Offer at a glance
Maximum bonus amount: $3,000
Availability: Nationwide (with an $8 membership to the Financial Fitness Association); [ChurningExperiences notes that First Tech may automatically reimburse you for the $8 membership]
Deposit required: $150,000+
APY: 4.3%
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: No
Household limit: None
Expiration date:December 31, 2024
The Offer
First Tech is offering a bonus of up to $3,000 when you open a new savings account
Earn $1,000 bonus When you deposit $150,000 – $349,999
Earn $2,000 bonus When you deposit $350,000 – $749,999
Earn $3,000 bonus When you deposit $750,000+
The Fine Print
Offer is valid from October 11, 2024 to January 31, 2025 for First Tech members who participate in the First Tech Premier Rewards Banking program.
Participant must be 18 years of age or older and the primary account owner on both a Membership Savings account and a First Tech Premier Rewards Savings (FTPRS) account.
FTPRS accounts must be personal or owned by a Trust. New First Tech Premier Rewards Banking program members will be enrolled upon the opening of a First Tech Premier Rewards Savings account (“Enrollment”).
To receive any bonus payout, in addition to satisfying the payout conditions set forth in this disclosure, the Membership Savings account must be in good standing (not in default, closed, inactive, or otherwise not in good standing) during the period commencing with Enrollment and ending with the applicable date of payout.
First Tech reserves the right to modify or terminate this campaign at any time.
Any inquiries or disputes will be resolved at the sole discretion of First Tech and must be received by February 28, 2026.
New Money Offer: New money of at least $150,000 must be deposited to qualify for a $1,000 bonus; at least $350,000 must be deposited to qualify for a $2,000 bonus; and at least $750,000 must be deposited to qualify for a $3,000 bonus. “New Money” is money not currently held in a First Tech Federal Credit Union account. New money must be deposited from a source outside First Tech; transfers between First Tech accounts or its affiliates will not qualify for this promotion. Fiduciary, business, and Health Savings accounts are not eligible. New money must be deposited into a FTPRS account on which the Participant is the primary owner within 45 calendar days of enrollment to be considered for the corresponding tier bonus. Balance growth will be determined between the date of enrollment and the following 45 days.
Starting 46 calendar days after Enrollment, the average daily balance of the Participant’s FTPRS account(s) must meet or exceed the tier minimum for the corresponding tier bonus through the end of the following 120 calendar days. The Participant’s FTPRS account must be maintained for the duration of the promotion to qualify for a bonus. Any qualifying bonus will be deposited to the Participant’s Membership Savings account the second Friday following 165 calendar days from Enrollment.
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
Early Account Termination Fee
Our Verdict
Sounds like the balance from day 1 – day 45 is used to determine what tier you’re in and then you need to maintain it through day 120. I’m going to assume a holding period of 120 days, but it’s possible you might be able to deposit at day 45 and then just hold through day 45-120.
$1k bonus: additional 2% APY
$2k bonus: additional 1.71% APY
$3k bonus: additional 1.2% APY
Given the account itself earns 4.3% this is an attractive bonus if you need to tie up a huge amount of money for a short period of time. Think that’s a fairly limited use case though and won’t be any good for most readers.
Hat tip to Rob M
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