Connexus Credit Union (Easy Membership) Hikes 60-Month CD

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Deal Summary: Share Certificates – 60-month (3.00% APY), 36-month (2.30% APY), 24-month (2.27% APY), 12-month (2.01% APY), $5k minimum deposit.

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 available 3.00% 5-year CD.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$5k-Connexus Credit Union60 Month Certificate
2.30%$5k-Connexus Credit Union36 Month Certificate
2.27%$5k-Connexus Credit Union24 Month Certificate
2.00%$5k-Connexus Credit Union12 Month Certificate
Rates as of April 20, 2018.

Any of the Share Certificates can be opened with a $5k minimum deposit, with no stated balance cap. Unlike some of Connexus’s prior Share Certificate offerings, no checking account is required to earned the stated APYs.

As stated on Connexus’ Disclosure Page, 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The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.

Thanks to the DA reader who shared these new rates on Connexus Share Certificates.

Availability

Headquartered in Wausau, Wisconsin, Connexus Credit Union offers many routes to membership, including,

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 15 companies and organizations qualify for membership.

Residency - Individuals who line in any of the following communities are eligible to join:

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

    Ohio – Cincinnati metro area.

    New Hampshire – Dover and Portsmouth.

    Wisconsin – Rothschild, Schofield, Wausau, and Weston.

Complete eligibility details are listed Connexus’ Membership Eligibility page.

Joining Connexus can be done either online, or in person at any of the eight Wisconsin branches located in Wausau (6) and Weston (2), or three Ohio branches both located in Cincinnati (2). Connexus also has branches for Liberty Mutual employees only in Dover and Portsmouth, New Hampshire; Fairfield, Ohio; and Wausau, Wisconsin. As the result of a merger, Connexus has acquired four branches in Minnesota, located in Brooklyn Center, Golden Valley, and Minneapolis

Opening any of these Share Certificates can now be done online. The Share Certificates can also be opened at any of the above mentioned branch locations or by phone (800.845.5025).

Credit Union Overview

Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.46% (excellent), based on September 30, 2017 data. In the past year, Connexus increased its total non-brokered deposits by $246.65 million, an excellent annual growth rate of 21.69%. 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 19 years, through acquisitions, mergers, and expansion, Connexus increased its membership to more than 302,500 members, with over $1.7 billion in assets.

How the Share Certificates Compare

When compared to the 182 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 the 201 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 KS StateBank’s 3-year CD APY.

When compared to the 199 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 the 253 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 first.

The above rates are accurate as of 1/13/2018.

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, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
aaa
aaa   |     |   Comment #1
Just like ConneXus even PenFed used to be a rate leader.

Presently PenFed is not a leader, but good to see that ConneXus is back!
Kaight
Kaight   |     |   Comment #2
. . . . . . . . . . . . . . . . Bingo!!
offthehandle
offthehandle   |     |   Comment #3
Note that it's compounded quarterly, not daily or monthly as most other institutions (giving you a bit less than if it was compounded daily or monthly). Also, be sure to check the entire fee schedule.
SYC
SYC   |     |   Comment #6
Your point is valid if 3% is the listed interest rate. For Connexus 60-month CD, 3% is the APY with interest compounded quarterly.
contrast
contrast   |     |   Comment #4
It's nice to see, though the market as a whole also returned 3% for this year in just the first half-month.
Kaight
Kaight   |     |   Comment #5
They require just $5000 to open this account. Any CC funding opportunities?
Kaight
Kaight   |     |   Comment #7
Let's see . . in rough terms, if you funded a $5000 account with a 3% reward CC, your interest rate would jump to 3.6% APY, a portion of which would be tax free and paid out at the front end of your account relationship with the credit union.
alan1
alan1   |     |   Comment #9
However, the following sources state that you cannot fund the account with a credit card. (I have no idea about the reliability of these sources.)

1. Funding Bank Account With A Credit Card – 2018 Edition
http://www.hustlermoneyblog.com/funding-bank-account-with-a-credit-card/

2. Doctor of Credit
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/
(see Item 3.29)

But, yes, if you funded the account with a 3% reward credit card, your interest rate would indeed jump.

