Our Verdict
Connexus Credit Union offers the most competitive APY on its checking account with a mobile app that is customer highly speak of. It partners with other financial institutions in order for its members to access ATMs across the country. You make no monthly fee and enjoy low rates on the credit union’s products. Membership is opened to everyone that meet the qualification requirements.
Check below for more information about the credit union:
Connexus Credit Union Review
Corporate Headquarters
Address: 1 Corporate Dr Ste 700 Wausau, WI, 54401-1725 United States
Phone Number: (715) 847-4700
Pros
- Offers exceptional rates on its CDs
- Doesn’t charge monthly fees
- Welcomes membership from the general public
- Makes ATM reimbursement up to $25 each month for ATMs outside of the U.S. (Terms and conditions apply, though).
- Offers numerous business and personal credit card options.
Cons
- Offers lowers rates in savings account.
- Requires a deposit of $100 or more before you earn APY (which itself is low).
- Demands membership before approving any application for its products.
Who This Product Is Best For
Consider the Connexus Credit Union if you’re someone who:
- Requires a credit union that opens a deposit account for almost no fee and offers competitive rates on checking accounts.
- Wants a checking and savings account with a $0 monthly fee.
- Don’t care about earning reasonable APY on your savings account balance.
Who This Product Isn't Right For
Connexus Credit Union may not be your best fit if you:
- Prioritize earning a higher APY on your savings account.
- Want a credit union that allows nothing to a lower minimum deposit before qualifying you for its APY.
- Are an active duty or retired military officer who can qualify for better rates on savings account from other credit unions.
What This Product Offers
- Checking account. Go through Connexus’ different checking accounts options so that you can determine which one is ideal for you.
- Savings account. Qualify for reasonable dividend when you maintain a daily balance of $100.
- Money market account. Consider this option if you run an active checking account.
- Share certificates. Connexus Credit Union offers an extended term of 12 to 60 months for its shared certificates.
- Credit cards. Consider Connexus credit union products for the best rewards and cash back business and personal credit cards.
Product Details
Checking account
Connexus Credit Union runs three different checking accounts. The Connexus Credit Union Xtraordinary Checking stands out of the three, offering you an APY of 1.75% on any balance up to $25,000. Earn 0.25% APY with a balance more than $25,000. However, earning 1.75% or 0.25% APY is not automatic. To qualify, complete a minimum of 15 debit card purchases in a month. Alternatively, spend a total of $400 or more in all your debit card purchases within a month.
If you want to bypass any monthly spending requirements, consider the Innovative checking account. It doesn’t earn you any dividend or ATM charges reimbursement, though.
Want to earn an APY up to 2.0% on any balance from $1,000 with no monthly requirements? If yes, consider the Teen checking account. One drawback, as the name implies, is you may not be eligible if your older than 17 years. It’s best for anybody between 10 and 17 years.
Savings account
The Member Share Savings Account Connexus Credit Union’s most popular savings account. You earn about 0.25% APY when you have a minimum daily balance of $100. Don’t forget to always keep a minimum of $5 in your savings account in order for you to keep it active.
Feel free to make withdrawal from any of Connexus’ ATMs and from other 54,000+ surcharge-free ATMs. Set your savings goal with Connexus mobile apps.
The Holiday Club savings account is the credit union’s second savings account. Use to receive direct deposit on your payday in order for you to save money over a certain period of time.
Money market account.
Consider this product of you already run a checking account with Connexus. You get both dividend and waive up to four withdrawal or transfer fees in a month.
The APY you earn is not fixed. The higher your balance, the more dividend you earn. With a $1,000 minimum balance, your earn an APY of 0.25% and get up to $4.01% APY when you maintain a balance of $1,000,000 or more. Don’t forget that you need to make a minimum deposit of $1,000 in order to open this account.
Share certificates
Connexus Credit Union offers you an extended term of 12 to 60 months for its share certificates, a form of the credit union’s certificate of deposit. Make a deposit of $5,000 to get the share certificate. Don’t forget that Connexus imposes strict penalties when you withdraw your money before it matures.
Loans and lines of credit
Connexus offers other financial solutions, including secured and unsecured loans such as personal loans and lines of credit.
- Personal loans. Connexus’ unsecured personal loan terms oscillate between 24 and 84 months with interest rates in the range of 9.49% to 12.99%. The loan amount max at $10,000 making it a best alternative if you’re not in need of a higher loan amount.
- Lines of credit. Connexus offer two types of secured personal lines of credit which are FlexPlus personal line of credit (with an APR of 12.49% at $200.00 monthly repayment) and Flex personal line of credit (with an APR of 13.99% at $200.00 monthly repayment).
- Savings secured loan. This product is another Connexus’ secured loan that offers you an interest rate of 4.25% and monthly payment term of $217.68.
