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6.01% Reward Checking Account at a Wisconsin CU (Connexus)


Update 5/03/08: The top yield has fallen to 3.51% APY.
Update 4/02/08: The top yield has fallen to 4.01% APY.
Update 1/15/08: The top yield has fallen to 5.01% APY.

Connexus Credit Union has started a rewards checking account that earns 6.01% APY on balances up to $25,000 (0.75% for over $25K). It has the typical rewards checking account qualifications: 10 debit card (non-pin) transactions posted, one ACH debit or credit and eStatement participation. If these qualifications are not met, the APY falls to 0.50%. The account has no minimum balance requirements and ATM surcharges are rebated.

Field of membership includes members of the Connexus Association in which anyone can join with a $5 donation to their scholarship fund. Contact the credit union for the application. There are also a few Select Employer Groups that can qualify you for membership. Membership requires a $5 deposit into your savings account.

The credit union is federally insured by the NCUA (Charter # 66538). It has $206.4 million in assets and 17,572 members.

For other rewards checking accounts, please see my summary of the best checking accounts.

[Edit 11/06/07: Updated the FOM to include the Connexus Assocation. Updated links.]
Related Pages: Connexus Credit Union, Rockford, Minneapolis, Madison, Davenport, La Crosse, Wausau, checking account

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  |     |   Comment #1
It appears they offer a Connexus Foundation where you can join with a $5 donation to their scholarship fund. I spoke with someone there who offered this option after exhausting other routes, but I could find no reference to it on the site. I live out of state and still said no problem. Application still needs to be faxed though (not online).

Also offers "Instant Deposit" after 30 days of membership with line of credit.
  |     |   Comment #2
Their rate is now 5.01%

Other items to note:
- $5 minimum balance in savings required
- Business accounts also available, with $200 minimum balance in checking & $5 in savings
- Can transfer money between personal accounts & business accounts online
- "Instant Deposit" good for up to $1500. They need to see your last pay stub & collect info on mortgage payments in order to set it up.
  |     |   Comment #3
It looks like they have two different reward checking accounts, one called MyRewards (3.51%) and another called Xtraordinary (5.15%). MyRewards is 10 debit card transactions, while Xtraordinary is 15. The Xtraordinary account is listed on CheckingFinder.

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