Conexus Credit Union Review

Conexus Credit Union overview

Conexus Credit Union is a Saskatchewan-based credit union with 30 branches across the province and nearly 900 employees. As a co-operative organization, Conexus Credit Union prioritizes co-op principles like democratic member control, member economic participation and concern for the community.

Community support plays a large role in this co-operative organization. Conexus partners with a number of local programs that promote financial wellness and literacy. Other initiatives that Conexus supports include the Regina Food Bank, SOFIA House Employment Program, the Lung Association of Saskatchewan, Dress for Success, and more. Conexus Credit Union also sponsors 20 youth each year to attend Camp Kindling, a camp designed to develop leadership skills and promote community involvement.

This community support is driven by over 137,000 members who trust Conexus Credit Union with their financial needs. Conexus offers a large range of financial products for individuals and businesses, as well as a few products tailored for people who work in the agricultural sector. Banking can be accessed in person at a local branch, over the phone, online or via the Conexus Credit Union app.

Online banking capabilities at Conexus Credit Union

Conexus Credit Union offers online banking from the website (www.new.conexus.ca), where members can log in using their member card debit number and password, and via the Conexus mobile app. 

The Conexus mobile app is available for iPhone, iPad, iPod Touch, and Android devices. Through the mobile app, members can complete the following financial tasks:

• Check account balances.
• Pay bills.
• Transfer money between accounts.
• Manage scheduled payments.
• Send and accept Interac e-transfers.
• Find the nearest branch or ATM.
• Deposit a cheque.

Is my money safe at Conexus Credit Union?

Money in your Conexus Credit Union account is 100% guaranteed by the Credit Union Deposit Guarantee Corporation (CUDGC), which guarantees the full repayment of deposits held at participating Saskatchewan credit unions. There is no maximum amount of coverage for chequing and savings accounts, term deposits and other deposits, but stocks and mutual funds are not covered.

When it comes to online banking, Conexus Credit Union has several high-security measures in place to protect your personal information and finances. This includes 128-bit encryption, robust firewalls, automatic session time-outs, and continual monitoring. As always, it is also up to you to keep your personal and online banking information secure. 

Conexus credit cardholders can sign up for free real-time text alerts  to help prevent fraudulent transactions. While fraud specialists monitor your account at all times, this extra security feature can better protect your personal financial information. Conexus Credit Union credit cards are all from Mastercard, so they also offer purchase protection.

Conexus Credit Union account types

Conexus Credit Union offers a range of savings accounts, chequing accounts, credit cards and other financial products. Options may vary depending on whether you are looking for individual or business products. Specialized account options are also available for people who work in agriculture.

Conexus Credit Union chequing accounts

• Personal No-Fee Chequing Account: This account charges no monthly or recurring fees and has no minimum balance requirement. It includes unlimited deposits, withdrawals, transfers, incoming Interac e-transfers and bill payments, as well as 30 free outgoing Interac e-transfers. Additional e-transfers cost $1.50 each. This account does not earn any interest. 
• Personal U.S. Chequing Account: A U.S. dollar account with no monthly fee, though transfers and pre-authorized debit transactions come with fees of $0.60 to $1. This account earns interest at a tiered rate (0.10%-0.20%) based on your balance. 
• Business Basic Chequing: A bare-bones business chequing account that costs $5 per month plus pay-as-you-go fees for transactions. The account includes monthly statements and business cheques are available for a fee. A line of credit is available for approved members. The basic account can also be combined with a Business 30, 60,120, or 240 package for more transactions. 
• Business 30: Up to 30 transactions per month for $25. Account holders can receive either paper or electronic monthly statements and have free access to online banking. A line of credit is also available to account holders.  
• Business 60: Up to 60 transactions per month for $45. Otherwise, the features are the same as Business 30.
• Business 120: Up to 120 transactions per month for $80, plus all the same features as Business 30.  
• Business 240: Up to 240 transactions per month for $135, plus all the same features as Business 30.  
• Business U.S. Chequing: Manage your business’s U.S. dollar income and expenses without having to convert funds. This account earns interest following a tiered structure. 
• Agriculture Chequing: Although farming is not the same as a store, manufacturing unit or business, it’s still treated as a business and offered the same variety as business accounts. The basic account can be integrated with a Business 30, 60,120, or 240 plans based on the usage and transactions needed.

