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. Currently earning 1.21% APY, the 60-month Certificate can be opened with a $5k minimum deposit, as can the 48-month Certificate, which earns 1.06% APY.
Both Certificates are offered as IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.
Connexus hasn’t maintained its reputation as a prolific producer of rate-leading CDs. Rates began to drop in 2017, Share Certificate Specials disappeared, and Connexus was no longer a leader of the rates pack. In January 2018, Connexus made a comeback of sorts, by raising the rates on all its Share Certificates, and more importantly, offering the first nationally available 3.00% 5-year CD. For three weeks in November 2018, the 60-month Certificate offered an impressive 4.00% APY. As I stated in an earlier blog post, many had hoped the 4.00% was a harbinger of good things to come; unfortunately, rates haven’t turned out exactly as anticipated. With the exception of that fleeting 4.00%, consistently great rates at Connexus are now memories.
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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.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, or by check. There is a 10-day grace period before a Certificate automatically renews. 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.
Headquartered in Wausau, Wisconsin, Connexus Credit Union offers a way to join for virtually any U.S. citizen/resident alien who has 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 16 companies and organizations (including Liberty Mutual Insurance) qualify for membership.
Residency – Individuals who live in any of the following locations are eligible to join:
Minnesota – Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale, or St. Louis Park.
Ohio – Cincinnati or Norwalk.
Wisconsin – counties of Adams, Clark, Juneau, Langlade, Lincoln, Marathon, Portage, Shawano, Taylor, Waushara, or Wood
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 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.
Note: 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 5,600 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 "A" at DepositAccounts.com, with a Texas Ratio of 8.66% (excellent), based on June 30, 2021 data. In the past year, Connexus increased its total non-brokered deposits by $402.11 million, an excellent annual growth rate of 17.03%. 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 21 years, through acquisitions, mergers, and expansion, Connexus increased its membership to more than 390,000 members, with over $3.5 billion in assets.
How the Certificates Compare
When compared to 181 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are nationally available, Connexus Credit Union's 60-month Certificate APY currently ranks fifth.
When compared to 172 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are available nationwide, Connexus Credit Union's 48-month Certificate APY currently ranks fifth.
The above information and rates are accurate as of 11/11/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.