First Tech Federal Credit Union: Guide to CD rates

In 1952, a handful of employees from Hewlett-Packard and Tektronix founded a credit union in Beaverton, Ore. to serve employees of the area’s premier technology companies.

First Tech Federal Credit Union, now headquartered in Hillsboro, has more than 700,000 members and employs more than 1,700 people. Let’s take a closer look at First Tech Federal Credit Union’s journey through the years and learn more about its product offerings.

What is First Tech Federal Credit Union?

First Tech bills itself as the nation’s premier credit union for employees of technology companies. It’s grown from a small financial organization in the suburbs of Portland to a nationwide footprint serving members in all 50 states.

First Tech Credit Union also provides financial services for technology titans such as Microsoft, Intel, Cisco, Intuit, Google, Amazon, Hewlett-Packard Enterprises, and Beaverton-based Nike.

First Tech Federal Credit Union’s mission and philanthropy

First Tech Credit Union is a member-owned financial institution whose philosophy is people before profits. The credit union is governed by a board of directors composed entirely of credit union members.

First Tech in 2024 donated more than $3.6 million to over 100 charitable organizations. Its primary philanthropic focus areas include supporting educational initiatives such as STEM, financial literacy, and early childhood education programs, as well as fundamental needs such as addressing community health, hunger and shelter. First Tech also supports Children’s Miracle Network Hospitals and Credit Unions for Kids.

Its charitable donations are based on the greater of 2% of annual net income or a base donation of $2 million.

First Tech FCU Industry reputation and trustworthiness

First Tech Federal Credit Union is regulated by the National Credit Union Administration, which rates FTFCU among the safest credit unions in the country. Under the NCUA’s regulations, First Tech is considered “well capitalized” with strong credit quality. Its regulatory capital – the amount of funds a credit union is required to hold to be considered financially sound – was 9.6%, or $1.67 billion, in 2024. The NCUA requirement for a well-capitalized credit union is 7%.

The credit union in 2024 had $17.4 billion in total assets, making it the 12th-largest credit union in the U.S. Net income, meanwhile, was $29 million, which allowed First Tech to invest in its infrastructure and maintain healthy financial reserves, President and Chief Executive Officer Greg Mitchell and Board Chairman Jeff Hank wrote in the company’s annual report to shareholders.

Furthermore, First Tech’s supervisory committee provides independent review and monitoring of the credit union’s operations, management, procedures, and internal controls to provide additional safeguards to member assets. These measures include routine external review and audits of all required financial statements to provide continuous monitoring of the credit union’s financial health and risk, as well as the health of its information security protocols.

You can find additional information about First Tech Federal Credit Union by inputting the institution’s charter number of 19976 into the NCUA’s online credit union tool.

How does First Tech Credit Union differ from a bank?

Banks are private or public for-profit financial institutions owned by shareholders. Credit Unions are non-profit organizations owned by their members. It’s an important distinction when considering credit unions for primary banking needs. Local and regional banks will put deposits to work in their respective communities, but that’s not necessarily true with national banks. With credit unions, deposits are used to fund a variety of loans to other credit union members, so your money directly benefits members of good standing.

First Tech NCUA insurance protection

The National Credit Union Administration (NCUA) automatically provides credit union members with federally guaranteed insurance on their accounts up to $250,000, or $500,000 on joint accounts. Insurance is extended to standard checking and savings accounts, as well as certificates of deposit, IRAs, and other types of retirement accounts, and revocable and irrevocable trust accounts.

First Tech Federal Credit Union membership eligibility

First Tech Federal Credit Union does have certain eligibility requirements. To join, you must meet one of the following conditions:

• Work for one of more than 900 sponsor companies
• Have someone in your family or household who is a member
• Belong to either the Computer History Museum or the Financial Fitness Association
• Be employed by the State of Oregon
• Live or work in Lane County

If you don’t meet one of those requirements, First Tech advises potential members to schedule an in-person or virtual meeting to discuss possible next steps.

Benefits of membership at First Tech Credit Union

First Tech Federal Credit Union positions itself as a financial partner for members. Benefits include:

• Convenience: Enjoy access to First Tech branch locations in eight states, as well as more than 5,600 colocation branches and more than 30,000 surcharge-free ATMS. Of course, First Tech offers online and mobile banking options as well.
• Security: In addition to NCUA guarantees of up to $250,000 for each individual account, First Tech offers 24/7 fraud monitoring and the latest online data encryption methods.
• Advocacy: First Tech Credit Union is a people-first organization that advocates for its members, as well as a wide range of charitable and community-based organizations.

First Tech Federal Credit Union banking products

First Tech Credit Union offers all traditional banking services, such as checking and savings accounts, and certificates of deposit, which are called share certificates at credit unions.

Additionally, First Tech offers home, auto, personal, student loans, and commercial loans, as well as investment services, credit cards, and insurance.

First Tech’s wide range of share certificates are perfect for savers as they offer some of the highest interest rates available among financial institutions. It has four different promotional certificates of varying term lengths.

First Tech share certificate options

First Tech Federal Credit Union offers a variety of share certificates—the credit union equivalent of a CD—to suit different savings strategies. All certificates require a minimum opening deposit of $500 and are federally insured by the NCUA up to $250,000.

• Traditional share certificates: These are fixed-rate accounts available in terms typically ranging from six months up to 60 months (five years) to lock in a guaranteed return for a set period.
• Bump-up share certificates: These certificates offer greater flexibility, allowing members to “bump up” their interest rate once per term if the credit union’s rates increase, ensuring they don’t miss out on higher earnings. These also may allow for a single additional deposit during the term. Terms include 13-month, 24-month, and 36-month options.
• IRA share certificates: Designed for retirement savings, these certificates offer both traditional and Roth options, allowing you to grow your retirement funds with the security of a fixed dividend rate over a chosen term length.
• Promotional certificates: The credit union frequently offers special, high-yield promotional certificates for a limited time, which often require new money to be deposited from outside the credit union to qualify. Terms can vary, such as 6-month, 13-month, 24-month, and 36-month options, with some of the longer-term promotional certificates also featuring the bump-up option.

Frequently asked questions about First Tech Federal Credit Union

Is First Tech Federal Credit Union FDIC insured?

Credit unions in the U.S. are insured by the National Credit Union Association (NCUA), which is similar to the FDIC. First Tech is insured through the NCUA.

Can anyone join First Tech Federal Credit Union?

Members must meet certain requirements to join First Tech Federal Credit Union.

What are the benefits of joining First Tech Federal Credit Union?

Members enjoy a long list of benefits, including: Belonging to a community-focused financial institution; high interest rates on share certificates; and potential access to mortgage, home, auto, and personal loans.

Does First Tech Federal Credit Union offer free checking?

First Tech waives its monthly maintenance fee for rewards checking account holders, provided they meet certain account requirements each month.

What is the minimum deposit to open an account at First Tech Federal Credit Union?

Savers can open First Tech Credit Union share certificates with a $500 minimum deposit.

Who is First Tech Federal Credit Union merging with?

First Tech Federal Credit Union in 2024 announced plans to merge with Digital Federal Credit Union and create the largest technology-focused credit union in the nation.