In the world of banking, there are usually few options for those who want a higher savings rate than what is offered by checking accounts. That’s where Blue Federal Credit Union comes in! With rates up to 5% APY and no monthly fees or minimum balance requirement, it has opened its doors to all interested parties looking for a high-paying account without any hassle
The “blue federal credit union savings account reviews” is a website that has reviews of the Blue Federal Credit Union. The credit union offers up to 5% APY on savings accounts.
Blue Federal Credit Union, based in Cheyenne, has the most members of any credit union in Wyoming. Employees of the F.E. Warren Air Force Base created and federally chartered the organization in 1951. Blue Federal Credit Union now has 19 branch sites across Colorado and Wyoming, and it is available to both military and civilian members.
Blue Federal Credit Union is noted for offering a variety of savings accounts, as well as a variety of high-interest deposit accounts and CDs.
Find out more about each of these options to see which one is best for you.
This article will teach you how to:
We’d want to speak about Rewards for Life before we get into the savings accounts since many of the accounts we’ll be discussing qualify for reward points.
Members get points in the Rewards for Life program based on three factors: how long they’ve been a member of the credit union, how many different bank accounts and Blue Federal products they have, and their total account balance.
You gain at least one point merely for joining, and you may earn up to three points for staying with the credit union for a longer period of time:
- 1 point for children aged 0 to 5 years.
- 2 points if you’re between the ages of 5 and 15.
- 3 points if you’re 15 or older.
When you establish certain accounts or buy specific things, you may be eligible for points. The following accounts/products each get one reward point:
- Any checking account is acceptable.
- Any kind of credit card
- Investing in the Blue Account
- Any Money Market account is acceptable.
- Any kind of personal retirement account
- Any account with a Term Share certificate
- Any mortgage or bridge loan that is a first mortgage or a bridge loan
- Any second mortgage, home equity line of credit, or finish line
- Any secured loan for a car, RV, or other vehicle
- Any unsecured loan or credit line
Finally, your total balance across all of your accounts earns you points:
- 0 points if the amount is less than $5,000.
- 1 point for every $5,000 spent between $5,000 and $25,000 spent.
- 2 points between $25,000 and $75,000
- 3 points if you have a salary of $75,000 or more.
Your Rewards Level is determined by the sum of your points. The more tiers you have, the more benefits you get, with Sapphire being the most exceptional. The following are the Rewards levels and the advantages associated with each:
|
Silver |
Gold |
Sapphire |
|
0 to 5 points |
6 to 8 points |
9+ points |
Discounted consumer loan rates |
None |
-0.25% APR (Annual Percentage Rate) |
-0.50% APR (Annual Percentage Rate) |
Extremely high rate of checking (up to $15,000) |
1.00% APY |
1.50% APY |
2.0% APY |
Fee for a paper statement |
$2/each |
Free |
Free |
Annual IRA Contribution |
$10 |
Free |
Free |
Fee for official checks |
$3 |
$3 |
Free |
Fee for coins/coin machines |
3% |
Free |
Free |
Fee for sending wires inside the United States |
$25 |
$25 |
Free |
Fee for receiving wires |
$5 |
$5 |
Free |
Benefits from credit cards |
1 point for every $1 spent |
$1 is worth 1.5 points. |
2 points for every $1 spent |
You may use their Rewards for Life Calculator to figure out how many reward points you’re eligible for if you’re not sure. As soon as you qualify for a higher tier, you should begin getting rewards automatically.
Investments at Blue sums, as well as initial mortgages/bridge loans, are not included in your total debt. Also eligible for the consumer loan rate reduction are automobiles, ATVs, motorcycles, and recreational vehicles.
The Accelerated Savings account is the first savings account we’ll look at. This account pays a 5% annual percentage yield on balances up to $1,000. Blue Federal Credit Union offers the greatest savings rate. When you have a balance of $1,000 or more, your APY drops as your balance grows.
Rates of Savings Acceleration
Balance |
APY |
From $0 to $1,000 |
5.0% |
ranging from $1,000.01 to $5,000 |
The range is 1.80% to 5%. |
$10,000.01 – $5,000.01 |
The range is 1.15 percent to 1.80%. |
50,000 – $10,000.01 |
The range is 0.43 percent to 1.15 percent. |
$50,000.01+ |
Between 0.15 to 0.43 percent |
On your first $1,000, you’ll receive 5% APY, then a reduced rate on anything beyond that. A savings account’s current national average interest is 0.06 percent. This account, unlike several high-interest savings accounts, does not reward you for saving more.
There is no minimum initial amount for this account, but to receive interest, you must have an average daily balance of at least $25.
There is a limit of one Accelerated Savings account per person. Interest is compounded weekly and credited.
Federal Regulation D allows you to make up to six withdrawals each month.
The balances in your Accelerated Savings accounts contribute to your total amount and qualify you for Rewards for Life points.
This credit union offers the Sky High savings account, which is another kind of “high-interest” savings account. It offers 0.35 percent interest on all balances and does not need a minimum amount to earn interest. Dividends are compounded and credited to your account on a monthly basis.
This account has no minimum initial balance requirement. While this account’s earnings rate is higher than the national average, it is not as competitive as many other financial institutions (and we wouldn’t call it “sky high”).
The Christmas Club savings account is intended to assist you in saving for the holidays. It sets aside a part of your money for an end-of-year lump sum payout and generates interest for the duration of the deposit. On balances up to $5,000, this account pays 1.25 percent interest.
Savings Rates for the Christmas Club
Balance |
APY |
From $25 to $5,000 |
1.25% |
$5,000.01+ |
0.10% |
To earn interest, you must have an average daily balance of at least $25.
This account is free to open, but only one per client is allowed. Interest is calculated daily and credited to your account quarterly. In October, your balance is immediately paid off. You will be charged an early withdrawal penalty if you remove your money before this time.
