Our Verdict
Offering an array of products, including loans, insurance, and credit cards, Blue Fed ensures you have access to competitive interest rates and minimal fees. Headquartered in Cheyenne, Wyoming, Blue Fed has a robust presence in the Rocky Mountain region, serving members in Wyoming and Colorado. As the largest credit union in the state, you’ll benefit from its extensive network of shared branches and ATMs, making banking convenient and community-focused.
Blue Federal Credit Union began in 1951 as Warren Federal Credit Union, founded by civilian personnel at F.E. Warren Air Force Base. Over the next 65 years, you would have seen significant growth, leading to a merger with Community Financial Credit Union in Colorado. This merger in 2016 created the Blue Federal Credit Union you know today.
Pros
- Enjoy competitive interest rates on deposit accounts, including savings and certificates of deposit (CDs)
- Benefit from no required opening balance, minimum balance, or monthly service fee for most checking accounts
- Join easily if you’re a resident of Wyoming or Colorado
Cons
- Note that only the top-tier Elite Checking account offers reimbursement for external ATM fees
- Understand that some products, such as savings accounts, have tiered earnings or specific requirements to earn the top annual percentage yield (APY)
- Consider that business accounts may have more stringent requirements for earning interest or avoiding fees
Who Blue Fed Is Best For
Blue Fed is an excellent choice for your personal use and businesses in Wyoming and Colorado if you:
- Enjoy competitive interest rates on deposit accounts while avoiding excessive fees
- Access a vast network of shared branches and ATMs for convenient banking
- Experience a community-focused banking experience with personalized service
- Utilize specialized checking and savings accounts tailored to different financial needs
- Join a credit union that offers additional services like loans and insurance
Who Blue Fed Isn't Right For
While Blue Fed offers numerous advantages, it may not be the ideal option if you:
- Live outside of Wyoming or Colorado, as membership is limited to these states
- Seek a bank with a broader range of account types and financial services
- Desire a more extensive physical branch network within their local area
- Prioritize higher interest rates on business accounts over other factors
What Blue Fed Offers

Blue Fed offers a comprehensive suite of personal and business banking products, including:
- Checking accounts
- Savings accounts
- Certificates of Deposit (CDs)
- Business checking and savings accounts
- Loans
- Credit cards and insurance products
Blue Fed Details
Checking Accounts
NOVA Perks Elite Checking
This offers a comprehensive package with top-tier benefits. It features a 2.00% APY on account balances and unique services like billshark and interest benefits. Additional perks include a 5.00% interest rebate on loans, a 0.50% APY premium bonus on standard term shares, and a 4.50% APY bonus on Sky High Savings.
NOVA Perks Premium Checking
Maximize your everyday transactions with this account, which offers 5 cents back for each debit card swipe after the initial five purchases per month, up to $25. There’s no minimum balance requirement, though a $7 monthly fee applies.
Basic Checking
Ideal for you if you prefer simplicity, this account maintains a $100 minimum balance and includes an $8 monthly service fee. A free debit MasterCard is included.
uAccount Checking
Specially designed for young adults aged 23 or under, this account offers a hassle-free banking experience with no minimum balance, no monthly fees, and includes a debit card. It’s an excellent way for minors to begin managing their finances independently. Rates are subject to change.
Savings Accounts
Accelerated Savings
It offers a highly competitive 5.00% APY on balances up to $1,000, with tiered rates for higher balances. It does not require monthly transfers, making it both simple and rewarding.
Membership Share Savings
Start with a minimum deposit of $5 and earn dividends when maintaining a daily balance of $25 or more. Dividends are compounded daily and paid quarterly, optimizing your earnings potential without a hefty initial investment.
Sky High Savings
This account offers interest earnings without a minimum balance requirement or set terms, although the yields are less competitive than other options.
Christmas Club Savings
This account is designed for holiday savings, this account features a competitive APY on balances up to $5,000. A minimum daily balance of $25 is required to earn interest, with dividends compounded daily and automatically paid out in October each year. Note that early withdrawals may incur penalties.
Vista Savings
Offering the highest rate of Prime + 1.00% on Blue dividends, the Vista Savings maximizes your returns as part of the full membership benefits. It’s a prime choice for those looking to grow their savings substantially.
