Our Verdict
Consider Blue Federal Credit Union if you are looking for a credit union with high-paying interest rates and also have a chance to earn rewards while you run a checking account, take loans, and or open a credit card.
Know that with Blue Federal Credit Union you are not to expect stellar customer service as many of its customers always have several complaints that center on service delivery and especially the effectiveness of the Mobile App.
Here’s other relevant information you need to know:
Blue Federal Credit Union.
Corporate Headquarters
2401 E Pershing Blvd.
Cheyenne, WY 82001
United States of America
Phone Number:1-800-368-9328
Pros
- No payment of monthly service fees
- Payment of high-interest rates on accounts
- Rewards on a tiered membership
- Easy membership registration
- Online banking except in certain States
- Low-interest rates on loans
Cons
- Complex rewards system
- Interest compounds monthly instead of daily
- Mobile App service is very poor
- High-interest rates are not automatic but subject to criteria
- Lack of top customer service like traditional banks
Who This Product Is Best For
Think of Blue Federal Credit Union if you:
- Want relatively low-interest rates on your loans
- Are a member of the credit union.
- Know how to manage tiered membership rewards.
- Want high-interest rates on accounts
Who This Product Isn't Right For
Look elsewhere if you:
- Don’t know how to manage tiered membership rewards.
- Want a bank or credit union with stellar customer service.
- Want a perfectly working Mobile App to manage your account.
What This Product Offers
● Checking Account
To keep money for everyday use without payment of exorbitant service charges, consider Blue Federal Credit Unions Checking account. Don’t worry about payment of monthly fee and you don’t need an opening balance or minimum balance.
● Savings Account
Consider Blue Federal Credit Union if you want a financial institution that has varieties of options for your savings account. Check the list of seven options of savings accounts available on the Blue Federal Credit Union platform to decide which of them perfectly fits your circumstance.
● Business Account
Consider Blue Federal Credit Union Business Accounts which include the Checking and Savings accounts equivalent of the personal account for business if you are a business owner.
● Business Loans
Consider Blue Federal Credit Union for all forms of loans your business needs for either the day-to-day running or expansion. The available business loans include Commercial Mortgage loans, Commercial vehicle loans, Term loans, Commercial lines of credit, Construction loans, and Equipment loans. To get the full details about this loan, take the step to contact Blue Federal Credit Union directly but to make all rates and conditions, take steps to be a member of the credit union.
● Personal Loans
Use Blue Federal Credit Union personal loans to sort your several pressing financial needs ranging from improvement of your home, consolidation of debt, covering medical expenses, and traveling.
● Credit Cards
Consider Blue Federal Credit Union’s Credit Card if you want a card that can help you double the warranty period of the store and will absolve you of liability if for any reason you misplace the card and purchases done without your authorization.
Product Details
Checking Account
Take advantage of the several features available on the Blue Federal Credit Union Checking account; you don’t have to pay a monthly fee and you don’t need an opening account to start or even maintain a minimum balance. Know that Blue Federal as a Credit Union is not really about profit like traditional banks but helping members; register as a member of the credit union to qualify for the rewards available.
Choose from the options of five checking accounts on Blue Federal Credit Union; Extreme Checking, Basic Checking, Account Youth Checking, Earn Five Checking, and Health Savings Account as it suits your circumstance and the needs you usually deploy your funds on.
Know that you can only earn APY on Extreme Checking and Health Savings Accounts of the options available but each of the different checking accounts has its unique benefits and criteria.
APY | 0.05%-2% (Extreme Checking) 0.10% (Health Savings Account) |
ATM refund | Up to $28/month (Extreme Checking) |
Minimum balance | None |
Monthly Charge | None |
Savings Account
Seek Blue Federal Credit Union Savings, if you want a savings account you can withdraw from it anytime you wish without serious consequence or penalty. Choose from the options of Accelerated Savings Account, Sky High Savings, Christmas Club Savings, Certificates and Term Shares, Money Markets, Individual Retirement Account, and Other savings; let your circumstances, the rewards on each account, and your present or future needs determine your choice.
Choose Blue’s Accelerated Savings to take advantage of the 5% APY earnings on the balance of up to $1000 and then calculate your earnings on the tiered rates structure from the amounts greater than $1000. Know however that Blue Federal compounds these interests monthly instead of daily. If you are a lover of Online banking, settle for the Sky High Savings account of Blue Federal Credit Union; know that the rewards on this account are not up to what you get on Accelerated Savings Account as you only earn 0.30% APY but you can open it with no terms and also with no requirements of minimum balance. If you want to have a stellar Christmas with your family, choose Christmas Club Savings to begin savings from January or any time before the holiday that you need in December. Earn up to 1.25% APY as a reward for saving up to $5000 on what can save you the stress of running around and taking from your other savings. Settle for Certificate and Term Shares when you need a low-risk savings account; know however that this account requires a minimum opening balance of $1000. If it is a very high rate of interest you want then choose the Blue Federal Credit Union Money Market account. Don’t worry about the payment of the monthly maintenance fee for the account or the maximum amount of money you can deposit or withdraw from the account. Understand that depending on the type of Blue Money Market you run, the minimum opening balance ranges from $1000 to $100,000, and the minimum amounts to receive dividends range from $1000 to $2,500. If you are approaching retirement or you want to prepare early for it, know that Blue Federal Credit has savings provision for you with its Individual Retirement Accounts. Open the account with as low as a $25 minimum balance and do not worry about a set-up fee or IRS reporting when you move the IRA fund into another IRA account. If you intend to be a Blue Federal member and remain the same, open a Membership Share Savings and keep it open with a minimum balance as low as $5.
