It’s been more than six months since I've written about any of Connexus Credit Union’s (Connexus) Share Certificates, which is unusual considering Connexus has been one of the more prolific credit unions when it comes to competitive CDs. I’m pleased to report that now through December 17, 2016, Connexus is offering,
- 12-month Share Certificate (1.40% APY), with active* checking
- 12-month Share Certificate (1.30% APY), without active checking
- 24-month Share Certificate (1.60% APY), with active checking
- 24-month Share Certificate (1.50% APY), without active checking
The minimum opening deposit is $10k of new money, with no balance cap.
*As stated in the Disclosures on the Promotion page,
Active Checking is defined as having at least one (1) Direct Deposit of net pay, including
salary, wages, government benefits or pension made to the account each month; having
ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the
last business day of each month; and electing to receive eStatements.
This offer is valid for applications received through December 17, 2016. While not available for business, organization, or IRA accounts, the Share Certificates are available as trust accounts.
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The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.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The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
Thanks to DA reader, susanc, for her Forum post about these latest offerings from Connexus.
Headquartered in Wausau, Wisconsin, Connexus Credit Union offers membership through a variety of ways:
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, families, retirees, students, and alumni of the following companies and organizations qualify for membership: Air Line Pilots Association Union, Aqua Finance, Aspirus Inc, ATK, Cincinnati Bell, Convergys, Honeywell, Liberty Mutual, Marketplace Home Mortgage, Marshfield Clinic, North Central Technical College, and TSI Incorporated.
Residency - Members of the following communities are eligible to join:
Minnesota – Brooklyn Center, Crystal, Golden Valley, Hopkins, Minneapolis, New Hope, Robbinsdale, and St. Louis Park.
New Hampshire – Dover and Portsmouth.
Ohio – Cincinnati metro area and Fairfield.
Wisconsin – Rothschild, Schofield, Wausau, and Weston.
Complete eligibility details are listed Connexus’ Membership 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 two 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 recent merger, Connexus has acquired four branches in Minnesota, located in Brooklyn Center, Golden Valley, and Minneapolis
Opening these Share Certificates can be initiated online. but applications must be received by December 17, 2016, to be guaranteed the stated APYs. DA members have stated that in the past they were contacted the same day they submitted an application. The Share Certificates can also be opened at any branch location or by phone (800.845.5025).
Credit Union Overview
Connexus Credit Union (NCUA Charter # 66538) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.27% (excellent), based on June 30, 2016 data. In the past year, Connexus increased its total deposit by $286.96 million, an excellent annual growth rate of 30.64%. Please refer to our financial overview of Connexus Credit Union 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 18 years, through acquisitions, mergers, and expansion, Connexus increased its membership to over 271,300 members, with over $1.4 billion in assets.
How the Share Certificates Compare
When compared to the 207 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 w/active checking and w/o active checking currently rank first and second, respectively.
When compared to the 20 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 w/active checking and w/o active checking currently rank first and third, respectively.
The above rates are accurate as of 10/31/2016.