovative digital bank offering rewards checking accounts that earn cash back. You'll need $100 to open an account here but you'll pay no monthly maintenance fees. If you prefer interest checking vs. earning cash back, Quontic also offers that option with the same $100 opening deposit requirement.
Read our full editorial review of the Quontic Bank Cash Rewards Checking account
Ally Bank Interest Checking
Ally Bank offers a checking account that earns interest on balances but the rate is well below what you could get with First Tech Credit Union. On the other hand, you'll pay no monthly maintenance fees and get access to more than 75,000 fee-free ATMs. Ally also waives overdraft fees and reimburses you for up to $10 in foreign ATM fees per statement cycle.
Read our full editorial review of the Ally Bank Interest Checking account
LendingClub Rewards Checking
LendingClub Rewards Checking earns cash back when you use your debit card for qualified purchases. You can also earn interest on checking account balances, though the APY is closer to what a traditional bank might offer vs. what you can find at top online banks. If you're paid via direct deposit, you can set up your account to get paid up to two days early.
Read our full editorial review of the LendingClub Rewards Checking account
Interest and Rewards
Rewards checking accounts give you something back for maintaining an account.
Some rewards checking accounts pay you cash back when you spend with your debit card. Others pay interest on balances or offer both interest and cash back.
First Tech CU pays interest on checking account balances, with some conditions. To get the advertised APY, you'll need to:
- Make 20 qualifying debit card transactions per month totaling $500 or more
- Have monthly direct deposit or ACH deposits of $1,000 or more
- Enroll in paperless statements
The advertised rate applies to the first $15,000 in your account. If your account hits $15,000.01, your APY drops significantly.
If you tend to keep a lot of money in checking you might consider transferring some of it to a First Tech CU Rewards Savings account. You'll earn a competitive APY on up to the first $25,000.
Fees
Credit unions tend to charge lower or fewer fees than traditional banks because they're member-owned. It's important to consider the fees with any bank account so you know what you'll pay.
Here are the fees for First Tech CU Rewards Checking.
Other Service Fees - First Tech CU Rewards Checking
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0.00 |
| Foreign ATM fee | $2.00 |
| Cashier's checks | $0.00 |
| Overdraft | $33.00 |
| Returned payments | $33.00 |
| Stop payment | $33.00 |
| Foreign transaction fee | 1% |
| Incoming wire transfers (domestic and international) | $5.00 |
| Outgoing wire transfers (domestic and international) | $20 - $65 |
You can avoid overdraft fees by opting into overdraft protection. You'll need a checking account and a savings account to complete overdraft transfers. There's no fee for these transfers.
Branch and ATM Access
If you need to manage your accounts in person, First Tech CU has branches in:
- California
- Colorado
- Georgia
- Idaho
- Massachusetts
- Oregon
- Texas
- Washington
First Tech also participates in shared branch banking, which gives you access to in-person services at more than 5,600 co-ops nationwide.
If you need to visit an ATM, you can choose from 30,000+ fee-free CO-OP ATMs. First Tech CU does charge a $2 fee for withdrawals made using another bank or credit union's ATM.
Account Access
You have multiple ways to access and manage your account, including:
- Online banking
- Mobile banking
- Phone banking
- At a First Tech CU branch
- At a shared co-op branch
If you need to deposit money to your account you can do so at a branch or ATM, or via mobile check deposit. You can also schedule an ACH transfer, direct deposit, or wire transfer to deposit funds.
If you want to withdraw funds you can visit an ATM or branch, schedule an outgoing ACH transfer, or schedule a wire transfer. Fees apply to both incoming and outgoing wire transfers. There's a $1,000 daily limit on ATM withdrawals.
Online bill pay service is available at no charge, though there is a fee if you need to schedule an expedited bill payment.
Zelle is available through the First Tech mobile banking app. You can log in, navigate to the Zelle menu and schedule a transfer or see payments that other people have sent to you. There's no fee to use Zelle to send or receive funds.
FDIC Insurance
FDIC-insured means your deposits are protected if your bank fails. Since First Tech is a credit union, not a bank, you don't have FDIC coverage.
Instead, your accounts are insured through the National Credit Union Share Insurance Fund (NCUSIF). First Tech is regulated by the National Credit Union Administration (NCUA).
The standard coverage limit is $250,000. That's the same limit the FDIC applies to depositors at member banks.
What You Need to Open
Before you can open a First Tech CU Rewards Checking account you'll need to become a member. First Tech extends membership to:
- Employees of partner tech companies, including Microsoft, Amazon, and Intel
- Family members of existing First Tech CU members
- Employees of the state of Oregon
- People who live or work in Lane County, Oregon
- Members of the Computer History Museum
- Members of the Financial Fitness Association
If you don't think you qualify you could still contact First Tech to see if other circumstances might make you eligible for membership.
If you're eligible, here's what you'll need to open your account:
- A Social Security number
- A driver's license number or state-issued ID number
- Your personal information
If you've already applied for membership you can log in and open your Rewards Checking account online. You can also visit a First Tech CU branch if you have one near you to get started.
Frequently Asked Questions
Is a credit union a good place to bank?
Credit unions are a popular option for people who want to keep their money at a member-owned financial institution instead of a traditional bank. A credit union may charge fewer fees or offer better interest rates on deposit accounts. Some people like credit unions because they can offer a more personalized banking experience.
Do all credit unions require membership?
Credit unions require you to be a member to join but some have easier requirements to qualify than others. A national credit union, for instance, might offer membership to everyone regardless of where they live, work, go to school, or attend church. Other credit unions may have a narrower field of membership that's tied to a specific geographic area or industry.
Is First Tech CU a good credit union?
First Tech Credit Union has a solid reputation for being a good place to bank. Some of the features that make it an attractive option include excellent rates on checking and savings accounts, low fees, convenient banking access, and superior customer service. If you're not eligible to join First Tech, it may be worth checking out credit unions in your area to see if one might be right for you.
