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Blue Federal Credit Union has branches, but you can also open an account online.
Blue Federal Credit Union; Rachel Mendelson/Insider
The bottom line: Blue Federal Credit Union Membership Share Savings Account is in our guide of the best credit unions. You may like it if you want to open several accounts, take out loans, and open a credit card, because then you’ll earn points for its membership rewards program — which you can use to waive fees, earn higher interest rates, and receive discounted loan rates.
Overall bank rating
FeatureInsider rating (out of 5)Savings4Checking4CD3.75Trustworthiness5Total4
Pros and cons
ProsCons
Easy to become a member
Bank online, visit branches in CO and WY, or visit shared branches around the US
Pays high interest rates on some accounts
No monthly service fees
Earn more rewards with tiered membership rewards program
Interest compounds monthly, not dailyMust meet criteria to earn the highest interest ratesPoor mobile app ratingsTiered membership reward programs can be confusing
Blue Federal Credit Union Membership Share Savings Account
You must open a Blue Federal Credit Union Membership Share Savings Account when you join the credit union. It’s a strong account overall, but it pays a low interest rate. You may want to open Blue Federal Credit Union Membership Share Savings Account that pays a better rate once you’ve become a member.
Blue Extreme Checking Account
Blue Federal Credit Union has several checking accounts. Blue Extreme Checking Account is a good choice for earning a high interest rate if you meet the qualifications, or you can open a cash-back or basic account.
Blue Federal Credit Union Term Share Account
Blue Federal Credit Union pays competitive interest rates on Blue Federal Credit Union Term Share Account, especially on 4-year and 5-year terms. Most institutions don’t let you deposit more money after opening a CD, but you can add more to Blue FCU’s 30-month CD.
How Blue Federal Credit Union works
Blue Federal Credit Union Membership Share Savings Account accounts are available online from around the US. You may also visit a branch in Colorado or Wyoming, or one of 5,000 CO-OP shared branch locations. You can’t open an account in a shared branch, but you can receive assistance.
There are over 30,000 free ATMs in the CO-OP network.
Blue FCU has three membership rewards tiers: Silver, Gold, and Sapphire. Each tier comes with more benefits, such as a higher interest rate on the Blue Extreme Checking Account, waived domestic wire transfer fees, and credit card rewards.
The tiered membership system is a bit complex, and you can read the full details here. You’ll earn points for opening accounts, taking out loans, and opening Blue FCU credit cards. The more points you have, the higher your tier.
Call live customer service 24/7, or chat live online Monday through Friday.
The Blue FCU mobile app doesn’t have many 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 for up to $250,000, or $500,000 for joint accounts. This means your money is safe even if the credit union shuts down.
How to join Blue Federal Credit Union
The easiest way to join Blue Federal Credit Union is probably by donating to the Blue Foundation. When you open a Blue Federal Credit Union Membership Share Savings Account account (which is mandatory for becoming a member) with $10, the credit union will keep $5 in the account and donate $5 to the foundation.
Or you may already qualify for membership if you meet one of the following criteria:
Work for a Select Employee Group in Colorado or WyomingAre a civilian, military personnel, contractor, or employee of a contractor assigned to the Francis E. Warren Air Force BaseAre an employee for the Francis E. Warren Air Force Exchange or other activities at the baseAre a member of the Wyoming Army National Guard, Wyoming Air National Guard, or United States Naval Reserve stationed in WyomingAre an active or retired member of the US Armed Forces, or are the dependent/dependent survivor of a member and are legally eligible for benefits
Blue Federal Credit Union trustworthiness and BBB rating
Blue Federal Credit Union does not have any public controversies.
The Better Business Bureau focuses on consumer trust and rates companies based on responses to customer complaints, honest advertising, and transparency about business practices. The BBB gives Blue FCU an A+ rating.
A good BBB score doesn’t guarantee that you’ll have a smooth relationship with a company, though. You may want to ask friends and family about their experiences with Blue FCU, or read online customer reviews.
How Blue Federal Credit Union compares
We’ve compared Blue Federal Credit Union to two of the other institutions in our best credit unions guide: Alliant Credit Union and Pentagon Federal Credit Union.
You may like any of these credit unions if you’re comfortable banking online, and Alliant is the only one without any physical branches.
If you want to earn a high rate on savings, you’ll probably prefer Alliant or PenFed. Blue FCU has a few savings accounts to choose from, but none pay rates as high as Alliant or PenFed.
For earning 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 tiers, you’ll earn 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.