bank rates

Connexus Credit Union Offers Rare Combo: Competitive Checking Account, CD Rates

It pays 2% on its rewards checking account and offers top CD rates.It’s not often that you’ll find a decent checking account rate at a bank or credit union that also offers competitive CD rates.

If you’re lucky enough to find a good checking account rate, odds are that institution’s CD rates are going to be terrible. Or vice versa.

This forces savers to accept lousy interest rates in one category or shop around for different places to park their money to earn the top yields.

No big deal, I know, but it would be nice to find a one-stop shop that doesn’t require a bit of sacrifice in exchange for convenience.

Indeed, there are some exceptions out there.

One example is Connexus Credit Union, which has three branches in Wausau, Wis., and three more in New Hampshire and Ohio. Anyone can join.

Connexus (www.connexuscu.org) offered some terrific CD rates through last fall but fell away from the best nationally available deals when it cut its top rates by a full percentage point over the course of several months.

It’s held onto its rates for a while now, making yields competitive once again. Its best deal is on a 60-month CD. Connexus pays 2.00% APY with a $10,000 minimum deposit.

That’s slightly better than the best nationally available bank deal you’ll find on our CD Rates Leaderboard.

To qualify for these CD rates members must have what the Connexus calls an “active” checking account, which means they’re making at least one direct deposit and 10 payments by debit card or check each month.

But as we mentioned above, Connexus offers competitive rates on several of its checking accounts, led by Xtraordinary Checking, which pays 2.00% APY on deposits up to $25,000.

Now, that’s well below the 4.09% APY offered by Illinois-based Consumers Credit Union on its rewards checking account – the best nationally available deal. But you’ll earn that top rate on deposits of up to $10,000 and just 0.56% APY on any portion of the balance between $10,001 and $25,000.

If you have $25,000 on deposit, you’ll earn about the same return at both credit unions. But Consumers has less competitive CD rates.

There’s no minimum balance requirement on the Connexus checking account and you’ll be rebated ATM fees up to $25 a month.

Membership is open to anyone who joins the Connexus Association, which supports educational and charitable efforts.

A one-time donation of $5 or more will get you into the association, and another $5 will cover the credit union’s membership fee.

You can compare these returns with the best CD rates from scores of banks in our database.

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on March 19th at 08:05 am

    These CD and checking rates are still available from Connexus.

  2. Kathy at Bankaholic said:
    on April 2nd at 08:16 am

    You can still get these rates from Connexus.

  3. Kathy at Bankaholic said:
    on April 17th at 09:11 am

    Connexus is still paying these rates.