Top CD Rates at Connexus Credit Union - Easy Membership
Connexus Credit Union continues to offer very competitive CD rates. Below are the CD rates as listed at the credit union's rates page as of 6/01/2010:
- 1.50% APY 6-month CD
- 1.75% APY 12-month CD
- 2.00% APY 24-month step-up CD (via CSR)
- 2.25% APY 36-month step-up CD (via CSR)
- 3.25% APY 60-month CD
Note, the 24-month and 36-month rates are not listed in the rates page. I just confirmed them via the online chat with the credit union CSR. According to the CSR, these are subject to change at anytime. Minimum deposit is $10,000. These are also available in an IRA. The 2-year and 3-year CDs have a step-up feature that allows you to bump up the rate one time during the term.
One downside to the 60-month CD is a harsh early withdrawal penalty. According to the CSR, it's 365 days of dividends. The 2-year and 3-year terms have a penalty of 180 days of dividends, and the 6- and 12-month terms have a 90-day penalty.
Y.E.S. Money Market Account
Connexus Credit Union continues to offer 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 6/01/2010, the top rate is 1.49% APY. This requires a minimum balance of $100,000. I was informed of the rates for the other tiers in my chat session with the CSR:
- 1.00% APY $1K to $10K
- 1.19% APY $10K to $20K
- 1.29% APY $20K to $50K
- 1.39% APY $50K to $100K
- 1.49% APY $100K+
A reader in my last post mentioned in the comments of an unusual aspect of these rates. I confirmed this with the CSR. The rates on the YES account are prospective rates. If the rate should change at anytime during the month, the new rate is what you would earn on all funds you have in that account from day one of the month.
No interest is earned on balances under $1,000. It has the typical withdrawal restrictions of a money market account (no more than 6 withdrawals per month). Checks must be a minimum of $250, otherwise there's a $29.95 fee.
I first posted on this money market account in July 2009 so it has a history of high rates. I'm disappointed that they still only list the rate of the top tier. If you email them, they can send you the full rate tiers.
In my July 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.
Reward Checking Accounts
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.
Credit Union Overview
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's rating for safety and soundness has gone down from 4 stars to 3 stars (performing) at Bankrate.com. It remains 4 stars (excellent) at BauerFinancial. At DepositAccounts.com, Connexus Credit Union has an overall health score of 4 out of 5. These ratings are based on 12/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 66538).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.