ConnectOne Bank is headquartered in Englewood Cliffs and is the 6th largest bank in the state of New Jersey. It is also the 174th largest bank in the nation. It was established in 2005 and as of June of 2022, it had grown to 505 employees at 23 locations. ConnectOne Bank's money market rates are 8X the national average, and it has an A health rating.
I opened two accounts (me and my wife) several months ago and have been very pleased with ConnectOne.
I've had absolutely no problems with opening accounts, funding the accounts, accessing funds, or managing my accounts.
And I think their Customer Service is EXEMPLARY.
I’ve had a couple of operational questions and: 1) I get a representative almost immediately and 2) that representative is polite, knowledgeable, professional, and genuinely helpful. They are just plain honest and will follow thru without question.
It’s almost like having a personal banker at the local office… maybe just more convenient.
Yes, they have a deposit limit of 250K (actually a max limit to earn interest), which could be a little inconvenient, but I think it represents just good banking (to minimize deposit base fluctuations). Fine in my book.
I wish them continued good going for the future.
PTF
• When setting up log in, website requires password to include at least one special character, a list of acceptable special character is given. After typing in, website says certain special characters are not allowed, which were not used.
• After talking with two different CSRs, special characters cannot be used, period. Are you kidding me?
• Cannot log in after set up until following business day. Is that a joke?
Great current rate, but according to their webpage, if you decide to cash out a CD upon maturity, they send you a check in the mail. If you have another account with them, you can dump the principal into that account. Perhaps this is a common practice, but I'd rather not have any large checks floating around in any of the mail services. Would be nice if you could ACH it back to your original bank.
I could not interact with this bank, over the phone or online, could not manage money, login or speak to anyone without being required to do text message verification every time. I asked their customer service what happens if one travels overseas where they won't have access to their US phone number and was told one would be out of luck. I said this wasn't possible and was told by the representative he would check more on that. After 30 minutes on hold he came back saying he couldn't find any info. I closed my newly opened account because of this. Do not want to be cut off from my money and I do not live glued to a phone. I do not want to use text messages for online or phone banking. These are excessive and para noid security measures, which I don't face with any other banks. This bank offered good rate on their savings account and I was able to open the account online, even though this required a lot of additional document uploading and a lot of back and forth over messages and over the phone with their manager and employees. After all that time had been wasted I had to move the money back out and close the account because every step requires text message verification, I don't need this. The bank needs to straighten out their policies, they're not usable by a normal adult person.
Overall | |
---|---|
FDIC Certificate # | 57919 |
Year Established | 2005 |
Employees | 505 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.6% |
Return on Equity - YTD | 11.94% |
Annual Interest Income | $164.3MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $8.84B$7.71B |
Loans | Q2 2022vs Q2 2021 | $7.20B$6.34B |
Deposits | Q2 2022vs Q2 2021 | $6.73B$6.22B |
Equity Capital | Q2 2022vs Q2 2021 | $1.15B$1.05B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $82.7MM$78.7MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $70.9MM$75.9MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $316.00K$0 |
Always verify rates and promotions with the bank or credit union. We are not ConnectOne Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
4.00%* | $250k* | - | Connection Plus Savings - Online Only | ||
OTHER TIERS: 3.90% → $2.5k - $250k | |||||
0.05% | - | - | Statement Savings | ||
0.05% | - | - | Business Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
3.50%* | $25k* | - | Connect Money Market | ||
OTHER TIERS: 3.40% → Up to $25k | |||||
1.10%* | $750k* | - | Business Impact Money Market | ||
OTHER TIERS: 0.90% → $2.5k - $50k | 1.00% → $50k - $750k |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.05% | $1k | - | Consumer Interest Checking | |
0.05% | $1k | - | Business Interest Checking |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.90% | $500 | - | 10 Month IRA | |
4.50% | $500 | - | 13 Month IRA | |
3.60% | $500 | - | 18 Month IRA | |
3.60% | $500 | - | 23 Month IRA | |
0.25% | $500 | - | 6 Month IRA |