Blue Federal Credit Union Money Market Account Review 2024

Need a good place to open a money market account? Learn more about Blue Federal Credit Union's money market accounts, compare rates, and more.
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Written by Rebecca Lake
Financial Expert
Managing Editor
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Credit unions can offer checking accounts, savings accounts, and money market accounts without the stiff fees often associated with traditional banks. You might be able to get a great rate on your savings too if you choose the right credit union.

Blue Federal Credit Union is worth a look if you’re interested in opening a high-yield money market account. The credit union currently offers a competitive APY on its money market accounts, in partnership with Raisin.

Wondering if saving with a credit union is right for you? This Blue Federal Credit Union review covers the most important things to know if you decide to open an account here.

Blue Federal Credit Union At a Glance

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Pros and Cons of Blue Federal Credit Union Money Market Account


  • Savers earn a great rate on balances, with no tiers
  • No monthly maintenance fees
  • Low minimum deposit requirement
  • NCUA-insured savings
  • Online banking access


  • Must open your account through Raisin to get the most competitive rate
  • No branch or ATM banking access
  • No mobile app

Compare to Others

Credit unions may appeal to certain savers more than others. There are other banking options you might consider for opening a money market account. Here are three other possibilities for meeting your savings goals.

First Internet Bank

The First Internet Bank money market account is a high-yield deposit account earning an APY that’s well above the national average savings rate. This account has a higher minimum deposit requirement, at $100. You’ll also pay a $5 monthly maintenance fee.

Learn more about the First Internet Bank money market account.

CIT Bank

CIT Bank offers a number of high-yield savings products, including money market accounts. The APY is comparable to what you could get with Blue Federal Credit Union and there’s no minimum deposit required. This account is also fee-friendly, with no monthly maintenance fee.

Learn more about the CIT Bank money market account.

Patriot Bank

Patriot Bank also works with Raisin to offer high-yield money market accounts. You can open an account online with just $1 and earn a competitive rate. These accounts are FDIC-insured.

Learn more about the Patriot Bank money market account.

Who Is Blue Federal Credit Union’s Money Market Account For?

Money market accounts can be a great option for saving toward short or long-term financial goals.

Blue Federal Credit Union’s money market account offered through Raisin could be a good fit if you’re looking for a combination of a high yield and zero fees.

You might consider opening this money market account if you don’t necessarily need or want branch banking access.

You’ll need to open the account through the Raisin platform but the process itself is simple and fast.

And since you only need $1 to get started with this account, it could be ideal if you’re new to saving.

This account could be good for:

  • Beginning savers
  • Anyone who wants to earn a higher rate on savings while avoiding monthly fees
  • People who are comfortable saving and managing their accounts online

If you’d rather have access to branch banking, you might consider opening a different money market account at a traditional bank or credit union.

Top Features of Blue Federal Credit Union

Wondering whether the Blue Federal Credit Union is the best money market account option? Here are some of the account’s best features.

Low minimums

As mentioned, you only need $1 to start saving with the Blue Federal Credit Union money market account. That’s an advantage over other accounts that might require $100 or more for a minimum deposit.

Great rates

Raisin partners with a variety of banks and credit unions to offer above-average rates. The Blue Federal Credit Union money market account is no exception and savers can earn a stellar rate for their money.

24/7 access

You always have access to your savings through the Raisin website. You can log in, schedule a deposit from a linked bank account or transfer money out to a different bank.

No fees

There’s no monthly maintenance fee for a Blue Federal Credit Union money market account when you open it through Raisin. In fact, there are no fees at all.

Flexible withdrawals

If you need money you can withdraw from your money market account as needed. You can schedule transfers to a linked bank account and there’s no penalty fee for withdrawing your savings.

How to Get Started

You can open a Blue Federal Credit Union money market account online at Raisin and the process takes just a few minutes.

You’ll need to create a user login with your email address and password. You’ll also need to tell Raisin your first and last name.

From there, you can select the account you want to open. You’ll need to tell Raisin the following:

  • Your address
  • Date of birth
  • Social Security number
  • Preferred minimum deposit

You’ll also need to share your banking information to link an account to make your initial deposit. That includes the bank name, bank account number, and routing number.

Once your account is open, you can manage it online through the Raisin website.

Rating the Features

Is Blue Federal Credit Union’s money market account the best option? Overall, it could be a great choice for savers who want to earn an outstanding rate. Here’s more on how the features measure up.

User Experience

The Raisin website is easy to navigate and the account opening process is fairly simple.

There aren’t a lot of bells and whistles but that may not be an issue if you’re more concerned about getting the best rate possible for your savings.


There’s no monthly maintenance fee for the Blue Federal Credit Union money market account when you open it through Raisin. Raisin doesn’t charge any hidden fees either.


The rates for the Blue Federal Credit Union money market are some of the highest you’ll find anywhere online.

Rather than being tiered, rates apply to all balances. So you can earn the same APY regardless of whether you save a little money or a lot.


Raisin offers a variety of savings products through different banks and credit unions.

If you’d like to know more about what Blue Federal Credit Union has to offer, you may want to visit the credit union’s website instead to see what’s available.

For example, you might be interested in opening a checking account or a share certificate account, comparable to a CD account, with the credit union.

Customer support

You’ll be able to manage your account online through the Raisin website. There’s no app at this time and if you need customer service, you’ll have to send a secure message.


Blue Federal Credit Union has branch locations and ATMs, but if you’re opening your account through Raisin you’ll only be able to manage it through the website.

Again, there’s no mobile app access for accounts offered through Raisin.

The biggest drawback is that you have to open your account through Raisin in order to qualify for the higher APY. That might be an issue for people who like to keep all of their savings and checking accounts in one place.

Bottom Line

Opening a money market account could make sense if you want to keep your savings secure until you need your money.

Finding a bank account with the highest APY can be a smart way to grow your money faster.

Blue Federal Credit Union’s money market account offered through Raisin features one of the highest rates you’ll find among online banking options.

If you’re ready to start saving, take the next steps to open your account today.

Frequently Asked Questions (FAQs)

Is a money market account better than a savings account?

Money market accounts and savings accounts can both be secure places to keep your money while earning some interest. Depending on where you bank, money markets may offer higher rates or charge fewer fees. Some banks offer debit cards or check-writing privileges with money market accounts for more convenience.

Does the Blue Federal Credit Union money market account include a debit card?

You won’t get a debit card with your money market account when you open it with Raisin. You’ll be limited to transferring money to a linked bank account if you need to withdraw money.

Are money market accounts FDIC-insured?

The Federal Deposit Insurance Corporation provides insurance coverage for depositors at member banks. Specifically, the FDIC insures deposits up to $250,000 per depositor, per account ownership type, per financial institution. Money market accounts offered by Blue Federal Credit Union through Raisin are insured by the National Credit Union Administration instead. Coverage limits are similar to those offered by the FDIC.

Do I need to open a money market account through Raisin?

No, you can open a money market account with Blue Federal Credit Union directly. However, you’ll need to open it with Raisin if you want to get the promotional rate that’s currently on offer.

Does Raisin have a mobile app?

Raisin does not have a mobile banking app at this time. You can open and manage accounts online at

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
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