Conexus Credit Union Review (2024) – Personal Finance Freedom

If you live in the province of Saskatchewan and haven’t heard of the Conexus Credit Union, then that’s quite not the case.

That’s because Conexus Credit Union is the biggest amongst all the credit unions in the province of Saskatchewan. That’s not everything, It also ranks 6th biggest credit union in Canada based on the size and assets.

Today, Conexus has more than 30 branches across the province of Saskatchewan and 800 employees working across Canada.

Established in 1976, Conexus first started as Sherwood Credit Union. It was the Sherwood Credit union that later evolved to become Conexus. The evolution was through the help of Co-operative Insurance Services.

Conexus was the first financial institution to implement the Automated Teller Machine (ATM) in Canada.

The credit union has more than $5 billion under asset management and serves over 100,000 members for varying needs and requirements.

How To Become a Member of The Conexus Credit Union?

In case you are interested/happy to be part of the Conexus family, here’s what you need to do.

To qualify to be a member of Conexus Credit Union, you must:

Meet the minimum age requirement of 18 years
Live in Saskatchewan
Possess a Social Security Number (SIN number)
Have an active credit history of 3 years at least

As a member of the Conexus credit union, you’ll get to be a part-owner of the financial institution. That is, you get to vote for the Board of Directors and have a share in the annual profit.

Conexus Credit Union is Saskatchewan’s largest and Canada’s 6th largest credit union, with over $8.2 billion in total funds managed. They provide a complete range of credit union banking services with direct and personalized service in 30 branches across the province.

Banking Options with The Conexus Credit Union

When it comes to banking, Conexus offers interesting options to perform your daily financial transaction.

These options include:

Online: As a Conexus member, you can perform all of your banking needs via the official Conexus website.
Mobile App: Conexus offers a handy mobile app. Members of the credit union can download the Conexus Mobile App on both Android and iPhone devices (iOS). You can then proceed to perform the financial transaction through the app.
Telephone: In case you need any help or you’re stuck somewhere in between, as a member or non-members can make an inquiry by calling the telephone number 1 800 667 7477.

Remember, telephone services are only available during the hours of 7 am to 8 pm (Monday to Friday), 8 am to 5 pm (Saturday), and 10 am to 4 pm (Sunday).

Bank Accounts Offered By The Conexus Credit Union

The Conexus Credit Union offers a wide variety of bank accounts under two main categories:

Personal accounts and
Business accounts

Let’s first dive into the Conexus Personal Accounts and see what it has to offer.

Conexus Personal Chequing Account

Under the Personal Chequing Account, Conexus offers three types of personal chequing accounts to its members. These are:

1. No-Fee Chequing Account

The Conexus no-fee chequing account offers deposits with free e-statement and unlimited chequing transactions (a major pro).

However the cons are, the no-fee account offers no interest on deposits, and a $4 fee applies to ATM withdrawals in the U.S. (now, that’s a lot).

Features of the Conexus No-Fee Chequing Account:

Unlimited deposits, withdrawals, transfers and bill payments with no fees
Unlimited incoming INTERAC e-Transfers
40 free outgoing INTERAC e-Transfers
No minimum balance

2. US Chequing Account

The US Chequing account offers an interest rate of 0.05% for monthly deposits of over $5,000.

Just in case you want to know, the Conexus US Chequing Account is perfect for those who want to deposit funds in U.S. dollars and in return, get the interest paid in U.S. dollars. ($US->$US).

With the US dollar chequing account, there’s a $0.60 fee that applies to pre-authorized debits, cheques, and online transfers.

A $1 fee applies to transfers and withdrawal made in-branch.

Features of the Conexus US Chequing Account:

Pay as you go per transaction
No monthly fee
Free e-statements
Tiered interest

Deposit Interest Rates for US Chequing Account:

$0 – $1,500	0.01%
$1,500.01 – $5,000	0.01%
Over $5,000	0.05%

3. Conexus Maximizer Chequing Account

Finally, you have the Conexus Chequing Account.

The Maximizer chequing account offers an interest rate of 0.05% every month on active deposits.

Furthermore, you’ll only pay for the transactions you make.

The account is not “FREE” and has a monthly fee of $1.50. (which is not much). However, a minimum balance of $1500 will see the monthly fee waived.

