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Connexus Credit Union Review: A Top-Notch Alternative to Traditional Banks

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®

Matt Frankel, CFP, has been a contributing writer, analyst, and personal finance expert for The Motley Fool since 2012.

Prior to The Motley Fool, Matt was a mathematics professor and high school math teacher.

He holds a B.S. in Physics from University of South Carolina; a M.S. in Mathematics from Nova Southeastern University; and a Graduate Certificate in Financial Planning from Florida State University.

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Ashley Maready
Reviewer: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for

Connexus Credit Union

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Connexus Credit Union offers a wide range of bank accounts, including checking, savings, CDs, and money market accounts. It offers some competitive APYs, low or no fees, and an impressive variety of loans and other banking products. Connexus could be a good choice for people looking for a full-service banking relationship, especially if you prefer a not-for-profit credit union to a traditional bank.

Pros
  • Competitive APYs on CDs
  • Some checking accounts earn interest
  • Lots of account types
  • Many different loans and credit cards
  • Easy to join with $5 donation
Cons
  • $5,000 CD minimum
  • Savings account APY isn't competitive
  • Money market account only pays high APYs for high balances

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Is Connexus Credit Union right for you?

Connexus Credit Union offers full-service banking with some impressive APYs on CDs and checking accounts.

This credit union may be a good option for you if:

  • You have at least $5,000 to commit to a CD
  • You want a checking account that earns interest
  • You want to do in-person banking at branches

Bank fees

Connexus Credit Union Fee Charge
Monthly maintenance fee $0
Non-bank ATM fees $0 for U.S. ATMs, up to 1.5% for international ATMs
The Xtraordinary Checking account offers up to $25 of non-bank ATM surcharge rebates per month
Overdraft fees $4 per item, maximum of two fees per day, per account
Free overdraft transfers from linked accounts
Outgoing wire transfer fees $20 for domestic wires, $50 for international wires
Inactivity fee $5 per account per month
Stop payment $9 per order
Data source: Connexus Credit Union.

Savings accounts

Connexus Credit Union's savings accounts are not competitive -- both savings account options only deliver 0.10% APY. That's far below the national average for savings accounts, and you can certainly find better options.

Connexus Credit Union Simply Savings Account

The Connexus Credit Union Simply Savings Account is a credit union savings account from Connexus Credit Union. This account earns 0.10% APY and requires a $100 minimum balance. One nice perk of this savings account is that it offers a free debit card, so you can access your cash from ATMs. And you'll get access to helpful Connexus Credit Union digital banking features, such as:

  • Mobile check deposit
  • Snapshot -- see your account balance from your phone without logging in
  • Financial health tools to manage spending, set savings goals, and more

But beware: if you let the balance on your Connexus Credit Union Simply Savings Account drop below $100, and you have no activity on the account for 12 months, you could be charged account inactivity fees of $5 per month. Don't leave your savings account unattended, or it could cost you more than this account's low APY is worth.

Ratings Methodology
Rates as of Jan 31, 2025

Connexus Credit Union Simply Savings Account

Federally insured by NCUA.
APY
0.10% Rate info Circle with letter I in it. Balances over $100 earn 0.10% APY.
Min. To Earn APY
$100
  • Free debit card
  • $100 minimum balance
  • Digital banking tools
  • Unimpressive APY
  • $5 fee for inactive accounts below $100 balance

The Connexus Credit Union Simply Savings Account is simply not a good place to keep your savings. If you want to bank with Connexus Credit Union as part of a larger banking relationship, this account could be worth using for short-term cash. But don't use this credit union if you want to earn a significant yield on your savings account, as it doesn't offer one.

  • It feels good to save up in advance to have a happy holiday shopping season. The Holiday Club Account lets you set up automatic recurring transfers to save money for holiday gifts, holiday travel, and more. You can start taking money out of the account on Oct. 1, and the account automatically renews each year.

    Just like Connexus Credit Union's other savings account, the Holiday Club Account does not offer a great savings rate. But it could be helpful for some people who need extra structure and support to boost their savings for short-term goals like the holidays.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

If you want to earn a higher yield on your savings, Connexus Credit Union's certificates of deposit (CDs) can be a much better choice than this credit union's savings accounts. Connexus Credit Union CDs are competitive with some of the best CD rates -- but they require a minimum deposit of $5,000.

Connexus Credit Union Share CD

Connexus Credit Union Share CDs have some of the best APYs that we've come across.

