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Connexus Credit Union Review 2024

Updated January 2, 2024
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.9 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 4.3 stars out of 5

About Bankrate Score

Overview

Connexus Credit Union could meet the needs of consumers looking for low-fee banking or an interest checking account with a fairly competitive yield. However, those looking for a high-yield savings account or CDs that require a low minimum deposit should look elsewhere.

Highlights

  • Free Checking
  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/21/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:

Overall

Connexus Credit Union members have access to more than 5,000 branches across the country, and accounts can also be opened online. Members can choose from a full range of accounts including certificates of deposit (CDs), free and interest-bearing checking, as well as savings and money market accounts. While some rates are well above national averages, yields for the savings account and some money market tiers are not competitive.

Pros

  • Checkmark

    The credit union is easy to join, including for consumers outside of the Midwest region.

  • Checkmark

    Minimum deposit requirements for the savings and checking accounts are either low or nonexistent.

  • Checkmark

    No monthly service or maintenance fees are charged.

  • Checkmark

    It offers a highly rated mobile app that includes bill pay, mobile check deposit and more.

Cons

  • The yield is relatively low on savings accounts, as well as on money market accounts with a balance of less than $20,000.

  • The minimum deposit requirement for traditional CDs is fairly steep.

Connexus Credit Union banking products

3.4
/5
Rating: 3.4 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
0.25%
Rating: 2 stars out of 5
2/5
Info
Minimum balance to earn interest:
$100.00
Rating: 4 stars out of 5
4/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
0.25% APY
Info
Loan
$100 minimum deposit to open

Connexus Credit Union savings overview

Opening a savings account is required to maintain membership at Connexus Credit Union. The account charges no monthly fee, and the minimum deposit is just $5. The annual percentage yield (APY) is on par with the national average, but well below what the most competitive banks and credit unions offer. To earn interest, a minimum daily balance of $100 must be maintained.

In addition to the basic savings account, Connexus offers a holiday club account that pays the same yield.

Pros

  • Checkmark

    No monthly fees are charged.

  • Checkmark

    A low minimum deposit is needed to open the account and earn the listed APY.

  • Checkmark

    The account comes with a contactless Visa debit card.

Cons

  • The savings account yield is low compared to many other banks.

  • A $5 inactivity fee will be charged to accounts with no activity in 12 months and a month-end balance of less than $100.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Connexus Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/21/2024
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.

Bank fees

Fee Charged?
Overdraft fee $4
Non-sufficient funds fee $4
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee $6
Inactivity fee $5

Customer experience

Physical presence. Connexus Credit Union operates several branch locations in Wisconsin, Illinois and Minnesota. There are also more than 5,000 shared branches available to members and more than 67,000 surcharge-free ATMs accessible through the Co-op and MoneyPass networks. 

Customer support. Members needing assistance can call the credit union Monday through Wednesday and Friday between 7 a.m. and 7 p.m., and Thursday from 9 a.m. to 7 p.m., as well as on Saturdays between 8 a.m. and 1 p.m, Central time. A live chat option is also available online.

Mobile app. Connexus offers a highly rated mobile app that allows for mobile check deposit and bill pay. It also allows you to track your spending, savings goals and budget all in one place. A mobile app called Connexus Jr. is available to help teach kids up to age 12 about money management. Members do not have access to Zelle or other peer-to-peer payment services.

About Connexus Credit Union

Connexus Credit Union offers products and services to more than 440,000 members across the country. It’s headquartered in Wausau, Wisconsin, and was founded in 1935. The credit union operates a handful of Connexus branches in the Midwest, and members can also make transactions at more than 5,000 additional branches of other credit unions in its network.

Membership at Connexus depends on where you live or work and whether you’re associated with certain groups. Anyone who doesn’t live within one of the communities Connexus serves can join by becoming a member of the Connexus Association, a nonprofit provider of grants, scholarships and resources to promote financial literacy and education.

How does Connexus Credit Union compare to other banks?

Connexus Credit Union vs. Alliant Credit Union

Both Connexus and Alliant offer a large swath of consumer banking products, including credit cards, savings accounts, certificates of deposit and checking accounts. However, Connexus offers one extra type of deposit account: a money market account. 

Alliant Credit Union offers higher yields for its savings accounts and CDs, and you can open a CD with just $1,000, compared to the $5,000 requirement at Connexus. However, Connexus offers a much higher yield on its interest-bearing checking account.

Connexus Credit Union FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.