Connexus Credit Union (Easy Membership) Hikes 60-Month CD
For much of 2015 and 2016, you were almost guaranteed to find top CD rates at Connexus Credit Union (Connexus). Starting in 2017, Connexus’ rates dropped, its Share Certificate Specials dried up, and Connexus was no longer in the rates race. Connexus has come back strong raising the rates on all its Share Certificates, and more importantly, now has the first nationally available 3.00% 5-year CD.
Any of the Share Certificates can be opened with a $5k minimum deposit, with no stated balance cap. Unlike some of Connexus’s prior Share Certificate offerings, no checking account is required to earned the stated APYs.
As stated on Connexus’ Disclosure Page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or less:
The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.If your account has an original maturity of more than one year, but less than five years:
The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.If your account has an original maturity of five years or greater:
The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.
Thanks to the DA reader who shared these new rates on Connexus Share Certificates.
Availability
Headquartered in Wausau, Wisconsin, Connexus Credit Union offers many routes to membership, including,
Easy membership: Membership in Connexus Credit Union is open to virtually anyone by joining the Connexus Association, with a one-time $5 donation that will directly benefit one of many supported organizations.
Employment or Affiliation - Employees, retirees, family members, or members of 15 companies and organizations qualify for membership.
Residency - Individuals who line in any of the following communities are eligible to join:
Minnesota – Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale, and St. Louis Park.
Ohio – Cincinnati metro area.
New Hampshire – Dover and Portsmouth.
Wisconsin – Rothschild, Schofield, Wausau, and Weston.
Complete eligibility details are listed Connexus’ Membership Eligibility page.
Joining Connexus can be done either online, or in person at any of the eight Wisconsin branches located in Wausau (6) and Weston (2), or three Ohio branches both located in Cincinnati (2). Connexus also has branches for Liberty Mutual employees only in Dover and Portsmouth, New Hampshire; Fairfield, Ohio; and Wausau, Wisconsin. As the result of a merger, Connexus has acquired four branches in Minnesota, located in Brooklyn Center, Golden Valley, and Minneapolis
Opening any of these Share Certificates can now be done online. The Share Certificates can also be opened at any of the above mentioned branch locations or by phone (800.845.5025).
Credit Union Overview
Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.46% (excellent), based on September 30, 2017 data. In the past year, Connexus increased its total non-brokered deposits by $246.65 million, an excellent annual growth rate of 21.69%. Please refer to our financial overview of Connexus Credit Union (NCUA Charter # 66538) for more details.
Founded in 1935, the Credit Union was originally established to serve the employees of Employer’s Mutual, the predecessor of Wausau Insurance (1980). In 1998, Wausau Insurance was acquired by Liberty Mutual Insurance and membership was extended to all Liberty Mutual employees and retirees nationwide. Over the next 19 years, through acquisitions, mergers, and expansion, Connexus increased its membership to more than 302,500 members, with over $1.7 billion in assets.
How the Share Certificates Compare
When compared to the 182 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Connexus Credit Union's 60-month Share Certificate APY currently ranks first.
When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Connexus Credit Union's 36-month Share Certificate APY currently share the top spot with KS StateBank’s 3-year CD APY.
When compared to the 199 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Connexus Credit Union's 24-month Share Certificate APY currently ranks first.
When compared to the 253 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Connexus Credit Union's 12-month Share Certificate APY currently ranks first.
The above rates are accurate as of 1/13/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
Presently PenFed is not a leader, but good to see that ConneXus is back!
1. Funding Bank Account With A Credit Card – 2018 Edition
http://www.hustlermoneyblog.com/funding-bank-account-with-a-credit-card/
2. Doctor of Credit
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/
(see Item 3.29)
But, yes, if you funded the account with a 3% reward credit card, your interest rate would indeed jump.
(I guess it wouldn't hurt to ask if Connexus permits such funding.)
Alternatively the less likely scenario is that rates are peaking and a recession begins, heralding lower interest rates; or that other banks stubbornly refuse to go above the 3% threshold if long term rates remain below that level. Assuming a 70% or higher chance of higher rates (just a guess), perhaps it would be reasonable to commit somewhere between 10% and 30% of available funds, leaving the majority available for future opportunities.
I feel pen fed needs to be informed that YOUR CERTIFICATE RATES ARE BAD! It is really silly of you to send out e-mails telling us that they are great. You are simply not competitive and haven't been so for quite some time .