Features of the Conexus Maximizer Account:

Pay as you go per transaction
$1.50 monthly fee
Free banking – maintain $1,500 minimum balance (excludes in-branch & ATM bill payments)
Tiered interest rates
Online or paper statements

Deposit Interest Rates for US Chequing Account:

$0 – $1,500	0.01%
$1,500.01 – $5,000	0.01%
$5,000.01 – $15,000	0.05%
$15,000.01 – $30,000	0.05%
Over $30,000	0.05%

Conexus Personal Savings Account

First of all, the Interest rates offered by the Conexus personal savings account is not that competitive when compared to the rest of the credit unions. It is also worth mentioning that Conexus will charge an inactivity fee of $5 on any savings account abandoned for more than a year.

The Personal Savings accounts offered by Conexus include:

1. Basic Savings Account

The Conexus basic savings account offers an interest rate of 0.25% at no monthly fee.

Also, note that it is compulsory for all members of Conexus to open the basic savings account upon registration.

Pay as you go per transaction (2 free transactions per month).
Tiered interest.
Free e-statements.
Deposits do not count as a transaction and do not incur service fees.
Interest is calculated on the daily closing balance and paid monthly on the last day of the month.

2. Money market Savings

The money market savings account offers an interest rate of 1.15%.

However, you will have to deposit a minimum of $100,000 to earn this special interest rate.

3. Youth savings account

The Youth savings account offers an interest rate of 0.25%.

Credit Cards offered by Conexus

When it comes to credit cards, Conexus offers a bunch of credit cards under its portfolio.

The list includes:

1. Conexus Cash Back Mastercard

The cashback Mastercard offers an interest rate of 19.90%.

It also provides mobile device insurance, extended warranty, and purchase protection. Cardholders get to earn one reward point on each dollar spent (double on purchases at gas stations). All these offerings come at zero annual fees.

Annual Fee: $0
Earn 1 Conexus Rewards point for every $1 spent
Double points at gas stations (2 points for every $1 spent)
Benefits include mobile device insurance, purchase assurance & extended warranty and more

2. Conexus Centra Gold Mastercard

The Centra Gold Mastercard offers an interest rate of 9.90%.

It also offers auto rental collision damage, extended warranty, and purchase protection. Cardholders get to earn 1% cashback all on all spending.

The annual fee for the card is $50.

Annual Fee: $50
Additional card: $10
Earn 1 Conexus Rewards point for every $1 spent
Benefits include auto rental insurance, purchase protection and extended warranty, and more

3. Conexus Flex Rate Mastercard

Conexus Flex Rate Mastercard offers a variable interest rate.

It also provides mobile device insurance, extended warranty, and purchase protection. Members of the credit card get to earn 1% cashback all on all spendings using the card.

Conexus Flex Rate Mastercard has an annual fee of $40.

4. Conexus Travel Reward Gold Mastercard

The Conexus Travel Reward Gold Mastercard has an interest rate of 19.90%.

The credit card is ideal for members looking for insurance packages. Insurance offerings including travel accident insurance, emergency health care insurance, and device insurance.

Cardholders also enjoy services like trip cancellation, extended warranty, and purchase protection.

With this credit card, you’ll earn 1% cashback all on all regular purchases.

The annual fee for the credit card is $99.

Annual Fee: $99
Additional card: $30
Earn 1 Conexus Rewards point for every $1 spent & DOUBLE points for foreign currency purchases
Exceptional level of benefits including extended travel benefits, auto rental insurance, purchase protection and extended warranty, and more

5. Conexus World Mastercard

Like every other credit card on the list, the World Mastercard offers an interest rate of 19.90%.

It also provides FREE car collision insurance, travel insurance, and mobile device insurance.

Additional offerings by the card include an extended warranty and purchase protection.

Cardholders also get to earn 2% cashback all on all spendings.

The World Mastercard has an annual fee of $120.

Annual Fee: $120
Additional card: $50
Earn 2 Conexus Rewards points for every $1 spent
Elite level of benefits including price protection, extended travel benefits, auto rental insurance, purchase protection and extended warranty, and more

6. Conexus US Dollar Mastercard

The Conexus US Dollar Mastercard has an annual interest rate of 19.90%.

For the annual fee you pay, the credit card offers free rental collision insurance and comprehensive travel insurance. Additional offerings include the extended warranty and purchase protection.

The credit card has an annual fee of $50.

Annual Fee $50 USD
Additional card: $35 USD
Earn 1 Conexus Rewards point for every $1 USD spent
Exceptional level of benefits including extended travel benefits, auto rental insurance, purchase protection and extended warranty, and more.

7. Conexus Credit Union Student Mastercard

The Conexus Credit Union student Mastercard has an annual interest rate of 19.90%.

