In this comprehensive 2023 review, we delve into Connexus Credit Union, a financial institution that’s catching the eye of savvy consumers. Whether you’re looking for low-fee banking options or high-yield checking accounts, Connexus Credit Union might just be the answer. Join us as we explore the details and benefits offered by this full-service credit union based in Wisconsin.
The Connexus Credit Union Experience
Membership Accessibility and Benefits
One of the standout features of Connexus Credit Union is its accessibility. You can become a member if you’re an employee, retiree, family member, student, or simply associated with participating groups. Additionally, residents of select communities in Minnesota, Ohio, and Wisconsin are eligible for membership. This inclusivity sets Connexus apart, making it an attractive choice for those outside the Midwest region.
Low Fees and Minimum Deposits
Connexus Credit Union goes the extra mile to ensure your banking experience is hassle-free. With low minimum deposit requirements for savings and checking accounts, they remove a significant barrier to entry. The absence of monthly service fees further enhances the appeal of Connexus.
Highly Rated Mobile App
Modern banking requires a robust and user-friendly mobile app, and Connexus delivers on this front. Their highly rated mobile app offers features like bill pay and mobile check deposit. It’s a convenient tool that empowers you to manage your finances on the go.
Connexus shines when it comes to competitive rates. With high-yield checking, money market accounts, and share certificate (CD) accounts, they offer attractive options for growing your savings. Plus, Connexus Credit Union provides account options tailored for kids and teens.
One significant advantage of Connexus is its vast network. With more than 5,000 shared branches and an extensive ATM network, you can access your funds with ease, ensuring your money is always within reach.
Connexus Credit Union Products: Savings, CD, Money Market, Checking
Rating: 3.5 stars out of 5
Connexus Credit Union’s savings accounts offer a straightforward way to start your financial journey. With a low minimum deposit requirement of just $5, these accounts are accessible to everyone. Although the annual percentage yield (APY) matches the national average, it may not be as competitive as some online banks. To earn interest, you’ll need to maintain a minimum daily balance of $100.
Rating: 4.2 stars out of 5
Connexus offers a range of traditional CDs, with terms ranging from one to five years. These CDs offer competitive rates, making them an attractive option for savers. However, the minimum opening deposit of $5,000 may be a bit steep for some.
Rating: 4.2 stars out of 5
The Connexus money market account comes with tiered APYs, rewarding those with larger balances. You’ll need to deposit at least $1,000 to start earning any APY, and higher balances are rewarded with competitive APYs. The availability of check writing adds flexibility to your banking experience.
Rating: 4.6 stars out of 5
Connexus Credit Union offers various checking account options, ensuring there’s a choice for everyone. The Innovative checking account is the basic option, requiring no minimum balance. The Xtraordinary checking account offers a chance to qualify for rebates on ATM surcharge fees. However, certain criteria need to be met to earn interest on this account.
Why Choose Connexus Credit Union?
Connexus Credit Union is a strong contender in the financial industry. Their accessibility, low fees, and competitive rates make them an excellent choice for a broad range of consumers. If you meet the eligibility criteria, you can take full advantage of the benefits this credit union offers. As of July 25, 2023, the account details and annual percentage yields (APYs) mentioned in this review remain accurate.
Pros and Cons
- Easy membership for consumers outside of the Midwest region.
- Low or nonexistent minimum deposit requirements.
- No monthly service or maintenance fees.
- Highly rated mobile app with convenient features.
- Competitive APYs on high-yield checking, money market accounts, and share certificate (CD) accounts.
- Account options for kids and teens.
- A vast network of shared branches and ATMs.
- Relatively low yields on savings accounts and money market accounts with balances under $20,000.
- Steep minimum deposit requirement for traditional CDs.
- Membership is required.
- High minimum deposit for share certificates.
- Savings account APY is not competitive.
- Requires a $100 minimum balance to earn savings account APY.
