Connexus Credit Union CD Rates Substantially Increased Again

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Deal Summary: Certificates – 12-month (2.26%), 24-month (2.86% APY), 36-month (3.01% APY), 48-month (3.11% APY), and 60-month (3.21% APY), $5k minimum deposit

Availability: Easy membership requirement

It’s only been three weeks ago since Wisconsin-based Connexus Credit Union’s (Connexus) Certificate became rate-leaders, following increases of between 74-84 bps. As DA reader, SYC, noted in a Forum post yesterday, the Connexus rates are once again “Ahead of the pack, it appears.” SYC is referring to Connexus’ most recent Certificate rate increases, which range between 61-101 bps. Any of the Certificates can be opened with a $5k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.96%$5k-Connexus Credit Union60 Month Certificate
2.66%$5k-Connexus Credit Union48 Month Certificate
2.36%$5k-Connexus Credit Union36 Month Certificate
2.06%$5k-Connexus Credit Union24 Month Certificate
1.76%$5k-Connexus Credit Union12 Month Certificate
Rates as of June 28, 2022.

All Certificates are offered as IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.96%$5k-Connexus Credit Union60 Month IRA (Traditional, Roth)
2.66%$5k-Connexus Credit Union48 Month IRA (Traditional, Roth)
2.36%$5k-Connexus Credit Union36 Month IRA (Traditional, Roth)
2.06%$5k-Connexus Credit Union24 Month IRA (Traditional, Roth)
1.76%$5k-Connexus Credit Union12 Month IRA (Traditional, Roth)
Rates as of June 28, 2022.

As stated in the FAQs, the Early Withdrawal Penalty reads as follows:

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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.

Funding and Maturing Funds

According to CSR, a Certificate can be funded through ACH, wire transfer, by check, or through an internal transfer. Connexus participates in the CO-OP Share Branch network, making the transfer of funds relatively easy.

Maturing funds can be distributed by check (fee free) or transferred into another Connexus account. An outgoing ACH transfer initiated from Connexus is possible, but there are limitations:

If the amount is $25,000 or under an ACH could be processed with a $10 fee.
Anything over $25,000 would need to be wired and a $20 fee would apply.

There is a 10-day grace period before a Certificate automatically renews.

Money Market Account

At the beginning of May, Connexus raised two of the Money Market Account (MMA) rate tiers, with balances of $100k+ currently earning 1.11% APY and balances between $20k and $99.999.99 currently earning 1.00% APY. Balances between $1k and $19.999.99 earn 0.25% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.11*%$100k-Connexus Credit UnionMoney Market Account
OTHER TIERS: 0.25% $1k - $20k | 1.00% $20k - $100k
Rates as of June 28, 2022.

The MMA maintained competitive rates throughout the pandemic, consistently placing near or at the top of DA’s bi-weekly Latest Liquid Bank Account Rates Summary. In July 2021, Connexus restructured the MMA, reducing the number of rate tiers from five to three and eliminating the active checking requirement.

The MMA can be opened with a minimum $1k deposit. There is no penalty or service fee if the balance falls below $1k after opening, but a minimum daily balance of $1k must be maintained to earn any interest. Four fee-free withdrawals or transfers may be made each month, with a $9 fee for each withdrawal/transfer beyond the allowed four. There is a monthly $5 inactivity fee for MMA with no activity in 12 months and a month-end balance of less than $100.

Availability

Headquartered in Wausau, Wisconsin, Connexus Credit Union’s field of membership (FOM) offers a way to join for virtually any U.S. citizen/resident alien with a valid Social Security number.

Easy membership requirement – 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 more than 20 companies and organizations (including Liberty Mutual Insurance) qualify for membership.

Residency – Individuals who live in any of the following locations are eligible to join:

    Illinois counties – Boone, Jo Daviess, Knox, Lake, McHenry, Stephenson, Warren, or Winnebago.

    Minnesota communities – Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale, or St. Louis Park.

    Ohio communities – Cincinnati or Norwalk.

