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Competitive Money Market Account Continues at Connexus Credit Union - Available Nationwide


Update 11/05/09: The money market account rates have fallen.

Connexus Credit Union continues to offer very competitive rates on its Y.E.S Money Market Account. It's a tiered rate account, and the credit union only lists the top rate at its deposit rates page. As of 11/05/09, the top rate is 2.00% APY. This requires a minimum balance of $100,000. When I last contacted the credit union, I was informed of the following rate tiers as of 11/05/09:
  • 1.15% APY $1K to $10K
  • 1.40% APY $10K to $20K
  • 1.50% APY $20K to $50K
  • 1.75% APY $50K to $100K
  • 2.00% APY $100K+
No interest is earned on balances under $1,000. It has the typical withdrawal restrictions of a money market account (no more than 6 electronic withdrawals or 3 checks per month). Checks must be a minimum of $250, otherwise there's a $29.95 fee.

My last post on this money market account was in July so the rate has held for a while. In that post a reader commented that the credit union does a hard credit inquiry when you open an account. However, additional accounts won't trigger a hard pull if opened within 90 days. A hard pull will temporarily ding your credit score.

Connexus Credit Union had been offering very competitive CD rates, but the rates have gone down quite a bit. Connexus also offers two reward checking accounts (see post) and a competitive health savings account (see post).

Membership is open to members of the Connexus Association. According to the credit union's About Us Page:
anyone can join Connexus Credit Union by first becoming a member of our Connexus Association.

I've been told that the Connexus Association requires a one-time $5 donation, and membership into Connexus Credit Union requires a $5 deposit in the savings account.

The credit union is headquartered in Wausau, Wisconsin. Branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employees credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.

Connexus Credit Union has some decent ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at (based on 3/31/09 data). The credit union is federally insured by the NCUA (Charter # 66538).

Thanks to the reader who emailed me about this money market account continuing to have this high rate.

Other Competitive Money Market Accounts

Rate History:
  • 1.50% APY $1K to $10K
  • 1.75% APY $10K to $20K
  • 1.90% APY $20K to $50K
  • 2.00% APY $50K to $100K
  • 2.25% APY $100K+
Related Pages: money market accounts, Connexus Credit Union, Boston, Cincinnati, Minneapolis, Wausau

Related Posts

propcgamer   |     |   Comment #1
Thats a pretty good rate, how is their ACH capability and limitations of that?
Anonymous   |     |   Comment #2
BankingGuy - Once in a while a bank or CU will do a particularly ugly twist on what they call a "tiered" account. For example, using the rates you listed and assuming a $30K depost, they'd pay 1.50% for dolars 1K to 10K, 1.75% APY for dollars 10K to 20K, and 1.90% APY for dollars 20K to 30K. Highly deceptive, but I've seen it done and if I recall you have too.

This CU does not do this, right? Thanks.
Anonymous   |     |   Comment #3
Just found today (11/5/09) that the rate drops to 2%.
Anonymous   |     |   Comment #4
I started the first ACH withdraw but fails. Connexus said they didn't get the withdraw request but the financial institution initializing withdraw said the reason Connexus rejected it is non-efficient fund which is not true. I have enough fund to cover that small withdraw.
Anonymous   |     |   Comment #5
The Connexus website does not show the balance interest rate tiers anywhere.  There is a mention about it on one of their webpages, but when you go to the rate webpage, it only lists the 2% rate without indicating what balance amount is required in order to get it.  It looks a bit deceptive to do that.  You shouldn't have to call a CSR to get this type of information. 
Anonymous   |     |   Comment #6
The HSA rate at Connexus is tiered and is not a single rate as shown in the rate table on this site.

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