Editorial Review

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 ArmstrongMarch 18, 2019

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Overall bank rating

Connexus Credit Union
  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.5

NerdWallet rating 

The bottom line: Connexus Credit Union checking accounts are stellar, 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 several 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 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 1.15%, but you'll have to deposit $100,00 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available, as does the Youth Savings account with 0.25% APY. 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 meet several spending and deposit requirements and accept paperless statements. Money above $25,000 earns 0.25% APY. If requirements aren’t fulfilled, the APY drops to 0.20% for that month.

The Innovative and MyRewards checking accounts weren’t factored into our ratings, but both are good options; neither one charges a monthly service fee, either. Innovative Checking is a basic account that does not pay interest. MyRewards, meanwhile, offers an APY of 1.35% on balances up to $25,000, but you’ll have to meet a few requirements.

Connexus Credit Union CD

Connexus Credit Union CD

4.0

NerdWallet rating 
1-year APY

1.01%

3-year APY

1.26%

5-year APY

1.56%

Minimum Deposit

$5,000

Rates range from 1.01% to 1.56% 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.

Overdraft fees

3.5

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, there’s no limit to how many of these fees the credit union can charge 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 1.15%, but you'll have to deposit $100,00 to earn the best yield. Ultimately, that and the standard savings both fall short of the best savings accounts available, as does the Youth Savings account with 0.25% APY. 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 meet several spending and deposit requirements and accept paperless statements. Money above $25,000 earns 0.25% APY. If requirements aren’t fulfilled, the APY drops to 0.20% for that month.

The Innovative and MyRewards checking accounts weren’t factored into our ratings, but both are good options; neither one charges a monthly service fee, either. Innovative Checking is a basic account that does not pay interest. MyRewards, meanwhile, offers an APY of 1.35% on balances up to $25,000, but you’ll have to meet a few requirements.

Connexus Credit Union CD

Connexus Credit Union CD

4.0

NerdWallet rating 
1-year APY

1.01%

3-year APY

1.26%

5-year APY

1.56%

Minimum Deposit

$5,000

Rates range from 1.01% to 1.56% 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.

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.

3.5

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, there’s no limit to how many of these fees the credit union can charge 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.

How does Connexus Credit Union compare?

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

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.