Connexus Credit Union(2023)Review-Is Connexus a good bank? 

Curious about what Connexus Credit Union is all about? You’re not alone. A lot of people are curious to know more about this institution, which seems to be popping up everywhere lately.

So if you’re one of those people who are interested in learning more about Connexus Credit Union , this is the post for you! We’ll give you an overview of what Connexus is and what it has to offer, as well as a few pros and cons to consider before opening an account.

By the end of this post, you should have a good idea whether or not Connexus is right for you.

Ready to get started? Let’s go!

About Connexus Credit Union

Connexus Credit Union is a cooperative financial institution that serves more than 419,000 members across all 50 states. It was founded in 1935 and is headquartered in Wausau, Wisconsin. Connexus has over $4.3 billion in assets and offers deposit products and financial services to consumers from coast to coast.

Some of Connexus’ key products include checking and savings accounts, certificates of deposit, mortgage loans, and auto loans.

One of the things that set Connexus Credit Union apart from other financial institutions is its community focus. Connexus is dedicated to giving back to the communities it serves, and it does so in several ways, including providing scholarships and financial literacy education.

Here are some of the most important details about Connexus Credit Union:-

Website	connexuscu.org
Industries	Financial Services
Company size	501-1000 employees
Headquarters	Wausau, WI
Type	Nonprofit
Founded	1935
Specialties	Low Rate Auto Loans, Low Rate Mortgage Loans, High Rate Deposit Accounts, and High Interest Checking Accounts

What are the requirements to join Connexus Credit Union?

In order to join Connexus Credit Union, you must meet the following membership requirements:-

• You must be a resident of the United States.
• You must be 18 years or older.
• You must have a valid Social Security Number.
• You must have a regular source of income.
• and you must deposit a one-time non-refundable $5 donation.

Now that you have a little background on Connexus Credit Union, let’s take a closer look at what it has to offer.

Connexus Credit Union Savings Account

One of Connexus’ key products is its savings account. This account is designed for members who want to save money for short-term goals, such as a vacation or a new car.

The Connexus Credit Union savings account has two options- the basic savings account and the Holiday Club account.

Let’s take a closer look at each of these options.

#1. Basic Savings Account

The basic savings account is also known as the Member Share account. This account has a low minimum balance requirement of just $5 and no monthly fees. The account earns a competitive 0.25% annual percentage yield (APY) that is above the national average.

However, you must maintain a minimum daily balance of $100 to earn interest and a $5.00/month Inactivity Fee will apply if the account remains inactive for 12 months.

#2. Holiday Club Account

The Holiday Club account is very similar to the basic savings account, with one key difference- it’s designed for members who want to save money for holiday expenses.

You can open an account and add deposits throughout the year so that you’ll have access on Oct 1st when paydays come around!. The fund is deposited through direct deposit. The deposit is renewed automatically each year on Oct 1st.

However, if you’d like to change the amount you’re depositing, you can do so by calling Connexus Credit Union at 800.845.5025.

#3. What is the Connexus Jr. program?

The Connexus Jr. program is a free mobile app that teaches kids up to 12 years old about money management, and understanding how to save, spend, set goals, and earn money through hard work.

The Connexus Jr. App is available for download on both Android and Apple devices.

The Connexus Jr. App covers the following topics:

• Introduction to money and financial concepts
• Savings and spending basics
• The Connexus Jr. banking experience
• Separate logins for parents and kids
• Ability to create chore lists and assign allowance money

Features of Connexus Digital Account

The Connexus Digital account is a great way to stay connected to your finances. With this account, you can:

• View account notifications
• See account balances from your phone or watch without logging in
• Make mobile deposits
• Use the goal tool to help you reach your financial goals

Now that we’ve looked at some of Connexus Credit Union’s saving accounts and its features, let’s move on to the Pros and Cons.

+Pros:

• Very Low mini balance to open an account
• No monthly fees
• Earns interest on balances
• Can have direct deposit

+Cons:

• Inactivity Fee for if you do not transact in the account for 12 months
• Only available to members of Connexus Credit Union

If you are looking for a good place to start saving, Connexus Credit Union is a great option. With no monthly fees and competitive interest rates, it’s easy to get started. And, if you need help teaching your kids about money management, Connexus Jr. is a free mobile app that can help.

Connexus Credit Union Checking Account

Connexus Credit Union offers a variety of accounts, but the Connexus Credit Union Checking Account is one of its most popular. This account has three variants- Xtraordinary, Innovative, and Teen– each with its unique benefits.