(I guess it wouldn't hurt to ask if Connexus permits such funding.)
hank
hank   |     |   Comment #17
where can you get a 3 percent reward credit card?
fyi
fyi   |     |   Comment #8
Patelco is now offering a 2-year CD for 2.25%. Apparently this used to be 1.25% based on the stale info on this website.
gregk
gregk   |     |   Comment #10
We've all been demanding this (3% 5 year), - but is anyone else like me just a bit wary now, thinking it may be the time to stay short and see just how high rates go before commiting long term? Crucial for many of us is the 4rth quarter of 2018 when our 3% Northwest & PenFed CD's mature. Can we hope for improving on that when the time comes to renew/redeploy?
Att
Att   |     |   Comment #11
Opening an account but with 1/3 of my available CD funds. Keeping 2/3's of my "powder dry".I really don't think Penfed will ever be a rate leader again. I am optimistic about the future.
Fan of this website
Fan of this website   |     |   Comment #12
Glad to (finally) see a 3% CD...it's about darn time. With 2-3 Fed rate hikes expected in 2018, there is a reasonably high probability that higher rates are likely and CDs between 3% and 4% could be offered. The US is issuing more debt this year compared to last year to fund a higher budget deficit, which could contribute to higher rates. And the Fed is reducing their balance sheet and purchasing fewer notes, also a factor for higher rates. And China, currently holding 1.2 trillion in US debt, would like to diversify their foreign reserves, although it would be difficult for them to substantially reduce their holdings.

