The Math

We confess, we're nerds.

As a financial institution, we’re definitely “numbers” nerds, especially when it comes to numbers that you value most. In case you’re a little nerdy like us, we want to give you the scoop on how we calculated your estimated, annualized savings. Working with a national research firm, we compared our product rates and fees with the average rates and fees of various banks in our primary market areas. The actual formulas vary by product type and are noted below.

Definitions to be aware of:

  • Current First Tech APR / APY = First Tech’s best rate offered as of 11.30.2015
  • Market APR / APY = average of market rate information purchased as of 11.23.2015
  • APR = Annual Percentage Rate
  • APY = Annual Percentage Yield

Deposit products were calculated by determining the difference between First Tech Annual Percentage Yield (APY) and the Market APY multiplied by the average daily balance plus the difference of Market fees and First Tech fees. Dividend Rewards Checking accounts which qualified for the higher rate 50%+ of the time were compared to higher interest earning checking account; those less than 50% of the time were compared to lower interest earning checking accounts.

Market APR (Annual Percentage Rate) equals the average of market rate information purchased.

Open-end products were calculated by determining the difference between the Market APR for product type and First Tech APR multiplied by the average balance plus the difference of Market fees and First Tech fees.

Credit Card savings equals interest charged on actual statement balance multiplied by the difference between Market APR and First Tech APR plus the difference of Market fees minus First Tech fees. Interest was not calculated for accounts paid in full each month; savings is only reflected in fees charged.

Term loan savings was determined by calculating the cumulative interest of the Market APR minus the cumulative interest of member’s current APR then adding the difference of Market fees and First Tech fees.

Adjustable rate mortgages (ARM) were calculated by determining the difference between the Market APR for product type and First Tech APR, annualized to a 12-month average savings amount regardless of the actual number of months left until maturity.

If you have questions, please let us know here.

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1 Vancouver members rates included with Oregon.

2 The Savings Estimator shows the average savings per product category type. Based on your geographic area, and your actual rates and terms (where applicable), actual savings may vary.

3 Dividend Rewards Checking savings are based on qualified accounts.