September 27, 2023

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Blue Federal Credit score Union Overview

7 min read
Blue Federal Credit Union Review

With a purpose to lay the groundwork for future monetary success, you’ll want the fitting instruments to assist get you there. The fitting accounts can propel you to achieve your objectives whereas serving to you keep away from too many charges that would eat into your potential to save lots of extra. 

Blue Federal Credit score Union (FCU) provides merchandise to set you up for monetary success. Let’s take a more in-depth take a look at the merchandise out there by means of this credit score union. 

Blue Federal Credit Union
  • Blue FCU provides aggressive APYs on some financial savings merchandise. 
  • The credit score union additionally has an interest-bearing checking account. 
  • You’ll additionally discover bank cards, auto loans, leisure car loans, mortgage loans, and extra.

Blue Federal Credit score Union Particulars

What Is Blue FCU?

Blue FCU was initially referred to as Warren Federal Credit score Union. Its roots might be traced again to 1951. Within the final 70s years, the credit score union has expanded considerably to supply a variety of account and mortgage choices. 

When it comes to membership, the necessities have been expanded to incorporate anybody. For those who don’t meet these {qualifications}, you possibly can nonetheless achieve membership to the credit score union by making a $10 deposit in a Blue FCU account. 

Membership {qualifications} embrace:

  • Be a civilian or navy member related not directly with F.E. Warren Air Drive base
  • Have a household or family member with an account
  • Have a choose employer with ties to Blue FCU

What Does It Supply?

Blue FCU provides a big collection of monetary merchandise. Just a few embrace bank cards, private loans, and insurance coverage. Nonetheless, this assessment focuses on saving constructing alternatives supplied by means of Blue FCU.

Checking Accounts

Blue FCU provides a number of checking account choices. However two of the choices are higher than the remainder. 

First up is the Excessive Checking account. The interest-bearing checking account provides APYs of 1% to 2% on balances as much as $15,000. You’ll want to satisfy particular standards on a month-to-month foundation to earn this APY. These embrace:

  • Have a minimal of 10 debit card transactions clear your account
  • Be enrolled in eStatements
  • Have both Direct Deposit, ACH deposit, ACH withdrawal, or on-line invoice cost clear your account

Since many banks don’t provide curiosity on checking accounts, this can be a nice possibility to contemplate. Plus, there isn’t a month-to-month upkeep charge and you’ll stand up to $28 in ATM charges refunded per assertion cycle. 

Blue Federal Credit Union Review review: product offerings

The second Blue FCU checking account possibility that gives engaging rewards is the Earn 5 Checking account. You’ll have a possibility to earn as much as $25 per 30 days through the use of your Blue debit card. However it’s essential to make a whole lot of purchases to achieve the $25 restrict. 

You’ll earn 5 cents for each buy, after your fifth transaction of the month. Though the rewards aren’t stellar, it’s nonetheless a greater possibility than many checking accounts supplied by conventional banks. 

With any Blue checking account, you possibly can enroll within the Sensible Cents Financial savings program. It’s going to spherical up your purchases to the closest greenback and switch the distinction to your financial savings account.

Financial savings Accounts 

The Accelerated Financial savings possibility is the stand-out financial savings account supplied by Blue FCU. By way of this account, you possibly can earn 5% APY in your balances of as much as $1,000.

After your stability goes over $1,000, there’s a tiered fee construction that results in a big drop in interest-earning alternatives. Though you’ll earn much less for balances over $1,000, it’s nonetheless a worthwhile option to kick-start your financial savings development. 

Month-to-month Charges

Should meet sure {qualifications} to earn this APY.

Alternative to earn $25 per 30 days through the use of debit card.

$1,000-$5,000 the APY drops to 1% 

See their table.

Blue FCU provides different financial savings account choices however the APYs are a lot decrease. For instance:

  • The Christmas Membership financial savings account provides an APY of 1.25% on balances between $25 to $5,000.
  • The Sky Excessive Financial savings account provides a fair decrease APY at 0.30%. 

On-line Excessive Yield Cash Market

Blue FCU has a singular partnership with Save Higher that gives an incredible cash market account and fee for only a $1 minimal.

You get all the advantages of your account being on-line, NCUA-insured, and simple to entry. Nonetheless, it’s essential to entry your funds by means of your Save Higher portal.

