Founded in 1935 in Wausau, Wisconsin, Connexus Credit Union got its start as an employee-only credit union serving individuals and families affiliated with Employers Mutual, which later became the insurance giant Liberty Mutual.
As with many credit unions that stand the test of time, Connexus Credit Union experienced growth through acquisition. Over the years they acquired a number of smaller credit unions that allowed them to broaden their membership eligibility to what it is today.
Today, Connexus Credit Union serves roughly 445,000 members in all 50 states with over $5.2 billion in total assets.
Connexus Credit Union has also been nationally recognized over the years for consistently offering high deposit rates on both variable and fixed rate accounts, as well as exemplary customer service.
In this review, we will focus on the fixed-rate CDs (certificates of deposit) offered by Connexus Credit Union as well as their variable rates savings accounts and money market accounts. To see if any of their deposit accounts are right for you, continue reading below.
Connexus Credit Union CD Rates + Account Details
Connexus Credit Union offers standard CDs and Jumbo CDs with terms ranging from 12 months to 5 years. Both types of CDs can be opened as standalone CDs or as IRA CDs (Traditional or ROTH).
📌 Update: Connexus Credit Union used to offer a 15 month promotional CD but has replaced this product with a 24 month Bump-Up CD that allows one rate hike during its term. More info below.
Connexus Credit Union’s deposit products are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor or $500,000 for joint accounts.
Standard CDs require a minimum deposit of $5,000 and jumbo CDs require a minimum deposit of $100,000.
To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 1.76% APY and 1.41% APY, respectively, according to recent FDIC data.
That said, the top yields from online banks and credit unions with nationwide acceptance are now hovering around 5.50% and 4.50% APY for the same respective terms with Connexus Credit Union leading the way for 1 year CDs.
Jumbo CD Rates
Jumbo CDs require a $100,000 minimum deposit to earn the advertised rate.
Bump-Up CD Rates
Connexus Credit Union’s newest CD offer is their “Bump-Up Certificate.” This comes with a 24 month term and the option to receive one rate bump while its open if/when Connexus decides to raise the rate.
How do Connexus Credit Union’s CD Rates Compare?
Take a look at the table below to see how Connexus Credit Union’s best CD rate stacks up against the top CD rates offered by other credit unions and online banks.
|Institution||Best CD Rate (APY)|
|Connexus Credit Union||5.76%|
|Navy Federal Credit Union||4.95%|
|State Employees’ Credit Union||5.60%|
How Much Can You Earn With a Connexus CD?
The amount of money you can earn with a CD from Connexus Credit Union depends on the term you choose, its APY (annual percentage yield) and your deposit size. Below is a table showing total earnings from interest payments for some of Connexus Credit Union’s best CD rates. It assumes a deposit size of $100,000 to receive the jumbo rates.
Grace Period and Early Withdrawal Fees
You’ll be given a 10 day grace period upon maturity of your deposit where you can either withdraw or deposit funds penalty free.
If you need to withdrawal money from this deposit prior to its maturity you will be subject to the following early withdrawal fees:
- For the 12 month certificate, you’ll pay 90 days’ worth of dividends.
- For the 24-month and 36-month certificates, you’ll pay 180 days’ worth of dividends.
- For the 60-month certificate, you’ll pay 365 days’ worth of dividends.
Money Market Account Rate + Details
Connexus Credit Union offers some fairly competitive rates with their money market accounts. To earn these yields in the past you were required to also have a checking account with Connexus Credit Union along with direct deposit set up, but this is no longer the case.
You will still need to hold significantly higher balances in the account to earn the most competitive interest rates. See rates below.
Money Market Rates
|$0 to $999.99||0.00%|
|$1k – $19,999.99||0.25%|
|$20k – $99,999.99||3.01%|
|$100K – $249,999.99||4.01%|
|$250k – $499,999.99||4.26%|
|$500k – $999,999.99||4.51%|
To give the APYs above more context, the current national average for a money market account sits at just 0.62% APY currently, with the top yields from FDIC-insured online banks sitting around the 5.00% APY mark.
The minimum deposit requirement for a money market account with Connexus credit union is $1,000. Interest is compounded monthly and credit monthly. There is no monthly maintenance fee associated with this account.
Health Savings Account Rates + Details
Connexus Credit Union’s Health Savings Account features some of the most competitive rates in the country currently if you can maintain a balance of $5,000 or more.
A HSA (Health Savings Account) from Connexus credit union will allow you to put money aside on a pre-tax basis for qualified medical expenses that may arise in your life. These accounts earn impressive dividends and your money rolls over from year to year if you don’t use it.
To be eligible for an HSA account through Connexus credit union you must meet the following requirements:
- You are covered under a High Deductible Health Plan (HDHP)
- You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone’s tax return
Contributions can be made by either you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.
Health Savings Account Rates
|$0 to $99.99||0.00%|
|$100 to $499.99||0.50%|
|$500 to $2,499.99||1.00%|
|$2,500 to $4,999.99||1.00%|
|$5k to $14,999.99||1.50%|
Connexus Credit Union Eligibility
Connexus Credit Union offers its services to customers nationwide. It has four paths to membership. The first three are the easiest/fastest ways to join, followed by the fourth way which is essentially a loophole for any US citizen to join. The four paths to membership are as follows:
- Employees, retirees, family members, or members of one of the following groups, or
- Residents of one of the following communities, or
- Spouses, family members, and those living in the same household of an existing member, or
- Members of the Connexus Association. This just requires a one-time $5 donation.
Applying for membership is a straightforward process. You will need:
- Valid Driver’s License/State ID/Passport
- Valid United States Social Security Number
- Account information for accounts that you would like to close and/or transfer money from.
If you value top-notch rates from a member-centric credit union, then Connexus credit union deserves your consideration. They’ve been nationally recognized for abnormally high rates and outstanding service by CNN Money, Kiplinger, PC Magazine, BankRate, the AARP and more.
That said, one of their highest yielding accounts (the money market account) comes with some potentially difficult hoops to jump through. However, if you are able to open and maintain an active checking account with them (the prerequisite to opening their money market account) you’ll be rewarded with some of the best yields available on the money market side.