The credit card offers free mobile device insurance, extended warranty, and purchase protection.

There are no annual or monthly fees associated with this credit card.

Annual Fee: $0
Additional card: $0
Benefits include mobile device insurance, purchase protection and extended warranty, and more.

Borrowing @Conexus

Conexus offers a wide range of personal financing options to its members.

These options include Personal loans, mortgages, lines of credit, student loans, and HELOCs.

Investing @Conexus

The Conexus credit union offers investments in mutual funds, RRSP, RRIF, RESP, and GICs.

Resolving a problem at Conexus

If you’re unsatisfied with a response you have been given, ask to speak with the manager, team leader or senior officer present. They will have the authority to solve most problems immediately.

The sooner you contact, the sooner the problem will be resolved.

Follow this process to ensure your concerns are addressed in a fair and efficient manner:

Contact Conexus Credit Union

Contact SaskCentral Ombudsmen

You can also contact Ombudsmen for Banking Services and Investments.

Business Accounts offered by The Conexus Credit Union

The Conexus credit union offers a variety of products and accounts to business clients.

The business accounts offered at Conexus include:

1. Conexus Business Chequing Account

The Conexus Business chequing account offers two types of accounts:

Agriculture
Business chequing account

2. Conexus Business Savings account

Conexus Business Savings account also comes in two types.

Business Savings account
Agri-Invest

Conexus Credit Union Business credit cards

Conexus offers its business clients 3 types of business credit cards.

These include:

1. Business No-Fee Cash Back Mastercard

It offers an interest rate of 19.90% at no annual fee.

2. Business Preferred Rate Mastercard

It offers an interest rate of 12.90% at an annual fee of $25.

3. Business Platinum Mastercard

It offers a cash back reward of 2%.

The Business Platinum Mastercard has an annual fee of $120.

Conexus Credit Union’s Borrowing For Business Clients

Conexus offers its business clients a variety of financing options. These include:

Term loans
Line of credit
Mortgages
Canadian agriculture loans
Small business financing loans

How secure is the Conexus Credit Union?

Conexus is a member of the Credit Union Deposit Guarantee Corporation (CUDGC). As a result, your deposits are 100% guaranteed.

Deposits covered by CUDGC include

GICs
Accrued interest on deposits
Deposits in registered plans

Note that, CUDGC does not cover securities, contents of the safety deposit box, and mutual funds.

Frequently Asked questions

How do I get my Conexus Member number?

Upon opening your account with Conexus, you will receive a welcome message in the mail.

You will find your Conexus member number in the welcome letter. You can also call 800-845-5025 to get your member number.

How do I find my Conexus Credit Union account number?

Finding your Conexus account number is very easy.

All you have to do is to log in to your online banking, click on the preferred account and then the details tab. You will find your account number listed as “chequing account number” or “number” there.

What are the requirements for using the Conexus Mobile Deposit?

First of all, you must either have the Conexus Chequing or Savings account to use mobile deposits.

Furthermore, your account must be less than two months overdrawn.

How long does it take to receive funds deposited via a mobile deposit?

Funds deposited via Mobile deposit will reflex immediately on your Conexus account.

However, there might be some delays due to the standard checks.

Is it possible to deposit cheques from outside Canada?

Other than Canada, you can only deposit cheques issued by the financial institutions in the United States and via the Mobile deposit.

Note, the mobile deposit does not work for other countries.

What is the Conexus daily or monthly transaction limits?

You can send money in two ways:

1. Electronic and direct deposit. For direct deposit, there is a transaction limit of $9999.99 per transaction. There is no daily and monthly limit.

2. For electronic payments, there is a daily limit of $2500.

Can multiple notifications be set up?

The answer is “Yes”.

There’s a huge list of notifications you can activate, and there is no limit to the number you can enable. You can find all these options under your account settings.

Can I cancel payments after transfer?

Yes you can, provided Conexus has not yet processed the payment.

Final Thoughts

Conexus Credit Union is an excellent alternative to the big banks.

Its vast banking network helps to provide a wide variety of financial products and needs.

The competitive offerings on the Conexus chequing accounts are its biggest allure. However, that isn’t the case when it comes to its savings accounts.

When it comes to professional services, strong financial performance and innovative products, Conexus credit union is the place to bank. They’ll support you in reaching your unique goals and understand that it’s not about how much you make, but what’s important to you.

Thanks for reading! Let me know your thoughts and comments below.

Conexus Credit Union Review