Connexus Credit Union 12-Month Jumbo CD Tops 1-Year Category

Following a recent 26 bps rate increase, the Connexus Credit Union (Connexus) 12-month Jumbo Certificate (5.76% APY) is the 1-year CD rate-leader in this week’s CD Deals Summary. Connexus began offering Jumbo Certificates ($100k minimum) almost nine months ago. Of all the term-lengths offered, the 12-month Jumbo Certificate offers the highest and most competitive rate in the CD product line. With the exception of the 12-month term, the Jumbo Certificates have rates a uniform 25 bps higher than the standard Certificates. The 12-month Jumbo Certificate currently has a rate 15 bps higher than the standard 12-month Certificate.

The 12-month Jumbo Certificate is also offered as an IRA Jumbo Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.

This most recent rate increase has widened the already significantly inverted Yield Curve on Connexus CDs. When compared to the 24-, 36-, 48-, and 60-month Jumbo Certificate APYs, the 12-month Jumbo Certificate's current 5.76% APY is 50, 100, 150, and 160 bps higher, respectively.

Early Withdrawal Penalty

As stated in the FAQs, the Early Withdrawal Penalty reads as follows:

If your account has an original term 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The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.

Availability

Headquartered in Wausau, Wisconsin, Connexus Credit Union’s field of membership (FOM) 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 more than 20 companies and organizations (including Liberty Mutual Insurance) qualify for membership.

Residency – Individuals who live in any of the following locations are eligible to join:

Illinois counties – Boone, Jo Daviess, Knox, Lake, McHenry, Stephenson, Warren, or Winnebago.

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

Ohio communities – Cincinnati or Norwalk.

Wisconsin counties – Adams, Clark, Juneau, Langlade, Lincoln, Marathon, Portage, Shawano, Taylor, Waushara, or Wood

Wisconsin communities – Baron, Chippewa, Columbia, Dane, Dodge, Iowa, Milwaukee, Oneida, Ozaukee, Price, Racine, Rusk, Sauk, Washington, or Waukesha. Within 25 miles of Sheldon or within 15 miles of Chetek.

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 the Connexus Membership Eligibility page.

Account Opening

Joining Connexus and/or opening a Certificate or Jumbo Certificate can be done either online,* or in person at any of the eleven Wisconsin, three Illinois, or one Minnesota branch locations.

*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 6,000 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.

Funding and Other Details

The following information is from the Connexus website and a conversation with CSR.

• Funding – ACH, wire transfer, check, internal transfer, or Share Branch transaction.
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited quarterly; dividends can be automatically posted to another Connexus account quarterly or paid out by check.
• Maturing Funds – ACH*, wire transfer, check, or internal transfer.
• Beneficiaries – Up to three with equal shares; Social Security numbers required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – Soft pull when joining.

*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.

In a May 2022 Review, DA reader, ET, provided information about opening a Certificate.

• Soft pull w/Trans Union.
• Requires a copy of social security card, although not listed.
• Disregard their email, you need to be proactive as no one contacts you during approval process.
• Maximum ACH transfer is $250,000 for opening a CD account. Over that amount needs to be wired in.
• Your membership number is not the same as your account number.

Credit Union Overview

Connexus Credit Union has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 22.53% (average), based on March 31, 2023 data. In the past year, Connexus increased its total non-brokered deposits by $526.19 million, an excellent annual growth rate of 14.99%. 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 25 years, through acquisitions, mergers, and expansion, Connexus has increased its membership to nearly 444,000 members, with assets in excess of $5.2 billion.

How the 12-Month Jumbo Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, no banks or credit unions have higher rates than currently offered on the Connexus Credit Union 12-Month Jumbo Certificate, regardless of minimum deposit requirements. The following table compares the 12-Month Jumbo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 8/17/2023.

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