First Technology Federal Credit Union is offering a reward checking account called Dividend Rewards Checking. It has a competitive rate, but the balance cap is a little disappointing. The account details are shown below. The rates are based on the credit union's rate sheet as of 9/7/2012.
Rates and ATM fee refunds if monthly requirements are met:
- 2.57% APY for balances up to $10,000
- 0.21% APY for portion of balance over $10,000
- 0.05% APY on all balances if requirements are not met
- Unlimited ATM surcharge rebates for out-of-network U.S. ATM transactions
- 12 debit card purchases
- One direct deposit or recurring ACH withdrawal
- Receive e-Statements
There are no minimum balance requirements and no monthly service fees regardless of the above requirements. Online BillPay is free.
Membership Eligibility - Easy to Qualify
Members of the Financial Fitness Association are eligible to be credit union members. Also eligible are those who live or work in Lane County, Oregon and those who work for the State of Oregon or for one of many companies. Please refer to the credit union's Join Us page for more details.
According to this Financial Fitness Association page, anyone can join this association with a $5 membership fee.
Credit Union Overview
Most of First Tech Federal Credit Union branches are located in Oregon, Washington and California. There are also branches in Colorado, Georgia, Idaho, Massachusetts, and Texas.
The credit union is also part of the CU Service Center Network which gives members access to credit union branches around the nation.
The credit union was originally started to serve Hewlett-Packard and Tektronix employees. That's why the branches are scattered across the nation. Since that time, its field of membership has expanded, and it's now a large credit union with $5.43 billion in assets.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 5.29% (excellent) based on June 2012 data. Please refer to our financial overview of First Tech Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 19976).
Thanks to the reader who informed me of this reward checking account and the credit union's broad FOM.
How This Reward Checking Compares
It's nice to identify another reward checking account that's available nationwide. The rate is competitive, but the balance cap is a little low. I only have two nationally available reward checking accounts with higher rates and with a balance cap of at least $10K. One is Max Checking from Lake Michigan Credit Union which has a 3.00% APY for up to $15K. The other is Premiere Rewards Checking from ABCO Federal Credit Union which has a 2.52% APY for up to $25K. These rates are accurate as of 9/7/2012.
Searching for Reward Checking Accounts
To find other reward checking accounts in your area, please refer to our reward checking rate table. This can also be used to find accounts available nationwide. If you're new to these tables, my rate table guide should be useful.
If you're new to reward checking, my blog post, 10 Common Traits of High-Yield Reward Checking, should be useful.