Connexus Credit Union Review: Checking, Savings and CDs

Connexus offers excellent rates on checking, if you're willing to meet a few requirements, and wide ATM access — but its savings rate is low.

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Overall bank rating

Connexus Credit Union
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.5

NerdWallet rating 

The bottom line:

Connexus Credit Union has a strong checking account that offers the potential to earn high rates. Its mobile apps receive high ratings in app stores, and it's part of a network of shared credit union ATMs and branches nationwide. The credit union’s savings account has no monthly fee, but it offers a relatively low rate.

Best for: Customers who want checking and savings accounts with no monthly fees, can meet spending requirements to earn high rates on checking and don’t mind if their savings account doesn’t earn top rates.

Pros

  • 1.75% APY on Xtraordinary Checking, if a couple of requirements are fulfilled.
  • No monthly maintenance fees.
  • Strong rates on CDs.
  • Reimburses up to $25 a month for non-network ATMs in the U.S., if a couple of requirements are met.
  • Membership is widely available.

Cons

  • Better rates available elsewhere on savings.
  • Minimum $100 savings balance required to earn the low savings APY.

Full review

Connexus Credit Union Savings Account
Connexus Credit Union Savings Account

Savings

Federally insured by NCUA

4.0

/5
 NerdWallet rating 
APY
0.25%
With $100 min. balance for APY

The strongest features of Connexus credit union’s savings account are no monthly fees and a low minimum deposit. The interest rate — 0.25% — 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 $20,000 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.

» If you're looking for a better money market account, explore our picks for best money market accounts

Connexus Credit Union Xtraordinary Checking
Connexus Credit Union Xtraordinary Checking

Checking

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
APY
1.75%
With $0 min. balance for APY
Monthly fee
$0
Overdraft star rating
Not yet rated

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.

Connexus offers a few other checking accounts, which we didn’t rate for the purposes of this review: The Innovative Checking account is a basic option that doesn’t pay interest, but like the credit union’s other checking accounts, it also doesn’t charge a monthly service fee. There's also a Teen Checking account that earns interest on all balances, including an excellent promotional rate on amounts up to $1,000.

Connexus Credit Union CD
Connexus Credit Union CD

CD

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
1-year APY
4.11%
3-year APY
3.71%
5-year APY
3.51%
Minimum deposit
$5,000

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.

» Want to see the best options? Browse NerdWallet's top certificate rates list

Banking experience

4.0

NerdWallet rating 

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.

» Want to know more? Compare Connexus with the other best banks and credit unions for mobile banking

Overdraft fees

4.5

NerdWallet rating 

Connexus charges an overdraft or returned item fee of $4, a significant drop from its previous fee of $29.95. The $4 fee is well below what some big banks charge, and it’s limited to twice per day. However, some financial institutions don’t charge overdraft fees at all. Connexus offers overdraft protection if you link a savings account to your checking. There's also an option to apply for an overdraft line of credit that carries an 18% APR.

Connexus Credit Union Savings Account
Connexus Credit Union Savings Account

Savings

Federally insured by NCUA

4.0

/5
 NerdWallet rating 
APY
0.25%
With $100 min. balance for APY

The strongest features of Connexus credit union’s savings account are no monthly fees and a low minimum deposit. The interest rate — 0.25% — 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 $20,000 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.

» If you're looking for a better money market account, explore our picks for best money market accounts

How does Connexus Credit Union compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5

APY

3.25%

With $0 min. balance for APY

APY

3.00%

With $0 min. balance for APY

APY

3.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus

$200

Requirements to qualify

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.