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Connex MMA 2.85% APY (CT) Review

Connex MMA 2.85% APY (CT) Review

Residents of Connecticut can apply for the 2.85% APY Money Market Account by 3/31/19 from Connex Credit Union.

All you need to do is make an opening deposit of $100K or more. This MMA has no monthly fees and you’ll be qualified for a very competitive APY.

To be eligible for this promo, you must live, work, worship, or be in school in CT.

Connex Credit Union 2.85% MMA Details:

  • Account Type: Money Market Account
  • Interest Rate: 2.85% APY
  • Minimum Balance: $100,000
  • Maximum Balance: None
  • Availability: CT
  • Opening Deposit: $50
  • Monthly Fee: None
  • Early Termination Fee: $25, if closed within 3 months
  • Insured: NCUA

Getting the 2.85% APY

All you’ll need to do to get the high APY is the following:

  1. Sign up for the MMA promo from Connex CU.
  2. Deposit $500 upon new account.
  3. Maintaint at least $100K to get the high-yield APY from Connex, which is guarateed until 9/30/20.

The rates are tiered depending on your account balance. Here’s the rate table:

Account BalanceAPY %
$25 to $2,5000.25% APY
$2,501 to $9,9990.75% APY
$10,000 to $24,9991.25% APY
$25,000 to $49,9991.50% APY
$50,000 to $99,9992.25% APY
$100,000+2.85% APY

ACH limits

Do you know Connex’s ACH limits? Let me know.

Pros of Connex’s MMA

  • Very competitive rate of 2.85% APY
  • Guaranteed rate for account meetings the $100K min

Cons of Connex’s MMA

  • Only for CT residents
  • High minimum for 2.85% APY

Overall thoughts

If you’re in CT and you have enough to meet the minimum balance requirement for the high rate, definitely park your cash here until rates go up. From then, you can decide if you want to keep your cash in this MMA. But for now, it’s an obvious choice.

What do you think?