ConnectOne Bank is headquartered in Englewood Cliffs and is the 7th largest bank in the state of New Jersey. It is also the 182nd largest bank in the nation. It was established in 2005 and as of June of 2020, it had grown to 415 employees at 30 locations. ConnectOne Bank's savings rates are 73% 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.
Read Carefully Their Disclosures!!!
Some points of these disclosures are very unusual.
For example, they write for all kinds of their savings, money market, etc accounts:
"Withdrawals. We have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account. Withdrawals may be subject to a service charge."
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 415 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.68% |
| Return on Equity - YTD | 5.3% |
| Annual Interest Income | $155.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $7.62B$6.11B |
| Loans | Q2 2020vs Q2 2019 | $6.31B$5.05B |
| Deposits | Q2 2020vs Q2 2019 | $5.91B$4.66B |
| Equity Capital | Q2 2020vs Q2 2019 | $953.4MM$779.3MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $68.7MM$37.7MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $70.6MM$52.9MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |
