Connexus Credit Union Review 2023
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At a glance
CDs
Checking
Savings
MMA
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.
Highlights
- Free Checking
- Low Min Deposit
- Highly Rated App
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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The credit union is easy to join, including for consumers outside of the Midwest region.
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Minimum deposit requirements for the savings and checking accounts are either low or nonexistent.
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No monthly service or maintenance fees are charged.
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It offers a highly rated mobile app that includes bill pay, mobile check deposit and more.
Cons
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The yield is relatively low on savings accounts, as well as on money market accounts with a balance of less than $20,000.
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The minimum deposit requirement for traditional CDs is fairly steep.
Connexus Credit Union banking products
Connexus Credit Union savings overview
In addition to the basic savings account, Connexus offers a holiday club account that pays the same yield.
Pros
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No monthly fees are charged.
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A low minimum deposit is needed to open the account and earn the listed APY.
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The account comes with a contactless Visa debit card.
Cons
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The savings account yield is low compared to many other banks.
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A $5 inactivity fee will be charged to accounts with no activity in 12 months and a month-end balance of less than $100.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 |
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.
Bank experience
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. 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.
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.
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.
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
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.
