Connexus Credit Union Teen Checking Account
Designed for teens ready to begin their financial journey, and equipped with everything they need to start banking!
securely on the bank's website
If you are a member of the Connexus Credit Union, and would like to open a checking account for your teen, so they could starting learning how to manage their money, then the Connexus Teen Checking is your way to go!
With no monthly maintenance fees or minimum balance requirements, the Teen Checking is a low-cost checking account solution equipped with everything your child needs for basic daily banking. There are many features available for them to use, such as a mobile banking app, and a free Visa debit card.
Using Connexus Digital Banking Spending Activity Tool, your teen will be able to view a breakdown of their monthly spending, so they can learn how to distribute their funds, and better organize their spending. Additionally, with the help of Connexus' Virtual Financial Assistant, your teen can have their banking questions answered, and get help with some basic banking tasks. They can also use Telephone Banking for some quick balance checks, and money transfers.
Not only is this checking account a solid offer in terms of the fees and perks linked to it, but it is also great because it offers quite a competitive APY rates, so your teen will even earn interest on their balance!
Thanks to many security features, both you and your child can bank safely, knowing your accounts and information are protected. However, you also need to ensure you behave and manage your accounts responsibly. Since there are many online resources Connexus offers to its members, you can all learn how to protect yourself from financial scams, which is crucial in the era of digital banking.
Checking account details
- Free Visa™ Debit Card.
- Free digital banking tools, with Mobile Deposit and Bill Pay.
- Telephone Banking.
- Surcharge-free access to 54,000+ ATMs in the CO-OPSM and MoneyPass® ATM networks.
- Free Non-Connexus Monthly ATM Transactions.
- Free statements.
- Free overdraft transfers with linked accounts.
- Connexus Assist, Connexus Virtual Financial Assistant.
Checking account fees
Minimum Deposit to Open$0
Out-of-Network ATM Transaction Fee$0
Out-of-Network ATM Withdrawal Fee$0
Non-Sufficient Funds Fee$29.95
Foreign Transaction Fee1.5%
Connexus Credit Union Teen Checking Account FAQ
Connexus members aged 10-17 can apply for a Connexus Teen Checking account. Once they've turned 18, their Teen will be converted into a Connexus Innovative account.
You will earn dividends on any amount of money you keep in your Teen Checking balance. Dividends are compounded, and paid monthly.
Depending on how much money you keep in your Teen balance, a different dividend rate/APY will apply. If your Teen account balance is $1,000 or less, with a dividend rate of 1.985%, you'll earn a 2% APY. On the other hand, if you keep more than $1,000 in your Connexus Teen account balance, a dividend rate of 0.25% will apply, meaning you can earn anything between 0.43% to 2%.
A dividend rate is simply interest without compounding, while APY or Annual Percentage Yield is compounded interest, which can be on a daily or monthly basis, and it's usually calculated for a year. Compounded interest is interest calculated on the initial amount of a deposit or loan, which also includes all the interest from previous periods. Basically, interest on interest. So, when compounded, a dividend rate turns into an APY.
Anyone belonging to one of the below groups can join Connexus:
1. Employees, retirees, family members, members, students, or student alumni of one of the following groups:
- ALPA FCU,
- ALPA Union,
- Aqua Finance,
- Aspirus Inc,
- Cincinnati Bell,
- Liberty Mutual Insurance,
- Marketplace Home Mortgage,
- Marshfield Clinic,
- Minnesota Consumer Council,
- Northcentral Technical College,
- Orbital ATK,
- TSI Incorporated,
2. Residents of one of the following communities or counties:
- Brooklyn Center, MN,
- Crystal, MN,
- Golden Valley, MN,
- Hopkins, MN,
- Minneapolis, MN,
- New Hope, MN,
- Robbinsdale, MN,
- St. Louis Park, MN,
- Cincinnati, OH,
- Norwood, OH,
- Adams County, WI,
- Clark County, WI,
- Juneau County, WI,
- Langlade County, WI,
- Lincoln County, WI,
- Marathon County, WI,
- Portage County, WI,
- Shawano County, WI,
- Taylor County, WI,
- Waushara County, WI,
- Wood County, WI,
3. Spouses, family members, and those living in the same household of an existing member,
4. Members of the Connexus Association.
Becoming a member of the Connexus Association requires a $5 donation, as a contribution to financial education services provided to those in need. This is a great solution for those looking to join Connexus, but don't belong to any of the groups we've just mentioned.
