This is a pretty confusing checking account at first glance, but if you can meet the requirements, it will be worth it. First things first: There are two different sets of criteria that dictate what youâ€™ll get out of this account.
First is Blue Federal Credit Unionâ€™s Rewards program. This program offers higher interest rates on certain accounts (like this one) based on various factors: this includes how long youâ€™ve been with Blue Federal Credit Union, how many accounts you have, and others.
There are three levels of rewards: Sapphire, Gold, and Silver. Each one offers different interest rates, which you can see in the interest table above. The good news is that anyone can get at least Silver membership just by having even one account open, so by default you qualify for at least the lowest-tier rates (which are still excellent).
Second are the requirements that come with this account specifically. Each month, in order to earn any interest at all, youâ€™ll need to meet each of these three requirements:
If you can meet all of these requirements, youâ€™ll not only earn great interest rates on balances up to $15,000, but youâ€™ll also be eligible for reimbursement of up to $21 in domestic ATM surcharge fees per month. Each individual surcharge fee must be $3 or under â€” if you make an ATM withdrawal for $4.50, for example, youâ€™ll still only be reimbursed for $3.
You can apply for membership and open this account at a local branch or online. Youâ€™ll also need to be at least 18 years old, with a Social Security number and a valid government ID. If youâ€™re not yet a member, youâ€™ll need to deposit at least $5 in a Share Savings account to establish your membership first.