Now through October 30, 2021 Connex Credit Union (Connex) is offering a 15-month CD Special earning 1.35% APY. The minimum opening deposit is $500 of new money, which is defined as “funds that are new to Connex Credit Union. Funds currently on deposit at Connex are not eligible.”
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty (EWP) reads as follows.
Terms of longer than 12 months, 3% of the amount withdrawn and $25.00 per $10,000.00
The $25 fee applies to multiples of $10k and any fraction thereof, so a $9k withdrawal would result in an EWP of 3% ($210), plus the $25 fee. If $11k were withdrawn, the fee would jump to $50.
There is a 10 business day grace period before the 15-month CD Special renews as a standard 12-month CD at the current rate.
Headquartered in North Haven, Connecticut, Connex Credit Union’s field of membership (FOM) is community-based, with U.S. citizens/resident aliens who live, work, worship, or attend school in the Connecticut counties of Fairfield, Hartford, Middlesex, and New Haven, eligible to join.
Family members of current Connex members are also welcome to apply.
Joining Connex and/or opening a CD Special can be done online, over the phone (203.603.5700), or at any of eight Connecticut branches located in Branford, Guilford, Hamden, Meriden, Monroe, New Haven, North Haven, and Orange.
The Membership Application is also available as a download and can be returned to any of the above-mentioned branches.
As stated on the COVID-10 Member Update page,
Per CDC and State recommendations, Connex strongly encourages all individuals to wear a face mask or face covering while inside the branch for everyone's safety. Individuals who are unvaccinated are required to wear a face mask or face covering while inside the branch.
A $25 minimum deposit in a Regular Share Account is required to establish a new membership.
Connex is a member of the CO-OP Shared Branch network and the Allpoint ATM network.
as a Connex member, you have access to 38 Connecticut shared branching locations and more than 5,000 locations across the U.S.
Credit Union Overview
Connex Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.23% (excellent), based on June 30, 2021 data. In the past year, Connex has increased its total deposit by $51.08 million, an excellent annual growth rate of 8.22%. 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 nearly 64,000 members and assets in excess of $814 million. The name was changed to Southern New England Financial Credit Union as more SEGs became affiliated with the Credit Union. In 2002, the charter was converted to a community-based state charter, allowing the FOM to include all residents of Fairfield, 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.
How the CD Special Compares
When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Connex Credit Union’s 15-month CD Special APY currently ranks first.
The above information and rates are accurate as of 10/18/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.