Connexus Credit Union Offers High Rate 1-Year CD Available Nationwide
UPDATE 1/5/2015: Extended through January 31, 2015.
Connexus Credit Union (Wisconsin) is offering a 12-month Step-Up Share Certificate (CD), with a blended rate of 1.374% APY. The minimum opening deposit is $2.5K and there is no maximum balance cap. This offer is only valid on applications received by December 31, 2014.
Unlike Connexus' other CDs, the 12-month Step-Up does not require a checking account relationship.
The 12-month Step-Up CD's blended 1.374% APY breaks down as follows:
This 12-month Step Up CD allows for one penalty-free early withdrawal, as detailed on Connexus Credit Union’s Disclosure Page:
You are allowed one withdrawal, without penalty, from the principle amount. Upon early withdrawal, the remaining certificate balance will continue to earn at its current rate, until the certificate’s maturity. Upon the certificate’s maturity, funds will roll into your Connexus savings account
After the first principle withdrawal, a penalty may be imposed for additional withdrawals before maturity. Additional withdrawals are included in the amount subject to early withdrawal penalty. The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.
Thank you to DA members InvestorAB and PearlBrown for their helpful Forum postings about this deal!
Membership in Connexus Credit Union (Connexus) 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.
The Connexus Association was organized exclusively for charitable and educational purposes to provide funding to designated organizations that qualify as exempt under section 501(c)(3) of the Internal Revenue Service.
Connexus also offers membership to:
- Employees, families, and retirees of Liberty Mutual Insurance and affiliates
- Employees, families, and retirees of Aspirus Inc., Marshfield Clinic and affiliates
- Employees, families, students and alumni of Northcentral Technical College and Rasmussen College
- Employees, families, and retirees of Cincinnati Bell and affiliates
- Employees, families, and retirees Convergys and affiliates
- Persons residing or employed in Clark, Langlade, Lincoln, Marathon, Portage, Shawano, Taylor, or Wood counties in the State of Wisconsin
Joining Connexus can be done either online, or in person at any of the Wisconsin branches located in Wausau (4) and Weston, or Ohio branches located in Cincinnati and Norwalk. Connexus also has branches for Liberty Mutual employees only in Dover and Portsmouth, New Hampshire; Fairfield, Ohio; and Wausau, Wisconsin.
Opening this 12-month Step-Up CD can be done online, but applications must be received by December 31, 2014 to be guaranteed the 1.374% APY. The online form reads,
Please fill out the form below and we’ll contact you within one business day to open your Share Certificate.
DA member InvestorAB stated in his Forum posting that he was contacted the same day.
Credit Union Overview
Connexus Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 11.24% (above average), based on June 30, 2014 data. In the past year, Connexus increased its total deposit by $97.71 Million, an excellent annual growth rate of 23.52%. Please refer to our financial overview of Connexus Credit Union 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 15 years, through acquisitions, mergers and expansion, Connexus increased its membership to over 98,000 members, with $628+ Million in assets.
How the Rate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, regardless of minimum deposit and available nationwide, Connexus Credit Union’s 12-month Step-Up CD clearly stands out:
|Interest Rate||CD Length||Institution|
|1.374% APY||12-month Step-Up CD||Connexus Credit Union|
|1.30% APY||13-month CD Special||USAlliance Credit Union|
|1.25% APY||12-month CD||Citizens State Bank (FL)|
These rates are accurate as of 10/25/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.
I've had my name spelled wrong on actual documents of record from time to time without it much concerning me (however annoying), and simply have the thing corrected.
****-ups in communication and the implementation of clear and direct instructions DO on-the-other-hand create exasperation and (if egregious) make a relationship precarious.
But in the last analysis it's only demonstrated or suspected lack of honesty and integrity or the refusal to make mistakes right that can undermine my trust entirely.
Give me an exceptional rate and I can overlook (or at least work with) almost anything else.
But some grunt misspelling/mistyping a word implies nothing.
I've always been unfailingly pleased with Connexus.
If you withdraw money early, all remaining money is frozen at the interest rate tier it is currently on. So if you withdraw 50k of a 100k CD after two months, the remaining 50k earns only 1% for the remaining 10 months instead of stepping up to 1.5% and then 2%..
This is a huge inconvenience to me, as I started out the CD with more money than I would have done otherwise with the plan to take a little out if needed. Now I will probably have to break the CD. I would hope that DepositAccounts blog will highlight this gotcha the next time they offer a step up CD.