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Connexus Credit Union Review: High Yield Checking with No Fee

Overall credit union rating

Pros and cons

Annual Percentage Yield (APY)

0.25% APR

Minimum deposit amount

$5

Annual Percentage Yield (APY)

0.25% APR

Minimum deposit amount

$5

More information

  • Become a Connexus member by donating $5 to the Connexus Association
  • More than 54,000 free ATMs
  • Federally insured by the NCUA

The Connexus Credit Union member savings account requires a $5 minimum opening deposit and pays a competitive interest rate. With a debit card included, it also provides easy access to your account, which is not common among traditional savings accounts.

Annual Percentage Yield (APY)

0% to 1.75% APY

Minimum deposit amount

None

Annual Percentage Yield (APY)

0% to 1.75% APY

Minimum deposit amount

None

advantages

  • Ability to earn high APY
  • No minimum opening deposit
  • No monthly service fee
  • No out-of-network ATM fee
  • Refunds of up to $25/month in out-of-network ATM fees charged by providers
  • Multiple overdraft protection options

Cons

  • Interest compounded monthly, not daily
  • $29.95 overdraft fee

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More information

  • Become a Connexus member by donating $5 to the Connexus Association
  • More than 54,000 free ATMs
  • Sign up for eStatements to earn APY. You must also make 15 debit card transactions per month OR spend $400 per month with your debit card
  • Earn 1.75% APY on balances up to $25,000; earn 0.25% APY on balances over $25,000
  • Federally insured by the NCUA

Connexus Xtraordinary Checking is a great high-yield checking account. There is no minimum opening deposit, no monthly service fees, and no out-of-network ATM fees.

You’ll get most of the bill if you keep less than $25,000 in your account and do the following: Sign up for eStatements and make 15 debit transactions per month or spend $400 per month with your debit card.

Annual Percentage Yield (APY)

1.25% to 2.60% APY

Minimum deposit amount

$5,000

Annual Percentage Yield (APY)

1.25% to 2.60% APY

Minimum deposit amount

$5,000

More information

  • Terms ranging from 1 to 5 years
  • 90-day dividend early withdrawal penalty for 1-year CDs; 180-day dividend penalty for 2-, 3-, and 4-year CDs; 365-day dividend penalty for 5-year CDs
  • Interest is compounded quarterly and paid quarterly
  • Federally insured by the NCUA

Connexus offers high interest rates on stock certificates, but the minimum opening deposit is quite high at $5,000. If you don’t have that much money to deposit, you may want to opt for one of the options in our guide to the best CD rates.

Annual Percentage Yield (APY)

0.00% to 1.11% APY

Minimum deposit amount

$1,000

Annual Percentage Yield (APY)

0.00% to 1.11% APY

Minimum deposit amount

$1,000

advantages

  • High interest rate, especially on high balances
  • Write check included
  • No monthly service fees

Cons

  • No interest earned on balances less than $1,000
  • $1,000 minimum opening deposit
  • Withdrawal fee in excess of $9 (4 free per month)
  • Does not include debit card

More information

  • Become a Connexus member by donating $5 to the Connexus Association
  • More than 54,000 free ATMs
  • No accrued interest on balances less than $1,000
  • Earn 0.25% APY on balances between $1,000 and $19,999.99
  • Earn 0.60% APY on balances between $20,000 and $99,999.99
  • Earn 0.85% APY on balances over $100,000
  • Interest capitalized and deposited monthly
  • Federally insured by the NCUA

You’ll prefer a Connexus Credit Union money market account over a credit union savings account if you can maintain a high balance in your account. The money market account pays a high interest rate if you deposit at least $20,000 in your account.

However, beware of excessive withdrawal fees as you are only allowed four free withdrawals per month.

How Connexus Credit Union Works

Connexus Credit Union is an online financial institution with 11 active branches in Wisconsin, Minnesota, Ohio and New Hampshire. It is also part of the CO-OP and MoneyPass networks, which provide access to 6,000 shared branches and more than 54,000 surcharge-free ATMs.

Customer service is available by phone or email. To reach the Member Contact Center, call from 7 am to 7 pm CT on Monday, Tuesday, Wednesday and Friday, or during limited hours on Tuesday and Saturday.

The Connexus Credit Union mobile app received 4.7 out of 5 stars in the Google Play Store and the Apple Store.

The credit union is also federally insured by the NCUA, so up to $250,000 is safe in an individual bank account.

How to join Connexus Credit Union

There are several ways to be eligible for membership. To become a member, you must meet one of the following requirements:

  • You or a family member must work or be a student in a group on this list
  • Live in an eligible community or county in Minnesota, Ohio, or Wisconsin
  • Have a family member who is a current member
  • Become a member of the Connexus Association by making an initial donation of $5

Is Connexus Credit Union reliable?

Ratings from the Better Business Bureau look at several factors, including how well an institution solves customer problems and whether it runs transparent businesses. The BBB gave Connexus Credit Union an A+ rating.

However, a good BBB rating does not necessarily guarantee that your experience with a credit union will be perfect. Chat with current members or read customer reviews online to get a better idea of ​​whether a credit union is right for you.

On another note, Connexus has been involved in recent public scandals.

How Connexus Credit Union Compares

We compare Connexus Credit Union to two other financial institutions in our best credit union guide: Alliant Credit Union and Wings Financial Credit Union.

Credit unions require membership to open a bank account. All three financial institutions offer an easy way to join: simply donate $5 to their respective foundation.

Choosing between these three credit unions will depend on which account options appeal to you the most.

Alliant Credit Union pays the highest interest rates on savings. However, you’ll need to make sure you have at least $100 in your account to earn interest.

If you’re looking for a high-yield checking account, it’s going to be a draw between Connexus and Wings Financial. Both credit unions have a strong, high-yield checking account, with no minimum opening deposit, monthly fees, and competitive interest rates.

Your decision between the two may come down to whether you have a branch available in your state. Connexus Credit Union has branches in Ohio, Minnesota, New Hampshire and Wisconsin. Meanwhile, Wings Financial has branches in Minnesota, Michigan, Florida, Georgia and Washington.