Proper now, you possibly can earn a 4.00% APY with only a $1 minimal stability.

Take a look at the Blue Cash Market Account right here >>

Time period Shares

Blue FCU doesn’t provide common certificates of deposit, as a substitute, it provides time period shares. Though the title is completely different, this kind of account is similar to an everyday CD. With a purpose to open a time period share, you want a minimal deposit of a minimum of $1,000. 

The time period shares are available in lengths of six months to 5 years. Among the phrases have an expandable or bump-up possibility. The expandable time period share provides you an opportunity so as to add funds alongside the way in which. The bump-up choices permit you to faucet into larger rates of interest if the market modifications alongside the way in which. 

Like CDs, these time period shares have an early withdrawal penalty when you attempt to take out funds earlier than the maturity date.

Blue Federal Credit Union Review screen grab

Are There Any Charges?

Blue FCU doesn’t have an express membership charge. Nonetheless, most members must make a $10 deposit right into a financial savings account to begin their course of. 

Not one of the accounts talked about on this assessment have a month-to-month charge connected. The one charges to be careful for are out-of-network ATM charges with the checking account. However Blue FCU will reimburse as much as $28 in these ATM charges per cycle. 

How Does Blue FCU Examine?

Blue FCU credit score union provides some engaging account choices. The APYs on some are very excessive, whereas the rewards fall quick with different accounts. 

When it comes to an interest-bearing checking account, Blue FCU provides a lovely possibility. It’s good to earn any curiosity in a checking account. However you will discover larger APYs elsewhere. For instance, Juno provides a 5% APY on checking account balances as much as $10,000. 

If you’re in search of options to Blue FCU’s time period shares, there are larger charges on the market. For instance, American First Credit score Union is providing a 12-month CD with a 4.50% APY. 

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Blue Federal Credit Union comparison
Blue Federal Credit Union comparison: Juno
Blue Federal Credit Union comparison: American First Credit Union

Curiosity-Incomes Checking

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How Do I Open An Account?

Blue FCU doesn’t make it simple to open an account. Though there may be a web-based software, it isn’t all the time out there. After we tried to scope out the method for this assessment, the web site directed me to name the credit score union or go to a neighborhood department to finish my software. 

You an all the time open the cash market account right here by means of Save Higher >>

For those who transfer ahead with the account software, be ready to supply some fundamental info. This contains your full title, Social Safety quantity, date of beginning, and funding account info.

Is It Secure And Safe?

Sure, Blue FCU makes use of bank-level encryption to guard your accounts. For those who spot unauthorized prices out of your account, there’s a hotline to resolve the problem. 

Moreover, Blue FCU is NCUA-insured. You possibly can breathe simple understanding that your deposits of as much as $250,000 are protected.

How Do I Contact Blue FCU?

You possibly can name Blue FCU at 1-800-368-9328. The customer support heart is obtainable Monday by means of Friday from 7 a.m. to six p.m. (MST). Plus, the weekend hours are 24 hours. 

For those who desire to ship an electronic mail, you possibly can attain out to [email protected]. As a buyer, you’ll even have the choice to ship safe messages by means of your on-line banking portal. 

The client suggestions on Blue FCU is at greatest combined. On Yelp, the credit score union has earned 1.5 out of 5 stars. On the Higher Enterprise Bureau, clients have left a median of 1 out of 5 stars. 

Nonetheless, there are lower than 100 evaluations so it is tough to inform if solely the detrimental reviewers are making their voices heard vs. clients which have good experiences however aren’t writing evaluations.

Is It Price It?

Credit score unions have earned a status for offering accounts that include perks you gained’t discover at a financial institution. Though each are monetary establishments, credit score unions are extra targeted on offering their members worth. 

Sometimes, worth comes within the type of excessive APYs on financial savings merchandise and low-interest charges on loans. Blue FCU delivers each alternatives to its members. Nonetheless, you will discover larger APYs out there by means of different banks and credit score unions.

If you’re actually trying to capitalize in your financial savings, keep in mind to buy round for the very best charges.  

Blue Federal Credit score Union Options

  • Excessive Checking 
  • Earn 5 Checking
  • Accelerated Financial savings

Monday by means of Friday from 7 a.m. to six p.m. (MST)

Saturday-Sunday 24 hours

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