Bank Onward (Bo)

Deposits held and insured by ConnectOne Bank

Overview / Commentary
2455 Morris Avenue
Union, NJ 07083
Deposits held and insured by ConnectOne Bank

Related Posts

Bank Onward (Bo) Online Savings Rate Now 1.00% - 6/24/2022

Logged into our BO Savings this morning and noticed the rate has been boosted to 1%.

Bank Onward Boosts Bo Savings Account Rate - 4/25/2022

Bank Onward (online division of ConnectOne Bank) has increased the APY on its nationally available Bo Savings account to a rate-leading level.

Bank Onward Is New Online Division Of ConnectOne Bank - 10/11/2021

The inaugural account offered by Bank Onward (online division of ConnectOne Bank) is the Bo Savings account, which currently has a rate-leading APY.

Reviews (4)

Exactly What I Need

Posted by: |

This was beyond easy to setup, I think I was up and running from my phone in just a few minutes. Transferring funds to the savings account was very convenient. App is super user friendly and laid out in with great functionality. All and all its the perfect blend of ease, use and overall a great rate for my savings!

Easy To Setup

Posted by: |

Opening my account was easy and quick. I was able to connect to my main bank account to transfer money and set up a regular transfer to my savings at bo. The app seems easy to use and I like the budget tool to see by bo account and my other bank's account to know what I'm spending money on and help me to better save in the future!

Great Customer Support

Posted by: |

I had some trouble funding my account (of course, user error), but Customer Service was extremely helpful and knowledgeable. They were able to get me the answers I needed quickly. Their app is easy to use and convenient. No complaints so far!

Low Transaction Limits

Posted by: |

I opened a new online savings account at 0.65% APY without any trouble, but received the following reply when I asked their support what the transaction limits are; "Our daily limit is $3,000.00 for deposits and withdrawals. Our monthly limit is $15,000.00.
There is no limit on the number of transactions you can do, just on the amounts." Those limits are so low that they make the account essentially worthless to me.



Health
A

Data as of Q2 2022

Data displayed below is for insuring bank: ConnectOne Bank
Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #57919
Year Established2005
Employees505
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.6%
Return on Equity - YTD11.94%
Annual Interest Income$164.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$8.84B$7.71B
LoansQ2 2022vs Q2 2021$7.20B$6.34B
DepositsQ2 2022vs Q2 2021$6.73B$6.22B
Equity CapitalQ2 2022vs Q2 2021$1.15B$1.05B
Loan Loss AllowanceQ2 2022vs Q2 2021$82.7MM$78.7MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$70.9MM$75.9MM
Real Estate OwnedQ2 2022vs Q2 2021$316.00K$0
Rates
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Bank Onward (Bo) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%--Bo Savings
Locations

Bank Onward (Bo) is an Internet only bank and does not have branch locations. Its headquarters is located at 2455 Morris Avenue - Union, NJ 07083

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