Connexus Credit Union Ups 60-Month CD Rate to 3.40% APY

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Deal Summary: Share Certificates – 60-month (3.40% APY), 36-month (3.10% APY), $5k minimum deposit

Availability: Easy membership requirement

Connexus Credit Union (Connexus) raised the rates on its Share Certificates (SC) yesterday, making its 60-month SC (3.40% APY) the rate leader for nationally available 5-year CDs. The other new competitive rate belongs to the 36-month SC, which now earns 3.10% APY. The minimum opening deposit for any Share Certificate is $5k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.60%$5k-Connexus Credit Union60 Month IRA Certificate (Traditional, Roth)
2.60%$5k-Connexus Credit Union60 Month Certificate
2.50%$5k-Connexus Credit Union36 Month Certificate
2.50%$5k-Connexus Credit Union36 Month IRA Certificate (Traditional, Roth)
Rates as of August 19, 2019.

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

During the past six months, the 60-month SC has offered a couple of short-lived, very competitive rates. In November, the rate was boosted to 4.00% APY, which lasted about three weeks before dropping to 3.50% APY. The next rate increase (3.63% APY in mid-January) only lasted two weeks before falling back to 3.50% APY. By the end of February, the rate had settled at 3.00% APY, where it remained until yesterday’s addition of 40 bps.

As long-time DA readers remember, Connexus was a prolific producer of competitive CDs during 2015 and 2016. Beginning in 2017 rates started to drop, Share Certificate Specials dried up, and suddenly, Connexus was no longer outpacing the rates peloton. 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. With the exception of the 60-month SC 4.00% APY offered last November, consistently great rates at Connexus have been become fond 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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.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

CSR stated in Live Chat 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 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.

Thanks to the DA reader, Aggie, for the Forum post about Connexus’ new Certificate rates.

Availability

Headquartered in Wausau, Wisconsin, Connexus Credit Union offers almost any US citizen or alien resident 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 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 Adams, 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 (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.

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.

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

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.

Credit Union Overview

Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.91% (excellent), based on December 31, 2018 data. In the past year, Connexus increased its total non-brokered deposits by $550.3 million, an excellent annual growth rate of 41.21%. 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 347,000 members, with over $2.7 billion in assets.

How the Share Certificates Compare

When compared to 179 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationally, Connexus Credit Union's 60-month Share Certificate APY currently ranks first.

When compared to 204 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationally, Connexus Credit Union's 36-month Share Certificate APY currently ranks first.

The above rates are accurate as of 5/9/2019.

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

Related Pages: Boston CD rates, Cincinnati CD rates, Minneapolis CD rates, Wausau CD rates, 5-year CD rates, nationwide deals

Comments
evansears
evansears   |     |   Comment #1
one year interest penalty on 5 years doesn't make this viable, IMHO.
Robb
Robb   |     |   Comment #2
I agree...to sign onto a 12 month EWP the rate better be far above current market rates such as we saw last year with the 4% Sharonview 64 month deal and/or be an add-on CD with a low minimum for me to have any interest.
Harv F
Harv F   |     |   Comment #18
evansears and Robb,
Regarding Connexus' 12 month EWP, I wouldn't worry about breaking the CD to purchase a nationally available CD with a higher rate, as that possibility doesn't look too promising with many financial institutions now lowering CD rates.
Rates for long and mid-term CDs have recently been trending lower week by week. Turning your nose up at a 3.40% 5 years CD might not be wise at this juncture. Lately, there have been only a few local banks and credit unions offering 4% CDs, which are NOT available nationwide. The likelihood that a 4% nationwide CD will be offered several months following your purchase of a 3.40% Connexus CD is slim. Depending on how much cash you have on hand for CD purchases, you can use part of that amount now to lock in a 3.40% CD rate and take a chance with the remainder, waiting for that elusive 4% nationwide CD offer. The rate is higher than the 3% offered by PenFed 5 years ago. This MAY be the highest rate offered for a CD for the next few years. If you're using retirement funds for the CD purchases, you have to make a decision very soon. Procrastinating could cost you some serious money.
Robb
Robb   |     |   Comment #23
@HarvF Many of us have locked in at rates in the 3.75-4.10% region over the past year some with EWP's at 6 months. Just 2 weeks back you could have opened up a Navy 3.75% 6 Month EWP 40 month CD on the IRA front. Thus this deal pales in comparison. I broke a couple of CD's last year with 5/6 month EWP's to lock in at significantly higher rates so I am always weighing the EWP as no one can tell where rates are going 1-2 years out with any certainty. Granted if you're sitting in cash now then you have to weigh out your options.
60S40B
60S40B   |     |   Comment #3
I just opened a 4% APY cd with Frontwave CU.It is still available there. Good organization to work with.
evansears
evansears   |     |   Comment #4
sadly, limited to areas of S. CA. EWP is very confusing
60S40B
60S40B   |     |   Comment #5
EWP penalty At Frontwave CU is not confusing at all. Just call and Cust. Service will quote you the penalty which is between 180 and 270 days interest. Acceptable since you are grabbing 4%.Do you think rates will be higher then 4% over the next 4 years? The chances of that happening are slim to none.
DAJunkie
DAJunkie   |     |   Comment #8
Nope. Frontwave CU EWP for terms of 3 to 5 years is 365 days!
4 yr at 4% is still pretty attractive though.
60S40B
60S40B   |     |   Comment #14
You may be right about that EWP... but doable because of the 4%
Cash Flow
Cash Flow   |     |   Comment #15
#5 how did you qualify for Frontwave?
QED
QED   |     |   Comment #6
Pioneer Valley is paying more than Connexus for the same CD.
Aonymous
Aonymous   |     |   Comment #9
#6 -- NOT "for the same CD" -- Pioneer Valley has a significantly higher minimum to get a higher yield on a 5-year CD.