There are many account notifications you can turn on from your Connexus Digital Banking account if you'd like to receive alerts and flags related to your account, activity, and budget. Currently, you can receive:
- Balance Summary Alerts: sent either daily or weekly.
- Balance Alerts: to know whether your balance falls behind a certain threshold,
- Budget Category Exceeded Alerts: if using the Digital Banking Budget tool, these alerts will notify you if you spend too much in a certain category,
- Budget Exceeded Alerts: if using the Digital Banking Budget tool, you'll know when you exceed the total budgeted for spending for that month,
- Check Cleared Alerts: alert criteria can be per check number and/or amounts, so you know when an outgoing check has been cleared.
- Debit Card Purchase Alerts: if you make purchase of a selected amount using your Connexus debit card,
- Digital Banking Access Alerts: you'll receive alerts each time you access your Digital Banking account (great for fraud monitoring purposes),
- Goal Completed Alerts: sent to celebrate each time you achieve your Savings Goal,
- Goal Endangered Alert: sent when you're approaching a Savings Goal deadline, but haven't really approached the desired savings amount.
- Insufficient Funds Alerts: in case you don't have enough money in your Connexus account(s),
- Loan Payment Due Alerts: you can enter the number of days before and/or after a loan payment due date, so that you don't forget to pay off your loan,
- Logout Alert: so you know when your Digital Banking session expired,
- Share Certificate Maturity Alerts: you can select the number of days before maturity that you’d like to receive a notification,
- Transaction Alerts: you'll receive alerts when a transaction of a certain amount occurs, whether incoming or outgoing,
- Transfer Fails Alerts: in case of an unsuccessful transaction, you'll instantly receive an alert,
- Transfer Succeeds Alerts: in case of a successful transaction, you'll instantly receive a notification.
You can use Connexus Telephone Banking free of charge to access your Teen Checking account whenever you need. With Connexus Telephone Banking, you can check your balance, and transfer funds between your Connexus accounts. All you need to do is:
- Call (800) 438-2747 or (715) 847-4701.
- Enter your member number.
- Enter your access code.
- Select the transaction or information you want after listening to, and following the menu prompts.
- Your member number is in the welcome letter you received in the mail when you opened your account with Connexus. You can also get your member number by calling 800.845.5025.
- Your access code is the last 4 digits of the primary account owner's Social Security Number. The code can be changed, call 800.845.5025.
- You can get in touch with a Member Contact Center representative during business hours by typing 0.
Yes, there's a feature available in Connexus Digital Banking that lets you put money aside if you're planning for a future purchase.
You can set up a savings goal by:
- Logging in to your Digital Banking account, and selecting "Savings Goals" from the menu.
- Choosing the account you'd like to set the goal for, and clicking "New Goal".
- Entering the required information, and clicking "Save Goal".
Your child can use resources available on the Connexus website, including:
- Financial Wellness, with Learning Lab online courses, educational articles, and more.
- Financial Security Page, to learn how to protect themselves.
- Connexus Blog, with plenty of blog posts about personal finances, money management, and more!
Connexus' routing number is 275982296.
|Bank||Monthly Service Charge||Minimum Deposit to Open||APY|
|Connexus Credit Union Xtraordinary Checking Account||$0||$0||1% - 1.75%|
|Connexus Credit Union Innovative Checking Account||$0||$0||0.00%|
|Connexus Credit Union Teen Checking Account||$0||$0||2.00%|