Let’s take a closer look at each of these options.

#1. Xtraordinary Connexus Checking Account

The Connexus Xtraordinary Checking Account is designed for members who want to earn a high yield on their checking account balance. This account has a monthly yield of 1.75% APY, which is significantly higher than the national average. In order to earn this yield, you must meet the following requirements:

• 15 debit card purchases or
• $400 in debit card spending and
• e-statements

However, if your account balance is $25,000 or less, you’ll earn a dividend rate of 1.75%. If your account balance is greater than $25,000, you’ll earn a dividend rate of 0.25%.

In addition to the high yield, this account also comes with several other features, including:

Unlimited free Connexus ATM transactions

• Unlimited free non-Connexus monthly ATM transactions
• Free contactless Visa® Debit Card
• Free digital banking
• Free statements
• Free overdraft transfers with linked accounts
• No minimum balance requirements to earn dividends
• Dividends are compounded and paid monthly.

#2. Connexus Innovative Checking Account 

The Connexus Innovative Checking Account is designed for members who want to take advantage of technology. This account comes with a free Connexus Visa Debit Card and free digital banking.

In addition, you can use the goal tool to help you reach your financial goals. And, if you need help teaching your kids about money management, Connexus Jr. is a free mobile app that can help.

However, this no-interest account doesn’t come with a lot of frills. If you are looking for an account that pays a high yield, the Connexus Xtraordinary Checking Account may be a better option.

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#3. Connexus Teen Checking Account

The Connexus Teen Checking Account is designed for teens who want to start learning about money management. This account comes with several features, including:

• A dividend rate of 2.00% on account balances of $1,000 or less
• A dividend rate of 0.25% on account balances of more than $1,000
• No minimum balance requirements to earn dividends
• Dividends are compounded and paid monthly

This account also comes with a free Connexus Visa Debit Card and free digital banking.

If you are looking for a place to start saving, Connexus Credit Union is a great option. With no monthly fees and competitive interest rates, it’s easy to get started. And, if you need help teaching your kids about money management, Connexus Jr. is a free mobile app that can help.

Is Conexus credit union protection against overdrafts available?

Yes, Connexus Credit Union offers three ways to protect yourself from overdrafts: by A. linking your savings and checking accounts, B. applying for an overdraft line of credit, or C. opting in for Privilege Pay overdraft service.

If you overdraft, Connexus Credit Union will automatically transfer money from your savings to your checking to cover the balance- for free.

You can also apply for an overdraft line of credit which has a credit limit range of $300-$1,000 with an interest rate of 18.00% APR,

and finally, the Privilege Pay overdraft service is automatically added to all checking and money market accounts.

With Privilege Pay, Connexus Credit Union may authorize and pay your check, ACH, and Bill Pay transactions even though they overdraw your account.

However, an overdraft paid’ fee of $4 per occurrence with a max of 2 per day may still apply. Overdrawn balances are due within 30 days of use.

Now let’s move on to the Pros and Cons of the Connexus Credit Union checking account.

+Pros

• No minimum balance requirements to earn dividends
• Competitive interest rates
• Unlimited free Connexus ATM transactions
• Unlimited free non-Connexus monthly ATM transactions
• Free contactless Visa® Debit Card
• Free digital banking
• Free statements
• Free overdraft transfers with linked accounts
• No monthly fees

+Cons

• The Connexus Xtraordinary Checking Account may be a better option if you are looking for an account that pays a high yield
• If you overdraft, Connexus Credit Union will automatically transfer money from your savings to your checking- for free
• An overdraft paid’ fee of $4 per occurrence with a max of 2 per day may still apply. Overdrawn balances are due within 30 days of use.

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Now let’s talk about Connexus Money Market Accounts.

Connexus Money Market Account

A Connexus Money Market Account is a great way to save for the future. This account offers competitive interest rates, there i$1,000 minimum balance required to earn dividends, and your money is federally insured by the National Credit Union Administration for up to $250,000.

In addition, you can make up to 4 withdrawals or transfers per month without incurring a fee, after which Connexus will charge $9 per additional withdrawal or transfer.

The interest rates for Connexus Money Market Accounts are as follows:

Balance	APY
$100,000 and over	0.85%
$20,000 to $99,999.99	0.60%
$1,000 to $19,999.99	0.25%
$0 to $999.99	0.00%

With a Connexus Money Market Account, you can be assured that your money is safe and growing. Further, you can manage your account 24/7 from a smartphone, smartwatch, tablet, or computer.

