Update 2/16/25: Deal is back
Update 12/28/24: Deal is back but requires a $5,000 direct deposit now.
Update 6/18/24: Extended until August 31, 2024
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide (with an $8 membership to the Financial Fitness Association); [ChurningExperiences notes that First Tech may automatically reimburse you for the $8 membership]
- Direct deposit required: Yes, $1,000+ per month for three months
- Additional requirements: See below
- Hard/soft pull: Soft in my experience and recent DPs (an older Hard DP exists)
- ChexSystems: Positive DPs, Some Sensitivity (but maybe not)
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: June 30, 2024
Contents
The Offer
- First Tech Federal Credit Union is offering a bonus $300 when you open a new checking account and complete the following requirements:
- Set up a new payroll direct deposit to your First Tech Rewards Checking of $5,000+ per month for a minimum of three months
The Fine Print
- Offer valid for enrollment between February 26, 2024 and June 30, 2024 for members without an existing direct deposit.
- Members with existing direct deposits or who are already enrolled in a First Tech direct deposit campaign are not eligible.
- Participant is defined as 18 years of age or older and the primary account owner on a First Tech Rewards Checking (FTRC) account.
- Direct deposits are considered new if there has been no direct deposit activity in the Participant’s share accounts on which they are the Primary Owner within the previous 18 months.
- New Direct Deposit Offer: New direct deposit must occur at least on New Direct Deposit Offer: New direct deposit must occur at least once per calendar month from the Participant’s employer payroll into the First Tech Rewards Checking (FTRC) account of which the Participant is the primary account owner. Direct deposits from a non-employer payroll source do not qualify. The monthly aggregate amount of all qualifying direct deposits must equal to at least $1,000 to earn the $300 bonus. Enrollment is the date of the initial direct deposit transaction. During the period of time commencing with Enrollment and ending 120 calendar days after Enrollment (“Enrollment Period”), at least one direct deposit transaction must occur each calendar month starting with the initial direct deposit transaction. A minimum of three direct deposit transactions must be received during the Enrollment Period. (EXAMPLE: If a member’s initial direct deposit is March 1, 2024, additional required direct deposits must occur at least once in each subsequent calendar month following the month in which the initial direct deposit is made, the last direct deposit must be received by June 29, 2024.) Only the Participant will receive credit for the direct deposits. Any qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the Enrollment Period. Bonuses will be considered dividends and may be reported on IRS form 1099-INT.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
No early account termination fee. They have a $5 inactivity fee after 6 months. Need to have transactions or more than $500 in deposits.
Our Verdict
Previously there was a $350 bonus, but this required $1,500 in spend in three categories to get $150 of the bonus. I think this flat $300 bonus is much better and worth doing and we will add this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Did anyone get a request for a copy of their drivers license and social security card following the application process? The 1-2 datapoints from last year doesn’t look too good.
same thing happened to me: I sent them DL and SSN card in secure msg, and then they made up an “Experian” excuse and denied my application https://www.doctorofcredit.com/first-tech-federal-credit-union-300-checking-bonus-2/#comment-2020259
I also got a savings promo email today
First Tech Rewards Savings® account pairs perfectly with your Rewards Checking account to give you unlimited earning potential. Watch your savings grow with 3.00% APY*on Rewards Savings accounts.
You qualify for an exclusive new account offer1:
Get a one time bonus2 of up to $300 for moving money into your First Tech Rewards Savings® account:
Deposit & Maintain Bonus Amount
$10,000-$20,000 $150
$20,000+ $300
2A minimum of $10,000 and up to $20,000 must be deposited to qualify for a $150 bonus. Depositing any amount over $20,000 will qualify for a $300 bonus. Eligible only for funds not currently or previously held in a First Tech Federal Credit Union account at the time of this offer. Funds must be deposited from a source outside First Tech; transfers between First Tech accounts or its affiliates will not qualify for this promotion. Funds must be deposited into a First Tech Rewards Checking or First Tech Rewards Savings account on which the Participant is the primary account owner no later than 30 days after Enrollment to be considered for the corresponding tier bonus. Starting 31 days after Enrollment, the average daily balance through the following 90 calendar days must meet or exceed the tier minimum for the corresponding tier bonus (“Qualification Period”). For example, if a member enrolls on January 2, 2025, funds must be deposited by February 1, 2025. The average daily balance must be maintained through May 2, 2025. The qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the end of the calendar month in which the Qualification Period ends. Bonuses will be considered dividends may be reported on the appropriate IRS form 1099.
