Below is part 1 of the examination into Connexus Credit Union’s abnormally high savings rates. Connexus Credit Union primarily serves select insurance company employees and their families. Their customer base may be geographically exclusive as well, so you may wish to contact their support team to see if you are eligible for their savings products.
7 month tiered CD (certificate of deposit) rate(s)
CCU is currently offering it’s customers a wide range of CD (certificate of deposit) products with very attractive rates. The most substantial of these products is their 7 month CD (tiered). The rates and deposit requirements are discussed below.
With an opening balance of $100,000+ the opening balance on your certificate is 5.00% APY. With an opening balance between $50,000 – $99,000, the APY on your certificate is 4.50%. With an opening balance of between $1,000 – $9,999, the APY on your certificate is 3.50%.
Unless you indicate otherwise CCU will automatically renew your certificate of deposits into a 12 month CD after maturity of your last certificate plan. The new dividend rate will be the dividend rate they are offering on “term share certificates” for that specific term. However, they will allow a grace period of 10 days after maturity to withdraw funds without being charged an early withdraw penalty.
Dividends will be compounded and credited to your account on a quarterly basis. You may also have these credited to another account if you so choose.