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Connexus Credit Union offers a comprehensive selection of checking, savings, credit cards and personal lending products. But eligibility is restricted to Connexus members and in-person support is limited.
How do I become a Connexus Credit Union member?
You can become a member of the Connexus Credit Union online by making a one-time non-refundable $5 donation, opening a Connexus Regular Savings account with a minimum opening deposit of $5 and providing your Social Security number, date of birth and government-issued ID with proof of current address.
What banking products does Connexus Credit Union offer?
Connexus Credit Union doesn’t have any business banking products, but you’ll find a variety of personal accounts.
Checking accounts
- Innovative Checking. Take advantage of no maintenance fees and unlimited Connexus ATM transactions. Non-Connexus ATMs result in a $2 fee after four free monthly transactions.
- Xtraordinary Checking. This interest-bearing checking account has no maintenance fees or balance requirements. You can earn up to 1.75% APY on balances up to $25,000 by enrolling in both eStatements and online banking and making at least 15 debit card transactions, one direct deposit and one Connexus Online Bill Pay debit monthly.
Savings accounts
- Regular Savings. A $5 deposit is required to open this account, after which you’ll earn 0.25% APY as long as you maintain the daily minimum balance of $100. Access your funds with a complimentary ATM card at over 54,000 Connexus ATMs nationwide.
- Youth Savings. This savings account is for Connexus members who are 23 and under and offers the same perks and features as the Regular Savings account without any account fees.
- Holiday Club. Streamline your savings by setting up a monthly direct deposit to this travel-oriented savings account. You can only transfer or withdraw your funds once a year on October 1.
- Money Market. After a minimum opening deposit of $1,000, tiered interest rates up to 1.15% APY are available if active checking requirements, such as enrolling in eStatements and making at least one direct deposit and having a minimum of 10 check deposits, ACH withdrawals or debit transactions monthly, are met.
- Health Savings. With no minimum balance requirement and the potential for tax-free earnings, the Connexus Health Savings account offers 2.0% APY on balances of $15,000 or more. To qualify, you can’t be a dependent or enrolled in Medicare and you must be covered under a High Deductible Health Plan.
- IRA Certificates. Fixed-rate terms of up to 60 months are available, offering up to 2.60% APY after a $5,000 minimum opening deposit. Both Traditional and Roth IRAs are available with quarterly compounded dividends.
- IRA Supreme. This account offers a variable interest rate of up to 1.50% APY on balances of $10,000 or more with no fixed terms or minimum opening deposit.
- CDs. Connexus share certificates require a $5,000 minimum opening deposit and offer terms of 12 to 60 months with an APY range of 1.76% to 2.16%.
Other products
- Credit cards. Connexus offers personal and business credit cards with no annual fees, 0.0% introductory APRs, rewards programs and eligible cashback purchases.
- Loans. Financing options with this credit union include HELOCs and auto, recreational, personal, home, student and home equity loans.
How does Connexus Credit Union compare to other banks?
Connexus Credit Union has much to offer individuals and small business owners alike. But there are also a few drawbacks to consider.
Checking accounts
Pros
- Interest-bearing checking. The Connexus Xtraordinary Checking offers 1.75% APY — a generous rate for a checking account. The Teen Checking account earns an even better 2% APY.
- Large ATM network. Get unlimited access to over 54,000 free ATMs nationwide.
- No fees. Connexus checking accounts don’t have associated ATM fees, maintenance fees or minimum balance requirements. Plus, accounts come with free overdraft protection.
Cons
- Three account options. Connexus only offers three checking accounts: two for adults and one for teens.
- Inactivity fee. Expect to pay $5 when your account is dormant for at least 90 days and your balance is less than $100.
- APY restrictions. The Xtraordinary Checking account only earns 1.75% APY on balances up to $25,000. The 2% APY for the Teen Checking account only applies to balances up to $1,000. APYs drop to 0.25% after that.
Savings accounts
Pros
- ATM card. Savings accounts come with an ATM card that lets you withdraw money from your account at any time.
- Several account options. Open a regular savings account for you, a youth savings account for your kid and a holiday club account to get a jump start on Christmas.
- Low opening deposit for savings accounts. You can open most savings accounts with a low $5 deposit. But you’ll need $1,000 to open a money market account.
Cons
- Low APYs. Both savings accounts earn 0.25% APY. While this is higher than the national average, it’s much lower than the competition.
- APY requirements. You’ll need to keep at least $100 in your savings account to earn interest.
- Limited withdrawals. The federal government limits savings accounts to six outgoing transactions a month. But Connexus charges $10 after your first four transactions a month.
CDs
Pros
- Strong APYs. Open a CD and lock in a 1.76% to 2.16% APY depending on your term length.
- Several terms to choose from. Lock your money away for anywhere from one to five years.
- No monthly fees. You won’t pay anything to open or maintain a Connexus CD.
Cons
- High opening deposit. You’ll need to set aside at least $5,000 to open this CD.
- No short-term CDs. Connexus doesn’t offer any CD terms under 12 months.
- Quarterly compound interest. Although the APYs are high, your money grows a bit slower than it would elsewhere because interest is compounded quarterly instead of daily or monthly.
Overall banking
Pros
- Member-owned. As a member-owned financial cooperative, Connexus Credit Union returns profits to members through high-yield accounts and competitive interest rates.
- Large product suite. Connexus Credit Union has a number of accounts, credit cards and lending products for both consumers and small businesses alike.
Cons
- Limited account availability. Connexus Credit Union accounts and lending products are only available to Connexus members.
- Limited branch network. Seeking in-person support? Connexus is only located in Wisconsin, Minnesota, Ohio and New Hampshire.
Connexus Credit Union customer service
Touch base with Connexus customer service in five ways:
- Phone. Call 800-845-5025 on Monday, Tuesday, Wednesday or Friday from 6 a.m. to 9 p.m., Thursday from 9 a.m. to 9 p.m. and Saturday from 8 a.m. to 1 p.m., CST.
- Email. Fill out a secure online form on the Connexus website for an email response within one to two business days.
- Live chat. Chat with a member of Connexus’ customer service on its website weekdays from 7 a.m. to 7 p.m. CST.
- Mail. Send a letter to Connexus at PO Box 8026, Wausau, WI 54402-8026 to receive a response from customer service within one to two weeks.
- In person. Visit your local branch to speak with a representative.
If Connexus doesn’t have what you’re looking for, explore account options from these popular institutions:
Bottom line
Connexus Credit Union offers a full suite of accounts and lending products. While its products are limited to members, it offers competitive rates, rewards programs and comprehensive customer service. But its branches are limited to four states.
Not ready to become a Connexus member? Review your banking options with other providers to find a bank that’s right for you.
Frequently asked questions
