While there are about 30 credit unions in the nation offering a 5-year CD with an APY of 2.00% or higher, the vast majority of these credit unions have limited fields of membership (FOM) and less than 5,000 members. On the other hand, Connex Credit Union (Connex), has an FOM that includes half of Connecticut’s counties, more than 60,000 members, and a 60-month CD earning 2.00% APY. The minimum opening deposit is $500, with a $250k balance cap.
|1.00%||$500||$250k||Connex Credit Union||60 Month CD|
|1.00%||$500||$250k||Connex Credit Union||60 Month IRA (Traditional, Roth, CESA)|
The 60-month CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
An additional 10 bps will be added to the 2.00% APY if a Your Choice Checking account is opened and maintained throughout the entire 60 months. Your Choice Checking currently earns 0.05% APY on all balances and can be opened with a $25 minimum deposit. There is an $8.99 monthly fee that will be waived with a full direct deposit.
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Terms of longer than 12 months, 3% of the amount withdrawn and $25.00 per $10,000.00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% ($270), plus the $25 fee. If $11k were withdrawn, the fee would jump to $50.
Headquartered in North Haven, Connecticut, Connex Credit Union’s field of membership is residency-based, with individuals 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 can be done online or over the phone (203.603.5700).
The Membership Application is also available as a download and
can be returned to any of the above mentioned Connecticut branches.
Connex has re-opened its eight Connecticut branches located in Branford, Guilford, Hamden, Meriden, Monroe, New Haven, North Haven, and Orange.
According to the COVID-10 Member Update page,
We are planning a gradual re-opening of our branch lobbies on June 3, 2020. You can expect that our staff will be wearing masks and gloves, our lobbies and ATM/ITMs will continue to be thoroughly sanitized, our teller and desk stations will have plastic shields, and we will adhere to the CDC guidelines for social distancing. A mask or face covering is required for all in-branch visits.
A $25 minimum deposit in a Regular Share Account is required to establish a new membership.
Connex is a member of the Allpoint ATM network and the CO-OP Shared Branch 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 6.36% (excellent), based on December 31, 2019 data. In the past year, Connex has increased its total deposit by $53.68 million, an excellent annual growth rate of 10.37%. 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 61,000 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-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 Compares
When compared to 220 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Connex Credit Union’s 60-month CD APY* currently ranks first.
The above rates are accurate as of 7/6/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.