Savings Frequently Asked Questions

Tiered savings accounts earn different dividend rates based on the average daily balance. The more money you deposit, the higher dividend rate you earn. See our rates page to view current rates for all of our banking products.

Money deposited in a savings account is meant to be reserved and not withdrawn regularly. Think of these accounts as a safe place to hold money for future uses 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 readily and without penalty. To access these funds, you can visit one of your financial institution’s locations or log in to digital banking to make a transfer. You may also access savings 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 with dividends. 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.

Every First Tech member starts their membership journey with a Membership Savings account, which is provided upon initiation of membership in our credit union. This savings account requires an initial deposit of $5. You can add or change your accounts following this initial membership action. As a member of First Tech Federal Credit Union, you can take pride in knowing that we’re your financial partner and can help guide you to the best banking products and services to fit your life.

Dividends are compounded daily and credited to your account monthly. This means dividends are calculated each day based on your account balance and accumulated dividends, then added to your account at the end of the monthly dividend period.

Daily compounding calculates dividends every day, while monthly compounding calculates dividends once per month. Because dividends are applied more frequently with daily compounding, your account can earn more over time compared with monthly compounding at the same rate.