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 $3,000None - Monthly fees: None
- Insured: NCUA
The 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
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
Negative change. Looks like they’ve launched a “Nova Perks” program (sent by mail apparently, no email or SMS 😤) and auto-enrolled folks to the Premium tier @ $7/mo. I called in and had them change me to the $0/mo Basic tier and refund the fee, but the Basic checking now requires either 1) one transaction per month OR 2) $100 minimum balance to keep fee free. The former is relatively easy since I’ve already move interest from 5% savings to checking monthly (to stay just below $1k threshold). Still a silly move, especially for a CU, and especially especially when risk-free rates across the board are >5%.
https://www.bluefcu.com/nova
Is this auto-enrollment onlyif you hada checking already? I o ly had savings sith them.
“We apologize that we are unable to complete your request online. Please visit your local branch or call 1-800-368-9328 to complete an application and join Blue Federal Credit Union. To schedule an appointment click here.”
Only accepting residence of WY.
Does anyone know if this account is open to out of state residents again? Last I checked it could only be opened in state. This used to be nationally available. If anyone has applied recently from out of state online please post back on results. Thank you
This account can only be opened in person.
Ive been trying to find routes to still open the account despite the “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.” error.
All CSR ive spoken with have been unable to find a solution and I was told anyone who lives outside WY/CO in unsable ot open an account, I tried having them send me a paper application and they said thats still not possible. They state you must be physically in the state to open an account. If anyone finds and loopholes please let me know.
I was told(by a CSR) that if you apply for a credit card or loan with them that will get your foot in the door from out of state. Then you can open the 5% savings account. I have not yet tried this method but it sounds interesting.
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.”
You all finally talked it to death. And now still don’t get it. Losers.
Why are you so mad
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.
Anyone having trouble registering an account online?
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!
Wow. Talk about unprofessional and unaccountable. A bank to avoid perhaps?