Now through April 30, 2018, Connex Credit Union (Connex) is offering a Money Market Share Account Special that earns 2.05% APY on balances of $100k+. There are four other APYs based on balance levels, with all stated APYs guaranteed through April 30, 2019. A minimum opening deposit of $500 of new money (defined as “currently not on deposit at Connex”) is required.
The other guaranteed APYs/balances are as follows:
1.50% APY on balances of $50,000 - $99,999.99
1.25% APY on balances $10,000 - $49,999.99
0.75% APY on balances of $2,501 - $9,999.99
0.25% APY on balances of $25 - $2,500
The fine print on the Savings & Money Market Accounts page lists two drawbacks.
Future deposits can only be made in a branch.
Withdrawals can only be made in a branch or by calling 1-800-CR-UNION.
Not being able to access funds through an ACH transfer or by writing a check are significant issues.
The Truth-In-Savings document further states,
Withdrawals may be made in amounts of at least $500.00.
Headquartered in North Haven, Connex Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Connecticut counties of Fairfield, Hartford, Middlesex, and New Haven eligible for membership.
Family members (relationship not specified) of current Connex members are also welcome to apply.
The Membership Application is also available as a download and can be returned to any of the above mentioned Connecticut branches.
Opening a Money Market Share Account Special can be done in-branch or by calling 1.800.278.6466.
Credit Union Overview
Connex Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.50% (excellent), based on December 31, 2017 data. In the past year, Connex has increased its total deposit by $48.78 million, an excellent annual growth rate of 12.3%. Please refer to our financial overview of Connex Credit Union (NCUA Certificate # 68511) for more details.
Originally chartered in 1940 as the New Haven Telephone Employees Federal Credit Union, Connex Credit Union is currently Connecticut’s fifth largest credit union, with more than 51,700 members. The name was changed to Southern New England Financial Credit Union as more SEGs became affiliated with the Credit Union. In 2002, the Credit Union charter was converted to a community base state charter, allowing the field of membership to include all residents of Hartford, Middlesex, and New Haven Counties. The charter change also led to a new name, Connex; pronounced "connects," this bit of word whimsy was chosen to reflect the expanded field of membership – CONNECTicut residentS.
Money Market Share Account Special
When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the FOM, Connex Credit Union’s Money Market Share Account Special top APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 4/13/2018.
To search for the best MMA rates, both nationwide and state specific, please refer to our Money Market Rates Table page.