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.
Connexus also added 15 bps to its 36-month SC (3.35% APY), returning it to the rate offered in November. The minimum opening deposit for any Share Certificate is $5k, with no stated balance cap. Connexus no longer requires a checking relationship to open a Share Certificate.
Connexus’ Share Certificates are offered as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
As long-time DA readers know, 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. A year ago this month, Connexus made a statement 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% APY offered on the 60-month SC in November, great rates at Connexus have been relatively scarce.
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The penalty will equal 180 days dividends on the amount withdrawn subject to penalty.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The penalty will equal 365 days dividends on the amount withdrawn subject to penalty.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
In a Live Chat, CSR stated 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
An ACH outgoing has a limit of $25,000 for a $10 fee, otherwise for amounts
over $25,000 there is a $20 fee for an outgoing wire to another account.
Thanks to the DA reader, SYC, for today’s Forum post about the new rates at Connexus.
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 seven full-service Wisconsin branches located in Wausau (5) and Weston (2), 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.
Credit Union Overview
Connexus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.12% (excellent), based on September 30, 2018 data. In the past year, Connexus increased its total non-brokered deposits by $195.47 million, an excellent annual growth rate of 14.12%. 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 20 years, through acquisitions, mergers, and expansion, Connexus increased its membership to nearly 327,000 members, with over $1.9 billion in assets.
How the Share Certificates Compare
When compared to 188 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 210 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 shares the top rung with Mountain America Credit Union’s 3-year Term Deposit.
The above rates are accurate as of 1/17/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.