    Wisconsin counties – Adams, Clark, Juneau, Langlade, Lincoln, Marathon, Portage, Shawano, Taylor, Waushara, or Wood

    Wisconsin communities – Baron, Chippewa, Columbia, Dane, Dodge, Iowa, Milwaukee, Oneida, Ozaukee, Price, Racine, Rusk, Sauk, Washington, or Waukesha.

Relationship – “Spouses, family members, and those living in the same household of an existing member” are also welcome to apply.

Complete eligibility details are listed the Connexus Membership Eligibility page.

Joining Connexus and/or opening a Certificate can be done either online,* or in person at any of the five branch locations that are currently open. According to Connexus’ Branch and ATM Locations page, the open branch locations include four in Wisconsin (Stevens Point, Wausau (2), and Wisconsin Rapids) and Brooklyn Center, Minnesota.

*According to the FAQs, “It can take up to three business days for an application to be approved or denied.

You will also be asked to make a $5 deposit into your savings account to establish your membership. That deposit is yours to withdraw should you decide to cancel your Connexus Credit Union membership.

As a member of the CO-OP Shared Branching network, Connexus provides its members with access to more than 6,000 shared branches throughout the country. Connexus also participates in CO-OP and Money Pass ATM networks, giving members surcharge-free access to more than 54,000 ATMs.

Credit Union Overview

Connexus Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 14.41% (above average), based on December 31, 2021 data. In the past year, Connexus increased its total non-brokered deposits by $507.57 million, an excellent annual growth rate of 20.19%. 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 24 years, through acquisitions, mergers, and expansion, Connexus increased its membership to more than 389,000 members, with assets in excess of $3.8 billion.

How the Certificates Compare

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union offers a higher rate than currently offered on any of the Connexus Credit Union Certificates. The following table compares the Connexus Credit Union Certificates to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 5/19/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Rockford money market accounts, Minneapolis money market accounts, Madison money market accounts, Davenport money market accounts, La Crosse money market accounts, Wausau money market accounts, money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Ltssharon
  |     |   Comment #1
If I am not mistaken, when I compared 5 year interest, today connexus beats the treasury note. This is good. I have some money in connexus and may take an early withdrawal penalty and put it in their 5 year.
P_D
  |     |   Comment #2
Sounds like at this moment in time, at 5 years anyway, bank CDs might be the cleanest dirty shirt in the drawer with respect to negative returns after inflation. Of course that conclusion could change at any moment and could vary by tax locality.
jimdog
  |     |   Comment #3
1 yr. rates will be at 3% in one year so I'm keeping some powder dry.
gregk
  |     |   Comment #4
Finally an offer actually worth the write-up, though I myself will be staying on the sidelines for now.
payitforward
  |     |   Comment #5
I'm a happy Connexus camper. Just an fyi: ACH outgoing transfers are limited to $1K initially. It can be increased to $5K after 30 days, but it requires a request to a a customer service rep. via telephone or branch visit.
RichReg
  |     |   Comment #6
FYI: all of Connexus' Cds are compounded and pay QUARTERLY (for anyone who cares).
Choice
  |     |   Comment #7
DA…when looking at these rates one wonders why Community Bank of the Bay is omitted…are others with higher rates also not subject to comparison? Thanks
decades
  |     |   Comment #8
WOW 3.56 % APY 100K + Dominoes are starting to fall ! Is 4% that far off.....
Am losing patience with Ally, today pushed some powder to Connexus money market.
Mak
  |     |   Comment #9
Nice find!
gregk
  |     |   Comment #17
For a half-the-inflation-rate investment, - I guess so.

