[📌 Update June 2022: Connexus Credit Union raised their CD rates quite substantially following the FED’s unprecedented rate hike by 0.75% (not seen since 1994). All of their certificate of deposit terms saw APY increases by between 0.71% and 1.01%. See all rates below.]
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 360,000 members in all 50 states with over $2.8 billion in assets and just shy of $2.5 billion in consumer deposits.
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.
Connexus Credit Union CD Rates + Account Details
Connexus credit union offers both IRA CDs and standard CDs with terms ranging from 12 months to 5 years. Both their IRA CDs and standard CDs currently feature the same APYs for their respective terms.
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.
All of their certificates of deposit require a minimum deposit of $5,000.
To put these offers in perspective the current national average for a 12 month CD and a 60 month CD sit at just 0.21% APY and 0.39% APY, respectively, according to recent FDIC data.
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 highly competitive money market rates if you:
- keep a high daily active balance in the account of $50,000 or more, and
- have an active checking account with them, and
- open a basic Regular Savings or Youth Savings account and fund it with at least $5.
Keeping an active checking account will likely be the hardest qualification to meet if you are new to Connexus Credit Union and already conduct checking elsewhere.
Connexus Credit Union defines an active checking account as a single checking account with Connexus under the same membership with:
- Direct Deposit of net pay, including salary, wages, government benefits, or pension made to the account each month;
- having ten (10) checks, ACH withdrawals, and/or debit card transactions clear the account by the last business day of each month;
- and electing to receive eStatements. ATM transactions not included.
Money Market Rates
|$0 to $999.99||0.00%|
|$1k – $19,999.99||0.25%|
|$20k – $99,999.99||1.00%|
To give the APYs above more context, the current national average for a money market account sits at just 0.08% APY currently.
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.
Outside of the checking account requirement there are a few other oddball rules tied to Connexus credit union’s money market accounts.
- If you make a cash withdrawal it must be at least $250.
- You may write checks with this account (if you order a box of checks for $16.90/100 checks), BUT you are allotted just three per month. Every check after the third will cost you $29.95 per check.
You can also only make a total of six transactions per month. This includes check, ACH, digital transfer or telephone transfer. This is par for the course for money market accounts and demand deposit accounts in general, per Federal Regulation D. If you need to get around these limits, you can make unlimited transactions through an ATM or at an in-person Connexus branch. Connexus is a part of a shared branch network featuring over 6,000 branch locations across the country.
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.