This credit union's CDs are available in a variety of terms, from 12 months to 60 months. Connexus Credit Union requires a $5,000 minimum deposit to open a CD, so it's not the best choice for people with lower levels of savings. But if you have a solid amount of cash in the bank, and you're willing to commit to a specific term length, Connexus Credit Union can be a good place to open a CD.

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Connexus Credit Union Share CD
Connexus Credit Union Share CD
Bottom Line

Connexus Credit Union Certificates (the equivalent of a standard CD) are available in five different term lengths in one-year intervals ranging from 12 months to 60 months.

MINIMUM DEPOSIT $5,000
Read Review
1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
2.78% 2.91% 2.71% 2.47% 2.52%

  • If you have a larger amount of cash savings of $100,000 or more, Connexus Credit Union Jumbo CDs can be a good choice. This type of CD pays even higher APYs than Connexus Credit Union's typical CDs.

    You must have a minimum deposit of $100,000 to open a jumbo CD with Connexus Credit Union.

  • Not every bank or credit union offers bump-up CDs, but Connexus Credit Union does. The Bump-up Certificate gives you a chance to lock in a high APY, while having the option to raise your CD's rate in case yields go up.

    The Connexus Credit Union Bump-up Certificate offers a 24-month term for a decent starting APY. If interest rates go up, this type of CD can let you choose to "bump up" your CD's APY one time during the CD's term, and earn a higher yield.

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Connexus Credit Union could be a good place to open a checking account. It has low fees, helpful digital banking tools, a wide network of branches, and some Connexus Credit Union checking accounts actually pay higher yields than its savings accounts.

Connexus Credit Union Teen Checking

This Connexus Credit Union checking account is for kids ages 10-17. With Connexus Credit Union Teen Checking, members can earn up to 2.00% APY on checking account balances up to $1,000. Higher balances over $1,000 will earn 0.25% APY.

This Connexus Credit Union Teen Checking account has most of the same perks and benefits as other Connexus Credit Union checking accounts, such as no monthly maintenance fee, free ATM withdrawals, a free Visa® debit card, and free online banking tools. There are no special requirements for account activity to qualify for the high yield APY for Connexus Credit Union Teen Checking. After the member turns 18, the Connexus Credit Union Teen Checking account will automatically transition to a Simply Free Checking account.

Ratings Methodology
Rates as of Jan 31, 2025

Connexus Credit Union Teen Checking

Federally insured by NCUA.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
up to 2.00% Rate info Circle with letter I in it. Top APY paid on balances of $1,000 or less. Balances over $1,000 will be paid an APY of 0.25%. Rates subject to change.
Min. To Earn APY
$0
  • High APY on balances of $1,000 or less
  • No monthly maintenance fee or minimum opening deposit
  • Free ATM withdrawals
  • Free debit card
  • Free overdraft transfers from linked accounts
  • Highest APY is only for balances up to $1,000
  • No monthly rebates of ATM surcharges

Members age 10 to 17 are eligible for a Teen Checking Account. When members turn 18, the Teen account will automatically transition into a Simply Free Checking account. There are no minimum requirements to earn the APY, and teens will receive a free debit card with access to over 67,000 fee-free ATMs.

  • Xtraordinary Checking is Connexus Credit Union's flagship checking account. This is a high-yield checking account that earns a competitive APY on balances up to $25,000. Balances over $25,000 earn 0.25% APY. Connexus Credit Union's Xtraordinary Checking account also gives you a free Visa® debit card, access to more than 67,000 surcharge-free ATMs, and up to $25 per month of ATM fee surcharge rebates.

    Unlike some interest checking accounts, you don't have to jump through lots of hoops to earn that high APY -- just sign up for electronic statements and use your debit card for a minimum of 15 transactions or $400 of purchases per month. Connexus gives you a free digital tracking tool to help you make sure you're meeting this account's requirements to earn high APY each month.

  • If you're not interested in earning yield on your checking account, Connexus Credit Union offers a Simply Free Checking account. This checking account mostly has no fees (or low fees). But it lacks the upside of the Xtraordinary Checking account's high APY, and it doesn't provide any rebates for other banks' out-of-network ATM surcharges.

    Simply Free Checking gives you most of the same helpful perks as Xtraordinary Checking, including free ATM transactions at Connexus, Co-op, and MoneyPass ATMs. You'll also get a free Visa® debit card, free digital banking tools, and free overdraft transfers from linked accounts.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market account

If you want to earn high yields on your savings like a CD, but with the flexibility of a savings account, money market accounts can be a good choice. The Connexus Money Market account lets you earn a decent yield on your savings. But you must have a $1,000 minimum deposit to open this account and to earn APY.