In the ever-evolving world of personal finance, Connexus Credit Union offers a compelling package. If you’re looking for accessible banking with competitive rates, you’ll find it here. Their commitment to low fees, strong mobile app, and comprehensive product range makes them a valuable option in today’s financial landscape. Explore the possibilities with Connexus and discover the convenience and benefits they bring to your financial life.
About Connexus Credit Union
With over 440,000 members across the country, Connexus Credit Union has established itself as a reliable and community-oriented financial institution. Based in Wausau, Wisconsin, and founded in 1935, Connexus operates a network of branches in the Midwest and provides access to over 5,000 additional branches through partnerships with other credit unions. Membership at Connexus is open to individuals living or working in specific communities, as well as those associated with certain groups. To expand financial literacy and education, Connexus Association, a nonprofit organization, provides grants, scholarships, and resources, offering further incentives to join the credit union.
Additional Connexus Credit Union Offerings
Connexus offers three checking account options. The primary choice is the Connexus Credit Union Xtraordinary Checking, an account recognized as one of Forbes Advisor’s Best Checking Accounts. This account provides an APY of 1.75% on balances up to $25,000 and 0.25% on amounts exceeding $25,000 if you meet specific criteria. The yields on credit union accounts are referred to as dividends rather than interest. There’s no minimum account balance required to earn dividends, and you can be eligible for up to $25 per month in ATM surcharge rebates.
The Innovative account, on the other hand, is a basic checking account without the monthly requirements but also without dividends or ATM fee rebates.
For members aged 10 to 17, the Connexus Credit Union Teen Checking offers a competitive APY on balances up to $1,000, with no minimum balance or monthly requirements. Balances over $1,000 earn a 0.25% APY for the amount exceeding $1,000.
The primary savings account is the Connexus Credit Union Member Share Savings Account, a basic savings account offering a 0.25% APY, provided you maintain a $100 minimum daily balance. While this APY falls below the rates of the best high-yield savings accounts, the account grants access to unlimited Connexus ATM withdrawals and a network of over 67,000 surcharge-free ATMs.
Connexus equips its savings accounts with digital banking tools, allowing you to set up alerts and access mobile check deposit and savings goal setting. They also offer a Holiday Club savings account for dedicated savings throughout the year, with the funds transferred to your savings account on October 1.
Money Market Account
For customers with an active checking account, Connexus provides the High Yield Money Market Account. This account offers both dividend-earning potential and access, allowing up to four fee-free withdrawals or transfers per month. The APY varies based on your account balance, starting at 0.25% APY for balances between $1,000 and $19,999.99 and reaching 4.76% APY for balances over $1,000,000. A minimum deposit of $1,000 is required to open this account.
The Connexus money market account earned the title of the best overall credit union money market account on Forbes Advisor’s Best Money Market Accounts of 2023.
Share Certificates (CDs)
Connexus offers share certificates, the credit union equivalent of certificates of deposit, with terms ranging from 12 to 60 months. These certificates require a minimum deposit of $5,000, with penalties for early withdrawals. Dividends on share certificates are compounded quarterly, and the rates vary by term length.
Forbes Advisor’s Best CD Rates of 2023 recognized Connexus as the best credit union for long-term CDs, particularly for terms between two and five years.
Other Accounts and Services
Connexus Credit Union extends its offerings to include a range of other financial products and services, such as credit cards, business credit cards, retirement savings accounts, health savings accounts, auto loans, mortgages, student loans, and personal loans.
Access on the Go
Connexus Credit Union ensures members have access to modern banking features, including mobile deposit, bill pay, and person-to-person payments through their app, available for Apple and Android devices.
In terms of physical presence, Connexus operates branches and ATMs in Wisconsin, Minnesota, Ohio, and New Hampshire, providing a wide-reaching network. Connexus customers can access over 67,000 surcharge-free ATMs, and the Xtraordinary account reimburses fees that outside ATM providers may charge, up to $25 per month.
Connexus checking accounts come with a free Visa debit card, and replacement cards are provided at no cost.