Does beat the competition though, pathetic as that might be.
Striker
  |     |   Comment #10
Thank you for the info ! Just spoke to a representative there. She verified accounts are available nationwide. Funding is either by paper check via snail mail or wire transfer. They do not charge for incoming wire transfers. Cannot be funded by ACH. One year EWP for 5 year CD. There is no set time where their rates change like first of month or weekly. She said that her own feeling is that these rates won't be going down any time soon. They will send a link by email to open an account on-line.
Now - is this the time to lock up funds for 5 years ?? Or should we hang tight ?? Decisions, decisions .............
decades
  |     |   Comment #11
Best deal is actually the Connexus 48 mo. @ 3.11% APY cuz of the mere 6mo. EWP. Always try to leave yourself an out. No one knows what interest rates will be 6 months from now. AAA predicting nationwide average gas price of $6.00/ gallon by august . I would AT MOST establish a small beach head position at this time .
Choice
  |     |   Comment #12
Good point...and at 6 months Con may be receptive to a negotiated rate change to keep the funds there!  But I'm (equally?) concerned why this (Community) wasn't on DA's radar...and are there others?
Mak
  |     |   Comment #13
#12.... Yes, there are probably others, I don't expect Ken to find every deal out there but now we have you to look for us too...;)
Choice
  |     |   Comment #14
Rate is on his DA website under the noted bank but not listed as a comparable (that's my point)....sorry I wasn't clearer.  Guessing on rates is...
Mak
  |     |   Comment #15
Okay, thanks
Sylvia
  |     |   Comment #16
#14, history for the 5 year is still showing a rate that's been unchanged from .55% for the past year as of 5/18. I think you caught the rate just as it made the big jump, now at 3.30% for $1K to $100K, 3.56% for $100K+. Good catch!
Choice
  |     |   Comment #23
#16. May I suggest the point is DA didn’t take its catch and use it above in comparison…no catch here!
Cdbob
  |     |   Comment #30
Opened the 4 yr 3.11% today. I like the 6 mo EWP also. Lori Watts was very helpful in opening the CD after my attempt at doing it online failed.
RichReg
  |     |   Comment #19
@ comment #10; Their 'feelings' about the rates? Funny, that's the exact same thing the Dept of Commerce FCU told me last week...
Sylvia
  |     |   Comment #24
#10, according to Ken’s writeup, ACH funding is allowed and EWP is 90 days.

“CBB’s website is light on documentation (no Truth-in-Savings to be found); the following information is from a conversation with CSR.

* CDs must be opened in-branch and can be funded by check, ACH, or wire.
* The Early Withdrawal Penalty (EWP) for all CD terms is 90 days interest on the amount being withdrawn. Partial withdrawals are allowed.
* Maturing funds can be distributed through cashiers check, wire, or internal transfer.”

This wouldn’t be the first time that CSR’s are giving conflicting info.
Striker
  |     |   Comment #25
#24, your comment is an understatement - "This wouldn’t be the first time that CSR’s are giving conflicting info." I think they sometimes receive conflicting and confusing information from above and just pass on what they are told. Ken's information is likely much more accurate than mine. I did though, speak with the Customer Service Manager in the Oakland Branch this morning. She may be mistaken, but she reiterated that accounts are available nationwide and can be opened on-line. She said in-branch opening is not required. Who knows which is correct. We live in Texas - supposedly no problem. She sent a link to the on-line application. It is pretty much standard. I filled it out in a few minutes, and submitted it. I received an email back saying they are working to open the account and we should be hearing something back within one business day. We'll see how this shakes out !
Sylvia
  |     |   Comment #27
#25, thanks for the update. Good luck, wishing you a smooth account opening!
Ken Tumin
  |     |   Comment #29
Thanks for sharing your info on Community Bank of the Bay. Please refer to the recent post on this bank for details and comments.
Nunthewiser
  |     |   Comment #18
CUs are finally waking up, but I just grabbed a 4.3% 6 year MYGA. There's a bit of risk with these and they are only 3 years and longer, but may be worth a look. I never heard of them until recently. I still need some shorter term investments and the 1 year CD might be useful to me.
FrankSavage
  |     |   Comment #21
ACH Transfer Question For Connexus Members:
Will Connexus allow push and pull ACH transfers from an external FI? I spoke with a Connexus CSR recently who said she didn't know and would have someone contact me with an answer. I've not heard anything from Connexus yet. I am concered about funding and transfer of funds into and our of Connexus accounts. Thanks in advance for any insight.
craig10x
  |     |   Comment #22
I have been with Connexus a long time...yes you can Push In or Pull from another bank with no problems...limited only by what the other bank allows you to transfer...
FrankSavage
  |     |   Comment #26
@craig10x
Sent you a PM. Thanks for your help.
Hooked
  |     |   Comment #28
I joined this credit union in 2020 for their $250 bonus when opening an Xtraordinary Checking account. The monthly requirements are very easy to meet so I have kept the account as part of my emergency savings, earning 1.75% APY. Transferred the $25k out to open one of their CDs two days ago.
lou
  |     |   Comment #31
Does anyone here really believe that CD rates won't be significantly higher 3 months from now? You would have to be crazy to pull the trigger now. That's exactly what these banks and credit unions want you to do.
Connexus Credit Union Longer-Term CD Rates Soar
Deal Summary: Certificates – 24-month (2.00% APY), 36-month (2.20% APY), 48-month (2.40% APY), and 60-month (2.60% APY), $5k minimum deposit

