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.
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 Have Gone The Extra Mile For Me
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.
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 Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 420 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.1% |
| Return on Equity - YTD | 8.43% |
| Annual Interest Income | $308.2MM |
| Assets and Liabilities | ||
|---|---|---|
| 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 |