Alternatively the less likely scenario is that rates are peaking and a recession begins, heralding lower interest rates; or that other banks stubbornly refuse to go above the 3% threshold if long term rates remain below that level. Assuming a 70% or higher chance of higher rates (just a guess), perhaps it would be reasonable to commit somewhere between 10% and 30% of available funds, leaving the majority available for future opportunities.
decades
decades   |     |   Comment #13
Nice!..don't see anything on their website where its a short term promo thing.. also available as an ira ... will have to transfer more of my high fee 401k there .. the ewp is not ideal but this is the best deal since Andrews ...keep em coming Ken ..winning !!
Peter
Peter   |     |   Comment #14
It looks like the only way to fund a new account is by check. They only allow max $100 to pull from another bank to fund the account. Of course if you can get the savings account opened you could push the funds to it and then fund the CD that way. That is the route I am going to take as I don't want to send a check and have the rate expire before they get it.
Terry
Terry   |     |   Comment #41
I did not want to send a check either and after one phone call found out that you can actually set up an external transfer to your Connexus savings account and they can fund your share certificate from it same day. It's a very simple process. I have been dealing with the account representative Susan Schmidt and she has handled everything for me. It's been a great experience and I highly recommend her and Connexus.
ChasinRates
ChasinRates   |     |   Comment #15
Nice to see some good news.
DOA
DOA   |     |   Comment #16
Glad I held out and did not get the 2.76% - 5 year USSFCU CD.
anon
anon   |     |   Comment #19
1-yr penalty for 5-yr CD... not worth it IMO at this point. Guessing 3% will show up in other places with lower EWP.
Robb
Robb   |     |   Comment #20
Anon agree I've been avoiding any EWP above 6 months in a rising rate environment. If rates are 4% next year don't want to be stuck in a 12 month penalty CD although the 3% is tempting.
Att
Att   |     |   Comment #21
With rates going up let's see if banks change their EWPs or refuse early withdrawals. Some banks can also make changes to terms on existing CDs according to some deposit agreements. Ally is one bank that has the language. Didn't Fort Box CU change EWPs on existing CDs?
Robb
Robb   |     |   Comment #22
Synchrony moved from 6 months to 12 month EWPs on 5 year CDs some time back but kept the 6 month EWP for those who had CDs before the change date which seems reasonable. I would not have been happy if halfway into my term they tried to double my EWP.
Att
Att   |     |   Comment #25
I have 2 -5 year CDs with Synchrony with the 6 month EWP. For now 25 K into Connexs. I still have liquid funds @1.75% with Ally in 11 month no penalty in 25K increments. Waiting to see how rates and EWPs play out to see what I do with my liquid funds and current CDs. Only have used EWP once to get finds in a 5% Penfed CD around 2010 for 10 years. The CD I closed was paying around 2%.
Chickenfoots
Chickenfoots   |     |   Comment #23
Ya, I was thinking about jumping on this offer but the early withdrawal makes me reluctant to pull the trigger. With rates rising and the feds potentially giving a few more increases, we very well may see 3.5% CDs in a year or less. I have never broken a CD early, but 1 year early withdrawal penalty is too harsh for me.
TheAnalyzer
TheAnalyzer   |     |   Comment #24
Completely agree w Chickenfoots
RickZ
RickZ   |     |   Comment #26
I’ve broken a few CDs over the years and I see your point and basically agree. However, the truth is that the penalty is pretty onerous even with a 6-month penalty. If you have a 5-year 3.0% CD and break it for a 3.5% CD then with a 6-month penalty it would take you 36 months to break-even which could make sense (with a 12 month penalty it would take you 72 months to break even which is longer than the CD itself). The numbers come out much better if you break it for a 4% CD - then it would take you 18 months to break even with a 6-month penalty and 36 months to break even with a 12-month penalty.
Att
Att   |     |   Comment #27
FYI Just got approval for my CD. You must send a check to them to open a CD. ACH limited to $100. They use secure email that requires a Microsoft viewer with a account password or a one time code. Bit of a pain.
Robb
Robb   |     |   Comment #28
Surprising that you can't do an ACH to fund the CD.
Current
Current   |     |   Comment #38
Connexus application for new account crashes every time i get to the last page. tried 3 times. Does anybody else experience this issue?
Att
Att   |     |   Comment #29
Got my membership number today. Was told to send check made out to Connexs with membership number and write open 5 year 3% CD. Check going out after I verify funds from Ally in my checking account.
Att
Att   |     |   Comment #37
Very satisfied with Ally's CD closing process. Jist closed 1 no penalty CD to fund a 5 year CD at Connexs. Can be done by logging onto your account and closing the CD with the choice of check or ACH. If you use ACH the funds will be in your account in 2 business days.
Billpayer
Billpayer   |     |   Comment #30
Is Connexus a hard or soft pull?
Att
Att   |     |   Comment #32
I had to answer the usual questions about mortgage payments, prior addresses etc. I have a credit freeze and they approved my application without any additional input from me or my wife so I believe it is soft.
decades
decades   |     |   Comment #31
Keep getting e-mails from penfed telling me about their great certificate rates . Today I e-mailed back ....

I feel pen fed needs to be informed that YOUR CERTIFICATE RATES ARE BAD! It is really silly of you to send out e-mails telling us that they are great. You are simply not competitive and haven't been so for quite some time .
Att
Att   |     |   Comment #33
Got the email. Great rate of 2.27% APY on 5 years was 1 example. None of their rates are competitive.
Bogie
Bogie   |     |   Comment #34
No, none of their rates are great. Perhaps PenFed is being overly cautious at the present time. I think they are still smarting from when they offered those long term 5 and 10yr CDs at 6 and even 6.25s% interest rates. Not too many years after that the market rate for CDs tanked. Many people are still holding CDs from PenFed with higher rates than are offered by any bank or CU today.
Att
Att   |     |   Comment #35
They also took all those Valor accounts that are paying a little more than 3%. I still have a 5 and 10 year with them paying 3% and 5% respectively with them. Had a couple other CDs with Penfed that matured and have moved to other CUs. If they offer top rates when the 2 remaining CDs mature I'll renew. I'm not optimistic they will be a rate leader in the future.
CapitalClimate
CapitalClimate   |     |   Comment #36
The money that they could have used for competitive interest rates has gone into TV advertising.
Ray
Ray   |     |   Comment #39
What is max you can deposit
Ann
Ann   |     |   Comment #40
See the "-"s under the "MAX" column in the table up top? That means there is no max.
CC in CA
CC in CA   |     |   Comment #42
Just dropped to 2.5% APY today.
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