Connexus Credit Union Review 2020

Published April 2020 by Amanda Dixon

AT A GLANCE
4.0
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Bankrate Score

bank-logo
Credit Card Cash

ATM fee refunds

Star

Highly Rated App

Money

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. Consumers focused primarily on short-term savings or looking for a wide array of accounts should compare additional institutions.

  • CDs
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    3.3
  • Savings
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    3.3
  • Checking
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    4.8
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    3.7
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Overall

    4.0

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    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.

    • 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

    3.3

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.00 % APY

    1 yr

    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.

    Early withdrawal penalties are standard and vary depending on the length of the share certificate term. For accounts maturing in one year or less, for example, the penalty is 90 days' worth of dividends.

    What we like

    • Yields are relatively competitive.

    • Account holders can have interest paid out or transferred to another Connexus account.

    What we don't

    • Not all standard CD terms are offered.

    Savings accounts

    3.3

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    Bankrate Score

    Opening a regular savings account is required to maintain membership at Connexus Credit Union. The minimum deposit is just $5 and the most you can retain in the savings account is $1,000. The APY is currently 0.25 percent. 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.

    • Low minimum deposit needed to open a savings account.

    • Low minimum balance requirement to earn the listed APY.

    What we don't

    • The savings account yield is low.

    • Interest is compounded and credited quarterly.

    Checking accounts

    4.8

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Connexus Credit Union has a couple of checking account options: a teen checking account for those 17 and under and an Xtraordinary checking account. With the latter 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

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

    • Both the teen and Xtraordinary checking accounts pay some interest.

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

    What we don't

    • Interest is compounded and credited on a monthly basis.

    • APYs only apply to balances up to a certain threshold.

    • Overall, higher account balances earn less interest.

    Money market accounts

    3.7

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    Bankrate Score

    In addition to a regular savings account, Connexus Credit Union offers a YES money market account. Yields are higher than the one tied to the basic savings account. But they’re not high compared to what other banks and credit unions offer. Account holders must deposit at least $100,000 to earn a yield above 1 percent APY.

    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 isn’t too high.

    • Higher balances have a chance to earn a higher yield.

    • Check writing is available.

    What we don't

    • Interest is compounded monthly rather than daily.

    • Yields are relatively low.

    • Only four fee-free withdrawals or transfers are permitted each month.

    Bank experience

    Connexus Credit Union has 13 branch locations in four states: Ohio, Wisconsin, New Hampshire and Minnesota. There are also more than 5,600 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 home buying.

    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 362,000 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.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior banking reporter for Bankrate. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.