Application denied “in whole or in part on information obtained from the consumer reporting agency (Experian Consumer Assistance)”, I unfreezed Experian credit report before applied but still “We are unable to validate the information provided”
A couple years ago, my FT application was denied due to “We are unable to validate the information provided.” CS was no help. I wanted to slap the supervisor of the application processing team. Soon after I filed a CFPB complaint, I got a call and email from the VP of the FT’s digital platform. He provided the phone number and email address of a manager who helped me get my application accepted.
RIP CFPB
It still works.
The CFPB doesn’t handle CUs. The NCUA does.
Actually, it was the CFPB, not NCUA, that handled my complaint against First Tech Federal Credit Union.
Both the CFPB and the NCUA are federal agencies created by Congress, not by executive order.
I managed to get my account open and funds pushed in (Wise) and posted literally on 2/28. I pushed another $5k already this month.
I should just have to do another push in April to qualify and then it seems my bonus should post by 5/7 (caveat assuming Wise hasn’t been shut down) – correct?
It should post by 4/7 if you do it early in the month (and if wise works). My bonus posted on the 3rd month when I did wise push early
7/30/24 – $1002 wise payroll
8/8/24 – $1002 wise payroll
9/3/24 – $1001 wise payroll
9/6/24 – $300 bonus posted
Did you have any confirmation as you went along the Wise pushes counted as direct deposit?
My first month’s statement doesn’t really confirm one way or another – just says “ACH Deposit WISE US INC (bunch of numbers) – Payroll From (my name) Via WISE”.
Nope I never got confirmation
Just curious why make multiple pushes from wise when there’s a fee on every transfer? Wouldn’t it be ideal to push less to avoid mjtkple transfer fees?
Set up a new payroll direct deposit to your First Tech Rewards Checking of
$5,000+per month for a minimum of three months…Interesting.
According to the T&C, “Any qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the Enrollment Period.”
Since your Enrollment Period ended 10/28/24 (7/30/24 + 90 days), your bonus wasn’t supposed to be paid until 10/29/24 to 11/4/24.
Just to be clear:
1) Was the transfer from Wise made from your Wise balance or from your connected bank account (ACH)?
2) What was the amount of the transfer?
3) What was the fee you paid for the transfer?
4) What was the description of the transaction in your FTRC account?
Well, 5k is high if TD doesn’t work.
Treasury Direct has worked… but one recent DP said otherwise. It’s very possible they had other issues going on, like promo code not applied. IIRC, that particular person did not get the periodic emails stating they were on their way to getting the bonus. YMMV
Roy
i thought TD didnt work for stuff like this since a couple months ago
Based on ONE person’s DP, yeah… Sometimes anomalies happen.
Wise also works when I did it last summer but didn’t work from a recent DP so who knows. I’m trying wise for P2 and will see
Gone
It’s still there. Scroll down
T&Cs say: Bonuses will be deposited by Sept 7, 2025. Holy moly!
Payout depends on when you start the direct deposits. Payout should be no more than 97 days after first DD. Sept 7th is for their example where DD is started on Jun 1st.
“Any qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the Enrollment Period. “
For what it’s worth, last year I received the bonus within a week of hitting the third month deposit.
I am seeing the offer’s fine print under 4) Qualification Requirements per Monthly Cycle,
“Have an aggregate spend of at least $1000 per month posted to the applicable accounts”
,and the two qualifying transactions as,
“1. Posted debit card purchases to the First Tech Rewards Checking account. 2. Posted credit card purchases on a First Tech credit card account. Credit card purchases must be made on a First Tech credit card account with the same primary account owner as the First Tech Rewards Checking account.”
Do not see this talked about in this post, and wanting confirmation that making a credit card payment would count as a debit transaction for this requirement. Will reach out to customer support to confirm before opening, and update here.
What you are seeing is related to receiving the higher interest rate. It has nothing to do with qualifying for the bonus. That’s why there hasn’t been much discussion about it.
Oh wow, how did I miss that. Thanks!
Just talked to support (shoutout to Nick, super helpful and casual), he admitted that the qualifying debit transactions have to be an actual purchase, not making a credit card payment. He admitted trying to do the same and ended up with fees.
Don’t plan on getting a new CC, so not doing this one.
FYI, I screwed this one up last year but they still paid out. I did the first two months DD’s and then went on vacation and forgot to do the third.
So I started over and did four months of DD’s (Wise) and it worked.
Personal. I wrote “payroll” in the space available, but I don’t know if that matters
Remember saving should be active too so keep moving funds between checking and savings