Connexus Credit Union Fees
Connexus Credit Union is renowned for its low fees. While they prioritize affordability, it’s essential to be aware of potential charges:
- Inactivity fee (per account each month): $5
- Money market excessive withdrawal (each item, after four withdrawals per month): $6
- Overdraft paid (per item with a maximum of two per day): $4
- Loan payment change/reversal: $9
- Wire transfer – domestic (outgoing): $20
- Wire transfer – international (outgoing): $50
- Overdraft fee: $4
- Non-sufficient funds fee: $4
- Monthly maintenance fee: None
- Out-of-network ATM fee: None
Connexus Activation Fee
Connexus Credit Union does not charge activation fees on its accounts. However, you must open a savings account and pay the minimum opening deposit of $5 to maintain membership.
Connexus ATM Fee
- ATM Withdrawal: $0
- ATM/Debit International Transaction: Up to 1.5% of the transaction amount
How Connexus Credit Union Stacks Up
Connexus Credit Union offers a wide range of banking services and competitive rates, making them an appealing choice for many consumers. While there are several noteworthy alternatives in the market, Connexus holds its own.
Connexus vs. Alliant
Both Connexus and Alliant Credit Union offer an array of banking services with relatively low fees. Alliant Credit Union’s High-Rate Savings boasts higher savings account rates and a more extensive ATM network, making it a compelling choice for those who prioritize high savings account rates and ATM accessibility. However, if you’re aiming for a higher rate on a share certificate or checking account balance, Connexus may be the preferable option.
Connexus vs. Synergy
Synergy Credit Union also offers a range of banking products and services, including checking, savings accounts, student loans, and mortgages. However, the membership sign-up process with Synergy is more complex, requiring you to complete an online form and wait for a representative to follow up. Synergy Credit Union’s High-Interest Savings Account offers a considerably higher interest rate compared to Connexus, making it an attractive option for savers.
Connexus vs. PenFed
Like Connexus, PenFed is a credit union offering competitive rates on online checking, savings, money market, and certificate accounts. One significant distinction is the opening deposit requirement for CD accounts. Connexus demands a minimum deposit of $5,000, while PenFed’s Money Market Certificates require only $1,000 to open. Therefore, for investors looking to maximize their savings with CDs, PenFed’s lower opening deposit might be a more enticing option.
Is My Money Safe at Connexus Credit Union?
Absolutely. Connexus Credit Union has been NCUA-insured since 1985, with more than $5 billion in assets. Your deposit accounts at Connexus Credit Union are insured by the National Credit Union Administration (NCUA) for up to $250,000 per depositor, for each account ownership category, in case of a credit union failure.
How to Apply for a Connexus Credit Union Account
Applying for a Connexus Credit Union account is a straightforward process. You’ll need a government-issued ID, Social Security number, date of birth, and mailing address to become a member and open an account. Each member is required to have a Member Share Savings account.
Overdraft Protection at Connexus Credit Union
Connexus offers three options for overdraft protection. You can link your Connexus checking account to your Connexus savings account, allowing for free money transfers between the two accounts to cover your balance. The Privilege Pay overdraft service automatically applies to all checking and money market accounts and covers check, ACH, and bill pay transactions that overdraw your account, with a potential $4 fee per occurrence. Additionally, you can apply for an overdraft line of credit.
Maximum Savings at Connexus Credit Union
There is no maximum limit for savings accounts at Connexus Credit Union.
Connexus Credit Union does not impose a maximum limit on the amount of money you can save in your savings accounts. This means that you can deposit and maintain a balance in your Connexus savings account as high as you prefer, without any specific upper cap set by the credit union. Your savings can accumulate over time, and you can enjoy the benefits of competitive rates and financial security without restrictions on your savings amount. This flexibility allows members to save for both short-term and long-term financial goals, making Connexus a suitable choice for those who wish to save substantial sums of money while earning interest on their deposits.
