Connexus Credit Union Review 2021

Published December 2020 by Lance Davis

AT A GLANCE
4.5

Bankrate Score

bank-logo

ATM fee refunds

Highly Rated App

No monthly fees

Connexus Credit Union could be a good option for consumers looking for a low-fee banking experience or an interest checking account with a fairly competitive yield.

  • CDs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.3
  • Savings
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    3.9
  • Checking
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.7
  • MMAs
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    • start icon
    4.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    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 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.

    • Yields are relatively low for savings and money market account holders.

    CD rates

    4.3

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    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 12 months to five years. As in most cases, the longer the length of your term at Connexus, the higher the APY. The credit union’s 12-month CD offers one of the best APYs in the country.

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

    What we like

    • The 12-month CD APY is among the best in the nation.

    • Connexus offers a decent range of term lengths.

    What we don't

    • The $5,000 minimum deposit needed could leave out some savers.

    • Connexus doesn’t offer any specialty CDs.

    Savings accounts

    3.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Opening a regular savings account is required to maintain membership at Connexus Credit Union. The account doesn’t charge a monthly fee, and the minimum deposit is just $5. The APY is currently above the national average but below what the most competitive banks and credit unions offer. To earn interest, you must maintain a minimum daily balance of $100.

    Besides the basic savings account, youth savings accounts 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.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Connexus Credit Union has a few checking account options: a teen checking account for those 17 and under, its Xtraordinary checking account and its Innovative checking account. None of the accounts charges a monthly fee.

    The Innovative account is the credit union’s basic checking account. With the Xtraordinary checking account, there is an opportunity to qualify for ATM fee rebates in the event that a customer is hit with a surcharge fee. But to earn interest, you’ll need to enroll in e-statements and spend at least $400 using your debit card or make 15 debit card purchases.

    What we like

    • There’s no minimum deposit to open a checking account, but all members must open a regular savings account and deposit at least $5.

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

    What we don't

    • Xtraordinary account holders must meet certain criteria to earn the extra benefits.

    Money market accounts

    4.6

    Bankrate Score

    In addition to a regular savings account, Connexus Credit Union offers a money market account. Yields are competitive compared to what other banks and credit unions offer. Account holders must deposit at least $1,000 to earn an APY. The account has a tiered APY structure, so savers with a bigger balance are rewarded with a higher yield.

    Money market account holders can order checks, but they are not free. There are also charges for excessive withdrawals from the account.

    What we like

    • The minimum opening deposit is manageable.

    • The account pays competitive APYs.

    • Check-writing is available.

    What we don't

    • Savers have to make a bigger deposit to earn the higher yields.

    Bank experience

    Connexus Credit Union has multiple branch locations in four states: Ohio, Wisconsin, New Hampshire 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 who need assistance can ask questions through the credit union’s online live chat or make a call Monday through Saturday afternoon.

    Connexus members have access to several different perks. They can meet with advisers, for example, for 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. However, you can only make up to 10 payments per day, up to $1,500.

    About Connexus Credit Union

    Connexus Credit Union offers products and services to more than 378,000 members across the country. It’s headquartered in Wausau, Wisconsin, and was founded in 1935. Joining Connexus makes members part of a credit union with multiple shared networks.

    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 group that strives to offer scholarships and programs related to financial literacy.

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis Twitter Created with Sketch. @LRD0015

    Lance Davis is the editorial director for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their financial journey. He has held multiple roles on the Bankrate team, starting out as a copy editor and then focusing on building audiences through social media and email newsletters before taking on an editor role. Lance learned the finer points of personal finance on the copy desk, where he was tasked with reading almost every article before it was published on the site, and saw how small moves today can have a big impact on your financial future. He developed a passion for sharing these lessons to help others budget their money, buy a house, save for retirement, build wealth and more. When he’s not reading Bankrate articles or playing around on the retirement calculator, Lance enjoys following sports, going on runs and reading books. Lance is an Alabama native and graduated from Auburn University with a bachelor's degree in journalism.