Connexus Credit Union Account Basics
All of the following bank accounts from Connexus Credit Union can be opened online.
Checking
Connexus offers three checking account options. The primary checking account is the Connexus Credit Union Xtraordinary Checking. This account offers an APY of 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 if you make at least 15 debit card purchases per month or have at least $400 in debit card spending per month. The yields earned on credit union accounts are referred to as dividends rather than interest, but they are calculated in the same way.
There is no minimum account balance required to earn dividends. If you do not meet the debit card use requirements, you will not earn dividends on your balance or be eligible for ATM rebates. There is no monthly fee for this account. Account holders are eligible for up to $25 per month in rebates for domestic ATM surcharges. This is one of the best checking accounts thanks to its competitive APY and high maximum balance that can qualify for it.
If you want a simpler checking option without the monthly requirements, the Innovative account is a free, no-frills account that does not earn dividends or offer ATM fee reimbursements.
For members ages 10 through 17, the Connexus Credit Union Teen Checking earns 2.00% APY on balances up to $1,000, without any monthly requirements or minimum balance to earn that rate. For account balances over $1,000, the earned APY is 0.25% for the portion of the balance above $1,000.
Savings
The primary savings account is the Connexus Credit Union Member Share Savings Account, a basic savings account that earns 0.25% APY so long as you maintain a $100 minimum daily balance. This is far below what the best high-yield savings accounts offer. You must keep at least $5 in your savings account at all times for it to remain active. This also serves as your share of the credit union.
Despite its poor yield, this savings account might be worth considering if you want the ability to access your savings as cash. All Connexus savings account holders can request a free debit card and make withdrawals from over 67,000 surcharge-free ATMs. Even the best savings accounts don’t often include debit cards. Connexus offers digital banking tools with the ability to set up text and email alerts; the mobile app enables mobile check deposit and savings goal setting.
The Holiday Club savings account allows you to set up a direct transfer each payday to save money over the course of the year for end-of-year holiday spending. On October 1, the money is transferred to your savings account.
Money Market Account
Connexus offers a money market account for customers with an active checking account. The Connexus Credit Union Money Market Account account offers both dividend-earning potential and access. You can make up to four fee-free withdrawals or transfers per month.
The APY varies based on your account balance and is a blended rate that decreases with each increasing balance tier. You start accruing dividends at 0.25% APY for balances between $1,000 and $19,999.99, 2.51% APY for balances between $20,000 and $99,999.99, 2.76% APY for balances between $100,000 and 249,999.99, 3.01% APY for balances between $250,000 to $499,999.99, 3.26% APY for balances between $500,000 to $999,999.99. The highest tier pays 4.01% APY but requires a hefty balance of $1,000,000 or more. A minimum deposit of $1,000 is required to open a money market account.
While this account doesn’t earn the highest rate possible, it is one of the best money market accounts available because it offers check-writing privileges and competitive yields for smaller balances.
Share Certificates (CDs)
Connexus offers share certificates—the credit union version of a certificate of deposit—for terms ranging from 12 to 60 months. You must deposit a minimum of $5,000, and penalties apply if you withdraw funds prior to the end of the term.
Dividends on a share certificate from Connexus are compounded quarterly. Here are the available terms and APYs for the Connexus Credit Union Share Certificate:
| Certificate Term | APY |
|---|---|
|
12 Months
|
5.01%
|
|
24 Months
|
4.63%
|
|
36 Months
|
4.21%
|
|
48 Months
|
3.91%
|
|
60 Months
|
3.51%
|
Other Accounts and Services
Connexus Credit Union offers a variety of other products and services, including:
- Credit cards
- Business credit cards
- Retirement savings accounts
- Health savings accounts
- Auto loans
- Mortgages
- Student loans
- Personal loans
Access on the Go
Connexus Credit Union offers an array of online and mobile banking features for its members, including mobile deposit, bill pay and even person-to-person payments. The app is available for Apple and Android devices. It receives 4.7 stars out of 5 on the App Store and 4.7 stars out of 5 on Google Play.
