ConnectOne Bank is headquartered in Englewood Cliffs and is the 8th largest bank in the state of New Jersey. It is also the 184th largest bank in the nation. It was established in 2005 and as of December of 2020, it had grown to 420 employees at 28 locations. ConnectOne Bank's savings rates are 25% higher than the national average, and it has an A health rating.
Read the other reviews... I'm a small business customer and these guys have gone the extra mile for me a number of times. Have not bought a CD from them but they helped me get my PPP and SBA monies. I hate writing reviews but these guys don't deserve to be slammed regarding business checking.
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.
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.
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.
Overall | |
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FDIC Certificate # | 57919 |
Year Established | 2005 |
Employees | 420 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 1.1% |
Return on Equity - YTD | 8.43% |
Annual Interest Income | $308.2MM |
Assets and Liabilities | ||
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Assets | Q4 2020vs Q4 2019 | $7.50B$6.17B |
Loans | Q4 2020vs Q4 2019 | $6.16B$5.11B |
Deposits | Q4 2020vs Q4 2019 | $5.99B$4.79B |
Equity Capital | Q4 2020vs Q4 2019 | $1.00B$810.7MM |
Loan Loss Allowance | Q4 2020vs Q4 2019 | $79.2MM$38.3MM |
Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $74.5MM$52.6MM |
Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |
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* 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 | |
---|---|---|---|---|---|
0.65%* | $2.5k* | $250k | OneConnection Savings - Online | ||
OTHER TIERS: 0.30% → $250k+ | |||||
0.05% | - | - | Statement Savings | ||
0.05% | - | - | Business Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.05% | $1k | - | Consumer Interest Checking | |
0.05% | $1k | - | Business Interest Checking |