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Connexus Credit Union Review 2022

Published March 2022 by Karen Bennett

AT A GLANCE
4.5

Bankrate Score

bank-logo

Free Checking

Low Minimum Deposit

Top CD rates

Connexus Credit Union could meet the needs of consumers looking for low-fee banking or an interest checking account with a fairly competitive yield.

  • Checking
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    5.0
  • MMAs
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    4.6
  • CDs
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    4.3
  • Savings
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    UFB Direct

    Member FDIC

    Savings account

    0.81 % APY

    $ 0

    Min. balance for APY

    Overall

    4.5

    Bankrate Score

    Connexus Credit Union has branch locations in the Midwest but offers deposit products and financial services to consumers from coast to coast.

    What we like

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

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

    • No monthly service or maintenance fees are charged.

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

    What we don't

    • Members don’t have many accounts to choose from within each product category.

    • The yields on savings accounts and money market accounts with a balance of less than $20,000 are modest.

    Checking accounts

    5.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Connexus Credit Union has a few checking account options: a noninterest-bearing Innovative checking account — the product scored for this review, an interest-bearing Xtraordinary checking account and a teen checking account for those 17 and under. None of the accounts charge a monthly fee.

    The Innovative account is the credit union’s basic checking account that requires no minimum balance. You’ll have access to more than 54,000 fee-free ATMs, with no reimbursement for any surcharges resulting from use of out-of-network ATMs.

    With the Xtraordinary checking account, there is an opportunity to qualify for rebates for ATM surcharge fees. But to earn interest, account holders must enroll in e-statements and spend at least $400 or make 15 purchases using a debit card.

    What we like

    • There’s no minimum deposit to open a checking account, but each Connexus member is required to open a regular savings account and deposit at least $5.

    • Xtraordinary checking customers can get ATM surcharge fees refunded up to $25 a month.

    What we don't

    • Xtraordinary account holders must meet certain criteria to earn interest.

    Money market accounts

    4.6

    Bankrate Score

    The Connexus money market account offers tiered annual percentage yields, providing savers who have bigger balances with higher yields. Account holders must deposit at least $1,000 to earn any APY, and balances of $20,000 or more are rewarded with a competitive APY.

    Money market account holders can order checks, but they aren’t free. Making more than four withdrawals in a month results in a $9 fee for each additional withdrawal.

    What we like

    • The minimum opening deposit is manageable.

    • The account pays competitive APYs with a balance of $20,000 or more.

    • Check writing is available.

    What we don't

    • Larger balances are needed to earn higher yields.

    CD rates

    4.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    2.00 % APY

    16mo

    Term

    $ 0

    Min. deposit

    Connexus Credit Union offers several different options for savers interested in CDs. All of the accounts are traditional CDs, and terms range from one to five years. As in most cases, the longer the length of your term at Connexus, the higher the APY. Each of the terms offer competitive APYs.

    The minimum opening deposit is $5,000. Connexus doesn’t offer any specialty certificates, such as a bump-up or no-penalty CD.

    What we like

    • Each of the five CDs pays a competitive APY.

    • Connexus offers a decent range of term lengths.

    What we don't

    • Some savers may find the $5,000 minimum deposit unaffordable.

    • Connexus doesn’t offer any specialty CDs.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    CIT Bank

    Member FDIC

    Savings account

    0.90 % APY

    $ 0

    Min. balance for APY

    Opening a regular 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 APY is above the national average, but 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, youth savings and holiday club accounts are also available and pay the same yield.

    What we like

    • No monthly fees are charged.

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

    What we don't

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

    Bank experience

    Connexus Credit Union has several branch locations in Ohio, Wisconsin and Minnesota. There are also more than 6,000 shared branches available to members and more than 54,000 surcharge-free ATMs accessible through the CO-OP and MoneyPass networks. Members needing assistance can reach out through the credit union’s online live chat or call 7 a.m. to 7 p.m. Central time, Monday-Wednesday and Friday; 9 a.m. to 7 p.m., Thursday; and 8 a.m. to 1 p.m., Saturday.

    Connexus members have access to several different perks, including a free financial consultation through the Connexus Investment Services Group program. All members also qualify for $1,000 of accidental death and dismemberment insurance coverage. Other services include debt management planning, housing counseling and online courses about budgeting, credit scores and homebuying.

    Another plus is the access members have to a highly rated mobile app. Mobile check deposit and bill pay are available. Members cannot use Zelle, but the credit union has its own person-to-person payment system, and there are no fees for sending or receiving payments. Payments are limited to 10 a day, up to a total of $1,500.

    About Connexus Credit Union

    Connexus Credit Union offers products and services to 390,000 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 6,000 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.

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett Twitter Created with Sketch. @

    Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website. When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.