Update 11/05/09: The money market account rates have fallen.
Connexus Credit Union continues to offer very competitive rates on its Y.E.S Money Market Account. It's a tiered rate account, and the credit union only lists the top rate at its deposit rates page. As of 11/05/09, the top rate is 2.00% APY. This requires a minimum balance of $100,000. When I last contacted the credit union, I was informed of the following rate tiers as of 11/05/09:
- 1.15% APY $1K to $10K
- 1.40% APY $10K to $20K
- 1.50% APY $20K to $50K
- 1.75% APY $50K to $100K
- 2.00% APY $100K+
My last post on this money market account was in July so the rate has held for a while. In that post a reader commented that the credit union does a hard credit inquiry when you open an account. However, additional accounts won't trigger a hard pull if opened within 90 days. A hard pull will temporarily ding your credit score.
Connexus Credit Union had been offering very competitive CD rates, but the rates have gone down quite a bit. Connexus also offers two reward checking accounts (see post) and a competitive health savings account (see post).
Membership is open to members of the Connexus Association. According to the credit union's About Us Page:
anyone can join Connexus Credit Union by first becoming a member of our Connexus Association.
I've been told that the Connexus Association requires a one-time $5 donation, and membership into Connexus Credit Union requires a $5 deposit in the savings account.
The credit union is headquartered in Wausau, Wisconsin. Branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employees credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.
Connexus Credit Union has some decent ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data). The credit union is federally insured by the NCUA (Charter # 66538).
Thanks to the reader who emailed me about this money market account continuing to have this high rate.
Other Competitive Money Market Accounts
- 1.50% APY $1K to $10K
- 1.75% APY $10K to $20K
- 1.90% APY $20K to $50K
- 2.00% APY $50K to $100K
- 2.25% APY $100K+