Connexus Credit Union Review: Checking, Savings and CDs

The strongest features of Connexus credit union’s savings account are no monthly fees and a low minimum deposit. The interest rate — 0.10% — isn’t strong, but it’s better than the 0.01% APY that some large banks offer. (For higher rates, see our list of best savings accounts.) If an account has less than $100 and doesn’t get used in a year, and the member has no other accounts or loans, the credit union will charge a $5 monthly inactivity fee.

The credit union’s money market account has better rates, but you’ll need to deposit more than a million dollars to get the highest yields. We did not consider the money market account while rating Connexus Credit Union. Ultimately, the money market account and standard savings both fall short of the best savings accounts available.

Xtraordinary checking offers an annual percentage yield of 1.75% for balances up to $25,000, plus up to $25 in rebates to cover out-of-network domestic ATM fees. To get both perks, you have to accept paperless statements and meet spending requirements: either 15 debit card purchases or $400 in debit card spending per month. If your balance is higher than $25,000, the amount above that limit earns 0.25% APY. If requirements aren’t fulfilled, you won’t earn any interest and no ATM fees will be reimbursed that month.

Unlike its savings accounts, Connexus offers great rates on its share certificates, the credit union term for certificates of deposit. Though yields are strong, each certificate comes with a steep minimum deposit requirement of $5,000. Other credit unions and banks have competitive rates and lower minimums.

Connexus offers digital tools for budgeting and creating goals as well as access to over 5,000 branches nationwide through a shared network with other credit unions. There’s live chat and phone support six days a week. Membership, unlike at many credit unions, is open to people beyond certain regions or employers. One way for anyone to be eligible is by joining the Connexus Association, a charitable organization, for a one-time $5 fee.

Connexus offers lines of credit and loans, including mortgages (see our mortgage review). It also has a free money management mobile app for kids with games and chore lists that parents can create.