Blue Federal Credit Union 4.99% APY Account (Up To $1,000, Easier Requirements)

Update 2/26/21: Starting March 1st, 2021 there is no monthly a requirement to receive monthly ACH transfer or deposit. You’ll also 1.34% APY on balances $1,000.01-$5,000.00.

Keep in mind that they are ChexSystems sensitive.

Offer at a glance

  • Interest Rate: 5% APY
  • Minimum Balance: None, $25 initial deposit
  • Maximum Balance: $1,000
  • Availability: Nationwide, as far as we know.
  • Direct deposit required: Direct deposit or ACH required, no minimum specified but according to CSR it’s at least $5
  • Additional Requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: Up to $3,000 None
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct link to offer

  • Receive an APY of 4.99% on Blue Federal Credit Unions Accelerated Savings account when you do the following:
    • Have a minimum daily balance of $25
    • Receive a monthly ACH transfer or deposit

accelerated savings

The Fine Print

  • $5 minimum deposit required ($25 for interest)
  • Rates subject to change
  • Required to pay taxes on interest as per usual
  • This account earns points towards their rewards for life program (this can give you an APY of up to 4% on balances up to $15,000 on their Extreme Checking Account)

Avoiding Fees

There are no monthly fees on this account. 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

The maximum balance of $1,000 is kind of annoying, but pretty easy to get the 4.99% rate. I’d probably just set up an automatic $5 deposit every month and then withdraw that and your interest earned (~$4) monthly as well. Credit card funding is a nice option as well. Not really sure if it’s worth using a ChexSystems inquiry on this due to the relatively low maximum balance and the fact you could sign up for another account with a bonus instead. We’ve added this to our list of good savings accounts as well.

I’ve also asked for more information on their extreme checking account, although it seems like it will be difficult to qualify for the top 4% rate.

Big thanks to reader Mr. PTM for letting us know about this one

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killdozer
killdozer

Tried joining online, I clicked “lets get started”, and it immeaditley goes to: “We apologize that we are unable to complete your request online. Please visit one of our branches to open your account. To schedule an appointment click here.”

Stephen
Stephen

You all finally talked it to death. And now still don’t get it. Losers.

Ian
Ian

LoL, I didn’t get anywhere with it. I simply clicked on apply and got this message: “We apologize that we are unable to complete your request online. Please visit one of our branches to open your account. To schedule an appointment click here.” Tried it in 2 different browsers.

Will
Will

Anyone having trouble registering an account online?

Fred
Fred

The only thing this Blue bank gave me was Blue Balls.

I waited a year to apply just for this bank account, being careful not to go over 3 Chex pulls. Managed to get through the web based application, and then they had me email them my personal docs (against my better judgement, but I waited 1 year damn it).

Just when I thought I was finally going to get this damn 1k saving account, the banker wanted to do a phone interview. Yes, an interview over a 1k savings account (no, I wasn’t applying for a loan too). So I scheduled a time for them to call (because they insisted I couldn’t just call them — they had to call me), and they would just ignore the scheduled time leaving me sitting by the phone all day getting hot and bothered. They did this to me twice (one for each ball), and then they just completely ghosted me. Like not even saying sorry or telling me if they closed my application. Just up and stopped talking to me. Well the joke is on you Blue bank, I’m a masochist and thoroughly enjoyed the whole experience!

DD
DD

Wow. Talk about unprofessional and unaccountable. A bank to avoid perhaps?

patrick
patrick

Just got denied by email a few hours after applying. I had 10 checking accounts opened in the past year.

zzcodi
zzcodi

Anyone want to refer me? Is there a referral credit?

Spencer
Spencer

Got the account. Definitely Chex sensitive. Had to print out the new member form, go get it notarized, scanned and sent back. Cost $10 for the notary. May or may not be worth the time and effort to you. Didn’t know about that when I signed up.

K
K

I’m in the endless loop of “waiting to see if you are eligible to become a member”

Victor
Victor

Successfully opened this account, but it required verifying some information over phone which took a few weeks of back-and-forth. Seems they got slammed with new applications, and perhaps decided to be selective with who they accepted (I haven’t opened many recently).

STEVE G
STEVE G

DP on error code 101: It’s related to IP address. Apparently their system wants to see your IP as being “very close” to your home address. I had to turn off VPN and use my home internet; couldn’t even apply from my phone.