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First Tech Routing #321180379
Frequently Asked Questions

Savings Frequently Asked Questions

Every member at First Tech begins with a Membership Savings Account. It's the first account you open and where your original $5 membership share lives. Members are only required to have one account - a Membership Savings Account.

If you'd like to open additional savings accounts, the Carefree Savings is another option. With no minimum balance and no monthly fees, this account truly lives up to its name.

Dividend rates do vary between accounts, and we invite you to explore all savings account options.

Tiered savings accounts, like our Instant Access Savings, earn different dividend rates based on the average daily balance. The more money you deposit, the higher dividend rate you earn. Combine that with no monthly fees and you have one great way to save.

Money deposited in a savings account is meant to be stashed away and not withdrawn regularly. Think of these accounts as a safe place to hold money for future use like a large purchase, in case of emergency, or an investment some time down the road. Money in a savings account is considered a liquid asset, meaning you can access it easily and without penalty. To access these funds you can visit one of your financial institution’s locations or log in to digital banking to transfer it. You may also access it with a debit or ATM card linked to the account.

A savings account is a basic deposit account held at a financial institution that provides the account holder interest. Unlike a checking account, savings accounts are not meant to be drawn upon for regular daily expenses. Similar to checking accounts, savings accounts allow consumers to deposit cash to safe places that are often federally insured by NCUA or FDIC. First Tech deposit accounts are insured by NCUA or the National Credit Union Administration. The NCUA’s Share Insurance Fund has the backing of the full faith and credit of the United States. Credit union members have never lost even a penny of insured savings at a federally insured credit union. Depositing your money at an FDIC or NCUA insured financial institution also means you don’t risk cash on hand being lost or stolen.

As a member of First Tech Federal Credit Union, you can take pride in knowing that First Tech, a not-for-profit financial cooperative, is your partner. You can also take pride in the fact that every First Tech member is an owner, with voting rights. Every member starts their journey with a Membership Share Savings account that represents their membership in the Credit Union. This savings account requires an initial deposit of $5.