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 $250 bonus requires you,
subscribe to eStatements, and have a minimum of $2,000 in net spend purchases using your debit card within the first six months of account open date. ATM transactions not included.
DA reader, oldman87, brought up a good point in a Forum comment: “must it be POS or can it be online payments?” Both oldman87 and I were given the same answer – any debit transaction, online or point-of-sale, counts toward the $2k minimum.
The $250 bonus will be deposited into the new Connexus checking account six months after account opening, if the qualifications have been met. If the Xtraordinary checking account is closed before the $250 bonus is deposited, the bonus will be forfeited.
If you’re wondering if this is a competitive offer, $250 back on $2k of purchases equals a 12.5% cash back rate.
Many thanks to DA readers, pinkterror and oldman87, for the Forum posts about this limited-time bonus.
The Xtraordinary Checking has been one of the staples of Connexus’ product line since it debuted in 2009. While maintaining its original qualifying balance cap of $25k, the APY gradually fell from the initial 3.65% APY to the current 1.75% APY. Although 1.75% APY is low for a reward checking account, the rate has remained constant since May 2012. Qualifying balances of $25k earn 0.25% APY, with non-qualifying balances not earning any interest.
|1.75*%||-||$25k||Connexus Credit Union||Xtraordinary Checking|
|OTHER TIERS: 0.25% → $25k+|
Qualifying Balance Requirements
- At least 15 debit card transactions per month or $400 in debit card spending
- Sign up for eStatements
Since I last wrote about the Xtraordinary Checking account, the direct deposit and bill payment requirements have been dropped. There are no monthly maintenance fees, minimum balance requirement, or minimum opening deposit. Nationwide ATM fees will be reimbursed up to $25 per month, if qualifying requirements are met. As a member of the CO-OP Shared Branching and ATM networks, Connexus provides its members with access to more than 5,600 shared branches throughout the country.
Headquartered in Wausau, Wisconsin, Connexus Credit Union offers almost any US citizen or resident alien, with a valid Social Security number, a way to join.
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 metro area.
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 Share Certificate can be done either online, or in person at any of the eight full-service Wisconsin branches located in Wausau (5), Weston (2), and Wisconsin Rapids, or the two Ohio branches open to the public, 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 now has four branches in Minnesota, located in Brooklyn Center, Golden Valley, and Minneapolis.
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.
Credit Union Overview
Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.31% (excellent), based on September 30, 2019 data. In the past year, Connexus increased its total non-brokered deposits by $664.36 million, an excellent annual growth rate of 42.06%. 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 361,000 members, with over $2.6 billion in assets.
The above rates are accurate as of 1/7/2020.