How do your savings stack up

As a credit union, we return our profits to our members in the form of lower loan rates, higher savings rates and fewer fees. The table below highlights some of the average 2015 member savings by product category. To learn more, please schedule an account review.

Average Savings by Product Type

Membership Savings Details

We value our members and wanted to show them the value they get by choosing First Tech as their financial partner. Here, you’ll find more information on how we calculated these numbers.

The Markets We Compared

State of residence determined which financial institutions were used for comparison and calculation. We purchased data from Informa Research Services, Inc. as of 11.23.15 for the four primary market areas where our collective membership resides. For members who live in a state other than California, Colorado, Oregon or Washington, we used the average product rates and fees of all market areas.

The Financial Institutions We Compared

We used many financial institutions in our comparisons, but actual comparisons vary by market area based upon where each bank conducts business. The list of financial institutions includes:

We confess, we're nerds

As a financial institution, we’re definitely "numbers" nerds, especially when it comes to numbers that our members value most. Working with a national research firm, we compared our product rates and fees with the average rates and fees of various banks in our primary market areas. The actual formulas vary by product type and are noted below.

Definitions to be aware of:

• Current First Tech APR / APY = First Tech's best rate offered as of 11.30.2015

• Market APR / APY = average best rate in key markets as of 11.23.2015

• APR = Annual Percentage Rate

• APY = Annual Percentage Yield

Deposit products were calculated by determining the difference between First Tech Annual Percentage Yield (APY) and the Market APY multiplied by the average daily balance plus the difference of Market fees and First Tech fees. Dividend Rewards Checking accounts which qualified for the higher rate 50%+ of the time were compared to higher interest earning checking account; those less than 50% of the time were compared to lower interest earning checking accounts.

Market APR (Annual Percentage Rate) equals the average of market rate information purchased.

Open-end products were calculated by determining the difference between the Market APR for product type and First Tech APR multiplied by the average balance plus the difference of Market fees and First Tech fees.

Credit Card savings equals interest charged on actual statement balance multiplied by the difference between Market APR and First Tech APR plus the difference of Market fees minus First Tech fees. Interest was not calculated for accounts paid in full each month; savings is only reflected in fees charged.

Term loan savings was determined by calculating the cumulative interest of the Market APR minus the cumulative interest of member’s current APR then adding the difference of Market fees and First Tech fees.

Adjustable rate mortgages (ARM) were calculated by determining the difference between the Market APR for product type and First Tech APR, annualized to a 12-month average savings amount regardless of the actual number of months left until maturity.

If you have questions, please let us know here.

What fees are included in the Fee Benefit calculation?

The only fees included for our deposit products are the actual ATM rebates we reimburse to members who qualify for their Dividend Rewards Checking accounts. The fees included on our lending side are the annual Home Equity Line of Credit (HELOC) fee and any origination fees that may be tied to specific products.

Where did you get the data?

We purchased rate and fee data from Informa Research Services, Inc., Calabasas, CA,www.informars.com as of November 23, 2015. Rates can change without notice.

What's the Membership Savings Report?

We created a Membership Savings Report, based on research, representing the 2015 estimated, annualized average savings of members. This report represents an estimate of savings and is for illustration purposes only. The savings amount is not a dividend and is not paid to members. Rate and fee data of various financial institutions, within First Tech’s four primary market areas of Portland/Vancouver, Seattle, Bay Area CA and Colorado, were purchased from Informa Research Services, Inc., as of 11.23.15. Members outside of a primary market were compared to the average of the four primary markets. If multiple comparisons were not available for a product, the product was either excluded completely from our research or the calculation was based on limited comparisons. Rates for all account types are subject to change without notice. Punitive fees were not taken into consideration when calculating any member benefits. Not all members received a report. If you’d like to learn more, please contact us at 855.855.8805.

What are product categories?

Below are the product categories we used. If multiple comparisons were not available for a product, the product was either excluded completely from our research or the calculation was based on limited comparisons.

Why some products were excluded from research?

If multiple comparisons were not available for a product, the product was either excluded completely from our research or the calculation was based on limited comparisons. Below is a list of products from our comparisons.