Choosing a Credit Union Over a Traditional Bank
Credit unions and banks both offer similar products and services, but credit unions are often known for their customer service, competitive rates, and financial education offerings. Understanding the differences between banks and credit unions can help you make an informed choice between these two types of financial institutions.
Connexus Credit Union emerges as a compelling choice for individuals seeking a trustworthy financial partner. The credit union’s commitment to offering a wide spectrum of financial products, including savings accounts, certificates of deposit (CDs), and high-yield checking, provides flexibility for members to align their financial goals with suitable solutions.
What sets Connexus apart is its dedication to minimizing fees and maximizing benefits for its members. With the absence of monthly service fees for many accounts, Connexus ensures cost-effective banking. Moreover, competitive annual percentage yields (APYs) on high-yield checking, money market accounts, and CDs make it an attractive option for those looking to grow their savings.
While Connexus Credit Union offers many benefits, it’s essential to carefully review account terms, eligibility requirements, and potential fees associated with specific accounts to make an informed decision.
In essence, Connexus Credit Union offers a holistic banking experience, blending accessibility, safety, competitive rates, and a range of financial products to cater to diverse financial needs. Whether you are planning for short-term financial goals or long-term savings, Connexus equips you with the tools you need to achieve financial success, all within the secure and member-focused environment of a credit union.
- What is Connexus Credit Union?
- Connexus Credit Union is a financial institution based in Wausau, Wisconsin, serving more than 440,000 members across the United States. It offers a wide range of banking and financial services, including savings accounts, checking accounts, certificates of deposit (CDs), loans, and more.
- How can I become a member of Connexus Credit Union?
- Membership at Connexus Credit Union is open to individuals living or working in specific communities and those associated with certain groups or organizations. You can also become a member if you are an employee, retiree, family member, or student of a participating group. The membership eligibility criteria may vary, so it’s best to check the specific requirements on their website.
- Does Connexus Credit Union have physical branches and ATMs?
- Yes, Connexus Credit Union has physical branches primarily in the Midwest region and offers access to over 5,000 additional branches through partnerships with other credit unions. They also have an extensive ATM network, allowing you to access your funds with ease.
- What types of accounts does Connexus Credit Union offer?
- Connexus Credit Union provides various account types, including savings accounts, certificates of deposit (CDs), money market accounts, and different checking account options, designed to suit the diverse financial needs of its members.
- Are there any fees associated with Connexus Credit Union accounts?
- Connexus Credit Union is known for its low fees, but there may be certain charges associated with specific services, such as wire transfers or overdrafts. However, they typically do not charge monthly maintenance fees on their accounts. It’s important to review the fee schedule to understand the charges that may apply.
- What are the interest rates like at Connexus Credit Union?
- Connexus Credit Union offers competitive rates on various accounts. Interest rates can vary depending on the type of account and your account balance. They provide options for high-yield checking accounts, money market accounts, and CDs.
- Is my money safe at Connexus Credit Union?
- Yes, your deposits at Connexus Credit Union are safe and insured by the National Credit Union Administration (NCUA) for up to $250,000 per depositor, for each account ownership category. This insurance provides protection in case of a credit union failure.
- How can I access Connexus Credit Union’s online services?
- Connexus Credit Union offers modern banking features through its mobile app, which is available for both Apple and Android devices. You can use the app to manage your accounts, make mobile deposits, pay bills, and more. They also offer online banking through their website.
- What sets Connexus Credit Union apart from traditional banks?
- Credit unions like Connexus are known for their customer service, and competitive rates, and often have a strong community focus. They are not-for-profit institutions, which can sometimes translate to better interest rates and lower fees for members.
- How can I open an account with Connexus Credit Union?
- To open an account with Connexus, you’ll typically need to provide identification, such as a government-issued ID and your Social Security number. You may also need to meet the specific membership eligibility criteria. The process can often be completed online or in person at a branch.
Please note that specific details, rates, and terms may change over time, so it’s always advisable to visit Connexus Credit Union’s official website or contact their customer service for the most up-to-date information and assistance with your banking needs.
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