Blue Federal Credit Union Exam: High Yield Verification, 24/7 Support

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Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.10% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 5
    • No monthly service fees
    The inconvenients
    • Low interest rate
    • Interest compounded monthly, not daily
    • No interest earned for the month your balance is less than $ 25
    • 19 branches in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • You must open a Blue FCU members sharing savings account to join the credit union
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

    You must open a Blue Federal Credit Union Membership Sharing Savings Account when you join the credit union. It’s a solid account overall, but it pays a low interest rate. You may want to open another Blue FCU savings account that pays a better rate once you become a member.

    Verification

    Annual percentage return (APY)

    1.00% to 2.00% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Earn interest
    • Earn higher interest the more time you spend with Blue FCU
    • No monthly service fees
    • No minimum opening deposit
    • No out-of-network ATM fees
    • Reimbursement of up to $ 28 / month in ATM fees charged by off-network providers
    The inconvenients
    • $ 30 overdraft fee
    • If you exceed $ 1,000, your purchase is refused
    • Interest compounded monthly, not daily
    • 19 branches in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • To earn interest, complete 10 monthly debit card transactions AND sign up for electronic statements AND do one of the following each month: receive a direct deposit, use online bill payment, or make a deposit or deposit. ACH withdrawal
    • If you meet these criteria, earn 1.00% to 2.00% APY on balances up to $ 15,000 and 0.05% on balances over $ 15,000
    • Earn 1.00% as a silver member, 1.50% as a gold member, and 2.00% as a sapphire member
    • Membership levels depend on your number of Blue FCU products, account and loan balances, and number of years with Blue FCU
    • Interest compounded and paid monthly
    • Federal Insurance by NCUA

    Blue Federal Credit Union has several


    verify accounts

    . Blue Extreme Checking is a good choice to earn a high interest rate if you qualify, or if you can open a cash back or basic account.

    CD

    Annual percentage return (APY)

    0.15% to 1.10% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • High interest rates, especially longer term
    • Standard early withdrawal penalties
    • Make additional deposits over a period of 30 months after opening the account
    The inconvenients
    • Minimum deposit of $ 1,000
    • Interest compounded monthly, not daily
    • 19 branches in Colorado and Wyoming
    • Become a Blue FCU member with $ 5
    • Over 30,000 free ATMs, over 5,000 shared branches worldwide
    • The durations vary from 6 months to 5 years
    • Early withdrawal penalties: dividends of 90 days for terms of one year or less; 180 days of dividends over durations greater than 1 year and less than 3 years; 240 days of interest on terms of 3 years or more
    • Progressive interest rates: get a higher rate with a deposit of $ 50,000 or $ 100,000
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

    Blue Federal Credit Union pays competitive interest rates on CDs, especially on 4 and 5 year terms. Most institutions don’t allow you to deposit more money after opening a CD, but you can add more to Blue FCU’s 30 month CD.

    How the Blue Federal Credit Union Works

    Blue Federal Credit Union accounts are available online anywhere in the United States. You can also visit a branch in Colorado or Wyoming, or one of the 5,000 CO-OP shared branches. You cannot open an account at a shared branch, but you can receive help.

    There are over 30,000 free ATMs in the CO-OP network.

    Blue FCU has three levels of membership rewards: Silver, Gold, and Sapphire. Each tier offers more perks, such as a higher interest rate on the Blue Extreme checking account, waived bank transfer fees, and credit card rewards.

    The tiered membership system is a bit complex and you can read all the details here. You will earn points for opening accounts, taking out loans and opening Blue FCU credit cards. The more points you have, the higher your level.

    Call live customer service 24/7, or chat live online Monday through Friday.

    The Blue FCU mobile app doesn’t have a lot of online reviews yet. So far, the app has 2.2 out of 5 stars in the Apple Store and 3.6 out of 5 stars in the Google Play Store.

    Your deposits are federally insured by the NCUA up to $ 250,000, or $ 500,000 for joint accounts. This means your money is safe even if the credit union closes.

    How to join the Blue Federal Credit Union

    Probably the easiest way to join Blue Federal Credit Union is to donate to the Blue Foundation. When you open a Blue FCU Membership Share Savings account (which is required to become a member) with $ 10, the credit union will keep $ 5 in the account and donate $ 5 to the foundation.

    Or you may already be eligible for membership if you meet any of the following criteria:

    • Work for a Select the employee group in Colorado or Wyoming
    • You are a civilian, military, contractor or contractor employee assigned to Francis E. Warren Air Force Base
    • Are an employee of the Francis E. Warren Air Force Exchange or other base activities
    • Are a member of the Wyoming Army National Guard, Wyoming Air National Guard, or United States Naval Reserve stationed in Wyoming
    • Are an active or retired member of the United States Armed Forces, or are the dependent / dependent survivor of a member and are legally eligible for benefits

    Is the Blue Federal Credit Union trustworthy?

    Blue Federal Credit Union has no public controversy.

    The Better Business Bureau focuses on consumer confidence and rates businesses based on responses to customer complaints, honest advertising, and transparency of business practices. The BBB gives Blue FCU a A + grade.

    A good BBB score, however, does not guarantee that you will have a harmonious relationship with a company. You might want to ask your friends and family about their experiences with Blue FCU or read customer reviews online.

    How Blue Federal Credit Union Stacks Up

    We compared Blue Federal Credit Union to two of the other institutions in our Best Guide to Credit Unions: Alliant Credit Union and Pentagon Federal Credit Union.

    You may like any of these


    credit unions

    if you are comfortable with online banking, and Alliant is the only one that does not have a physical branch.

    If you want to benefit from a high savings rate, you will probably prefer Alliant or PenFed. Blue FCU offers a few savings accounts, but none pay rates as high as Alliant or PenFed.

    To earn a good checking interest rate, it will depend on your situation. If you qualify for one of Blue FCU’s Silver, Gold, or Sapphire membership levels, you’ll get a better rate than with the other two credit unions. But if you don’t qualify for a membership tier, you’re better off with Alliant or PenFed.


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