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.
Tony ArmstrongSep 2, 2021

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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 checking account offerings are strong, with the potential to earn high rates. Its website and online and mobile banking platforms are also generally helpful. The credit union is part of shared ATM and branch networks across credit unions nationwide. But its savings account has a relatively low rate.

Pros

  • 1.75% on Xtraordinary Checking, if a couple requirements are fulfilled.

  • No monthly fees on checking or savings accounts.

  • Over 54,000 free ATMs available.

Cons

  • Better rates available elsewhere on savings.

  • $5 inactivity fee for checking or savings with less than $100 and no activity over a certain number months.

Full review

Connexus Credit Union Savings Account

Connexus Credit Union Savings Account

4.0

NerdWallet rating 
APY

0.25%

With $100 minimum balance

The interest rate on the basic savings account at 0.25% isn’t strong, but there’s no monthly fee. If an account has less than $100 and doesn’t get used in a year, there’s a $5 inactivity fee. Note that all Connexus members must sign up for a regular savings account when joining the credit union. (For higher rates, see our list of best savings accounts.)

The money market option has rates up to 0.85%, but you'll have to deposit at least $100,000 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available. There is, however, a free mobile app for kids about money management with games and chore lists that parents can create.

» 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

5.0

NerdWallet rating 
Monthly Fee

$0

APY

1.75%

With $0 minimum balance

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. The portion of the balance higher than $25,000 earns 0.25% APY. If requirements aren’t fulfilled, you won’t earn any interest and no ATM fees will be reimbursed that month.

The Innovative Checking account is a good option; it is a basic account that doesn’t pay interest but also doesn’t charge a monthly service fee. The Teen Checking account offers an excellent rate of 1.35% for balances up to $1,000.

Best Credit Union for CDs

Connexus Credit Union CD

Connexus Credit Union CD

4.5

NerdWallet rating 
1-year APY

0.61%

3-year APY

0.81%

5-year APY

1.06%

Minimum Deposit

$5,000

Rates range from 0.61% to 1.06% APY, with longer terms earning higher rates. The rates are competitive, but each certificate comes with a steep minimum deposit requirement of $5,000. Other credit unions and banks have strong rates and lower minimums.

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

Banking experience

4.5

NerdWallet rating 

Connexus offers a solid combination of 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 as well as phone support six days a week. Membership, unlike at many credit unions, is open to people beyond certain regions or employers. One way to be eligible is by joining the Connexus Association, a charitable organization, for a one-time $5 fee. Connexus also offers various loans, including mortgages (see our mortgage review).

Overdraft fees

3.0

NerdWallet rating 

Connexus charges an overdraft or returned item fee of $29.95, which is slightly below what big banks charge, but still high. Plus, the credit union can charge this fee up to six times per day. There’s a free overdraft protection if you link a savings account to your checking. An overdraft line of credit carries an 18% interest rate.

Connexus Credit Union Savings Account

Connexus Credit Union Savings Account

4.0

NerdWallet rating 
APY

0.25%

With $100 minimum balance

The interest rate on the basic savings account at 0.25% isn’t strong, but there’s no monthly fee. If an account has less than $100 and doesn’t get used in a year, there’s a $5 inactivity fee. Note that all Connexus members must sign up for a regular savings account when joining the credit union. (For higher rates, see our list of best savings accounts.)

The money market option has rates up to 0.85%, but you'll have to deposit at least $100,000 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available. There is, however, a free mobile app for kids about money management with games and chore lists that parents can create.

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

How does Connexus Credit Union compare?

Federally insured by the NCUA

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.55%

With $100 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING 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.