Availability: Easy membership requirement

They’re back!

After a lengthy absence, competitive CD rates are again available at Wisconsin-based Connexus Credit Union (Connexus). Following substantial increases of between 74-84 bps, the 24-, 36-, 48-, and 60-month Certificates have become rate-leaders. As DA reader, SYC, pointed out in a Forum post, the Connexus rates are “edging closer to current US treasure yields.” Any of the Certificates...

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Connexus Credit Union Increases 48- and 60-Month Certificate Rates
Deal Summary: Certificates – 60-month (1.21% APY), 48-month (1.06% APY), $5k minimum deposit

Availability: Easy membership requirement

It’s been more than a year since I wrote about Wisconsin-based Connexus Credit Union (Connexus). The August 2020 blog post discussed Connexus’ 48-month and 60-month Certificates that, coincidently, happen to be the focus of this blog post. While the current rates aren’t as competitive as they were 15 months ago, a recent 15 bps increase has placed both APYs in the top five for nationally available CDs....

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Connexus Credit Union Restructures Money Market Account
Deal Summary: Money Market Account, 0.85% APY ($100k+), 0.60% APY ($20k+), 0.25% APY ($1k+), $1k minimum opening deposit.

Availability: Easy membership requirement

As DA reader, bwrensch, noted in a recent Forum post, Wisconsin-based Connexus Credit Union (Connexus) restructured its Money Market Account (MMA) at the beginning of the month. In addition to offering a lowered top rate (0.85% APY), the MMA now has just three rate tiers, with the $50k and $10k tiers having been eliminated.

The other big change is the elimination of the active...

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Connexus Credit Union's 60-Month CD Is Rate Leader
Deal Summary: Certificates – 60-month (1.56% APY), 48-month (1.46% APY), $5k minimum deposit

Availability: Easy membership requirement

In this climate of falling rates and CD musical chairs, Connexus Credit Union (Connexus) has recently become a rate leader with its 60-month Certificate. Currently earning 1.56% APY, the 60-month Certificate can be opened with a $5k minimum deposit. The 48-month Certificate offers a competitive 1.46% APY ($5k minimum), putting it near the top of nationally available 4-year CDs.

Both Certificates are offered as IRA Certificates (Traditional...

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Connexus Offers $250 Bonus With A New Xtraordinary Checking Account
Deal Summary: $250 bonus when opening a new Xtraordinary Checking account, available through February 17, 2020.

Availability: Easy membership requirement

Now through February 17, 2020, Connexus Credit Union (Connexus) is offering a $250 bonus when opening a new Xtraordinary checking account using the promotion code, FREECHECKING. This offer is only available to members who do not have an existing Connexus checking account, or one that was closed on or after January 2, 2020, and is limited to one bonus per member.

According to the landing page, earning the...

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