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Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
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APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Connexus Credit Union is a nonprofit financial institution that is rather easy to join. The credit union offers a variety of highly competitive bank accounts, loans, and other financial products and services. In this in-depth expert review, find out if Connexus Credit Union is a good fit for you.
Connexus Credit Union
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Bottom Line
Connexus Credit Union offers some excellent bank accounts to customers, including checking, savings, and CD accounts. It offers competitive APYs, little or no fees, and an impressive variety of loans and other banking products. Connexus could be an excellent choice for people looking for an all-in-one banking relationship, especially if you prefer a non-profit credit union to a traditional bank.
Pros
Competitive APYs
Lots of account types
Many different loans and credit cards
Easy to join
Cons
$5,000 CD minimum
Standard savings account isn't competitive
Connexus Credit Union savings account review
Connexus Credit Union offers both traditional savings accounts and money market accounts.
Member Share savings account
The Connexus Credit Union Member Share savings account is not a highly competitive product compared with other savings accounts available online. It pays a relatively low APY, even compared with branch-based institutions.
Money Market account
Unlike the savings account, the Connexus Money Market Account is a highly competitive deposit account, especially for high balance customers. In fact, the APYs offered by the money market account are even competitive with many high-yield savings accounts for balances above $20,000. Members have the ability to write checks on their accounts and complete ATM withdrawals.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.25%
Rate info
4.25% annual percentage yield as of June 28, 2024
Connexus Credit Union offers CDs (officially known as "share certificates" when offered by a credit union), and they come in two forms.
Connexus Certificates
Connexus Credit Union Share CDs are available in five term lengths ranging from 12 to 60 months. All have competitive APYs, but the bank requires a $5,000 minimum deposit to open a certificate account. Members can choose to have interest deposited into the account or paid directly to them, and there are even higher interest rates available for jumbo CDs, which have balances of $100,000 or more.
Rates as of June 7, 2024
APY = Annual Percentage Yield
Connexus Credit Union Share CD
Bottom Line
Connexus Credit Union Certificates (the equivalent of a standard CD) are available in five different term lengths in one-year intervals ranging from 12 months to 60 months. The APYs offered on its certificates are highly competitive, especially for its 12-month certificate.
MINIMUM DEPOSIT $5,000
1 Yr. APY
2 Yr. APY
3 Yr. APY
4 Yr. APY
5 Yr. APY
Up to 4.81
Up to 4.56%
Up to 4.26%
Up to 3.96%
Up to 3.56%
Bump-Up Certificates
In addition to its standard share certificates, Connexus Credit Union offers a 24-month Bump-Up Certificate. This locks in a competitive APY for the entire term, but the member has the option to have the rate "bumped up" to whatever the bank's current bump-up APY is once during the term.
Compare CD rates
Connexus Credit Union offers highly competitive share certificate rates, but there are certainly some potential drawbacks, such as the rather high $5,000 minimum. When choosing a bank to open a CD, it's important to shop around to make sure you get the best fit for you.
Connexus Credit Union offers three different checking account products to its members. All three have no monthly fees.
Xtraordinary Checking
The Xtraordinary Checking account is Connexus Credit Union's flagship checking account product, and is a highly competitive account. It is an interest-bearing account with one of the highest APYs of any online checking account we cover, and with relatively easy account activity requirements to get the top yield.
In addition, the account offers up to $25 in monthly ATM fee reimbursement (with the same account activity requirements), as well as 67,000 in-network ATMs without fees.
Innovative Checking
The Innovative Checking account is Connexus Credit Union's basic checking product, and is not an interest-bearing account. It has no ATM reimbursement (but Connexus does have 67,000 fee-free ATMs to use).
Teen Checking
Connexus offers the Connexus Credit Union Teen Checking account to members ages 10 to 17. It offers a highly competitive APY with no account activity requirements, and automatically converts to an Xtraordinary Checking account when the member turns 18.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
Connexus Credit Union customer service and experience
If you're opening an online bank account, it's especially important to make sure you'll be able to get help when you need it. Connexus Credit Union offers members help by phone from 7 a.m. to 7 p.m. CT on all weekdays except Thursday, 9 a.m. to 7 p.m. CT on Thursdays, and 8 a.m. to 1 p.m. on Saturdays. Help is also available through live chat and email, and members can schedule a consultation with a representative to discuss new accounts
Connexus Credit Union relationship benefits
Connexus Credit Union is owned by its members (like all credit unions), and therefore already returns surplus profits to its members in the form of higher yields, lower loan rates, and other perks.
Alternatives to Connexus Credit Union
Connexus Credit Union -- and credit unions in general -- aren't the best fit for everyone. Here are a couple of alternatives you might want to consider.
SoFi Bank
SoFi Bank is a one-stop financial shop for its customers. In addition to savings, checking, and CD accounts, SoFi also offers brokerage accounts (unlike Connexus Credit Union), credit cards, and a variety of loans and other financial products. All of its deposit accounts have competitive interest rates and there are solid relationship benefits, such as interest rate discounts on loans for banking customers.
Axos Bank
Axos Bank offers several consumer bank accounts, including one of the most competitive online checking account products on our radar. Its bank accounts offer ATM fee reimbursement and access to more than 90,000 fee-free ATMs nationwide. Its savings accounts and CDs aren't particularly competitive, but if you're looking to maximize your checking account yield, Axos Bank could be worth a look.
Is Connexus Credit Union right for you?
Connexus Credit Union is a solid financial institution with a variety of competitive products, both deposit accounts and loans. It doesn't offer everything (brokerage accounts are a big example), but it could certainly be worth a look for many people.
Other products by Connexus Credit Union
Here are a few other products you can explore at Connexus Credit Union:
Auto loans (new, used, and refinance)
Student loans
Personal loans and lines of credit
Health savings accounts (HSAs)
IRAs (With funds invested in share certificates and/or savings accounts)
Connexus Credit Union credit cards
Connexus Credit Union offers a variety of consumer credit cards:
Connexus Credit Union Everyday Rewards+ Card
Connexus Credit Union Platinum Card
Connexus Credit Union Max Cash Preferred Card
Connexus Credit Union Travel Rewards+ Card
Connexus Credit Union Reserve Rewards Card
Connexus Credit Union College Real Rewards Card
Connexus Credit Union Max Cash Secured Card
Connexus Credit Union Secured Card
Connexus Credit Union mortgages
Mortgages: Connexus Credit Union offers fixed- and adjustable-rate mortgages with competitive APRs. There are low down payment options, including VA loans for qualified customers. Connexus Credit Union also originates mortgages for new constructions, second homes, and investment properties.
Mortgage refinancing: Connexus Credit Union offers fixed- and adjustable-rate refinancing mortgages, including a Rapid Refi mortgage product with shorter loan terms ranging from eight to 12 years.
Home equity loans and HELOCs: Connexus Credit Union offers both of these options for customers who want to tap into their home equity but don't want to refinance.
Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Like all credit unions, Connexus Credit Union is owned by its members. Any profits earned from loan interest and banking fees are repaid to members in the form of higher yields on deposits or lower interest rates on loans.
Connexus Credit Union is headquartered in Wausau, Wisconsin. It has 15 branch locations, mostly in Wisconsin and Illinois, but operates as an online bank in all 50 states.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has positions in American Express. The Motley Fool has positions in and recommends Axos Financial, Goldman Sachs Group, and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
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Fact Checked
Nathan Alderman
