DA readers are probably quite familiar with Connexus Credit Union (Connexus), whose various 12-month Share Certificates have been regularly featured at or near the top of DA’s bi-weekly CD Rate Summary.
For the past few months, Connexus hasn’t had a top-rate CD, but that changed over the weekend with Connexus’ announcement of the addition of a 12-month Share Certificate (1.33% APY) and 24-month Share Certificate (1.53% APY) to its produce line .
Unlike other Connexus Share Certificates, the 12- and 24-month Share Certificates do not require a checking account relationship. The minimum opening deposit for either Share Certificate is $25K of new money, with no maximum balance cap. This offer is valid for applications received through December 31, 2015. While not available for business, organization, or IRA accounts, both are available as a trust accounts.
As stated on Connexus’ Disclosure Page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or less: The penalty will equal 90 days dividends on the amount withdrawn subject to penalty.
If your account has an original maturity of more than one year, but less than five years: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
Membership in Connexus Credit Union 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 five Wisconsin branches located in Wausau (4) and Weston, or the sole Ohio branch located in Cincinnati. Connexus also has branches for Liberty Mutual employees only in Dover and Portsmouth, New Hampshire; Fairfield, Ohio; and Wausau, Wisconsin.
Opening the 12- and 24-month CDs can be initiated online, but applications must be received by December 31, 2015, to be guaranteed the stated APYs. DA members have stated that in the past they were contacted the same day they submitted an application. The CDs can also be opened at any branch location or by phone (800.845.5025).
Credit Union Overview
Connexus Credit Union (NCUA Charter # 66538) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.40% (excellent), based on June 30, 2015 data. In the past year, Connexus increased its total deposit by $423.3 Million, an excellent annual growth rate of 82.49%. 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 17 years, through acquisitions, mergers, and expansion, Connexus increased its membership to over 176,600 members, with over $1.1 Billion in assets.
How the CDs Compare
When compared to the 124 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Connexus Credit Union's 12-month Share Certificate currently heads the list, regardless of minimum deposit.
When compared to the 120 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Connexus Credit Union's 24-month Share Certificate currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 10/26/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.