Posted by William Charles on August 19, 2016
Checking Accounts

Published on August 19th, 2016 | by William Charles

66

Blue Federal Credit Union 4% APY Account (Up To $15,000)

Keep in mind that they are ChexSystems sensitive.

Offer at a glance

  • Interest Rate: up to 4% APY
  • Minimum Balance: None, $25 initial deposit
  • Maximum Balance: $15,000
  • Availability: Nationwide, as far as we know.
  • Direct deposit required: See below
  • Additional Requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: Limited to $500. Only Visa, Mastercard or Discover. American Express not accepted.
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Receive an interest rate of up to 4% APY on balances up to $15,000 when you open an Extreme Checking account with Blue Federal Credit Union. The Interest rate you receive depends on the number of points you have with Blue FCU under their ‘Rewards For Life‘ program. To receive the increased rates, you must do the following (if you fail to meet these requirements, you’ll earn 0% APY. Balances over $15,000 will earn 0.25% APY if the requirements are met):
    • Have an automatc deposit or withdrawal set up for the account
    • Make 10 debit card purchases per month
    • Be enrolled in eStatements
  • As mentioned before, the APY you receive depends on the number of points you have. Here are the different tiers:
    • Silver (0-5 points): 2%
    • Gold (6-8 points): 3%
    • Sapphire (9+ points); 4%

blue federal

Earning Points

You earn points for any of the following things:

blue federal

Let’s see how easy it is to get these points. To begin with you should be able to get the following points:

  • Year of membership: 1 point
  • Checking account: 1 point
  • Relationship balance of 5k+: 1 point

They have another savings account that earns up to 4.99% APY, but I don’t think that gives you any additional points. Their credit cards aren’t very interesting as there is no sign up bonus and cards earn 1x points. Their share certificate rates aren’t fantastic either. Pretty much everything else is a loan product, how useful they are depends on the rates they offer and the current rates you may be receiving.

The Fine Print

Avoiding Fees

There is no monthly minimum balance required or any monthly fees. If you’re new to Blue Federal Credit Union then you are required to pay $10, $5 goes to the Blue Foundation as a donation and the other $5 is used to set up your membership. There is no early account termination fee according to their fee schedule.

Our Verdict

That 4% rate is really tempting, but it’s just way to hard to even get close to it. 3% might be achievable for some people, but even the 2% rate is better than most accounts and the maximum balance of $15,000 is good as well. If I was setting up this account this is what I’d do:

  • Enroll in eStatements
  • Set up an automatic withdrawal for the interest that exceeds $15,000 every month (this will mean I don’t have funds earning just 0.25% APY and also satisfy the withdrawal requirement)
  • Make 10 debit card purchases monthly (using one of these tips)

Pretty easy bonus. We will add this to our list of the best high interest accounts. If you’re more into checking/savings sign up bonuses click here instead.



66 Responses to Blue Federal Credit Union 4% APY Account (Up To $15,000)

  1. Dan says:

    Can you find this CU at bankrate? I was unable to find…

  2. Stephen says:

    I’ll take a pass on this. I don’t have loans besides a Mortgage. I’ll just keep getting my simple 3.09% with CCU and 5.00% with Insight.

  3. Logan says:

    Funded $1500 for the extreme checking, $1500 for accelerated savings and $10 for donation with $5 in standard savings account.

    Totaling $3010 funding on my Chase Southwest Premier card.

  4. Ken says:

    The 2% is pretty easy, but it’s only 1% over my other 1% accounts that don’t have any monthly requirements. Being able to fund $3k is the real winner here.

  5. FB says:

    The amount of hoops are staggering

  6. Jason says:

    Chex System: Yes
    Got rejected right away even before going to the identity verification page

    What interests me is their Earn Five Checking account that can earn up for $25/month

    • Jason says:

      So finally I opened up one account for my mom since me and my dad have been appeared to have too many inquiries in Chex System. (My bad for MS purpose). But at least good that it’s been finally opened.

      DP:

      Funded $3009 with Citi Double Cash, coded as purchase and even better is that the funds become available right away! It’s not up to $1500 CC funding as said in article

      I am surprised no one mentions about one of the checking account- earn five checking. You can get as much as $25/ month for making 505 debit transactions. I’ll test out whether via google wallet will trigger that. Also, the website security level is good as it provides login history as well. The Apps is easy to use.

      Here is the comparison of the 4% APR bonus and earn five checking bonus:

      Initially, Any checking: 1, any money market: 1, 0-5 years: 1, 5K-25K: 1 = total of 4 points = Silver 2% for saving rate

      Five Checking Bonus= $25 x 12 = $300/year, in order for 2% saving rate to match, you have to deposit 300/0.02=15000=15K. But five checking account does not need that much money floating.

    • Eric says:

      Logan wrote that he has 12 Chex inquiries in the past 6 months and got approved. How many do you have in that time period?

  7. Jason says:

    “Time in months at inquiry address: 44 “

  8. Jesse says:

    Anyone have the CSR post safely as a purchase?

  9. Harvey says:

    Yesterday opened extreme checking and savings accounts. Funded with CSR for $3000 ($1500/each account). Have CA set to $100. Transaction is still pending, but can see funds in Blue accounts posted.