And for the 3-year, Connexus is way ahead of Pioneer Valley regardless of how much you deposit.

(Additionally, Pioneer Valley membership is not nationally available.)
DMP
DMP   |     |   Comment #7
Interest compounded Quarterly. I don't like that.
Z
Z   |     |   Comment #10
Why not? The stated APY takes the compounding period into account, so over the course of a year you earn the same amount whether it's compounded daily or quarterly.
razorback
razorback   |     |   Comment #11
Because maybe he would want a check paid monthly to actually live on. Make sense?
Z
Z   |     |   Comment #16
It's possible. If the terms allow you to withdraw interest before maturity than the frequency of the cash flows is a factor to consider. That's why I asked why. Some people are under the misconception that and more frequent the compounding the higher the yield. But since APY already includes compounding frequency, that's not the case.
Att
Att   |     |   Comment #12
Last year they had 4% which looked like the top of rates.
60S40B
60S40B   |     |   Comment #13
Connexus offers these rates like the 4% rate they offered last year for a quick money grab. They annoyed me last year when they offered the 4% CD then pulled it in less then two weeks. I won’t do business with this one.
pgroove_fan
pgroove_fan   |     |   Comment #17
I was sorry to miss out on the 4% from Connexus last year, but I waited too long while traveling for Thanksgiving and then found it was gone. I did get in on the 3.63% even though the rate dropped to 3.5% while my ACH was pending. I had told "my" rep (direct line given when I first opened membership) that I wanted the 3.63 5 year and exactly how much would be deposited. Without any resistance, the account opened at the prior rate for me. I found their service to be great.

As for "quick money grab," I'd interpret this as "secured sufficient funding" for whatever project needed quick attention or maybe even "black Friday/holiday season reward for existing members."

I feel similarly every time someone here complains that fed policy being flat doesn't justify this, that, or the other thing that an FI does. If the FI doesn't have prospects to convert our deposits into income producing loans/activities, why would they keep encouraging deposits by leading the rate tables?
Att
Att   |     |   Comment #19
#13 Sometimes institutions have a dollar amount they want to reach for deposits and stop when that limit is reached. There is only so much funds they need and sometimes they get overwhelmed with new deposits.
Fwp
Fwp   |     |   Comment #20
#19 Connexus has easy membership and they are quite aware what will happen when they offer their CD rates based on their analytical data. They can project in advance what the potential reception on any of their offering will be. To offer a 4% then pull it within two weeks knowing their field of membership is the entire USA is a quick moneygrab, also most likely done for self promotion as well.It did propel them to the CD leader board again in the public eye.
Att
Att   |     |   Comment #24
#20 Projections are not always right. As I mentioned before I have spoken to reps and many institutions have limits on the funds that need to be raised. Once that amount is reached they would terminate the offer. My perception is that many her were looking for rates higher than 4% and did not take advantage of the 4% offer last year.

