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Connexus Credit Union Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • Free ATMs and fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member of credit union
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates

What You Need to Know

The interest rates for most Connexus accounts are competitive. The CDs and checking accounts offer rates competitive with other online accounts. The HSA and money market account also offer competitive rates. These rates are higher than typical brick-and-mortar bank rates. The Connexus regular saving account does not offer rates competitive with other online accounts.

The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HSA account has a fee and the business checking account does as well, if your balance falls below $200.

The Connexus Xtraordinary checking account offers ATM fee reimbursements. ATM transactions are free at any Connexus, CO-OP, and MoneyPass ATMs. The Xtraordinary checking allows up to $25 in ATM fee refunds. You must meet the account requirements to earn the ATM refund.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer:

  • Xtraordinary checking account
  • Teen checking account
  • Money market account
  • Savings account
  • CD terms of 12, 24, 36, 48, and 60-months
  • Holiday savings account
  • Health savings accounts

To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members also qualify. You can become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you receive approval.

The CDs through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. The interest rates are competitive for each term length.

The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below $100,000 still earn interest, just not the most competitive rate.

The Connexus checking accounts have requirements you must meet to earn competitive rates. Those include eStatements, one direct deposit, and one online bill payment each month. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, but you do not earn the best rates.

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Digital or Mobile Banking

Connexus Credit Union offers online banking and a mobile app. Through these tools, you can:

  • Pay bills
  • Make mobile check deposits
  • See account balances, even from your watch
  • Send money to others
  • Make external transfers
  • Set savings goals and track progress
  • Make payments with your phone or watch through Android, Apple, or Samsung Pay
  • Set and receive account alerts
  • See account statements

Cool Things

Financial Wellness

The Connexus Credit Union website offers a financial wellness section. Here you can get financial advice from experts at GreenPath Financial Wellness. They offer courses on budgeting, credit reports and scores, and home buying. They can help you set up a debt management plan. You can read articles on a variety of financial topics. Financial calculators and a blog are also available.

History

Connexus Credit Union is a member-focused company. They offer personal deposit accounts and lending options to their members. There are online options to open accounts if you do not live by a branch location.

Connexus has more than 320,000 members across the United States. Their assets are more than $1.95 billion. They offer branch locations in four states and employ more than 300 people.

Awards and Recognition

  • "Top Credit Union" in 2020's Best Financial Institutions by Bankrate
  • Xtraordinary checking one of 2019's "Top Checking Accounts" by NerdWallet
  • "Nation's Best Credit Union for Using Any ATM" by The Balance in 2020
  • "Top Credit Union of 2018" by NerdWallet
  • "2018 Best Credit Union Runner-up" by Kiplinger
  • Five-Star Rating from BauerFinancial

Giving Back

In 2017, Connexus Credit Union and the Connexus Association donated $25,000. The money went to help those affected by the recent hurricanes. They worked with the Red Cross to have a donation site through their website. Connexus employees contacted members to help them resolve their financial issues.

Connexus donated $2,000 to the Never Forgotten Honor Flight Association. This organization started in 2009 to fly veterans to Washington D.C. to see the war memorials.

List of Common Bank Fees

  • ATM Fees in the United States: $0-5
  • ATM fees international: up to 1.5% of the transaction
  • Bill Pay: $0-5.95 (fee for not making a payment in 90 days)
  • CD Early Withdrawal Fees: 90-365 days of interest
  • Excessive Withdrawal Fees: $10 after four withdrawals
  • Monthly Service Fees: $0
  • Overdraft Service Fees: $29.95
  • Paper Bank Statements: eStatements
  • Wire Transfers (Domestic): $0-20
  • Wire Transfers (International): $0-50

Frequently Asked Questions

Are all the accounts FDIC insured?

Yes. Your money in Connexus Credit Union is protected and federally insured by the National Credit Union Administration. The NCUA protects money in credit unions while the FDIC protects money in banks. They both protect deposited funds, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.

How do I access my money?

Through debit or ATM cards, checks, or electronic transfers. You can access your money through bill pay or through person-to-person payments. Connexus also offers Android, Apple, and Samsung Pay.

Can I deposit cash?

Yes, at a local branch location. Some ATMs may also accept cash deposits.

How long do transfers take?

Deposits made before a set time fund the same business day. After the set time, deposits fund the next business day. If the full deposit cannot fund on the first business day, the first $200 of the deposit does. The rest of the amount funds the next business day.

Can I sign up for direct deposit?

Yes. Money can be directly deposited into Connexus Credit Union accounts. Direct deposit helps you qualify for the highest interest rates on the Xtraordinary checking account.

Are ATM transactions free?

Yes. Transactions are free at Connexus, CO-OP, and MoneyPass ATMs. You can find free ATM locations on their website.

Are ATM transaction fees reimbursed?

The Xtraordinary checking account offers up to $25 in ATM refunds. You must meet the qualifications to earn the benefits of the Xtraordinary account.

Is mobile banking or a mobile app available?

Yes. With the mobile app, you can check account balances, transfer money, and deposit checks. You can pay bills and send money to others with the person-to-person payments.

Is bill pay offered?

Yes. Bill pay is available with the Connexus checking account. There is not a fee if you make at least one bill payment every 90 days. If you do not use it that often, there is a fee of $5.95 each month.

Do the accounts offer competitive interest rates?

Yes. The checking account and CDs offer competitive rates. The savings account rates are not competitive with other online accounts. The money market account offers competitive rates, but the rates are tiered. To earn the most competitive rate requires a balance of $100,000.

Do checking accounts earn interest?

Yes. The Xtraordinary checking account earns interest. To earn competitive rates, you must meet the set requirements. Those include having eStatements, direct deposit, and online bill pay. You must also have a set number of debit card transactions each month. If you meet those requirements, the interest rates are competitive.

What are the most popular accounts?

The Xtraordinary and teen checking accounts are popular. Connexus CDs are also popular.

What are the monthly maintenance fees?

There are no monthly maintenance fees for any personal deposit accounts. The checking, savings, and money market accounts are free. The only accounts with fees are an HSA and a business checking account.

Is this one of the best banks?

The interest rates on the Connexus checking account and CDs are competitive. They offer online accounts with no monthly maintenance fees. There are requirements to earn competitive checking account rates. Only a few business accounts are available.

How are my money and information protected?

Connexus Credit Union offers security measures that comply with federal law. Their computers have safeguards, and their buildings and files are secure. They limit the information employees can see.

Are any business accounts offered?

Connexus Credit Union offers a business checking account and business credit cards. No other business accounts are available.

What makes these accounts different?

The interest rates for the accounts are much higher than typical bank rates. You can access everything for your account online.

How do I reach customer service?

Reach customer service through phone, email, mail, online chat, or fax. You can follow Connexus on Facebook, LinkedIn, or YouTube.

Bank Contact Information

Connexus Credit Union
P.O. Box 8026
Wausau, WI 54402-8026
800-845-5025

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