First Tech membership saved you and your fellow members nearly $143 million in 2013.
We work hard to earn the honor of being your trusted financial partner. And as your partner, we think it's important for you to know the value your First Tech membership offers you. We've always believed that we offer you a better overall value than banks so we decided it was time to prove it.
Working with a national research firm, we compared our account rates and fees with the average rates and fees of leading banks in our primary market areas. When all the calculations were done, First Tech members collectively saved nearly $143 million in 2013 simply by having their accounts with First Tech versus a leading bank. That's an average of $532 per member.
*Not all First Tech members will receive a Report. Members under the age of 18 as of 12.31.13, those not in good standing, those who have not made at least one transaction on any account in the past 12 months or those who saved less than $15 in 2013 will not receive an Annual Membership Savings Report.
Are you making the most of your membership?
On average, First Tech members saved $532 each last year just by having their accounts with First Tech versus a leading bank. If your membership savings amount was more than that, congratulations! You're likely making good use of your First Tech membership. But are you making the most of it? If you saved less than $532, you may not be taking full advantage of all that your membership can offer. Explore our Member Savings Calculator to discover how much more you may be able to save.
The more you have with us; the more you save
Our market research demonstrates that the easiest way to save more is to do more with us. We know that the deeper our financial partnership is with you, the more you save. Members with one First Tech account only saved an average of $41 annually whereas Members with four accounts saved an average of nearly $800.
How do your savings stack up?
Below are the average 2013 member savings amounts by account type. If your account's savings were less than the average, we encourage you to Schedule a Membership Account Review. We can do your Review by phone at 855.855.8805 or in your local branch, whichever you prefer.
Average Savings by Account Type
|Instant Access account||$233|
|Platinum Rewards Credit Card||$198|
|Signature Rewards Credit Card||$286|
|Home Equity Line of Credit||$499|
|Home Equity Loan||$706|
We confess, we're nerds.
As a financial institution, we're definitely numbers nerds; especially when it comes to numbers that save you money. In case you're a little nerdy like us, we want to give you the scoop on how we calculated your estimated, annualized savings.
The actual formulas vary by account type and are noted farther below; however, regardless of account type, we used the same basic method shown below to calculate each of your account's individual savings amounts. We then added all of your individual amounts together to calculate your total estimated, annualized savings amount. The definitions for each term are further below.
The rate benefit is the difference between your personal account rate and the average bank account rate for your assigned market area.
The definition varies by account type as follows;
- For credit card and home equity lines of credit, we used your personal 2013 year-end account balance.
- For term loans, we used your original balance and loan term and the remaining term left on your loan to calculate your 2013 balance.
- For adjustable rate mortgages, we used your year-end account balance and months remaining to maturity to calculate your year-end account balance.
The fee benefit represents the difference between the average bank account maintenance fee for your assigned market area and First Tech's account maintenance fee for a comparable account.
The rebate benefit applies to Dividend Rewards Checking account holders only and reflects your actual 2013 ATM surcharge rebates, if you received any.
Share Account Savings Formulas
Savings and Money Market Accounts
Year-end Account Balance x Rate benefit
Share Certificates and Individual Retirement Accounts
Current Balance used x Rate Benefit (fees not applied)
Non-Interest Checking Accounts
Fee Benefit only
Interest Checking Accounts
Account Balance x Rate Benefit + Fee Benefit
Loan Account Savings Amounts
Credit cards/Lines of credit
Account Balance* x Rate Benefit + Fee Benefit
*Please note that if you do not carry a monthly balance on your credit card, your actual savings amount would be less.
Account Balance (considers your original Balance and remaining loan term) x Rate Benefit @ 60-month term (autos), 36-month term (installment loans), account specific term (mortgages), or 48-month term (RV loans).
Our Research Partner
We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com to conduct this research. Although the information Informa provided us has been obtained from banks themselves, neither First Tech nor Informa can guarantee absolute accuracy at the time of printing as rates can change without notice.
The Markets We Compared
Your state of residence determined which banks we used to compare and calculate your estimated, annualized savings amount. We purchased data for the four primary market areas where our collective membership resides. If you live in a state other than California, Colorado, Idaho, Oregon or Washington, we used the average account rates and fees of all market areas to calculate your savings amount.
|Your State of Residence||Market Area We Used to Calculate Your Benefit|
|California||San Jose-Sunnyvale-Santa Clara, CA|
|Colorado and Idaho||Denver-Aurora-Lakewood, CO|
|Oregon or Vancouver, Washington||Portland--Hillsboro, OR & Vancouver,WA|
|Washington, except Vancouver||Seattle-Tacoma-Bellevue, WA|
|All Other States||Average rates and fees of the four market areas listed above|
The Banks We Compared
We used over 40 banks in our comparisons, but actual comparisons vary by market area based upon where each bank conducts business. The list of banks include:
|Bank of America||HomeStreet Bank|
|Bank of the West||HSBC|
|Banner Bank||Key Bank|
|BBVA Compass||Mechanics Bank|
|California Bank and Trust||Northwest Mortgage Group|
|Capital One Bank||One West|
|Charles Schwab Bank||Opus Bank|
|Citi Mortgage||Redwood Capital Bank|
|Citibank||Riverview Community Bank|
|City National Bank||Silicon Valley Bank|
|Citywide Banks||Sterling Bank|
|Colorado Business Bank||TCF National Bank|
|Colorado State Bank & Trust||U.S. Bank|
|Columbia Bank||UMB Bank|
|Comerica Bank||Umpqua Bank|
|East West Bank||Union Bank|
|First Republic Bank||Vectra Bank|
|Fremont Bank||Washington Trust Bank|
|Guaranty Bank & Trust||Wells Fargo Bank|
What does my estimated, annualized savings amount reflect?
The amount listed on your personalized savings report represents the sum of all of your individual account savings amounts. It reflects the difference between what you paid or earned in interest, fees or rebates at First Tech and what you may have paid or earned on average for comparable accounts at leading banks in your assigned market area. The amounts listed are for illustrative purposes only and do NOT constitute a cash payout, dividend or bonus.
What does "estimated, annualized savings" mean?
Because we compared your personal account rates and fees against the average rates and fees of the collective banks in your assigned market area, we cannot quote exact savings. Instead, the savings represent an estimate based on your personal account rate and balances. Annualized simply means that we've estimated your account for an entire year regardless of when you actually opened the account.
Why do I show negative savings? Did I lose money?
If one or more of your accounts shows a negative savings amount that does not mean that we deducted money from your account. It means that when we compared your First Tech account rates and fees with the average bank account rates and fees, you are not actually saving money by having that account with First Tech. This most likely occurs when your actual First Tech account rate is higher (for loans) or lower (for shares) than the average bank rate in your market area. If you have an account reflecting negative savings, there may be other accounts or services that would better suit your needs and help increase your savings. The best thing to do is schedule a Membership Account Review to ensure you're taking full advantage of your membership benefits. You can schedule your review online, stop by your local branch or give us a call at 855.855.8805.
What fees are included in the Fee Benefit calculation?
The only fees included in the calculation are recurring account maintenance fees. We did not include penalty or "occasional" fees such as overdraft fees, stop payment fees, foreign item fees, etc. First Tech has very few account maintenance fees so your membership really helps you save big in the fee area.
Where did you get the data?
We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com to conduct this research. We compared market rates using October 2013 financial data. Although the information Informa provided us has been obtained from banks themselves, neither First Tech nor Informa can guarantee absolute accuracy at the time of printing as rates can change without notice.