Now through November 30, 2017, Connex Credit Union (Connex) is offering an 18-month CD Special that earns 2.00% APY. A minimum $5k of new money (defined as “currently not on deposit at Connex) is required to opening the CD Special; there is no stated balance cap.
While this limited-time CD Special is advertised as available through the end of November, CSR did mention that the offer could be withdrawn at any time.
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Terms of longer than 12 months, 3% of the amount withdrawn and $25.00 per $10,000.00
I asked CSR to clarify the $25 fee per $10k withdrawal – for example, what would the fee be if $7k were withdrawn? The $25 fee applies to multiples of $10k and any fraction thereof, so my $7k withdrawal would result in an EWP of 3% ($210), plus the $25 fee. If $11k were withdrawn, the fee would jump to $50.
Headquartered in North Haven, Connex Credit Union’s membership eligibility 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 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.
Credit Union Overview
Connex Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.18% (excellent), based on June 30, 2017 data. In the past year, Connex has increased its total deposit by $49.31 million, an excellent annual growth rate of 13.08%. 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 5th largest credit union, with more than 49,900 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.
How the CD Special Compares
When compared to the 202 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Connex Credit Union’s 18-month CD Special currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.07% APY||18-Month Promo Share Certificate ($100k max)||GTE Financial|
|2.00% APY||18-month CD Special||Connex Credit Union|
|1.81% APY||15-Month Special CD||Veridian Credit Union|
The above rates are accurate as of 10/24/2017.