ConnectOne Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | HOW THEY COMPARE |
|---|---|---|
| 2.94% | 4-year CD | 2.90% - Barclays 48 Month Online CD |
| 2.12% | 2-year CD | 1.68% - National Average |
| 3.00% | 5-year CD | 3.10% - Barclays 60 Month Online CD |
ConnectOne Bank is headquartered in Englewood Cliffs and is the 8th largest bank in the state of New Jersey. It is also the 211th largest bank in the nation. It was established in 2005 and as of December of 2018, it had grown to 311 employees at 22 locations. ConnectOne Bank's savings rates are 4X the national average, and it has an A health rating.
Related Posts
8/9 - ConnectOne Bank Adds Nationally Available 15-month CD
3/26 - ConnectOne Bank Adds Nationally Available 10-Month CD
3/25 - A New Rate Leader For A 10 Month CD With A $500 Min Deposit 2.17% APY!!!!
3/10 - ConnectOne Bank Ups Nationally Available 48-Month CD
1/22 - ConnectOne Bank Has Nationally Available 48-Month CD
1/9 - 13-Month CD, 1.82% APY
Great Rates, Excellence Customer Service, Easy Enrollment
I just opened a 23-month CD at a very competitive rate. The on-line process was very straight forward to use and the CSRs were excellent. The bank provides an ACH transfer option to fund the account. Be aware the APY assumes interest accrues until maturity, no periodic interest withdrawals are permitted. On-line account access is available. POD beneficiary designation must be done by using the bank internal messaging feature via on-line access. The entire enrollment process, less the ACH funds transfer, was completed in less than 24 hours.
Good Place To Open A CD.
I opened a CD at a ConnectOne Branch and had a very favorable experience. Highest rates around for my needs. I recommend it.
A Bit Of A Hassle
I opened a 2-year CD because of their good rates. They are local which is a plus.
I received a call to verify me.
This after I had been "verified" with 2 small deposits/withdrawals to my checking account.
Not ready for the big time.
Odd Verification Procedures
Note: also read post by pua
I opened a CD online and initially found the process very efficient; normal test deposit routine with ACH funding account also went smoothly.
Oddly, about nine days after my CD was confirmed, I received an email apparently from ConnectOne indicating thatI should call "Client Connection Center at 1-844-266-2548 so we can complete the process This is not the phone number on their website, so with all the internet fraud going on, it was with some trepidation that I called. They wanted me to state/confirm that 1) I was not an employee or director 2) I was not an elected government official.
When I asked why such was not dealt with in the application process, they stated it was a legal requirement and needed to be voice verified on a recorded line? It appears that this is a state chartered bank. A NJ requirement? I have never been subjected to this at any other internet bank.
Just irritating, not a deal breaker.
Also, note other informatoin on this page -not all CDs are available to residents outside NJ, along with comments that pua found about other accounts not being available.
Update to above review:
OUTDATED PROCEDURES
I inquired about how proceeds of a CD would be paid out upon maturity, assuming not wishing to renew. Here is the response:
"Once we are notified that you no longer wish to renew your CD, we will send you a check by mail. We currently do not have the option of sending the CD funds through ACH."
Furthermore, these folks did not respond to my first inquiry, using their message feature on their online banking site. All in, it took about two weeks to get an answer.
Not Practical For People Outside NY/NJ
On Nov 21, 2017 I phoned for information and discovered this bank is NOT a good idea for anyone living outside NY/NJ. I wanted to open a 2-year CD. They can do it by ACH using trial deposits to establish the connection; BUT: You cannot have any savings, money market, or checking account at this bank unless you live in NY/NJ; the bank never pays monthly CD interest to any outside bank (interest must be left to accumulate in the CD); at the end they will send back the principal only by paper check. None of these facts could be found on their website -- it required a phone call to find out.
Data as of Q4 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 311 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.25% |
| Return on Equity - YTD | 10.03% |
| Annual Interest Income | $216.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $5.46B$5.11B |
| Loans | Q4 2018vs Q4 2017 | $4.51B$4.16B |
| Deposits | Q4 2018vs Q4 2017 | $4.11B$3.80B |
| Equity Capital | Q4 2018vs Q4 2017 | $692.5MM$614.1MM |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $35.0MM$31.7MM |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $53.5MM$67.3MM |
| Real Estate Owned | Q4 2018vs Q4 2017 | $0$538.00K |
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.
ConnectOne Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.82%* | $2.5k* | $250k | OneConnection Savings - Online | ||
| OTHER TIERS: 0.30% → $250k+ | |||||
| 0.15% | - | - | Statement Savings | ||
ConnectOne Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.15%* | $2.5k* | $750k | Impact Money Market | ||
| OTHER TIERS: 0.00% → Up to $2.5k | 0.30% → $750k+ | |||||
| 0.25%* | $2.5k* | - | Money Market | ||
| OTHER TIERS: 0.00% → Up to $1k | 0.20% → $1k - $2.5k | |||||
ConnectOne Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.15%* | $1k* | - | Consumer Interest Checking | ||
| OTHER TIERS: 0.00% → Up to $1k | |||||
ConnectOne Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.00% | $500 | - | 60 Month Personal CD | |
| 2.94% | $500 | - | 48 Month Personal CD | |
| 2.86% | $500 | - | 23 Month Online CD | |
| 2.76% | $500 | - | 17 Month Personal CD | |
| 2.28% | $500 | - | 36 Month Personal CD | |
| 2.15% | $500 | - | 10 Month Personal CD | |
| 2.12% | $500 | - | 24 Month Personal CD | |
| 2.02% | $500 | - | 18 Month Personal CD | |
| 1.41% | $500 | - | 12 Month Personal CD | |
| 1.01% | $500 | - | 6 Month Personal CD | |
| 0.35% | $500 | - | 179 Day Personal CD | |
| 0.25% | $500 | - | 90 Day Personal CD |
ConnectOne Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 3.00% | $500 | - | 60 Month Personal IRA | |
| 2.94% | $500 | - | 48 Month Personal IRA | |
| 2.76% | $500 | - | 17 Month Personal IRA | |
| 2.28% | $500 | - | 36 Month Personal IRA | |
| 2.15% | $500 | - | 10 Month Personal IRA | |
| 2.12% | $500 | - | 24 Month Personal IRA | |
| 2.02% | $500 | - | 18 Month Personal IRA | |
| 1.41% | $500 | - | 12 Month Personal IRA | |
| 1.01% | $500 | - | 6 Month Personal IRA | |
| 0.35% | $500 | - | 179 Day Personal IRA | |
| 0.25% | $500 | - | 90 Day Personal IRA |
