Connexus Credit Union Review: No Fee High Yield Checking Account

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Overall credit union rating

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.25% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 5
    • Good interest rate
    • No monthly service fees
    • Debit card included
    The inconvenients
    • Must keep at least $ 100 in account to earn interest
    • Interest compounded monthly, not daily
    • Become a Connexus member by donating $ 5 to the Connexus Association
    • 54,000+ free ATMs
    • Federal Insurance by NCUA

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

    Verification

    Annual percentage return (APY)

    0% to 1.75% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Ability to earn a high APY
    • No minimum opening deposit
    • No monthly service fees
    • No out-of-network ATM fees
    • Reimburses up to $ 25 / month in off-network ATM fees charged by vendors
    • Several overdraft protection options
    The inconvenients
    • Interest compounded monthly, not daily
    • $ 29.95 overdraft fee
    • Become a Connexus member by donating $ 5 to the Connexus Association
    • 54,000+ free ATMs
    • Subscribe to eStatements to earn APY. You must also either complete 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
    • Federal Insurance by NCUA

    The Connexus Xtraordinary chequing account is an excellent, high yield chequing account. There is no minimum opening deposit, monthly service charge, or off-network ATM fee.

    You’ll get the most out of the account if you keep less than $ 25,000 in your account and do the following: subscribe to electronic statements and complete 15 monthly debit transactions or spend $ 400 per month with your debit card.

    Share the certificate

    Annual percentage return (APY)

    0.61% to 1.21% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive APY
    • Become an easy member of Connexus Credit Union
    The inconvenients
    • $ 5,000 opening deposit
    • No term of office less than 1 year or more than 5 years
    • Standard to high early withdrawal penalties
    • Interest is compounded quarterly, not daily or monthly
    • Term of office ranging from 1 to 5 years
    • 90-day early dividend withdrawal penalty for one-year CDs; 180-day penalty on dividends for 2-year, 3-year, 4-year CDs; 365-day dividend penalty for 5-year CDs
    • Interest is compounded quarterly and paid quarterly
    • Federal Insurance by NCUA

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

    Money market account

    Annual percentage return (APY)

    0.00% to 0.85% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • High interest rate, especially on high balances
    • Handwriting verification included
    • No monthly service fees
    The inconvenients
    • No interest on balances less than $ 1,000
    • Minimum opening deposit of $ 1,000
    • $ 9 Excess Withdrawal Fee (4 free per month)
    • No debit card included
    • Become a Connexus member by donating $ 5 to the Connexus Association
    • 54,000+ free ATMs
    • No interest earned 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 $ 99.99.99
    • Earn 0.85% APY on balances over $ 100,000
    • Interest compounded and deposited monthly
    • Federal Insurance by NCUA

    You will prefer the Connexus Credit Union Money Market Account to the Credit Union Savings Account if you are able to maintain a high balance in your account. The money market account pays a high rate of interest if you deposit at least $ 20,000 into your account.

    Be careful, however, of excessive withdrawal fees, as you are only entitled to 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 over 54,000 ATMs at no additional cost.

    Customer service is available by phone or email. To contact the Member Contact Center, call 7:00 a.m. to 7:00 p.m. CT on Mondays, Tuesdays, Wednesdays, and Fridays, or during limited hours on Tuesdays and Saturdays.

    The Connexus Credit Union mobile app has 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 secured 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 conditions:

    • You or a member of your family must work or be an alumnus of 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 a first donation of $ 5

    Is Connexus Credit Union trustworthy?

    Better Business Bureau assessments look at several factors, including how well an institution resolves customer issues and how transparent its operations are. The BBB has given Connexus Credit Union an A + in terms of reliability.

    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 if a credit union is right for you.

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

    How Connexus Credit Union Stacks Up

    We compared Connexus Credit Union to two other financial institutions in our guide to the best credit unions: 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 – just donate $ 5 to their respective foundation.

    Choose between these three


    credit unions

    will depend on the account options you are most interested in.

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

    If you are looking for a high yield checking account, this will be a draw between Connexus and Wings Financial. Both credit unions have strong, high yield checking accounts with no minimum opening deposits, 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.


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