Wyoming-based Blue Federal Credit Union (Blue FCU) has a new, limited-time offering: a 17-month Term Share Special, which can earn up to 2.75% APY. If funds already on deposit at Blue FCU are used, the APY will be 2.25%. The key to earning higher APYs is new money, defined as “money transferred from a different financial institution.” According to the landing page,
For new money, the rates are tiered with increases of half a basis point added to the rate of 2.25% for every additional $1,000.
What is missing from the quote is that the rate is capped at 2.75% APY, with deposits of $100k and above earning 2.75% APY. Here are a few of the 50 possible APYs.
- 2.25% APY – $2k minimum
- 2.30% APY – $10k minimum
- 2.375% APY – $25k minimum
- 2.50% APY – $50k minimum
- 2.625% APY – $75k minimum
- 2.75% APY – $100k minimum
As stated on the landing page, the Early Withdrawal Penalty reads as follows:
Early withdrawal penalties of 180 days dividends apply.
Funding a Term Share Special can be done by ACH, wire, or by check. There is a seven calendar day grace period before the 17-month Term Share Special renews as a 12-month Term Share. Maturing funds can be transferred to your Primary Savings Account, if you opt not to renew.
Blue FCU’s Extreme Checking has been earning the same tiered APYs for more than three years – Sapphire, 4.00% APY; Gold, 3.00% APY; and Silver, 2.00% APY – on qualifying balances up to $15k. All members automatically qualify for the Silver tier (2.00% APY), while the Gold and Sapphire tiers require more account relationships to qualify, determined by your Rewards For Life score.
The Extreme Checking account must first meet the “criteria for earning dividend” requirements in order to qualify for one of the three tiered rates.
- At least 10 debit card transaction per month.
- An automatic deposit or withdrawal in place.
- Be enrolled in eStatements.
Rewards For Life
The tiered rates are based on Blue FCU’s Rewards For Life program. As stated on the Rewards For Life page,
Your rewards score is determined through a combination of your number of unique services, length of membership and total savings and loan balances. Each product and service is worth one (1) point and your years of membership and combined relationship balances varies in points awarded.
Sapphire status requires 9+ points, with Gold requiring 6-8 points and Silver 0-5 points. A complete breakdown of the Rewards Points Structure is available on the website.
The Extreme Checking account is fee-free and has no minimum balance requirement. It is available as a personal account only and there is a limit of one Extreme Checking account per member. Nationwide ATM fees are refunded up to $21 per qualification cycle, with a $3 limit per transaction.
Headquartered in Cheyenne, Wyoming, Blue Federal Credit Union’s field of membership provides a way for almost all U.S. citizens and resident aliens to join.
Easy Membership - Joining the Blue Foundation ($5 donation) qualifies for Blue FCU membership, regardless of employment or residency status.
Employment - Active employees, members, volunteers, retirees, pensioners, or annuitants of more than 1,000 Wyoming and Colorado businesses are eligible to join.
Military Relationship - Civilian and military personnel stationed at F.E. Warren Air Force Base qualify for membership, as do other military personnel. Complete details are listed on Blue FCU’s “Who Can Join” page.
Family Relationship - Family and household members of current Blue FCU members are also eligible to join.
Joining Blue FCU and/or opening a Term Share Special can be done online, by phone (800.368.9328), or at any of eight Colorado branches located in Boulder, Broomfield (2), Fort Collins (3), Lafayette, and Wellington, or six Wyoming branches located in Cheyenne (5) and Laramie.
You will need $5 to fund a Primary Savings Account.
Blue FCU participates in both the CO-OP Share Branched and ATM networks, giving members access to,
over 5,000 shared branches, allowing you to bank in person almost anywhere. With
Blue, you’ll also have access to over 30,000 fee-free CO-OP ATMs across the country.
Credit Union Overview
Blue Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.15% (excellent) based on June 30, 2019 data. In the past year, Blue FCU increased its total non-brokered deposits by $63.01 million, an excellent annual growth rate of 7.79%. Please refer to our financial overview of Blue Federal Credit Union (NCUA Charter # 7361) for more details.
Blue Federal Credit Union was originally established in 1951 as the Warren Federal Credit Union, formed by civilian employees on the F.E. Warren Air Force Base in Cheyenne. The Credit Union was rebranded as Blue Federal Credit Union in April 2016, following a merger between Warren FCU and Community Financial Credit Union of Broomfield, Colorado. This merger was the second largest consolidation approved by NCUA in the first quarter of 2016. Blue FCU is currently the largest Wyoming-based credit union, with more than 87,000 members and assets in excess of $1.1 billion
How the Term Share Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Blue Federal Credit Union's 17-month Term Share Special tiered APYs (minimum $50k) currently rank first, regardless of deposit requirements.
The above rates are accurate as of 10/23/2019.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.