Connexus Credit Union Money Market accounts offer much higher APYs than its savings accounts -- but there's a catch. This account is a tiered APY account, with higher balances earning higher APYs, and Connexus Money Market rates aren't as high as the best money market accounts. The best yield on a Connexus Money Market account is only available for balances of $1 million or more.

Customer experience

Credit unions are owned by their members, so they can help people avoid fees, save money on loan APRs, and get better yields on savings accounts.

But no credit union has a 100% successful track record of customer service. Most banks and financial institutions get mixed reviews from online customer review sites, and Connexus Credit Union is no exception.

Customer reviews

Connexus Credit Union does not get rave reviews from customers according to the Better Business Bureau. But Connexus received a rating of A+ from the Better Business Bureau, although it is not BBB accredited and received 1.8 stars out of 5 (based on 20 customer reviews).

  • Better Business Bureau rating: 1.6
  • Trustpilot rating: 2.3

Customers on bbb.org complained about a variety of issues at Connexus Credit Union, including:

  • A customer who opened a 5-year CD and then was told that the account was considered "abandoned property"
  • Difficulty getting clear answers from customer service about how much interest a CD would earn
  • Foreign transaction fees charged for online purchases made from U.S. companies

However, some customers also complimented Connexus Credit Union. One customer praised the credit union for having friendly, responsive customer service when dealing with jumbo CDs.

Connexus Credit Union scored slightly higher on Trustpilot, but still only got 2.3 stars out of 5 (based on a small sample size of seven customer reviews). Some customers complained about issues related to getting a replacement card, problems with holds being placed on their accounts unfairly, and problems with managing an IRA account. But another customer praised Connexus for its high yield savings accounts and friendly service.

Connexus Credit Union customer service can be contacted by phone at 800-845-5025 or by live chat through the Member Contact Center, which is open Monday-Saturday. Hours vary by day:

  • Mondays-Wednesdays from 7 a.m.-7 p.m. Central Time (CT)
  • Thursdays from 9 a.m.-7 p.m.
  • Fridays from 7 a.m.-7 p.m. CT
  • Saturdays from 8 a.m.-1 p.m. CT

Members can also contact customer service by sending a secure message within the Connexus digital banking experience, by calling or visiting a local branch, or by booking an appointment to talk with a Connexus Credit Union expert by phone.

Mobile app

If you want to use online banking, it's important to choose a financial institution with a great mobile app. The Connexus Credit Union mobile app gets rave reviews based on tens of thousands of downloads -- some of the best reviews we've seen for any mobile banking app. Customers seem to love this app for iOS and Android devices.

  • App Store rating: 4.7 stars
  • Google Play rating: 4.7 stars

You can use the Connexus Credit Union mobile app to manage accounts, move money, pay bills, make mobile check deposits, and more.

Physical locations

Connexus Credit Union has 14 physical branch locations in three states -- Illinois, Minnesota, and Wisconsin. But this credit union also has nationwide reach through its network of shared branches.

Even if you don't live near a Connexus Credit Union branch, you can do certain banking transactions (like deposits, withdrawals, and cashier's checks) at shared branches of participating credit unions. With over 5,000 shared branches in the network, you're likely to find a location near you.

How does Connexus Credit Union compare?

Connexus Credit Union offers enticing APYs on CDs and checking accounts, but it's not the only place to get high yields and helpful perks. Here are a few other banks that could be a good fit for your financial goals.

Connexus Credit Union vs. Capital One

If you like the mix of online banking and in-person branches that Connexus Credit Union offers, you might want to consider Capital One. This major bank offers in-person branches and Capital One Cafes, while also delivering great online banking perks like high-yield savings accounts and generous APYs on CDs.

Connexus Credit Union vs. LendingClub

If you have enough cash to consider opening a CD with Connexus Credit Union, first be sure to compare CD rates with LendingClub CDs. Some LendingClub CD rates are among the best available, and LendingClub's high-yield savings account also offers one of the most competitive APYs for your cash to grow.

FAQs

  • Like all credit unions, Connexus Credit Union is owned by its members. Any profits earned from loan interest and banking fees are repaid to members in the form of higher yields on deposits or lower interest rates on loans.

  • Connexus Credit Union is headquartered in Wausau, Wisconsin. It has 14 branch locations, mostly in Wisconsin and Illinois, but operates as an online bank in all 50 states.

  • Connexus Credit Union is federally insured by the National Credit Union Administration (NCUA). Your money is protected up to $250,000 in case of institutional failure. In the same way that FDIC insurance protects bank accounts, your money is safe with a NCUA-insured credit union.