First Trust Credit Union is a renowned credit union that serves people in different counties. As a member, you have access to many benefits that will help you grow your financial security. But is this credit union easy to join, and are their rates competitive? If you have been asking these questions, you are on the right page.
Read through to know more about First Trust Credit Union and whether it is worth being a First Trust Credit Union member.
What Is First Trust Credit Union?
First Trust Credit Union is a credit union that has been serving its members since 1959. Initially, it was chartered as La County School Employees Federal Credit Union. Today, this credit union serves its members in employee groups like health care and schools. Over the years, it has expanded its operations in 7 Indiana counties.
This credit union provides products such as personal loans, term deposits, mortgages, and everyday accounts. It is reputed for providing competitive interest rates and flexible over-payment terms of its products.
Although this institution is not a bank, it offers numerous banking products to meet the needs of customers looking for better deals on loans or deposits. Some of their services include business accounts, business loans, and other types of loans.
Types of Accounts
Before considering the vast benefits provided by First Trust Credit Union, it is essential to go through the types of accounts that the bank offers to help you make the right decision.
- Savings Account
While there are various types of accounts that you can open with the First Trust Credit Union, a savings account is one of the best. It enables you to save money, buy a car, start an investment, or purchase a house in the long run.
This account teaches you good money management practices. With a low minimum deposit of $25, you can start saving for big purchases and emergencies instantly. Besides, you can use the credit union savings calculator available online and track savings from the beginning.
A larger amount at the beginning and a realistic savings plan will help you save faster and achieve goals without veering off. Nonetheless, too many savings in a month can disrupt your lifestyle since the budget will be too tight. The interest compounded on the savings from time to time allows the savings to grow since the amount will also earn interest once compounded.
The best way to ensure that you save every month is by ensuring a 10% of income is saved immediately. You can also consider automatic saving through payroll deduction. First Trust Credit Union also has a Rainy Day Fund that helps families save for at least 6 months in a difficult situation.
- Checking Account
First Trust Credit Union offers a free checking account with no monthly service fee and the opportunity to earn interest on your balance. There are also convenient online banking options for First Trust members.
It is an excellent option if you have bad credit or do not have enough money to open a checking account with other banks. A checking account offers free bill pay, overdraft protection, and unlimited check writing, which are all great features for your new personal banking account.
- Money Market Plus Account
The Money Market plus account is a safe place to put your money because it offers an interest rate of 2.00%. This rate is far higher than what most institutions offer, making this savings account ideal for those looking to maximize their earnings on any spare funds they have lying around.
It also comes with many other benefits, such as unlimited check writing and ATM withdrawals at over 40,000 ATMs nationwide, no monthly maintenance fees, and free online banking with bill pay services.
The minimum opening deposit is $1000, but there are no monthly fees associated with the account. The account also offers high yields and FDIC protection so that your investment can grow without risk. The deposits of up to $250,000 are insured by National Credit Union Administration (NCUA).
- Share Certificates (CDs) Account
First Trust Credit Union launched a new CD account that offers members an opportunity to earn higher interest rates. Share Certificates (CDs) are FDIC-insured up to $250,000 per depositor and offer competitive interest rates for five-, 10-, 15-, or 20-year terms.
Share Certificates (CDs) accounts are low-risk savings vehicles that help you earn interest on your money while protecting the principal investment for the term of the CD. You can open a Share Certificate for as little as $250.
- TreeHouse Kids Club account
The First Trust Credit Union Tree House Kids Club is a great way to keep your little ones entertained and educated. The club offers free events, summer camps, classes, and more for kids between 0-12.
The Tree House Kids Club has been providing young minds with activities and programs that promote healthy socialization and development since 2008, when they opened their doors on North Main Street in downtown Helena.
From toddler playgroups to junior high dance lessons, there are plenty of opportunities for children between the ages of two and twelve to grow into confident adults while having lots of fun along the way.
- E-Teens Club account
It is never too early to start saving and planning for the future, especially if you’re a teenager. First Trust Credit Union offers an account designed specifically for teenagers called the E-Teens Club account.
The latest initiative of the E-Teens Club account is designed to encourage your kids to save their money while teaching them about financial responsibility.
Opening this account with First Trust matches every dollar put in.
First Trust Credit Union Member Benefits
A credit union is a cooperative financial institution that provides banking services to its members. A credit union typically offers lower rates on loans and savings, better service, and more personalized attention than other banks or large corporations.
- Best Interest Rates
First Trust Credit Union offers the best interest rates and services to its members. They have a wide variety of loan options available for any situation, including personal loans, mortgages, auto loans, and more.
