Connexus Credit Union Boosts 24-Month CD To 3.20% APY

I was going to start this blog post with a quick history of Connexus Credit Union’s (Connexus) recent lack of competitive CDs, but let’s just skip to the good part: Connexus is back with some great rates, with the 24-month Share Certificate now earning 3.20% APY and the 60-month Share Certificate jumping up to 4.00% APY.

The minimum opening deposit for any Share Certificate is $5k, with no stated balance cap. In the past, Connexus required a checking relationship when opening a Share Certificate, but that is no longer the case.

In the past year, there is have been few rate increases for these Share Certificates, with APYs that were decidedly not impressive. Yesterday’s across-the-board rate increases (ranging from 30 and 75 bps) have restored Connexus to its former position as a rate leader.

All the Share Certificates are available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.

As stated in the Truth-in-Savings disclosure, 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The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.

Funding and Maturing Funds

In a Live Chat, CSR stated that a Share Certificate can be funded through ACH, wire transfer, or by check. There is a 10-day grace period before a Share Certificate automatically renews. At maturity, a check can be issued at no charge or funds can be transferred into another Connexus account. An outgoing ACH transfer is possible, but

An ACH outgoing has a limit of $25,000 for a $10 fee, otherwise for
amounts over $25,000 there is a $20 fee for an outgoing wire to another account.

Thanks to the DA readers, Capper and SYC, for their Forum posts about Connexus’ rate increases.

Availability

Headquartered in Wausau, Wisconsin, Connexus Credit Union offers a way for almost any US citizen or alien resident to join.

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 16 companies and organizations qualify for membership.

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

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

Ohio – Cincinnati metro area.

Wisconsin – Rothschild, Schofield, Wausau, or Weston, or the counties of Admas, Juneau, Portage, Waushara, or Wood

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

Complete eligibility details are listed Connexus’ Membership Eligibility page.

Joining Connexus and/or opening a Share Certificate can be done either online, or in person at any of the eight full-service Wisconsin branches located in Wausau (6) and Weston (2), or the two public Ohio branches, both located in Cincinnati. Connexus also has branches exclusively for Liberty Mutual employees in Dover and Portsmouth, New Hampshire; Fairfield, Ohio; and Wausau, Wisconsin. As the result of a merger with Endura Financial Federal Credit Union, Connexus has four branches in Minnesota, located in Brooklyn Center, Golden Valley, and Minneapolis

Credit Union Overview

Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.62% (excellent), based on June 30, 2018 data. In the past year, Connexus increased its total non-brokered deposits by $118.56 million, an excellent annual growth rate of 8.7%. 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 20 years, through acquisitions, mergers, and expansion, Connexus increased its membership to more than 326,700 members, with over $1.8 billion in assets.

How the Share Certificates Compare

When compared to 212 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 184 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 206 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 Greenwood Credit Union’s 30-month CD.

When compared to 213 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 second.

When compared to 173 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Connexus Credit Union's 42-month Share Certificate APY currently ranks second.

The above rates are accurate as of 11/7/2018.

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