There are two additional basic alternatives outside these three accounts: Membership Share savings and Supplemental savings.
Membership It’s precisely what it sounds like when you say “share savings.” If you wish to stay a member of the credit union, your deposit into this account doubles as your membership fee, so you’ll need to keep it open.
This account pays an annual percentage yield (APY) of 0.10 percent on all balances. For this account, the minimum average daily amount to receive interest is $25. Interest is compounded daily and paid to your account quarterly.
The goal of the Supplemental Savings Account is to be utilized for a specified purpose. This extra account may be used to save for large purchases or to establish buckets for specific expenditures, such as groceries or clothing purchasing.
A minimum amount is not needed to start a Supplemental savings account, and you may open as many as you like. To earn interest, you must have an average daily balance of at least $25. For all balances in this account, the interest rate is 0.10 percent. Interest is compounded every day and credited every three months.
Both of these savings accounts contribute to your combined total, allowing you to earn Rewards for Life points. They don’t charge anything.
Traditional and Ultra Money Market accounts are available from Blue Federal. A $1,000 starting deposit is required for a standard MMA, and this is the average daily amount you must maintain to receive interest. The rates for this account are shown below by balance tier.
Rates on Money Market Accounts
Balance |
APY |
ranging from $1,000 to $14,999.99 |
0.10% |
ranging from $15,000 to $24,999.99 |
0.15% |
ranging from $25,000 to $74,999.99 |
0.20% |
ranging from $75,000 to $99,999.99 |
0.25% |
$100,000+ |
0.30% |
Right present, the average interest on a money market account is about 0.06 percent. There are better rates available, and they are particularly inconvenient if you don’t have a large sum of money to deposit.
The hyper money market accounts provide greater dividends and need a significantly larger amount to open and collect interest, at least $100,000.
Rates on Ultra Money Market Accounts
Balance |
APY |
$100,000+ |
0.35% |
ranging from $2,500 to $99,999.99 |
0.10% |
If you have a balance of $100,000 or more, you will receive 0.35 percent APY, and if you have a balance of less than $100,000, you will get 0.10 percent APY. To earn interest on this account, you must have a balance of at least $2,500.
If you don’t know for sure that you’ll be able to keep a balance of at least $100,000, this account isn’t for you; otherwise, you’ll earn less than you would with a standard MMA.
Unless you request differently, interest on both kinds of money market accounts is compounded and credited monthly to your account.
You may withdraw and transfer an infinite amount of money from this account at any time by visiting a branch, and you can deposit an unlimited amount of money at any time in person or online. There are no monthly fees or fines for making too many withdrawals.
The Term Share or Certificate of Deposit account is the last deposit account we’ll look at. There’s a good assortment of standard and IRA CDs to choose from.
The APYs on these accounts are graded. Consider the interest rates on a typical CD based on the term duration and balance.
CD Rates on a Regular Basis
Length of Term |
APY: $1,000 – $49,999.99 |
$49,999.99 – $99,999.99 |
$100,000+ |
6 months |
0.15% |
0.20% |
0.25% |
12 months |
0.30% |
0.35% |
0.40% |
24 months |
0.45% |
0.50% |
0.55% |
Thirty months (expandable) |
0.50% |
0.55% |
0.60% |
36 months |
0.55% |
0.60% |
0.65% |
48 months |
0.70% |
0.75% |
0.80% |
60 months |
1.00% |
1.05% |
1.10% |
For a 12-month CD, the national average rate is now 0.14 percent. These Blue Federal rates are competitive, and they’re among the best we’ve seen from a credit union.
A $1,000 minimum initial deposit is required for Blue Federal CDs. Interest is compounded and paid back into your CD on a monthly basis.
Unlike other CDs, the 30-month expandable CD enables you to put extra money into your account after you open it. There are no costs associated with this.
Taking money out of your certificate before it matures will cost you money. The following are the fees for each term:
- Early withdrawals from CDs having a term of less than one year are subject to a penalty of 90 days’ interest.
- Early withdrawals from one- to three-year CDs are subject to a penalty equivalent to 180 days’ interest.
- Early withdrawals from CDs with maturities of more than three years are subject to a penalty equivalent to 240 days’ interest.
After your account expires and renews, you have a 10-day grace period to make a withdrawal without being fined.
Regular and IRA certificates of deposit are also available.
To create an account with this organization, you must first become a member, which may be done by joining the Blue Foundation and paying a $10 deposit. Your initial $5 will be spent to start your account, and another $5 will be contributed on your behalf to the Blue Foundation, which supports community service projects. You are a member for life once you enroll.
You may also join via a family member, an eligible company or group in Wyoming or Colorado, the F.E. Warren Air Force Base, or the United States military (if you or a family member are in active-duty service).
At Blue Federal Credit Union, you should have no trouble locating a savings account to help you achieve your objectives. These aren’t the greatest savings rates we’ve seen, but they’re competitive with comparable credit unions. When you consider the benefits of the Rewards for Life program, this credit union becomes a very appealing alternative for low-risk saving and investment. Overall, the accounts are rather versatile, and they aren’t horrible for those with smaller net worths.
You’ll generally want to avoid Money Market accounts in favor of a CD or an Accelerated Savings account if you want to maximize your earnings.
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Blue Federal Credit Union is offering savings rates up to 5.0% APY! Reference: blue sky high savings.
Frequently Asked Questions
Which credit union has the highest APY?
A: The credit union with the highest APY is Fidelity. They offer 3% on savings accounts and 0.01% on certificates of deposit (CDs).
What is a good savings rate APY?
A: The APY is the annual percentage yield of an account. A savings rate that has a higher interest rate will require less money to be saved in order for the overall investment return to match.
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