For instance, First Trust offers one of the most competitive CD rates in all of southern California. This means you can earn high interest on your money without having to pay monthly fees or penalties during periods when you are not using it.
- Automatic Payments for Bills from Daily Checking Account Balances
First Trust Credit Union is a financial institution that provides automatic payments for bills from daily checking account balances. They offer the convenience and security of paying your monthly utilities and mortgage or loan, so that you can save time and money.
This service is available with any checking account balance, and it is free.
For example, if you have $1000 in your checking account at the end of the day, an additional $50 will be automatically transferred into your savings account and applied towards paying off a credit card bill.
- Online Services
First Trust Credit Union has been serving the communities of the Midwest for over 100 years. They are committed to providing you with an excellent customer experience, no matter your needs or where you live.
Their online services provide quick and easy access to your accounts whenever you need them. They also allow you to complete transactions without having to come into a branch location.
Online banking services enable you to check balances, transfer funds, pay bills, and more. The mobile app allows you to check balances, view transactions, or even deposit a check from your phone.
With this service, you can open various banking accounts with the click of a button. The online portal also allows members to apply for loans virtually and check the status of a loan application.
Furthermore, the mobile banking service uses voice/face recognition, PIN, and fingerprint to log in. Thus, security and convenience are totally guaranteed. The credit card offers an excellent rewards program, as well as a low-interest rate and no balance transfer fees.
For people that are skeptical about using online services, there is an alternative. First Trust Credit Union offers free debit cards to all of their customers with no monthly fees. These cards allow you to access money at any ATM and use it anywhere wherever MasterCard or Visa credit cards are accepted. Plus, you get cashback when you make a purchase.
- East-to-Access Loans
It is no secret that getting a loan can be a difficult process. One of the most difficult aspects of running a business is getting loans. Banks are picky and will usually offer an unsecured loan if you have an excellent credit score. It is not easy to get approved for a secured loan, either.
First Trust Credit Union understands this and offers loans to members without much hustle. It has created a program for members to get the loans they need with ease. The process is easy and fast, takes less than an hour from application to approval. You don’t need to wait for long or fill out lengthy paperwork again.
They will work with your financial situation and give out loans based on your needs. You can take advantage of these services if you need help with finances and want to start making money again.
First Trust has made the process of applying for a loan quick and efficient so that members never have to leave their homes. All you have to do is complete an online application form with some basic information, submit proof of identity, and provide pay stubs if needed. The credit managers review the application as soon as possible.
It is a common misconception that financial institutions are only there to take your money. In reality, many of them provide valuable services to help you save money and make it easier for you to live life, and the First Trust Credit Union is no exception.
They provide personal, business and auto loans with competitive rates. They also provide home equity lines of credit for homeowners who want to create an extra source of funds. Moreover, they offer affordable checking accounts so you can get the most out of any paycheck you earn.
What We Like:
- $25 low minimum deposit
- Upgraded mobile banking
- Competitive interest rates
- Easy membership requirements
- No monthly account fees
- Automatic payments for bills from daily checking account balances
- Free debit cards with no monthly fees
What We Don’t Like:
- Requires $1000 in account to earn interest
What Sets the First Trust Credit Union Apart in the Industry?
First Trust Credit Union prides itself on its commitment to service, making it stand from its competitors in the industry. From helping members save money with their share savings account to making banking easier with their online banking system, FTFCU focuses on providing a great customer experience for all its customers.
The best part of this institution is that it is not for profit-making; instead, they are on a mission to help people. With other banks, the priority is making profits at the expense of the customer. Whenever complaints are made, they are rarely heard by the management. This is not the case for First Trust Credit Union because the members own it.
Frequently Asked Questions
Is First Trust Credit Union Trustworthy?
First Trust Credit Union is a reliable and trustworthy credit union with a good BBB rating. To know more about their reputation, take the time to read their online customer reviews.
What makes First Trust Credit Union different from other credit unions?
Unlike most credit unions, First Trust Credit Union charges low fees and has lenient membership requirements. They also have accessible and professional customer service to meet your needs and concerns promptly.
Does First Trust Credit Union Offer Insurance Products?
Yes, First Trust Credit Union provides various insurance products to its members. This includes home insurance, auto insurance, life insurance, and disability insurance.
First Trust Credit Union is a good financial institution that offers excellent products and services with vast benefits. Through years of experience and dedication to the community, First Trust Credit Union has earned a reputation as one of the best financial institutions around. They offer products and services that can help you meet your needs today while preparing for tomorrow.
If you are not already a member, consider becoming one to enjoy the benefits of membership. As a member, you have access to more than 1,000 ATMs nationwide, low rates on loans and mortgages, competitive interest rates for savings accounts, and certificates of deposit.