Connexus Credit Union 24-Month CD Earns 2.40% APY

Just about a year ago, Connexus Credit Union’s (Connexus) 60-month Share Certificate had just come off a three-week stint at 4.00% APY. At the time, many hoped the 4.00% was a harbinger of good things to come; unfortunately, rates haven’t turned out exactly as anticipated.

Connexus hasn’t maintained its reputation as a prolific producer of rate-leading CDs. Rates began to drop in 2017, Share Certificate Specials disappeared, and Connexus was no longer a leader of the rates pack. 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 4.00% offered last November, consistently great rates at Connexus are now memories.

While not rate leaders, two of Connexus’ Share Certificate are currently offering competitive rates. The 24-month (2.40% APY) and 36-month (2.50% APY) can be opened with a minimum $5k deposit and there are no stated balance caps.

Even though the 12-month and 60-month APYs aren’t as competitive, they still merit a mention.

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

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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.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

According to CSR, 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. Maturing funds can be distributed by check (fee free) or 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.

Availability

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.

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 6.79% (excellent), based on June 30, 2019 data. In the past year, Connexus increased its total non-brokered deposits by $748.42 million, an excellent annual growth rate of 50.52%. 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.

How the Share Certificates Compare

When compared to 205 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are available nationally, Connexus Credit Union's 24-month Share Certificate APY currently ranks fourth.

When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are available nationally, Connexus Credit Union's 36-month Share Certificate APY currently ranks sixth.

The above rates are accurate as of 11/27/2019.

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