APY | 5% (Accelerated Savings) 0.30% (Sky High) 1.25% (Christmas Club) Varies (Other Accounts) |
Minimum opening balance | 1000 (Certificates and Shares) $1000-100,000 (Money Markets) $25 (Individual Retirement) $5 (Membership Share Savings) None (Other Accounts) |
Minimum balance (Dividends) | $1000 (5% on Accelerated, Tiered Dividends after $1000) $5000 (Christmas Club) $1000-$2,500 (Money Market) $25 (daily balance) Membership Shares Account None (Other Accounts) |
Business Accounts
Consider Blue Federal Credit Union Basic Business Checking account if you run a small business or a nonprofit organization. Don’t worry about the minimum opening balance and you don’t have to keep any minimum amount to avoid monthly fees. Take advantage of the monthly first 50 free deposit rewards. If you want your business checking account to earn you dividends, get the sum of $100 as the minimum opening amount to open a Business Plus Checking account. Know that you pay a $5 monthly fee on the Business Plus Checking but you can avoid the fees if you keep a minimum of $1,500 daily in the account. Take the benefit of depositing the first 100 items in a month for free and enjoy free online banking.
Settle for a Business Savings account if you want to maintain a savings business accounts that gives your business simple access while you enjoy the status of a savings account. Keep a minimum of $100 in the account to earn the dividends on this account that Blue Federal pays every quarter. To get higher dividends on your business savings, choose the Blue Federal Business Term Shares where you lock up your funds for a certain period on agreement with Blue.
APY | 0.05% (Business Savings) 0.25% (Business Plus Checking) 0.05% (Business Money Markets) 1.00% (Business Term Shares) |
Business and Personal Loans
If you need money for your business advancement or your urgent personal needs, approach Blue Federal Credit Union for a business loan or personal loan at friendly rates, especially as a member of the union.
Know that as a business owner when you need an expansion for your place of work or need to upgrade and add another office, what you need is Commercial Mortgage loans; when your business needs a vehicle for better business service, Commercial vehicle loans will come to your rescue. Take term loans for a fixed amount you need to meet a specific business need or make money available to draw from through the Commercial lines of credit for periodic needs. Approach Blue Federal Credit Union for Construction loans when you need to construct from scratch a building that is important for your business growth and for Equipment loans when you need to buy or replace equipment for your business.
If the funds you need are for your personal needs like improving your home, debt consolidation, medical expenses, and traveling, approach Blue Federal Credit Union for its personal loan.
Know that the average APR for Blue Federal Credit Union Personal Loans is in the average of 10.99% and 6.74% for vehicle loans while others are not visible.
Credit Cards
To make use of Blue Federal Credit Union’s Credit card, choose one of the three MasterCard credit cards with no annual fee and a life reward. Know that with the Blue Federal credit card, you have a double warranty on every of your purchase with card than you will from the store and if you inadvertently misplace your card and someone else make a purchase you don’t authorize, you will not be liable. Get reimbursement on goods you buy at exorbitant price which you later find a cheaper price for within 60 days of purchase. Know however that to enjoy all the benefits of this Blue Federal Credit card, you have conditions and terms to fulfill.
Choose between the Personal credit card option and the Business credit card options.
Where This Product Stands Out
Wide Range of Accounts and Loans
Check through the options available on Blue Federal Credit Union for savings, checking accounts, and loans, and then compare with what you are looking for, chances are quite high that from the many services in the credit union, more than one will suit your purpose.
Note however that despite the wide range of service, you are likely not getting the best except you are a member of the credit union.
No Monthly Fee
Understand that most of the services in the Blue Federal Credit Union exclude payment of monthly fees; a considerable number of the accounts available on the platform also do not require a minimum opening balance.
Know however that some of the accounts, though a handful require payment of a monthly fee and even a minimum opening balance; check through the particular product you want to subscribe to be sure it does not require monthly payment or minimum balance.
Where This Product Falls Short
Change of Term without Notice
Search elsewhere for another credit card if you transparency on interest rates to earn on an account. Imagine locking up business funds for certain months to earn high-interest rates which you are sure of and then without your notice, Blue Federal changes the interest rates; that is what you are likely to face under this product.
How to Qualify for This Product
Know that each product has its specific qualification requirements but common to all is the fact that you need to register as a member of the credit union to enjoy the rewards available in the credit union.
How to Apply for This Product
Make sure to get a family member to extend a Blue Federal Credit Union membership to you or if you work with an employer whose organization is part of the Select Employee Group or donate to the Union to qualify; include the following in your paperwork when applying for membership.
- Recent bank statements
- Financial statements
- Recent personal tax returns
- Address, social security number, SSN, etc.
- Residency information
- Date of birth
- Full name, home address, telephone
(The final list of requirements may vary based on the product you seek.)
Alternatives to This Product
Alliant Credit Union
Consider Alliant Credit Union if you are looking for a credit union with a superb online Mobile App; easy membership criteria and very good interest rates.
Know however that with Alliant Credit Union you don’t get to lodge a physical complaint at the bank because it has no branch office.
Customer Reviews
Don’t expect stellar customer service from Blue Federal Credit Union; the customer reviews it has from BBB paints a picture of not-too-satisfied customers.
Methodology
We reviewed Blue Federal Credit Union based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated Blue Federal Credit Union based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 25%
- Customer experience: 20%
- Eligibility and accessibility: 10%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.
Finally, we evaluated Blue Federal Credit Union, customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.
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