Now through October 31, 2018, Connex Credit Union (Connex) is offering a 24-month CD Special that earns 3.05% APY. A minimum $1k of new money (defined as “currently not on deposit at Connex") is required to open the CD Special; there is no stated balance cap.
In addition to the competitive 3.05% APY, the 24-month CD Special also offers,
One penalty-free withdrawal permitted after 12 months and for no more than 50% of the original deposit.
Withdrawals prior to 12 months, more than 50% of original deposit, or more than the allowed one free withdrawal may incur penalties.
There is also a one-time bump option.
Should the standard 24 month CD APY exceed 3.05%, you may utilize a one-time bump up to the then current rate above 3.05% APY.
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Terms of longer than 12 months, 3% of the amount withdrawn and $25.00 per $10,000.00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 If $11k were withdrawn, the fee would jump to $50.
Thanks to DA reader, Carpline, for his Forum post about Connex's newest CD Special.
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 to join.
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 5.76% (excellent), based on June 30, 2018 data. In the past year, Connex has increased its total deposit by $49.44 million, an excellent annual growth rate of 11.6%. 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 54,000 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 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 257 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Connex Credit Union’s 24-month CD Special APY currently ranks first.
The above rates are accurate as of 10/8/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.