ConnectOne Bank is headquartered in Englewood Cliffs and is the 8th largest bank in the state of New Jersey. It is also the 194th largest bank in the nation. It was established in 2005 and as of March of 2021, it had grown to 412 employees at 28 locations. ConnectOne Bank's savings rates are 25% higher than the national average, and it has an A health rating.
Related Posts
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 - 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
They've Improved!
Opened their online savings account after spotting their top-of-the market interest rate. Went smooth and easy, the standard two-trial-micro-deposits route.
Amazingly, they'll let you deposit up to $999,999.99 a day if you use their mobile check-deposit app (no more than $50k amounts per check, but write as many as you want up to $999,999.99).
They'll also let you open multiple accounts (just add beneficiaries to expand your FDIC coverage) to exploit their high interest earnings (current .65% rate stops at $250k, so just open 5 such accounts but have 5 beneficiaries -- that's the $1.25 million max FDIC coverage you can have per bank).
Fast, clear-English speaking customer service on the phone, no wait times thus far.
Bonus! Fast ACH transfers out of your account to another bank. Capped at $3k a day, but I executed one this past Friday at 9:30 a.m. and by 3:00 p.m. on THE SAME DAY, the money arrived at the checking account that I selected.
By the way, I live in "backwoods Georgia," but they made me feel like I lived in their neighborhood. Their website's pretty decent, too.
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.
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.
3K Daily Limit On Outgoing Transfers
The Fed recently announced they will be holding rates near zero until 2023. This is another punch in the stomach for savers and investors who are seeking a good place to park their cash until stock market buying opportunities appear. Before opening a new account, be sure to ask questions typically not answered on websites. 1. Is your interest rate compounded daily and paid monthly? (Some might be daily but only paid annually) 2. What is your current saving APR? (Rates frequently are revised and may not be updated on the Web) 3. What is your maximum incoming and outgoing transfer limits? (Some institutions hold onto your money and won't let go or have restrictions). All the above questions were asked on 03-17-2021. One huge drawback for investors is a 3K daily limitation on outgoing transfers. This is just not practical when a stock or ETF goes down in price and becomes a buying opportunity. Three thousand dollars to purchase stocks/bonds/mutual funds is just a drop in the bucket. Therefore, be sure your institution places no restriction on the amount your can transfer out.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 412 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.86% |
| Return on Equity - YTD | 13.71% |
| Annual Interest Income | $72.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $7.45B$7.28B |
| Loans | Q1 2021vs Q1 2020 | $6.20B$5.99B |
| Deposits | Q1 2021vs Q1 2020 | $5.98B$5.53B |
| Equity Capital | Q1 2021vs Q1 2020 | $1.03B$937.8MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $80.6MM$54.2MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $77.3MM$66.0MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $0$0 |
