Tomorrow’s Best Bank Rates Summary will feature a new rate-leading savings account from a new bank: the Bo Savings account offered by Bank Onward currently earns 0.65% APY on all balances. While there is no minimum balance requirement to earn the stated APY, opening a Bo Savings account requires a minimum $250 deposit.
Bank Onward is the new online division of ConnectOne Bank, which gives me some hope that the new Bo Savings account might remain competitive. ConnectOne’s OneConnection Savings account became the rate-leading nationally available savings account in early 2020, simply because its APY remained steady as other savings rates began to fall. Although the OneConnection Savings has experienced several rate decreases through the end of 2020, the APY has remained stable (and competitive) since the beginning of the year.
|0.60*%||$2.5k||$250k||ConnectOne Bank||OneConnection Savings - Online|
|OTHER TIERS: 0.30% → $250k+|
I had hoped Bank Onward would have an easily accessible, comprehensive FAQ section and/or Truth-in-Savings disclosure on their website. Unfortunately, Bank Onward’s website (like ConnectOne’s website) is light on specific account details. The online application does provide a disclosure, but it’s 13 pages of generic information that doesn’t answer any of the questions I normally ask. I was going to call Bank Onward, but the “Contact Us” does not list a phone number or provide a Live Chat. The only option is to send a message (limited to 180 characters) and wait for the Support Team to respond. I’m still waiting.
Bank Onward home page states there are no transfer fees, account support fees, or minimum balance fees, yet the 13-page disclosure mentions a Fee Schedule, which will be “provided separately” and “upon request.” The one fee I did find in the disclosure is a $6 excessive transfer fee for each transfer beyond the allowed six per statement cycle.
Here’s a sampling of what can be found in Bank Onward’s FAQs.
Does Bo have a mobile app?
Yes, our app is available in the Apple App Store and the Google Play Store. On the app, you’ll be able to manage your account, deposit checks, transfer funds and use our budgeting tools.
How can I add money to my Bo savings account?
If you have a check, you can log into your Bo online banking and deposit your check in minutes using our ‘Deposit Check’ feature. You can also add money to your Bo savings account by adding an external transfer account in your Bo online banking and transfer funds.
Can I deposit checks?
Yes, you can deposit checks using the Bo mobile app.
How can I transfer money out of my Bo savings account?
You can transfer money out of your Bo Savings account by initiating an external funds transfer in your Bo online banking.
Are there transfer limits?
Yes, you may transfer up to $3,000.00 per day.*
*This is in line with ConnectOne’s policy of $3k per day for incoming and outgoing transfers. There is no guarantee Bank Onward policies will mirror those of ConnectOne, but ConnectOne allows up to four linked external accounts and allows unlimited ACH transfers initiated from an external account.
Headquartered in Union, New Jersey, Bank Onward is a new online division of ConnectOne Bank. According to the FAQs, legal U.S. residents, 18 years or older, with a valid Social Security number and a government issued ID are eligible to apply for a Bank Onward account.
Opening a Bo Savings account must be done online, as Bank Onward has no brick-and-mortar branch locations.
Bank Onward is an online division of ConnectOne Bank and operates under ConnectOne Bank’s FDIC Certificate. According to Bank Onward’s website, ”Deposits received through Bo and ConnectOne Bank are combined and not separately insured for purposes of applicable FDIC deposit insurance limitations.”
Bank Onward/ConnectOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.70% (excellent) based on June 30, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $330.98 million, an excellent annual growth rate of 6.46%. Please refer to our financial overview of Bank Onward/ConnectOne Bank (FDIC Certificate # 57919) for more details.
Now in its 16th year of operation, ConnectOne Bank was established in 2005 as the North Jersey Community Bank. Following the acquisition of Citizens Community Bank, the Bank re-branded in 2013. Between 2014 and 2020, ConnectOne Bank acquired three more New Jersey banks: Union Center National Bank (Union), Greater Hudson Bank (Bardonia), and Bank of New Jersey (Fort Lee). ConnectOne Bank is currently the eighth largest bank headquartered in New Jersey, with assets in excess of $7.7 billion and more than 82,000 customer accounts.
How Bo Savings Compares
When compared to nationally available Savings Accounts tracked by DepositAccounts.com, that are not limited by a small balance cap, Bank Onward’s Bo Savings account’s APY currently shares the top spot with Affirm’s Savings account APY. Interestingly, the top three APYs are all offered by banks that have made their debuts within the past eight months.
|Interest Rate||Account Name||Credit Union/Bank|
|0.65% APY||Bo Savings (no min/no max)||Bank Onward|
|0.61% APY||High Yield Savings ($2.5k min/$1m max)||Ivy Bank|
|0.60% APY||High Yield Savings ($2.5k min/no max)||LendingClub Bank|
|0.60% APY||OneConnection Savings ($2.5k min/$250k max)||ConnectOne Bank|
The above information and rates are accurate as of 10/11/2021.
To search for the best rates, either nationwide or state-specific, please refer to DA’s Savings Account Rates page.