Connexus is currently offering some of the best yields available on their CDs (each requires a 10K minimum deposit):
6 month CD: 1.50% APY
12 month CD: 1.75% APY
60 month CD: 3.00% APY
Unlike traditional CDs, Connexus Credit Union CDs come with additional requirements to earn the above rates:
1. You must open and maintain an Active Checking Account with Connexus Credit Union. An active checking account simply means opening any checking account and meeting certain transaction minimums each month.
2. To qualify as “Active Checking”, each month you must have at least 1 direct deposit, and make a total of ten of the following transactions: check writing, ACH withdrawals, or signature (not pin based) debit card purchases.
3. You must elect to receive eStatements.
So what happens if you don’t meet the requirements above? Your account may be flagged as no longer having an “Active Checking Account” and your interest rate will be reduced for the rest of the CD term as follows:
6 month CD: 1.50% APY –> 1.00%
12 month CD: 1.75% APY –> 1.00%
60 month CD: 3.00% APY –> 2.50%
The good thing is that if you open an Innovative Checking Account (earns no interest but charges no monthly fees), you can meet the requirements for Active Checking with a combination of check writing, ACH withdrawals, and/or signature debit card transactions.
However, if you open a MyRewards Checking (earns 2.00% APY) or Xtraordinary Checking (earns 2.30% APY) , you have to meet the exact requirements as follows:
MyRewards Checking – Earns 2.00% APY on balances of 25k or less:
- 10 Visa Check Card (signature) purchases
- 1 direct deposit or ACH automatic withdrawal
- Receive eStatements
Xtraordinary Checking – 2.00% APY on balances of 25k or less:
- 15 Visa Check Card (credit/signature based) purchases clear your account by the last business day of the month
- At least 1 direct deposit into your account each month
- Choose eStatements
- Make at least 1 third party online bill payment clear each month
Fine Print Fees
There are a few non-typical fees you should be aware of:
- There is a $2 charge per transaction that exceeds four (Innovative and MyRewards) or six (Xtraordinary) pin based purchases/withdrawals in a single month.
- $5.95 Monthly Bill Pay inactivity fee if you don’t pay a bill within 90 days
- There’s more fees than can be listed here so make sure to read them all at: Connexus Fee Schedule.
All credit unions have membership eligibility requirements. However, it is easy to join Connexus. First, become a member of their Connexus Association by making a charitable donation of $5; then you are eligible to join Connexus Credit Union.
You can learn more at the Connexus Credit Union website.
See how Connexus compares with other banks on the cd rates chart.