Tiered IRA Savings
The Tiered IRA Savings account offers the convenience of no minimum opening balance or setup fees, coupled with the advantage of free incoming transfers and rollovers from other IRAs or 401(k) plans. Additionally, it allows for unlimited direct transfers between IRA accounts without requiring IRS reporting. The 60-Month Expandable IRA Term Share requires a $1,000 minimum opening balance. The 30-Month Expandable IRA Term Share starts with a $500 minimum opening balance and also allows for additional deposits.
Certificates of Deposit (CDs)
Regular CDs
Terms ranging from 6 months to 60 months, with competitive APYs. For example, a 12-month CD offers a 3.40% APY with a minimum deposit of $1,000.
Expandable CDs and Bump-Up CDs are also available for added flexibility.
Business Accounts
Basic Business Checking
No minimum balance or monthly fee, free debit card. 50 free deposits per month.
Business Plus Checking
$100 minimum to open. Maintain a $1,500 daily balance to earn dividends and avoid a $5 monthly fee. 100 free deposits per month.
Business Savings Account
No monthly fees. Minimum daily balance of $100 to earn dividends, which are compounded and paid quarterly.
Credit Cards
Low-Variable Personal Credit Cards
Enjoy the freedom of no annual fee and an APR range of 12.50% to 18.00%.
Variable Rewards Personal Credit Cards
This card lets you earn 1 reward point for each dollar spent, enhancing your purchasing power. With no annual fee and an APR of 12.50% to 18.00%.
Business Rewards Credit Cards
With no annual fee, this card is tailored to support the growth and expansion of your business aspirations. APR rate of 17.50%.
Loans
Auto and Recreation Loans
For vehicles financed through Blue Federal Credit Union, insurance including comprehensive and collision coverage with a deductible no greater than $1,000 is required from the purchase date until full repayment of the loan. Blue must be listed as the loss payee/lienholder for the duration of the loan. Blue can refinance loans even if the original financing was through another lender, potentially at a lower interest rate. Rates vary based on the vehicle type, with motorcycles, ATVs, snowmobiles, and jet skis starting at 7.64% APR. New and used auto loans, as well as auto loans with NOVA Perk discounts, start as low as 6.64% APR. Rates for trailers, boats, and other recreational vehicles begin at 9.49% APR.
Mortgage and Refinance Loans
Blue Federal Credit Union offers first mortgages and fixed-rate second mortgages with competitive rates and low closing costs. The Finish Line Mortgage allows homeowners to reduce the total interest paid over the life of the loan by making slightly higher monthly payments. This mortgage does not require an escrow account for taxes and insurance and is available for amounts ranging from $10,000 to $400,000 with a 180-month term at a maximum 80% loan-to-value ratio.
HELOC (Home Equity Line of Credit)
This revolving credit line is secured against the home’s equity, featuring a 20-year draw period where payments are interest-only, followed by a repayment period of up to 15 years. The minimum monthly repayment is $100 or enough to amortize the balance over 15 years, whichever is greater.
Personal Loans
Blue Federal Credit Union offers personal loans with APRs starting as low as 10.99%. These loans are based on creditworthiness and come with flexible repayment options.
Business Loans
A variety of business loans are available, including commercial mortgages, vehicle loans, term loans, lines of credit, construction loans, and equipment loans.
Student Loans
Including the Smart Option Student Loan, the student loans are tailored for graduate students, these loans are designed to support students pursuing degrees in various professional fields, providing specific financial resources necessary for each discipline.
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Where Blue Fed Stands Out

Competitive Interest Rates
Take advantage of Blue Fed’s competitive interest rates across various deposit accounts, including savings and CDs. With the Accelerated Savings account, you can earn an impressive 5.00% APY on balances up to $1,000. Explore the attractive CD rates as well.
Minimal Fees and Requirements
Forget about high fees and restrictive requirements. Most of Blue Fed’s checking accounts have no minimum balance or monthly service fees, making them accessible to many. Plus, most accounts require no opening deposit, simplifying your banking experience.
