BEAVERTON, Ore./MOUNTAIN VIEW, Calif.–First Tech FCU has been named “Best Credit Union for Everyone” by MONEY in its 2016-2017 Best Banks annual survey.
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, according to MONEY.
“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, in a released statement “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.”
MONEY said it 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 a consumer can join via a one-time payment to an associated group. From almost 800 accounts, MONEY said it 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 further said it 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 said it 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.