First Tech Federal Credit Union named the Best Credit Union by Money
MONEY selected first tech after extensive review of 50 of the largest credit unions in the United States
SAN JOSE, CA (November 3, 2016) — First Tech Federal Credit Union, the nation’s premier credit union serving technology companies, has been named the “Best Credit Union for Everyone” by MONEY in its 2016-2017 Best Banks annual survey.
“We aspire to become the nation’s most admired credit union, and to be recognized as the nation’s best by MONEY is a testament to the effort our employees put forth to ensure that we’re advocating for our members and offering some of the best financial products and services in the industry,” said Greg Mitchell, president and CEO of First Tech. “First Tech members collectively save millions annually thanks to our low-cost and no-fee services coupled with higher-than-average savings yields versus traditional banks.”
Of note, MONEY praised First Tech for its Dividend Reward Checking account product that offers 1.57% yield, which MONEY analysts said is “roughly 20 times higher than the average interest paid by traditional banks.” In addition, First Tech scored high marks in national reach through its large CO-OP network of credit union partners, along with its 40 branches across the United States and Puerto Rico. Furthermore, First Tech does not charge maintenance fees on any personal accounts, a common practice in the banking industry.
MONEY analyzed the 75 largest brick-and-mortar banks and online banks by consumer deposits—based on data from consulting firm Novantas—as well as the 50 biggest credit unions, selecting those you can join via a one-time payment to an associated group. From almost 800 accounts, MONEY gathered 27,000-plus data points, including account terms, ATM networks, branch hours, mobile-app features, preferential loan rates, and other benefits.
For Best Big Bank, Regional Banks, Online Bank, and Credit Union for Everyone, MONEY screened first for banks with checking accounts that let you avoid all maintenance and ATM fees with a balance of no more than $5,000. Of those, MONEY gave points for reimbursement of other ATMs’ surcharges; interest paid on checking and savings; published J.D. Power customer service ratings, when available; loan discounts; geographic reach; and mobile apps.
In Best for Convenience, selections were based on geographic reach, ATM networks, and average branch hours.
Best Stand-Alone, Military, and Small-Business Accounts were chosen based on a narrower set of factors, including the ability to avoid maintenance and ATM fees, interest paid, low foreign-transaction fees, cash transaction limits, and other relevant benefits.
About First Tech Federal Credit Union
First Tech Federal Credit Union is a $17+ billion institution headquartered in San Jose, California. The nation’s premier credit union serves the world’s leading technology-oriented companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google, and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 720,000 members through its 33 branch locations, more than 5,600 CO-OP Shared Branch locations, 30,000 CO-OP Network ATMs, and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans, and insurance services. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.firsttechfed.com.