  10. Eric says:

    Has anyone tried US Bank Flexperks Visa for the funding? If so, did it go through? Does this bank give you multiple chances if the initial funding is rejected?

  11. smitty says:

    I just called in to ask about applying while out of the country. CSR said she’d never been asked that before and told me I should be fine. However, I was auto denied for a Tech CU and Santander account cause I was out of US. I was approved for a Provident account while out of the country. Any DPs on applying for this account while out of the country?

    • Ken says:

      Do you have a US address you can use? If so just use a free VPN browser plugin and select a USA server.

      • smitty says:

        Applied. Unlike with Tech CU and Santander, Blue didn’t even process my app. On the verification page I was given “We apologize, but your application cannot be processed at this time do to the following reason:

        Blue runs all member applications through ChexSystems. Based on the personal information you provided, we are unable to process your account online at this time.”

        I tried using a VPN, but I guess the free browser one was crap. I called in and the CSR said that she did not think it was a denial. I guess now I’m waiting for their tech department to get back to me.

  12. JASON says:

    I don’t know since when or has anyone else mentioned it before, but Blue Federal Credit Union has $100 bonus for new members, but in branch only and limited to first 300.

    https://www.bluefcu.com/why-blue/do-gooders-unite/northern-colorado

    Terms:

    New members only. $100 new member bonus limited to first 300 people and available only in-person at Boardwalk, Old Town and Wellington Blue FCU locations. $100 will be deposited into member’s checking at account opening. Not transferrable. Limit one per person. No substitutions. Limited time promotion. Person must qualify for membership. Membership is easy, just ask. Federally insured by NCUA. *Annual percentage yield. See Rewards For Life page for full details and requirements.

  13. Ricardo says:

    I don’t see how to make an automatic deposit to an external account, even after successfully setting up the link. It only lets me do an auto transfer from checking to savings. Or do I just manually set up multiple external account transfers?
    Does the automatic transfer need to be initiated by Blue FCU?

  14. NJ says:

    I and my wife applied and both were Denied. When called in and check with the banker, she mentioned too many recent inquiries (we both had 6-7). I asked how many do you prefer? She answered 3 or less. But someone above mentioned he was able to open the account with way more inquiries than ours. Lil confused.

  15. ST says:

    Talking to Customer Service Rep at BlueFCU, and she indicated that AMEX card is possible to use. Any data points on whether it is coded as a purchase ? Certainly don’t want to pay cash advance fees, as I’m looking to use it for min. spend on AMEX card.

  16. rbaustin says:

    I just opened a new extreme checking account and funded with CSR for $5000. Transaction went through. I had set my cash advance limit to $100 and when I tried depositing $3500 at another bank, it was declined. So I am fairly confident that $5000 deposit will code as purchase. This should help me meet my minimum spend. Super easy!

    • cm says:

      I tried using CSR, too; selected a whole bunch of Blue accounts and about 8k total; no issues so far; CA limit was 20, didn’t have to call anyone.

      I wonder what’s the max is; I decided to go conservative, to make sure not to spook anyone.

  17. Sush says:

    I guess be the DP you want to see. Amex cards don’t take online. It does not let you submit. It says VISA, MC, and Discover only. I will see if they will take amex over the phone or something. I thought Amex charge cards cant get charged a cash advance, so I will give it a try Monday.

  18. John says:

    Can someone please let me know if you can deposits Money Orders through mobile app?

    • cm says:

      They’re part of COOP Shared Branch; basically, you can show up at any local CU that has the same logo on their website (but is, e.g., highly restrictive in its membership eligibility), and service the account from there.

  19. Eli says:

    Could someone please tell me if I can fund this with Amex Business Platinum and if it will post as purchase? Thanks

  20. Tfb says:

    I notice that all the online reviews for Blue FCU, which seem to mostly come from local members, are pretty terrible. Also, that it is a pretty new entity, merger of two credit unions in 2013. Does anyone think this should give me pause about opening an account? It would be partly for a minimum spend and partly for the 3% interest rate – though to get that I’d have to open a lot of accounts with them, which is why the reviews seem perhaps more relevant.

  21. Chris says:

    Had to do cc funding over the phone due to website error. Only allowed $1500 per account. Not sure if previous posts about larger amounts were funded through the website?

  22. Anup Goenka says:

    Thanks @Connie. Anyone has a datapoint on opening savings and/or checking account separately. I wanted to do this to maximize the Credit card funding. Do they allow CC funding for additional accounts once one account is opened. If this is possible, I can open couple of accounts in each go. Example: Basic checking and Savings once, Money market and basic checking next and so on.
    Thanks for any help or pointers.

  23. M says:

    Denied due to Chexsystems inquiries. She said I had to have 3 inquiries or less in the last year and I have 7 or 8 according to the rep.

  24. Shawn says:

    A week ago I open an account for myself and funded my Accelerated Savings with $3,800 using my Chase Sapphire Reserve card and it went though no problem. Today a friend tried to fund their account and they were only allowed to fund a maximum of $500. on a credit card. So this will need to be updated.

  25. Robert says:

    I just opened the a new account and funding was limited to a total of $500 total for all accounts when using a credit card or ACH. So I ended up only opening the checking and will try the adding some of the other accounts later and will report back if it allows me to do any further cc funding.

  26. Vince says:

    Just tried to open a BCU account and the max I could put in via CC was $500 total,

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