Connexus Credit Union, based in Wausau, Wisconsin, offers a full suite of banking services nationwide including high-yielding depository accounts, credit cards, car loans, mortgages, and personal loans. Because Connexus is a nonprofit credit union, it typically provides members better rates on accounts, such as certificates of deposits (CDs), at a lower cost. There are no monthly maintenance fees on its checking, savings, and CD accounts.
Connexus Credit Union has nearly 500,000 members across all 50 states and roughly $5 billion in assets.
All rates and fees are current as of September 23, 2024, and are subject to change.
Connexus Credit Union
Checking account APY | Earn up to 1.75% monthly annual percentage yield (APY) |
Savings account APY | Open with as little as $5 |
CD Rates | Up to 5.15% APY |
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Pros
- Most depository accounts are free
- No monthly maintenance fees
- Mobile-friendly banking
Cons
- High deposit required for CDs and money market accounts (MMAs)
- Limited live support hours
- Limited branch locations
Connexus could be a great choice for depositors looking for free or low-cost savings and checking accounts to store away money and earn some interest. The credit union also offers a mobile app, making it easier to do most transactions virtually.
You must first be a member of the credit union to access their banking products, though this can be done by anyone in the U.S. by making a $5 contribution to the Connexus Association. While Connexus offers competitively priced APYs on its depository accounts, there is a higher buy-in for the top CD rates with a $5,000 minimum deposit. Some other competitors can offer similar APYs with a lower deposit minimum.
Connexus rates and products
Connexus offers interest on its savings and checking accounts as well as CDs and MMAs, although some require higher minimum opening deposits than others.
Checking accounts | Up to 1.75% APY |
---|---|
Simply savings account | 0.10% APY |
MMAs | Up to 3.91% APY |
Share certificates | Up to 5.15% APY |
Checking accounts | |
---|---|
Up to 1.75% APY | |
Simply savings account | |
0.10% APY | |
MMAs | |
Up to 3.91% APY | |
Share certificates | |
Up to 5.15% APY |
Checking accounts
Connexus offers three types of free checking accounts: One account that earns interest, a free and simple checking account, and an account built for teens. The interest-earning account, called the Xtraordinary, offers up to a 1.75% APY if you sign up for e-statements and make at least 15 debit card purchases or hit a minimum of $400 in debit card spending per month.
Connexus checking account features
Minimum opening deposit | $0 |
Monthly fees | $0 |
Top APY | 1.75% |
Savings accounts
Connexus offers one savings account that earns interest at 0.10% so long as there is a daily balance of at least $100. Members are required to keep at least $5 in the account. If there is no activity in the account for 12 months and the month-end balance is under $100, a $5 per month inactivity fee will be charged.While the interest rates on this savings accounts is far lower than the top high-yield savings account options in the market, it still offers competitive returns compared to many other financial institutions.
Connexus savings account features
Minimum opening deposit | $5 |
Monthly fees | $0 |
Top APY | 0.10% |
Minimum balance to earn APY | $100 |
Connexus Credit Union’s savings rates compared to current top rates*
While Connexus is a great option for low-cost accounts that still earn interest, some institutions offer higher APYs. Compare the rates above to this list of competitors:
Money market account
Connexus offers up at a 3.91% APY on MMAs with a balance of at least $1 million. You must have at least $1,000 in the account to begin earning interest at a 0.25% APY. Because of these steep thresholds, you might find a competitor that offers a high-yield MMA at a lower balance requirement.
Connexus money market account features
Minimum opening deposit | $1,000 |
Monthly fees | $0 |
Top APY | 3.91% (on balances of $1 million or more) |
Minimum to earn APY | $1,000 |
Share certificates
Connexus currently offers one share certificate (the credit union equivalent of a CD) special at a high APY of 5.15% for a 10-month term length, along with regular and jumbo certificates with terms lengths of 12–60 months. While most of its certificate rates are competitive, they all require at least a $5,000 deposit. There are competitors that offer comparable or higher CD rates at a lower deposit requirement.
Also, there is an early withdrawal penalty for removing the funds before the term ends, which is common for most financial institutions.