Connexus offers branches and ATMs in Wisconsin, Minnesota, Ohio and New Hampshire. Connexus customers have access to more than 67,000 surcharge-free ATMs as well as more than 5,000 shared credit union branches.
The credit union doesn’t charge ATM fees if you use an ATM outside of its network. The Xtraordinary account reimburses fees that an outside ATM provider may charge for use, up to $25 per month, provided that you can meet the account’s monthly requirements.
Connexus checking and savings accounts come with a free Visa debit card. Replacement cards are free.
Connexus Credit Union Fees
Connexus Credit Union is known for its low fees. However, there are still some potential charges to be aware of.
| Fee Type | Fee |
|---|---|
|
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
|
|
Wire transfer – domestic (outgoing)
|
$20
|
|
Wire transfer – international (outgoing)
|
$50
|
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
| Fee Type | Fee |
|---|---|
|
ATM Withdrawal
|
$0
|
|
ATM/Debit International Transaction
|
Up to 1.5% of the transaction amount
|
How Connexus Credit Union Stacks Up
It’s easy to sign up for membership and do your banking with Connexus Credit Union, even if you live far from its branches. The credit union’s online and mobile tools are convenient, and its accounts for children are an attractive option for members who want to help young people in their families build a financial foundation.
Connexus Credit Union’s lower APY makes its savings account less competitive overall. However, its other accounts—including checking, money market and share certificates—are very competitive compared to both other credit unions and online banks.
Connexus vs. Alliant
Both Connexus and Alliant Credit Union provide a wide range of banking services and charge relatively low fees. The Alliant Credit Union High-Rate Savings offers higher savings account rates (3.10% APY on balances of $100 or more) and a larger ATM network (80,000+ fee-free ATMs). However, if your priority is to earn a higher rate on a share certificate or checking account balance, Connexus may be the preferable option.
Connexus vs. Synergy
Synergy Credit Union boasts various banking products and services, ranging from checking and savings accounts to student loans and mortgages. But unlike Connexus, Synergy’s membership sign-up process is more complex. You’ll need to complete an online form and wait for a representative to follow up after one to two business days. Once you become a member, you can open the Synergy Credit Union High Interest Savings Account and earn a much higher interest rate than the 0.25% APY offered by Connexus on share savings accounts.
PenFed vs. Connexus
Like Connexus, PenFed is a credit union offering competitive rates on its online checking, savings, money market and certificate accounts. One major distinction between PenFed and Connexus is that CD accounts at Connexus require a steep opening deposit of $5,000, whereas PenFed Credit Union Money Market Certificates only require $1,000 to open ($500 for CDs designed to save for education costs). So, while both financial institutions offer competitive interest rates for CDs, the high opening deposit required by Connexus can deter investors.
Is Connexus a Good Credit Union?
Connexus Credit Union is a good credit union for anyone looking for low-fee bank accounts, but its checking accounts and certificates are its best offerings. It’s easier to join Connexus than many other credit unions, and membership is available to residents of all 50 states. To become a member, you must make a $5 donation to the Connexus Association.
Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
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Frequently Asked Questions (FAQs)
Is my money safe at Connexus Credit Union?
Yes. 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 the event of a credit union failure.
What do I need to apply for a Connexus Credit Union account?
You will 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.
Does Connexus Credit Union offer overdraft protection?
Members have three options for overdraft protection. If you link your Connexus checking account to your Connexus savings account, the credit union will transfer money between the two accounts to cover your balance for free. The Privilege Pay overdraft service, which is automatically included on all checking and money market accounts, will complete check, ACH and bill pay transactions that overdraw your account—a $4 fee may apply per occurrence. You can also apply for an overdraft line of credit.
Is there a limit on how much I can save in a Connexus account?
There is no maximum limit for savings accounts at Connexus Credit Union.
