Connexus Credit Union Cd Rates – 7 month tiered certificate promotion

admin February 12, 2009 10 Comments »

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.

Ed

Are those CDs FDIC insured? I could not found any FDIC related information on neither website or CD disclosure agreement.
David

This is not accurate I looked at the connexus site and they are currently not offering this certificate.
admin

David, Click on the bottom link saying “Receive More Information” which will bring you to a PDF file, then scroll about 75% of the way down and read the details under the section titled “7 month tiered Certificate Special”

They don’t make it very apparent.
Jimmy

I checked and they ARE FDIC insured only Credit Unions operate under a different brand of federal insurance called the NCUA (national credit union association).

You can find verify this by clicking their NCUA Member logo on the bottom right of any of their pages. Here is what I found on the NCUA website…

The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government.
Ed

Jimmy, thank you for the valuable info.
Sam

Has anyone opened their 7 month tiered Certificate of Deposit yet? I tried but got rejected. I think they are pretty exclusive, but if they do accept you, then you are entitled to the 7 month CD at the rates listed in this article. It’s almost as if they don’t want people to know about this CD though…maybe cause the rates are double the current national average for CD rates. I dunno, just a hunch
David

Like I said before this is not accurate I contacted Connexus and this was a old certificate that is no longer on the site. Bankvibe must of kept an old link to a pdf and is referencing that. Keep this in mind in the future when you use this site. Who knows where they are getting their content from and how old it is.
Jimmy

I see where they are advertising this 7 month deposit rate. It’s on the PDF file that is still linked from the Connexus website (off of their CD applications page).

Maybe that is causing the mix up. Seems like Connexus shouldn’t have that link on their site if the product is no longer active.

Here is the link FROM Connexus TO the PDF which is still currently advertising the 7 month CD rate:
Henry

Hey, I am new to this site but so far have found the information to be very valuable.

As for the Connexus 7 month certificate of deposit, that looks like it may have been an issue with their website rather than faulty reporting. Either way, it is not offered anymore.
coloradobuff17

They are currently running their March Madness CD promo

https://www.connexuscu.org/webfederal.asp?Cabinet=Main&Drawer=Main&Folder=Home

March Madness Certificate Special

3.00% APY
$1,000 Minimum Investment
11-Month Term

4-star rated credit union @ bankrate.com
backed by NCUA ~ can search their financial stability @ http://www.ncua.gov/index.html

membership is for ~
Connexus is Proud to Serve:
Employees, families, and retirees of Liberty Mutual Insurance, UMR, and their affiliates
Employees, families, students and alumni of Northcentral Technical College
Anyone who joins the Connexus Association.

I don’t live in WI, nor have any affiliation with LM or NCTC, I ‘joined’ the association for $5.00 and they set me up as a member.

Took a few minutes of filling out their web membership application & member services sent me the association application.

only other requirement is to open a savings account with $5.00.

Not sure how long the promo lasts ??

quick & painless and will be investing $100,000 in their promo CD for 11 months