ConnectOne Bank is headquartered in ENGLEWOOD CLIFFS and is the 6th largest bank in the state of New Jersey. It is also the 162nd largest bank in the nation. It was established in 2005 and as of June of 2023, it had grown to 523 employees at 24 locations. ConnectOne Bank's savings rates are 10X the national average, and it has a B+ health rating.
Related Posts
12/2 - Connection Plus Savings Reaches As High As 4.00% APY ($250,000 +)
9/17 - ConnectOne Bank 13-Month and 23-Month CDs Are New Rate Leaders
8/29 - ConnectOne Bank Adds Competitive 7-Month CD
8/12 - ConnectOne Bank Ups Nationally Available Short-Term CD Rates
7/19 - Connectone Raises Online Savings Interest To 1.25% - 1.50% APY
2/2 - Three New Cds All Earning 1%
4/17 - ConnectOne Bank Online Savings Account - One of the Few at the Top
4/17 - ConnectOneBank (NJ) 1.75% APY Online Savings Acct
8/9/18 - ConnectOne Bank Adds Nationally Available 15-month CD
3/26/18 - ConnectOne Bank Adds Nationally Available 10-Month CD
3/25/18 - A New Rate Leader For A 10 Month CD With A $500 Min Deposit 2.17% APY!!!!
3/10/18 - ConnectOne Bank Ups Nationally Available 48-Month CD
1/22/18 - ConnectOne Bank Has Nationally Available 48-Month CD
1/9/18 - 13-Month CD, 1.82% APY
10/20/17 - ConnectOne Bank Now Offers CDs Nationwide
7/17/17 - ConnectOne Bank (NJ/NY) Adds 15-month CD Special
5/24/17 - 15-Month Online Only CD, 1.51% APY
4/3/17 - Connectone Bank CD Specials [NJ, NY] 1.46% 18 Month
7/1/16 - ConnectOne Bank (NJ/NY) Features Promotional CDs
2/21/11 - Special 2-Year CD at North Jersey Community Bank - Local Only
2/20/11 - 2.25% Two Year CD In North Jersey
5/11/06 - 5.12% Money Market / 5.27% 6-Month CD at a New Jersey Bank
I'm Very Pleased With CONNECTONE.
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
Surprised By A Faulty Policy
Generally, I find this bank to be high quality. The representatives are courteous, professional and knowledgeable. However, i was surprised to learn a few months ago that Connect One does not notify current customers when they raise interest rates. Other banks, such as Marcus, raise the rate and apply it to your account and notify you. This bank does not apply the raised rate to a current account. In order to receive the higher rate, you must find out about it on your own, then you must close your current account and open a new account ( essentially the same type of savings account only the bank gives it a different name), transfer the money from your old account, and then the bank will give you the new rate. You must do this each time they raise rates, otherwise you keep the old, lower rate, while new accounts receive the higher rate. If you do not happen to be searching rates anyway, you do not even know that the bank is offering a higher rate. So if your account has x dollars, and someone opens a new account with x dollars, they receive the higher rate, and you do not unless you go through the exercise of closing and opening. Customer Service was nice enough to grant me a one time raise to the new rate, but they said in the future, to receive any of their higher rates ( on the same tier of savings!) you have to go through the steps. It seems unfair to me as I know of no other bank that excludes existing customers in the same tier as new account holders from higher rates.
Programmer Should Be Fired
• 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?
Faulty Policy Redux
The reviewers who are giving ConnectOne high marks are mostly new customers. ConnectOne gives new customers the higher, advertised rate for its online savings account while it gives existing customers a lower rate. I opened an online savings account at ConnectOne two or three years ago and was happy at first. Then they changed the name of the account and stopped giving me the higher, advertised APR. (I asked the CSR, "What's the difference between the online savings account I opened two or three years ago and the one people are opening today?" Her answer: "Nothing.") When I complained, they matched the higher rate they give new customers—but then lowered it after one month without notifying me. That, plus the fact that you can't initiate a withdrawal of more than $3K a day, led me to close my account and move my savings elsewhere.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 523 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.01% |
| Return on Equity - YTD | 8.16% |
| Annual Interest Income | $237.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $9.72B$8.84B |
| Loans | Q2 2023vs Q2 2022 | $8.06B$7.20B |
| Deposits | Q2 2023vs Q2 2022 | $7.57B$6.73B |
| Equity Capital | Q2 2023vs Q2 2022 | $1.24B$1.15B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $89.2MM$82.7MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $57.2MM$70.9MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$316.00K |
