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American Express VS Connexus Credit Union

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
2.10%APY
Savings/MMA
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Pros:

  • Options on how to receive interest
  • No opening required amount
  • Pay credit card bill from savings account
  • Competitive interest rates on accounts

Cons:

  • Only offer savings and CD accounts
  • Must link account to a different bank
  • Funds not transferred immediately
  • No checks, debit cards, or ATM cards
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • ATM fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates
American Express Review

American Express Bank offers ways to receive the money you earn off interest. You can deposit it back into the account earning the interest. The interest can be transferred to your CD account. You can deposit the money into your linked external account, or receive a check. You can request a check to come monthly, quarterly, or annually.

There is no minimum amount required to open an account. You start earning interest with any amount deposited into the high-yield savings account. The more money you deposit, the more interest you earn, but no required amount.

Once you open a savings account with American Express, you can link that account to your credit card. Log into your account and link the savings account to the credit card. Paying your credit card bill from your savings account does count as a withdrawal.

American Express Bank offers higher interest rates than your typical bank. Their rates are competitive with other online banks. You can find the current rates are on their website.

American Express Bank only offers a high-yield savings account and CDs. To deposit money into the accounts, you must link it to your current banking accounts. You can also sign up for direct deposit from your employer or to make automatic deposits.

You must link your American Express accounts to your current bank account. You can then transfer money between the different accounts. Federal regulations only allow six transactions each billing cycle for savings accounts.

Transferring money to and from your American Express personal account is not immediate. Money coming into your American Express account is not available until the fifth business day. All other transfers take 1-3 business days.

American Express Bank does not offer checks, debit cards, or ATM cards for their accounts. To get your money, you must transfer it from your American Express savings account back into your linked external account. If you open a CD, you must wait until the maturity date to access your money without a penalty.

Read the full American Express review.

Connexus Credit Union Review

The interest rates for most Connexus accounts are competitive. Their CD and checking accounts offer rates competitive with other online accounts. These rates are much higher than typical brick and mortar bank rates. The Connexus saving accounts do 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 HAS account has a fee and the business checking account if your balance falls below $200.

Two Connexus checking accounts offer ATM fee reimbursement. ATM transactions are free at any Connexus ATM. The Xtraordinary checking allows for six free ATM withdrawals from non-Connexus ATMs. The MyRewards allows four ATM withdrawals. If you exceed this amount, Connexus will reimburse you up to $25 in surcharges each month.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer three checking accounts, money market account, and CDs. They offer a traditional savings account, one for youth, and a holiday savings account. Each of these accounts can open online.

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 qualify. You can also 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 are approved or not.

The CD accounts 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. There are no fees for these CDs unless you withdraw the money before the CD reaches maturity.

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

The Connexus checking accounts have set requirements to earn competitive rates. That includes eStatements, one direct deposit, and one online bill payment. 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, you just do not earn the best rates.

Read the full Connexus Credit Union review.

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