Now let’s talk about the Pros and Cons of Connexus Money Market Accounts.

+Pros

• Your money is federally insured by the National Credit Union Administration for up to $250,000
• Competitive interest rates.
• Check writing is available
• 24/7 access to your account from a smartphone, smartwatch, tablet, or computer

+Cons

• There is a $1,000 minimum balance required to earn dividends
• Connexus will charge $9 per additional withdrawal or transfer after 4 free transactions.
• To achieve greater returns, you’ll need larger balances.

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Connexus Share Certificates (CDs)

Connexus Credit Union offers a variety of CD terms, ranging from 12 to 60 months. The APYs range from 0.55% to 1.00%, with a minimum deposit of $5,000. Connexus CDs are compounded quarterly.

One downside to Connexus CDs is that they do not offer any specialty certificates such as a bump-up or no-penalty CD as some of the other credit unions do.

If you wish to withdraw your funds before the CD matures, you will incur a penalty. The amount of the penalty varies depending on the term of the CD and ranges from 12 to 60 months APY.

All Connexus CDs are federally insured by the National Credit Union Administration for up to $250,000.

If you are looking for a competitive interest rate and don’t mind the commitment, Connexus CDs are a great option.

Now let’s talk about the Pros and Cons of Connexus CDs.

+Pros

• Competitive interest rates
• Minimum deposit of $5,000
• Quarterly compounded
• Federally insured by the National Credit Union Administration for up to $250,000

+Cons

• No specialty certificates are available
• Penalties apply for early withdraw
• The maximum CD term is 60 months

Other Accounts and Services

Connexus Credit Union also offers a variety of other accounts and services, including:

• Credit cards
• Business credit cards
• Retirement savings accounts
• Health savings accounts
• Auto loans
• Mortgages
• Student loans
• Personal loans

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Competitor of Connexus Credit Union 

Connexus Credit Union is a good Credit union that offers many services. If you are looking for an account that pays a high yield, Connexus is a good option.

However, other credit unions may be a better fit for you. For example, Alliant Credit Union offers high yield savings account with no monthly fees and no minimum balance requirement. In addition, Alliant does not charge for withdrawals or transfers.

Here is the image of Connexus Credit Union Vs Alliant Credit Union.

As you see that Connexus Credit Union offers interest rates are comparatively lower than Alliant Credit Union. So, if you are looking for a high yield account, Connexus might not be the right choice for you.

In checking account, Connexus Credit Union offers 0.25% APY Vs Alliant Credit Union which is also 0.25%.

But, when it comes to CD accounts, Connexus Credit Union offers 1% APY which is marginally less than Alliant Credit Union’s 1.15% APY.

Further, both are NCUA insured.

However, Connexus Credit Union offers a money market account but Alliant union does not offer a money market account.

So, if you are looking for a money market account, Connexus might be the better choice for you.

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Overall Pros and Cons Explained

+Pros

• High-yield checking and money market accounts: Connexus offers competitive interest rates on both its checking and money market accounts.
• Offers accounts specifically for kids and teens: Connexus offers accounts specifically designed for kids and teens, which can help teach them about money and finances.
• Insured: Connexus is federally insured, so your deposits are protected for up to $250,000.
• Highly rated mobile app: Connexus’s mobile app has a 4.8 rating on the App Store, which is one of the highest ratings among credit unions.

+Cons

• No specialty certificates: Connexus does not offer any specialty certificates such as a bump-up or no-penalty CD.
• Penalties for early withdrawal: If you withdraw your funds from a Connexus CD before it matures, you will incur a penalty. The amount of the penalty varies depending on the term of the CD and ranges from 12 to 60 months APY.
• Membership is required: Connexus membership is required to open an account with the credit union.

The interest rate on a savings account is not competitive: The interest rate on Connexus’s savings account is not as competitive as some of the other credit unions.

So, overall, Connexus is a good credit union with many features and benefits. It has high-yield checking and money market accounts, as well as accounts specifically designed for kids and teens. In addition, its mobile app has a high rating. However, Connexus does not offer any specialty certificates, and the interest rate on its savings account is not as competitive as some of the other credit unions.

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Conclusion: Is Connexus a good bank?

The credit union is part of shared ATM and branch networks across credit unions nationwide. But its savings account has a relatively low rate. If you’re looking for a good place to park your money, you may want to check out some of Connexus’ competitors instead.

That said, if you’re happy with your current bank or just need a solid checking account, Connexus could be a great option.

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