Wyoming-based Blue Federal Credit Union (Blue FCU) recently added a 15-month CD Special to its product line. Earning 5.50% APY, this limited-time offer can be opened with a $1k minimum deposit, with no stated balance cap. The 15-month CD Special is one of five nationally available “New To Summary” CDs (18-month category) in yesterday’s CD Deals Summary.
The 15-month CD Special has the highest and most competitive APY in the Blue FCU CD product line. While add-on and bump-up options are available on some of the Blue FCU CDs, the 15-month CD Special offers neither.
Early Withdrawal Penalty
As stated on the Savings Rate page, the Early Withdrawal Penalty reads as follows:
If the term of the account is more than one year and less than three years,
the penalty will equal 180 days’ dividends on the amount withdrawn.
According to CSR, partial withdrawals are allowed as long as the CD balances does not fall below $1k. If a withdrawal is made within 180 days of opening, the CD principal will be reduced.
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 qualifies for Blue FCU membership, regardless of employment or residency status. When you open an account and deposit $10, $5 will be used to set up your membership and the other $5 will go the Blue Foundation.
Employment - Active employees, members, volunteers, retirees, pensioners, or annuitants of nearly 1,200 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 CD Special can be done online, by phone (800.368.9328), or at any of eight Wyoming branches located in Cheyenne (6) and Laramie (2), or 12 Colorado branches located in Boulder, Broomfield (2), Denver, Erie, Fort Collins (3), Granby, Lafayette, Loveland, Superior, and Wellington. Appointments are available and can be scheduled online.
Establishing a new Blue FCU membership requires a minimum $5 deposit into 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.
Funding and Other Details
The following is from a Live Chat with CSR.
- Funding – ACH, wire, check, internal transfer, shared branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual or joint.
- Dividends – Compounded/credited monthly; can be transferred to a Blue FCU Primary Savings account.
- Maturing Funds – Internal transfer to a Blue FCU checking/savings account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are not required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – Hard pull through Transunion when joining.
Credit Union Overview
Blue Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 9.38% (excellent) based on March 31, 2023 data. In the past year, Blue FCU increased its total non-brokered deposits by $23.69 million, an above average annual growth rate of 1.66%. 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. At the beginning of 2020, Blue FCU purchased two Liberty Savings Bank branches, expanding its footprint in Colorado, including its first branch inside the Denver city limits. Blue FCU is currently the largest Wyoming-based credit union, with more than 122,000 members and assets in excess of $1.8 billion
How the 15-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Blue Fed Credit Union 15-month CD Special. The following table compares the 15-month CD Special to the two highest-rate CDs from banks and the two highest-rate CDs from other credit unions. (FYI – the Blue FCU 15-month CD Special currently has the highest APY offered on nationally available 15-month CDs.)
The above information and rates are accurate as of 8/31/2023.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.