Conexus Credit Union savings accounts

• Personal Savings Account: This account includes two free debit transactions per month and additional transactions cost $5 each. Tiered interest is earned at rates from 0.90% to 1.50%, depending on your account balance. Statements are provided electronically.
• Business Savings Account: This account offers tiered interest from 0.90% to 1.50%, based on your account balance. Account holders have free access to online banking and can choose to receive paper statements or have them issued electronically. 
• AgriIvest Account: This account is specifically for members who work in agriculture and participate in the Government of Canada’s AgriInvest program. It offers tiered interest from 0.90% up to 1.50% depending on your account balance. Account holders have free access to online banking and can choose to receive paper statements or have them issued electronically.
• Agriculture Savings Account: Also designed specifically for members who work in agriculture, this account offers tiered interest from 0.90% to 1.50% depending on your account balance. Account holders have free access to online banking and can choose to receive paper statements or have them issued electronically.

Conexus Credit Union credit card accounts

Conexus offers six different Mastercard credit card options, including a travel rewards card, a U.S. dollar card and a student credit card.

• Conexus Cash Back Mastercard.
• Conexus Centra Gold Mastercard.
• Conexus Travel Rewards Gold Mastercard.
• Conexus U.S. Dollar Mastercard.
• Conexus World Mastercard.
• Conexus Student Mastercard.

Conexus Credit Union investing accounts

• Tax-free savings accounts (TFSAs).
• Registered retirement savings plans (RRSPs).
• Registered education savings plans (RESPs).
• Registered retirement income fund (RRIF).
• Registered disability savings plan (RDSP).
• Term deposits.
• U.S. dollar term deposits.
• Market-linked guaranteed investments.

Other Conexus Credit Union services

In addition to the financial products listed above, Conexus Credit Union offers several other services for both personal and business financial needs.

Personal services include:

• Mortgages.
• QuickLine line of credit.
• RRSP QuickLine line of credit.
• Lines of credit.
• Personal loan.
• Home Plus Plan (home equity line of credit, or HELOC).
• STUDENTCHOICE education loan.
• RRSP loan.
• Dealer financing auto loan.

Business and agricultural services include:

• Term loans.
• Canadian Small Business Financing Loans.
• Canadian Agriculture Loans Act (CALA).
• Leasing.
• QuickLine line of credit.
• Line of credit.
• Letter of credit.
• Blanket QuickLoan line of credit.
• Construction mortgages.
• Business owner-occupied mortgages.
• Investment mortgages.

Conexus Credit Union fees

Bank fees can vary based on the accounts you have and how you use them. Here are some of the common fees you may encounter using Conexus Credit Union’s financial products and services:

• Non-sufficient funds: $45
• One-year inactivity fee: $25
• Overdraft items $5 + 21% interest/year (rate may vary)
• Transfer out fee for RRSP/RESP/RRIF/TFSA: $100
• Closing membership within 180 days of opening accounts: $30

Who is Conexus Credit Union best for?

Saskatchewan residents who prefer to bank with a co-operative institution and support the local community.

As one of the largest credit unions in Saskatchewan, Conexus Credit Union offers a variety of financial options for both individuals and businesses, as well as specific solutions for those working in the agricultural sector. Conexus also shows remarkable community involvement by supporting local initiatives and partnering with nonprofits.

Pros and Cons of Conexus Credit Union

There’s plenty to like about Conexus Credit Union, but no bank or credit union is without its drawbacks. Here’s what to consider before you open an account.

How Conexus Credit Union compares to other credit unions

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