Connex Credit Union (CT) Offers 6% APY On 11-Month CD Special
Now through September 30, 2023, Connex Credit Union (Connex) is offering an 11-month CD Special earning a rate-leading 6.00% APY. The minimum opening deposit is $500 of new money, which is defined as “funds that are not currently on deposit at Connex.” As noted in the promo's landing page, this limited-time offer is “subject to change and may be withdrawn at any time without notice.”
As stated in the Truth-in-Savings (TIS) document, the Early Withdrawal Penalty (EWP) reads as follows.
Terms of 12 months or less, 1% of the amount withdrawn and $25.00 per $10,000.00
If the account has not yet earned enough dividends or if the dividends
have already been paid, the penalty will be deducted from the principal.
The $25 fee applies to multiples of $10k and any fraction thereof, e.g., a $9k withdrawal would result in an EWP of 1% ($90), plus the $25 fee. If $11k were withdrawn, the fee would jump to $50.
Availability and Account Opening
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.
Joining Connex and/or opening a CD Special 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.
Existing members can opening a CD Special by logging into their online account and selecting “Add New Account.”
A $25 minimum deposit in a Regular Share Account is required to establish a new Connex 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.
Funding and Other Details
The following information is from the TIS and a Live Chat with CSR.
- Funding – ACH ($250k max), wire, check, or Shared Branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual or joint can be opened online. Trust accounts can only be opened in-branch.
- Dividends – Compounded/credited monthly and cannot be withdrawn.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a Connex Regular Share Account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal as a 12-month standard CD.
- Credit Check – Hard pull using TransUnion when joining .
Credit Union Overview
Connex Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.21% (excellent), based on June 30, 2023 data. In the past year, Connex has increased its total non-brokered deposits by $4.68 million, an above average annual growth rate of 0.64%. 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 68,000 members and assets in excess of $965 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 quirky non-word was chosen to reflect the expanded field of membership – CONNECTicut residentS.
How the 11-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Connex Credit Union 11-month CD Special. The following table compares the 11-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
| APY | CD Term (Early Withdrawal Penalty) | Credit Union/Bank |
|---|---|---|
| 6.00% | 11-Month CD Special (EWP=1% of amount withdrawn + $25 per each $10k) | Connex Credit Union |
| 5.75% | 12-Month Smart Start CD (EWP=90 days) | All In Credit Union |
| 5.75% | 10-Month CD Special (EWP=90 days) | Abound Credit Union |
| 5.65% | 12-Month Online CD (EWP=90 days) | Forbright Bank |
| 5.62% | 12-Month Agility CD (EWP=30 days) | CIBC Bank USA |
The above information and rates are accurate as of 9/16/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
