Connexus first opened its doors in December 2014, in Wisconsin. The credit union offers a variety of checking and savings accounts, along with loans for homes, vehicles and student loans. Their website lays out all the specifics for joining, and offers a live chat option for any questions about becoming a member. Customers have a wide variety of options, including mobile deposit, direct deposit and online banking.
- Checking interest rate
- Personal/unsecured rates
- Membership eligibility
- ATMs and EMV technology
- Free overdraft protection
Connexus Credit Union has a lot of highights that top the industry. They are really showing that they are a force to be reckon with, and are on top of the latest and newest trends. Connexus makes sure they offer the best they can possibly give to their customers.
Checking Interest Rate
Connexus has a lot of good things to offer consumers when it comes to credit unions, but the most coveted part of Connexus is the fact that they offer one of the best checking interest rates in the industry. Very rarely, will a credit union offer rates of 1.0%, but both the low and high end of Connexus' rate range is higher than 1.0%. This is great for people looking for a decent return on their money.
Opposite of how checking interest rates work, you will want the lowest interest rate possible with personal or unsecured loans. This will determine how much you will have to pay back over the course of your loan. Once again, Connexus has the best (possible) interest rate in the industry. There are several credit unions that have their starting rates from 10-15%. Connexus will literally give you the option to cut that interest rate in half at 5.88%. You will not find another credit union with that low of a personal/unsecured interest rate.
Credit unions are made to serve a smaller demographics. However, our review team still looks at the number of groups or counties that a company offers membership to. The more groups or counties, the higher a company will score in regards to our ranking criteria. Connexus scores higher in this area in comparison to most other credit unions. The only credit unions that will score higher than Connexus are those that offer membership eligibility to anyone.
ATMs and EMV Technology
Even though Connexus only has 11 locations that customers can visit, the number of ATMs exceed most credit unions with dozens of locations. Connexus has approximately 54,000 ATMs! Their members have endless options of where they can go for ATMs.
Another small benefit to Connexus is that they offer EMV, chip, technology to their customers. This means that they will receive their debit cards with a chip in them. This keeps consumers' information more secure at any point of sale.
Free Overdraft Protection
Overdraft protection is the option to allow customers to use a savings account when there isn't enough money in the checking account. This means that they will automatically move money over from your savings to your checking instead of charging an overdraft fee. Only about half of credit unions allow this option, and Connexus is one of them. This is a great protection feature for customers in the instance that they forget to manage their checking account.
- Savings and auto interest rates
There is always room for improvement with every company. With Connexus Credit Union, there isn't a lot they need to change, but if they do better these areas then they will most likely end up as one of the best in the industry.
Savings and Auto Interest Rates
Even though Connexus has a higher than average interest rates for checking accounts, they take a big dip when it comes to savings account interest rates. Their customers can only earn 0.25% with the money in their account. We have seen lower rates with other credit unions, but this is considered to be on the lower end. Also, the interest rates for auto isn't the best either. Their rates come in at 2.99-5.99% which is only an average deal.
Connexus has very few locations. They are spread far apart from each other, and even across a few states. This is a major inconvenience to customers, especially for the ones who like to have face-to-face interaction rather than on the phone. While the number of locations currently is low, the company is still growing and will possibly expand its branches.
The Bottom Line
Connexus has proven to be competitive in the credit union industry. They have high highs and low lows when it comes to their good and bad features. Their checking and personal interest rates are some of the best you will find, but on the other hand, their savings interest rate is not the best we've seen.
Overall, their goods far outweigh their bads. Those who like to have frequent face-to-face interaction with the employees, it's probably best to look at a different credit union because there are only 11 locations. Unless you happen to live close to one of those locations, you could be looking to travel far to get to one or have to end up doing all business over the phone. But the small perks of having overdraft protection, and chip technology for secure transactions might win over other customers.