5% Checking, $300 Cash, and One of the Top CD Rates—All From One Place

KEY TAKEAWAYS

Why Now May Be the Best Time to Capture Today’s High Rates

The Federal Reserve lowered interest rates last week for the first time this year and signaled it might lower them by another half point by December. That means banks and credit unions will likely reduce the rates they pay on savings, money market, and CD accounts in the coming months.

To protect your earnings, you may want to capture today’s higher returns while they last. Connexus Credit Union is giving savers that chance with three high-earning offers.

Three Big-Money Perks at Connexus

Connexus Credit Union is open to anyone nationwide, making it easy to join. Right now, it’s offering three standout deals: a top-tier checking account yield, a $300 cash bonus, and the second-highest CD rate in the U.S.—and the best for CDs with deposits over $5,000, according to Investopedia’s review.

Earn 5% on Your Checking

Checking accounts usually don’t pay you anything on your balance—that’s what savings accounts are for. But a special category known as high-yield or rewards checking offers rates on par with top savings accounts in exchange for meeting certain activity requirements.

The most common requirements for these accounts are making a set number of debit card purchases each month and/or receiving regular direct deposits.

Connexus Credit Union’s Xtraordinary Checking is one of these accounts, paying 5.00% APY on balances up to $25,000 if you meet both requirements in a statement cycle:

• Debit activity: Either 15 debit card purchases per cycle or at least $500 in monthly debit spending
• Deposits: At least $500 in electronic deposits, such as direct deposit of a paycheck or Social Security payment, or even an external transfer from another bank

Meet both requirements and you’ll earn 5.00% APY on up to $25,000—one of the more generous caps among top rewards checking accounts. Miss a month and your APY will be near zero, but you can qualify again in the next cycle.

Score a $300 Cash Bonus

Bank account bonuses aren’t new, but they’re usually tied to accounts that pay little or no interest. Connexus’ $300 cash bonus stands out because it’s offered on the same account that can earn a 5% yield.

Here's what it takes to qualify:

• Meet the 5% APY requirements for two statement cycles within your first four months.
• Bonus amount depends on your average balance during those two months:
• $300 if you average $10,000 or more
• $200 if you average $5,000–$9,999
• $100 if you average $1,000–$4,999
• Other requirements: Enroll in e-statements, open the account by Nov. 9, and use the required promo code listed on Connexus’ website.

Lock in a 4.60% CD Rate Until April

With the Fed having just lowered its benchmark rate—and more cuts likely this fall and beyond—savings yields are expected to drift lower in the months ahead.

That makes now an ideal time to open a certificate of deposit (CD), which locks in today’s rate for the full term. Whether for 3 months or 5 years, a CD’s APY is guaranteed no matter what happens to broader interest rates.

Again, Connexus is offering one of the nation's most attractive deals. It's paying 4.60% APY on 7-month certificate, locking in your return until late April. Only one nationwide CD is paying more—a 5.50% offer capped at $5,000 in deposits. For savers who want to put more than $5,000 in a CD, Connexus delivers the top nationwide rate.

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How Connexus’ Deals Stack Up Against Other Offers

Each of Connexus’s three offers stands out for a different reason—and all compare well against similar options on the market:

• High-yield checking: While some accounts pay up to 6%, Connexus’ Xtraordinary Checking makes the requirements easier. You can qualify with $500 in monthly debit spending instead of a strict number of transactions, and the deposit requirement can be met with a simple external transfer. Its $25,000 cap for earning 5% is also more generous than many competitors allow.
• Cash bonus: Earning $300 for maintaining a $10,000 balance over two months is equivalent to an 18% APY for that period—one of the strongest bonus offers available.
• CDs: Connexus’ 7-month CD pays 4.60% APY, ranking second nationwide in Investopedia's daily rate research. The only higher-yielding CD is capped at $5,000 in deposits, making Connexus the best choice for larger balances.

Taken together, Connexus’ lineup of high-earning options gives savers multiple ways to capture strong returns at a time when interest rates are poised to drift lower.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account's minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that's below $5,000.

Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.