Connexus Credit Union Review

4.0

GBR RATING

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Quick Take: Connexus offers a wide variety of no-fee accounts and can pay some high rates on its checking account and certificates, but its savings account APY is low and its minimum for certificates is high.

Membership Eligibility and Requirements

There are three ways to become a member of Connexus Credit union:

1. Work for an eligible company, like Cincinnati Bell, Convergys, Honeywell, Liberty Mutual, TSI Incorporated and many others, as listed on the credit union’s website.
2. Live in one of many cities or counties across Illinois, Minnesota, Wisconsin or Ohio. 
3. Make a one-time $5 donation. This opens up membership to all. 

Connexus Credit Union Products and Services

Connexus Credit Union offers a wide variety of products, from deposit accounts to investment options and various loan types. Here’s a quick overview. 

Savings Accounts

There are two savings account options at Connexus:

• The Simply Savings Account
• The Holiday Club Account

The Simply Savings Account pays dividends on balances of at least $100 and comes with a debit card allowing access to fee-free ATMs across the country. Yields on both accounts, however, are a paltry .

Checking Accounts

Connexus Credit Union offers three checking accounts:

• Xtraordinary
• Simply Free
• Teen

Xtraordinary account

This is the premier checking account at Connexus. It offers an APY of up to and $25 monthly rebates of ATM fees. To earn the full APY you must select eStatements instead of paper statements. Then, you must either:

• Make 15 debit card purchases monthly
• Spend $400 in debit card purchases to earn the top APY

Simply Free

This is the most basic option. This account:

• Pays no interest
• Offers no fee rebates
• Has no transaction or balance requirements

Teen account

This account pays an APY of up to and has no transaction or balance requirements. However, account holders must be 10-17 years of age. 

Certificates

Connexus Credit Union offers certificates with maturities from 10 to 60 months. Higher rates are paid for jumbo certificates. However, the jumbo accounts require a minimum deposit of $100,000.

Loans and Mortgages

Connexus Credit Union offers a wide variety of loans, from home mortgages and HELOCs to new and used vehicle loans, personal loans, student loans and refinancing options. 

Credit Cards

Both personal and business credit cards are available at Connexus Credit Union.

Investment Services

Under its investment options, Connexus Credit Union provides both Money Market accounts and IRAs. 

Connexus Credit Union Digital Banking Experience

Connexus Credit Union offers 24/7 access to account information via a mobile app that receives high marks from customers, garnering 4.7 stars on both Google Play and at the App Store. Some of the functionality of the app includes the following:

• Bill pay
• Debit card management
• Account management
• Money transfers
• Financial health tools
• Edocs
• Mobile deposit
• Mobile wallet
• Account snapshot without logging in

Customer Service and Support

Connexus Credit Union offers both phone and live chat options for customer service. The hours for both services are the same:

Branch Locations and ATM Network

Connexus Credit Union has 14 branch locations across:

• Illinois
• Minnesota
• Wisconsin

However, it’s part of the CO-OP Shared Branch Network, meaning there are over 5,000 shared branches across the country that its customers can use. It also participates in the CO-OP and Moneypass ATM networks. This partnership provides fee-free access at over 67,000 terminals.

Connexus Credit Union Fees and Charges

Connexus doesn’t charge much by way of fees. However, there are a few to be aware of. Here’s the breakdown of the most important ones.

Connexus Credit Union Rates and Yields

Rates and yields can vary widely at Connexus. Here’s an overview.

How Connexus Credit Union Compares to Other Credit Unions

No financial institution is the right choice for everyone, and Connexus is no exception. Here’s how some of the credit union’s main competitors stack up.

Connexus vs. Navy Federal Credit Union

Navy Federal Credit Union is the largest such institution in America. It offers an even more extensive line of products and services than Connexus. Share savings accounts pay a , higher than the meager at Connexus but still far below the best rates in the country. Its top-tier money market account can reach an APY as high as .

Connexus vs. Alliant Credit Union

Connexus and Alliant Credit Union both offer a comprehensive line of banking services and have low fees and minimums. However, if you’re looking for a higher rate on your savings account, Alliant might be the better choice, as its Alliant Credit Union High-Rate Savings Account pays a APY on balances of at least $100. Alliant also offers a High-Rate Checking Account, although that account only pays a APY vs. the available at Connexus.

Connexus vs. PenFed Credit Union

Like Connexus (and Alliant), PenFed offers a range of diversified financial services and products. Its Premium Online Savings Account pays a , much better than the rates available at Connexus. However, its top-tier checking account, the Access America Account, only pays up to a APY for balances over $20,000. The range of available certificates at PenFed Credit Union isn’t nearly as extensive as at Connexus. However, the minimums are only $1,000, vs. $5,000 at Connexus.

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