Credit cards
Connexus offers both personal and business credit cards tailored to meeting your personal or venture’s needs. Popular Connexus credit cards include:
- Everyday Rewards+ Card. Consider this card for outstanding rewards and bonuses. You get $150 welcome bonus and 4x rewards on your dining, food-delivery, and take-out expenses. Receive 15,000 reward points when you spend up to $500 within the first three months of opening the account. Plus, you pay $0 annual fee (terms and conditions apply, though).
- Platinum Card. Use this card for everyday purchases while you cut interest and enjoy 0% introductory APR for the first 18 months of opening the account. You get better rates with a good to excellent credit score.
- Max Cash Preferred Card. Earn up to 5% cash back on every single purchase you make on this credit card. Qualify for better APR with a higher FICO score from anything between 19.24% and 29.24%.
- Travel Rewards+ Card. Looking for a reward traveling credit card? Look no more! First, you get a huge $250 welcome bonus and receive 4x rewards points on travel, recreation purchases, electric vehicle charging stations, and entertainment purchases.
- Business Cash Preferred Card. Safe money as you spend with the Connexus Credit Union Business Cash Preferred Card. Earn 3% cash back on all business related purchases. You pay $0 annual fee and receive $25 cash back after you make your first purchase.
- Business Card. If cutting your rates is your priority for getting a business credit card, Connexus’ Busine Card is your best credit card companion. You enjoy 0% introductory APR within 18 billing cycle. Then you begin to pay any amount from 16.99% to 25.99% depending on your credit score.
- Smart Business Rewards Card. Get 2 bonus points on every dollar you spend and earn 20,000 bonus points when you are spending within the first three months of opening the account equals $200 or more. Also, this business card offers $0 annual fee.
Where This Product Stands Out
Competitive APY on money market account
You earn anything between 0.25% and 4.01% APY on Connexus’ money market account, depending on the minimum balance you maintain in your account.
Enticing products for kids and teens
Connexus Credit Union offers products that are best fit for teens and kids. For example, the credit union offers Teens checking account from the ages 10 to 17 years.
Credible mobile app for better customer experience
If you experience difficulties in creating a budget or setting your savings account goals, Connexus Credit Union is a good option to consider.
Where This Product Falls Short
Offers lower yields on its savings account
You earn only 0.25% APY on your savings account and yet, you require a minimum balance of $100 in order to qualify for the dividend.
Gives less competitive rates on it certificate of deposit and high minimum deposit
Connexus Credit Union minimum deposit for the share certificate is $5,000. You can find a better alternative with other credit union.
How to Qualify for This Product
While there are general requirements for joining a credit union, Connexus qualification criteria include:
- Be a U.S. citizen or permanent resident. Connexus welcomes you if you’re a U.S. citizen or have permanent resident right. That said, get your government issued ID card, Social Security number, and driver’s license handy as you make move to apply.
- Have a solid credit score. If you want to apply for a personal or business loan from the credit union, maintain a good to excellent credit score. Present your business’ annual revenue, bank statements, and proof of business longevity in order to boost your chances of getting a business credit facility from Connexus Credit Union.
How to Apply for This Product
Apply for any Connexus Credit Union products is straightforward. You must first become a member of the credit union before you can enjoy any of its products. To become a member of Connexus Credit Union member:
- Understand the product you require. Connexus offers numerous products. First things first. Understand what you want before you proceed with your registration.
- Visit Connexus website. Browse the credit union’s list of products and select your best fit.
- Click on “Become a member.” Fill out the application form, stating the product you need, and provide your personal information. Submit the application.
- Check your email address for updates. Follow-up your application by checking your email address. If the credit union requires any additional information, you get an email telling you what next steps to take.
Alternatives to This Product
Alliant Credit Union
Alliant Credit Union offers similar products to Connexus, including checking and savings account, share certificates, and loans and mortgages. However, Alliant doesn’t offer money market account which Connexus offer. Notwithstanding, the credit union offer a more competitive APY on its savings account than Connexus, making it a better option (especially if you want to earn more dividend on your savings account). Connexus also offer more APY than Alliant offers for it checking accounts.
Navy Federal Credit Union
If you’re interested in credit unions that deal with member of the armed forces, give Navy Federal Credit Union a trial. One cool thing about this credit union is that it offers you more perks and discount on loans. It requires a minimum balance of $2,500 before you qualify for its dividend, but that’s has nothing to do with the benefits you enjoy and the variety of products to choose from.
Customer Reviews
Customer are not saying something good about this credit union. It receives a poor rating of 2.4 stars 6 customer reviews on Trust Pilot. Angry customers talk about the credit union’s bad customer service and poor service delivery.
Methodology
We reviewed Connexus Credit Union based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Connexus Credit Union based on the weighting assigned to each category:
Loan cost: 35%
Loan details: 25%
Customer experience: 20%
Eligibility and accessibility: 10%
Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.
Finally, we evaluated Connexus Credit Union customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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