Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Connexus Credit Union2.00%$10k-60 Month Certificate With Active Checking
Connexus Credit Union1.75%-$25kXtraordinary Checking
Connexus Credit Union1.35%-$25kMyRewards Checking
Connexus Credit Union1.10%$10k-12 Month Certificate With Active Checking
Connexus Credit Union1.00%$10k-6 Month Certificate With Active Checking
Accounts mentioned in this post. Rates as of July 23, 2014

Update on Connexus Credit Union's CD and Reward Checking Rates - Available Nationwide

POSTED ON BY

Connexus Credit Union

Connexus Credit Union has increased the rates on their internet CDs, but they added an interesting catch. The 6-month CD rate is now very competitive at 1.50% APY. The other rates are also competitive: 1.75% APY for 12 months and 3.00% APY for 60 months. These rates are listed at the credit union's deposit rates page as of 8/12/2010.

The catch is that these CD rates now require an "active checking". Here's how they define active checking in the small print:

Active Checking is defined as having at least 1 Direct Deposit of net pay, including salary, wages, government benefits or pension made to the account each month; having 10 checks and/or signature debit card transactions clear the account by the last business day of each month; and electing to receive eStatements.

Note how similar these requirements are to their reward checking requirements. So if you already have one of their reward checking accounts, you should be able to easily qualify for these CD rates.

Reward Checking

The bad news about their reward checking accounts is that the rates have gone down. The top rates as of 8/12/2010 are 2.55% APY for up to $25K in the Xtraordinary Checking and 2.25% APY for up to $25K in the MyRewards Checking. As I described in my 2008 review of these accounts, the Xtraordinary Checking requires 15 debit card purchases a month instead of 10 that's required by MyRewards Checking. It also has an extra requirement of bill pay.

Connexus Credit Union has been offering a reward checking account since 2007 when the yield was 6.01%. There are not many reward checking accounts that have been available nationwide for 2 or more years that have held up well. Danversbank is one of the exceptions. It continues to pay 4.01% APY on balances up to $25K.

Other Accounts

Connexus Credit Union also has good deals on a money market account and an HSA. Please refer to this review for more info on these accounts.

Membership

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.

Credit Union Overview

The credit union is headquartered in Wausau, Wisconsin. Branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employee-based credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.

Connexus Credit Union's rating for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out 5 at DepositAccounts.com (see our financial overview for Connexus Credit Union). These ratings are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 66538).

Searching for the Best CD and Reward Checking Rates


  Tags: New Hampshire, Wisconsin, Connexus Credit Union, Ohio, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
I have banked with Connexus for several years.  They have EXCELLENT customer service.

I am from out of state and was initially reluctant to send in my large amount of funds.

When I called them the representative offered her name and direct phone number. 

Over the course of several years, I have dealt with her personally and she has always

confirmed my deposits were received and answered any questions I had.  It was wonderful!  Better service than local bank.  I cannot speak highly enough of my dealings

with them.  Unfortunately, with the advent of this new requirement of a personal checking account I will have to end my relationship with Connexus.



 

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Comment #2 by Anonymous posted on
Anonymous
It's too bad that they put in these requirements .  Otherwise, I would take advantage of their cd rates but I am not going to play games with a checking account.  It is surprising that a credit union does this.  Easier to understand that for profit banks add these types of rules to take advantage of their customers

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