Connexus share certificate features
Minimum opening deposit | $5,000 |
Available term lengths | 10 months to 60 months |
APY range | 3.41% at 60 months up to 5.15% at 10 months |
Early withdrawal penalty | Varies based on term length and interest earned |
Other services Connexus Credit Union offers
Connexus has several other types of specialty accounts and financing products:
- Holiday Club account: This is a type of savings account for members who are trying to save up for the holidays or a vacation. Funds are automatically transferred to a Connexus savings account on October 1 each year.
- Health savings account (HSA): The Connexus HSA account allows depositors to set money aside on a pretax basis for qualified medical expenses. The account also earns a small dividend depending on the balance in the account.
- Auto loans: Connexus has several different types of auto loans, including for new and used vehicles, refinancing loans, and loans for recreational vehicles.
- Real estate loans: Connexus offers mortgage loans, mortgage refinancing, home equity loans, and lines of credit as well as Veteran Affairs (VA) home loans.
- Personal loans and credit lines: Connexus personal loans with rates as low as 4.10% for a secured loan and 14.49% for a personal line of credit.
- Credit cards: Connexus offers credit cards built for personal and business members.
- Insurance services: Connexus members can receive $1,000 of coverage provided by CMFG Life Insurance Company.
Online banking
Connexus offers comprehensive online and mobile banking services, allowing members to access and manage their accounts with ease from anywhere at any time. The platform supports a variety of transactions, including fund transfers, bill payments, and loan applications. Members can also check account balances, view transaction histories, and deposit checks remotely using the mobile app.
The Connexus Credit Union platform and customer support
Members can reach Connexus via phone by calling the dedicated customer service line at 800-845-5025. For those who prefer digital communication, Connexus offers email support as well as live chat options through its website. Additionally, members can send secure messages through the online banking portal.
Customer service representatives and the live chat capabilities are available from 7 a.m. to 7 p.m. Central time, Monday through Wednesday, and then on Fridays. On Thursdays, customer support is available 9 a.m. to 7 p.m. CT; and on Saturdays from 8 a.m. to 1 p.m. CT.
Is Connexus Credit Union secure?
Connexus employs advanced encryption technologies and cybersecurity measures to protect against unauthorized access and cyberthreats. Additionally, all deposits with Connexus are insured up to $250,000 per account by the National Credit Union Administration (NCUA), which provides a similar level of protection to that offered by the Federal Deposit Insurance Corp. (FDIC) for bank deposits. Connexus also offers fraud detection and resolution services.
Connexus Credit Union user reviews
Many members publicly commented on the credit union’s competitive interest rates for its depository accounts, and the ease of their loan approval and payments process. A majority of the complaints online were about poor customer service.
Compare Connexus Credit Union alternatives
Connexus Credit Union | Liberty Federal Credit Union | Alliant Credit Union |
---|---|---|
Top savings APY | Top savings APY | Top savings APY |
0.10% | 0.01% | 3.10% |
Top checking APY | Top checking APY | Top checking APY |
1.75% | 3.45% | 0.25% |
Top CD APY | Top CD APY | Top CD APY |
5.15% | 4.90% | 4.75% |
Learn more | Learn more | Learn more |
View offer at MoneyLion | View offer at MoneyLion | View offer at MoneyLion |
Is Connexus Credit Union right for you?
While Connexus Credit Union offers many appealing services and benefits, it may not be the ideal fit for everyone. Individuals who prioritize having a large network of physical branch locations might find Connexus less convenient as its branch presence is more limited compared to some large national banks.
While Connexus offers competitive rates on its depository products, there’s also a steep cash deposit required of $5,000 for a CD, for example. Some institutions will require $1,000 or less.
It’s important to evaluate your banking preferences and requirements carefully to determine if Connexus is the right financial provider for you.
Frequently asked questions
Is Connexus a real company?
Yes, Connexus is a nonprofit credit union based in Wisconsin that is regulated through the NCUA.
Is Connexus Credit Union federally insured?
Yes, Connexus is insured by the NCUA. Member deposits are covered for up to $250,000 per account.
What types of loans does Connexus Credit Union offer?
Connexus Credit Union offers a variety of loans, including auto loans, home loans, and personal loans. Each loan type comes with competitive rates and flexible terms to suit different financial needs.
How can I join Connexus Credit Union?
Becoming a member of Connexus Credit Union requires a one-time $5 donation and the application can be submitted online. You can visit its website and follow the instructions to open an account. Membership is open to anyone who meets the eligibility criteria outlined on its site.
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