It has been awhile since Connexus Credit Union has offered something new on its deposit accounts. That recently changed with a new CD special. It’s a 9-month CD special with a 1.01% APY. Minimum deposit is $5,000. This is a limited-time special. Details are listed in the credit union’s CD page as of 6/10/2014. At the bottom of this page there’s a link to the CD disclosure. Unlike its regular CDs, I don’t see any checking account requirement for this CD special to qualify for the top rate.
Connexus Credit Union has long offered several good deposit deals. These include a money market account that pays up to 1.15% APY (as of 6/10/2014) and very competitive CD rates. However, these top rates have required an active checking account with direct deposit. One thing that makes this requirement tolerable is a reward checking account with rates that have remained competitive for several years.
Membership & Application
Membership is open to members of the Connexus Association. According to this Connexus page:
In order to join the Connexus Association, you are required to make a one-time $5 donation to the Association that will directly benefit one of many supported organizations. Then, once you're a member of the Association, you will be eligible to join Connexus Credit Union and experience all the benefits of Connexus membership.
There's also a $5 minimum balance required for the savings account to maintain credit union membership.
There's an online application that can be used to join via the Connexus Association and to open accounts with funding done by ACH transfer from an existing account.
Credit Union Overview
The credit union is headquartered in Wausau, Wisconsin. Connexus branches are located in Wisconsin, Ohio and New Hampshire. It appears Connexus started out as an employee-based credit union for Liberty Mutual Insurance. Most of their branches are in Liberty Mutual offices.
Connexus Credit Union has an overall health grade at DepositAccounts.com of a B+ with a Texas Ratio of 13.51% (above average) based on March 2014 data. Please refer to our financial overview of Connexus Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 66538).