Tailored Account Options
Find the perfect account to meet your financial needs with Blue Fed’s diverse range of checking and savings options. Whether you’re interested in the feature-rich Elite Checking, the Christmas Club Savings, or the uAccount Checking for minors, there’s an option designed just for you.
Access Your Blue Accounts 24/7
Manage your accounts anytime, anywhere with Blue Fed’s Online Banking. Access your checking and savings accounts, certificates, loans, and Blue credit card all in one place using your computer or smartphone. Stay connected with secure access available for both iPhone and Android devices.
Where Blue Fed Falls Short
Limited Geographic Reach
If you reside outside Wyoming or Colorado, you won’t be able to join Blue Fed. This geographic restriction can be a significant drawback if you seek a credit union with a broader reach or if you anticipate relocating outside these states.
Mobile App Functionality
You might find the Blue Fed mobile app lacking. Customer reviews highlight issues with functionality, user experience, and ease of use. Enhancing the mobile banking experience is essential to improve your satisfaction with Blue Fed’s services.
Business Account Requirements
While Blue Fed offers business checking and savings accounts, the requirements for earning interest or avoiding fees are more stringent compared to personal accounts. If your business maintains lower balances or has fewer transactions, these terms might not be as favorable for you.
How to Qualify for Blue Fed

To become a member of Blue Fed Credit Union, you need to meet at least one of the following criteria:
- Reside in Wyoming or Colorado
- Be part of an eligible group or organization affiliated with Blue Fed
- Have an immediate family member who is already a Blue Fed member
- Be associated with F.E. Warren Air Force Base or Wyoming Military Entities
Once you meet the eligibility criteria, you can open an account by providing your personal identification documents and making the required minimum deposit, which is usually $5.
How to Apply for Blue Fed
Apply for membership and open an account with Blue Fed Credit Union through these convenient methods:
- Online: Visit Blue Fed’s website at www.bluefed.com. Follow the prompts to apply for membership and open an account online. Make sure you have your personal information, employment details, and identification ready for verification.
- In-Person: Drop by any of Blue Fed’s branches in Wyoming or Colorado. A representative will guide you through the application process and help you open an account.
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Alternatives to Blue Fed
Pentagon Federal Credit Union
Consider PenFed if you seek competitive rates. While PenFed doesn’t have an extensive branch network, you can join from anywhere and access a large fee-free ATM network. PenFed now offers higher interest rates on savings accounts and share certificates. You can also earn interest on your checking account balance, and take advantage of CD terms longer than five years.
Alliant Credit Union
If you’re comfortable with online banking, Alliant Credit Union is a strong alternative. Alliant provides a range of financial products, including checking accounts, savings accounts, CDs, and personal loans. It stands out for offering lower fees and higher APYs on savings accounts. However, keep in mind that Alliant operates entirely online and does not have physical branches.
Navy Federal Credit Union
Navy Federal is a great option if you prefer having access to physical branches. With 355 branches across 30 states and Washington D.C., many on military installations, and nearly 30 international locations, Navy Federal offers extensive coverage. Navy Federal’s offerings include checking and savings accounts, share certificates, money market accounts, IRAs, credit cards, auto loans, mortgages, student loans, personal loans, and home equity loans.
Customer Reviews
Blue Fed Credit Union garners mixed feedback from customers. With a Glassdoor rating of 4.1 and an A+ rating from the Better Business Bureau, it’s clear that many members appreciate the competitive interest rates and personalized service. However, some customers express frustration with the mobile app, pointing out issues with navigation, functionality, and overall ease of use.
Pro Tips
- Designate an account to serve as overdraft protection
- Take advantage of Blue Fed’s credit counseling services
- Sign up for Blue Fed’s online banking and mobile app to easily monitor your accounts, transfer funds, etc
- Consider a Bump-Up CD if you think interest rates may rise
Recap
In summary, Blue Federal Credit Union offers a wide range of financial products and services, catering to individuals and businesses in Wyoming and Colorado. With competitive interest rates, minimal fees, and convenient access through online banking and shared branches, Blue Fed provides a community-focused banking experience. While its limited geographic reach and some mobile app issues may deter potential members, its strong customer service and diverse account options make it a valuable choice for those in its service area.
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