Also, most institutions that offer the highest rates are doing so for promotion. The leaders constantly change. Penfed and Ally were once leaders, now they are laggards.
Fwp
Fwp   |     |   Comment #29
#24 Connexus has been offering CD's for decades and are experts at data analysis/projections and know exactly how long based on historical data their fund quota will be reached.Many applicants were left hanging last year waiting for funds/applications to be approved when the less then two week 4% CD offering was closed without prior notice.For a large credit union to participate in such flippant behavior is unacceptable by my standards.But thats just me!
David K
David K   |     |   Comment #30
Yes, large banks and credit unions have proven their mad data analysis / projections skills! They don't make mistakes, so it has to be intentional.
krr
krr   |     |   Comment #32
#30 based on the record profits banks have you are most certainly right. They use that data to become richer and find more ways to squeeze the consumer.
Att
Att   |     |   Comment #34
#25 No one can "exactly" predict how consumers react. What reason would they have to delay applications or funds? Is it more likely they were overwhelmed by the response? Guess their projection skills were incorrect as to the response? Too bad it didn't work out for you.

XCEL had a deal in the past. The goal was to raise 21 million in funds and stop their offer when that threshold was met regardless of the timeftame.
krr
krr   |     |   Comment #35
comment #34... based upon the number of votes comment 13 received here, there are many people that were left with a bad taste in their mouths re: Connexus business practices. Connexus offered the 4% Cd with no "special offering" stated, no end date stated then reduced the rate in less then two weeks from the initial offering.If this was a small Credit Union i might give a pass but It is not and I expected better...and it appears others agree.
Nothing
Nothing   |     |   Comment #36
If it sounds too good it may be...Get educated and plan/do accordingly. ??
Att
Att   |     |   Comment #37
Many offers do not mention end dates. They most times say subject to change. I didn't encounter any bad business practices and opened a large CD. with Connexus. To bad that you and some others had problems.

I had problems with Ally bank and will not do business with them. Some here like Ally
Joe R
Joe R   |     |   Comment #40
They're also idiots on the phone. They could not tell me if they had branches in New England :(
Progressive
Progressive   |     |   Comment #22
I want 5%, no 5.5% with no early withdrawal penalty whatsoever. Why should the CU get all the advantages when it's my money they're borrowing? We should legislate higher CD interest rates and set those 15% caps on credit card interest.
Decades
Decades   |     |   Comment #25
You will see 5% this cycle. New era of peace and prosperity . Am back in my old home town settling parents estate. Was the proverbial rust belt dead in the water little town where everyone clings to their guns and bibles. Guess what it’s booming here again . Not seen anything like it in 40 years. Deal with it nerds ! KAG
Att
Att   |     |   Comment #33
#25 What time frame does your "cycle" encompass?
Progressive
Progressive   |     |   Comment #39
#25
5% would kill the growth you're witnessing so it won't happen...until they want another economic disaster.
tr377
tr377   |     |   Comment #26
I agree #22. Connexus most recent data as of Q4 2018 ...return on equity - YTD was a profit of 13.66%. What does that tell you? Does Connexus have a profit sharing program in place where once a year they give a percentage of profits back to members? No they do not.
gtr
gtr   |     |   Comment #38
Frontwave CU just dropped its 4yr CD from 4% APY to 3.50% APY effective May 11.
Connexus Credit Union's 60-Month CD Now Earns 3.63% APY
Deal Summary: Share Certificates – 60-month (3.63% APY), 36-month (3.35% APY), $5k minimum deposit

Availability: Easy membership requirement

Two months ago, Connexus Credit Union (Connexus) caught the attention of DA readers by raising the rate on its 60-month Share Certificate (SC) to 4.00% APY. That rate lasted about three weeks before dropping to 3.50% APY, where it remained until today. The new 3.63% APY makes the 60-month SC a rate leader in the nationally available 5-year CD category.

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Availability: Easy membership requirement

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Availability: Easy membership requirement

Connexus Credit Union (Connexus) was a prolific producer of competitive CDs during 2015 and 2016. Beginning in 2017, rates dropped, Share Certificate Specials dried up, and Connexus was no longer a rates race leader. This past January, Connexus made a strong showing by raising the rates on all its Share Certificates, and more importantly, offered the first nationally available...

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Availability: Easy membership requirement

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...

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Deal Summary: $100 Best Buy® E-Gift Card when opening a new checking account between March 27, 2016 and May 21, 2017

Availability: Easy membership requirement

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