CD Rate Connexus Decreased

Chas21 | Jun 18, 2022 | 4 posts since 2022

I have a CD At Connexus 3. 5% for five years Comes due in 2024 . Question do I need to be concerned because they are lowering their rates when everybody else is raising them

Chas

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Answers

Ratesaver | Jun 18, 2022 | 187 posts since 2013

Chas21, your answer is no you do not have to worry because you are locked in to that rate till 2024 so just sit back and relax... That rate is a good one even now when things are getting nuts.

Chas21 | Jun 21, 2022 | 4 posts since 2022

Sorry my question really was why are they lowering rates when everybody else is raising rates. Is that a sign that there is trouble at the bank

GreenDream | Jun 21, 2022 | 358 posts since 2019

What was their rates? looking at their web site, their current rates seem fairly competitive, so could have been simply a corrective action to keep their rates in line with the competition (from a business perspective, they wouldn't want rates too high or too low compared to their competitors as the former means they're over paying their customers and the later means their customers are more likely to go elsewhere for better rates).

highly_intrestd | Jun 21, 2022 | 23 posts since 2022

They did have the highest rates there for a while a month ago, I actually got their 1 year CD at 2.26%. Maybe they got such a big response they wanted to limit the amount of new deposits coming in. Either way I don’t think they’re in trouble, but even so your money is safe since they’re NCUA insured.

Sanger | Jun 21, 2022 | 321 posts since 2022

Maybe they members are not borrowing as much so they do not need the money at those old rates since the Feds raised rates last Wednesday some banks and credit union lowered there CD rates maybe there is less demand for money things are starting to slow down just my opinion .

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