Connexus Credit Union is headquartered in Wausau and is the 3rd largest credit union in the state of Wisconsin. It is also the 63rd largest credit union in the nation. It was established in 1935 and as of December of 2022, it had grown to 685 employees and 411,816 members at 15 locations. Connexus Credit Union's money market rates are 11X the national average, and it has a B health rating.
Membership in Connexus Credit Union is open to anyone through becoming a member of the Connexus Association with a $5 donation. Membership is also open to the following: (1) members of the communities/counties in Illinois: Boone, Knox, Lake, McHenry, Stephenson, Warren, Winnebago; in Minnesota: Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale, and St. Louis Park; in Ohio: Cincinnati and Norwood; in Wisconsin: Adams County Barron, Chippewa, Clark County, Columbia, Dane, Dodge, Iowa, Juneau County, Langlade County, Lincoln County, Marathon County, Milwaukee, Oneida, Ozaukee, Portage County, Price, Racine, Rusk, Sauk, Shawano County, Taylor County, Washington, Waukesha, Waushara County, Wood County, and within 25 mile of Sheldon or 15 miles of Chetek. (2) Employees, retirees, family members, members, students, or student alumni of ALPA FCU, ALPA Union, Aqua Finance, Aspirus Inc, BMW Motorcycle Owners of America Group or its successor, Buell Riders Adventure Group, Cincinnati Bell, Cintel, Convergys, Endura, Harley Owners Group, Honeywell, Kraft or Bombardier Company and its majority-owned subsidies in the U.S., Liberty Mutual Insurance, Marketplace Home Mortgage, Marshfield Clinic, Minnesota Consumer Council, Northcentral Technical College, Orbital ATK, Organizations of any motorcycle dealer located in the IL or WI counties of Winnebago, Boone, Jo Daviess, Knox, Lake, Warren, McHenry, or Stephenson, Successors Rockwell Automation and its subsidiaries and affiliates, TSI Incorporated. (3) Spouses, family members, and those living in the same household of an existing member.
See current membership details
Since interest rates had more than doubled since I opened my 2.2% CD's, I requested an early termination and knew I would be charged a 3 month early withdrawal penalty. Instead, Connexus offered me a 4.85% rate and they waived the early withdrawal penalty. Unbelievable! Yes, I took that deal.
Very well designed website for applying for a money market account. Very fast response to application. Excellent rates on money market accounts. Also great talking to their customer service representatives.
Should we worry about its health with a Tex Ratio Trend of C+?
WARNINGS about Connexus: Read them before you go with them.
(1) Any CD penalty for early withdrawal CAN eat into the principal.
(2) You cannot ACH from their end, it must be initiated from the other bank's end.
(3) They will sit and ignore your request if it's in their interest to do so (and then complete it wrong in the end anyway). Wanted to move some IRA money from them to another institution. Once the FAX arrived from the other bank with the request, I was told they need 3-5 days to process it. However 9 days afterwards they still hadn't done anything so I had to call and get them to do their job. Otherwise it would've just sat there forever. Not only that, but the request was done wrong. On the request form, the "Completely Close" box was NOT checked. Instead, the "Keep Open but Send this amount" box was checked. Didn't matter. The guy who finally did it simply closed the account completely and sent everything to the other bank. Sent me the receipt only AFTER doing it wrong, once it was too late to stop it.
(4) Closing a CD (especially early) is a huge pain, and requires CSR #1 to transfer you to CSR Dept #2, who then needs to request it from Dept #3, who then needs to send you forms to sign, etc. A lot more hoops and hassle than other places.
(5) Phone CSRs will not be able to help you with anything other than generic stuff. If you need help with an IRA or HSA, it can sometimes be impossible to get ahold of the right department, and waiting for a "call back" that may never come, is the only option. Keep trying.
Sometimes Connexus has okay CD specials, but usually not the very best.
Their HSA Savings rates usually are the best for liquid HSA accounts (2% for over 15k currently), but note that if you don't need your HSA funds liquid, you can earn more money elsewhere with your HSA funds (Interior FCU, open to all, lets you open HSA CDs at their current CD rates -- currently 4.39% for a 2yr HSA CD -- with no fee. Or, if you want investments, Fidelity will let you invest your HSA funds in stocks/bonds, etc).
Basically, I'd only recommend them if they had a spectacular CD deal, or if you need your HSA money liquid and available. A lot of things are a real hassle with them.
Overall | |
---|---|
NCUA # | 66538 |
Year Chartered | 1935 |
Employees | 685 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.86% |
Return on Equity - YTD | 8.94% |
Annual Interest Income | $309.9MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q4 2022vs Q4 2021 | $5.26B$3.88B |
Loans | Q4 2022vs Q4 2021 | $4.64B$3.40B |
Deposits | Q4 2022vs Q4 2021 | $4.60B$3.46B |
Equity Capital | Q4 2022vs Q4 2021 | $502.3MM$395.9MM |
Loan Loss Allowance | Q4 2022vs Q4 2021 | $33.6MM$19.7MM |
Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $121.5MM$59.7MM |
Real Estate Owned | Q4 2022vs Q4 2021 | $0$155.00K |
Always verify rates and promotions with the bank or credit union. We are not Connexus Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
4.76%* | $1m* | - | Money Market Account | ||
OTHER TIERS: 0.25% → $1k - $20k | 3.01% → $20k - $100k | 4.01% → $100k+ | 4.26% → $250k - $500k | 4.51% → $500k - $1m |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
2.00%* | - | $1k | Teen Checking | ||
OTHER TIERS: 0.25% → $1k+ | |||||
1.75%* | - | $25k | Xtraordinary Checking | ||
OTHER TIERS: 0.25% → $25k+ |