ConnectOne Bank is headquartered in Englewood Cliffs and is the 6th largest bank in the state of New Jersey. It is also the 174th largest bank in the nation. It was established in 2005 and as of June of 2022, it had grown to 505 employees at 23 locations. ConnectOne Bank's money market rates are 8X the national average, and it has an A health rating.
Related Posts
12/2 - Connection Plus Savings Reaches As High As 4.00% APY ($250,000 +)
9/17 - ConnectOne Bank 13-Month and 23-Month CDs Are New Rate Leaders
8/29 - ConnectOne Bank Adds Competitive 7-Month CD
8/12 - ConnectOne Bank Ups Nationally Available Short-Term CD Rates
7/19 - Connectone Raises Online Savings Interest To 1.25% - 1.50% APY
2/2 - Three New Cds All Earning 1%
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
7/17/17 - ConnectOne Bank (NJ/NY) Adds 15-month CD Special
5/24/17 - 15-Month Online Only CD, 1.51% APY
4/3/17 - Connectone Bank CD Specials [NJ, NY] 1.46% 18 Month
7/1/16 - ConnectOne Bank (NJ/NY) Features Promotional CDs
2/21/11 - Special 2-Year CD at North Jersey Community Bank - Local Only
2/20/11 - 2.25% Two Year CD In North Jersey
5/11/06 - 5.12% Money Market / 5.27% 6-Month CD at a New Jersey Bank
I'm Very Pleased With CONNECTONE.
I opened two accounts (me and my wife) several months ago and have been very pleased with ConnectOne.
I've had absolutely no problems with opening accounts, funding the accounts, accessing funds, or managing my accounts.
And I think their Customer Service is EXEMPLARY.
I’ve had a couple of operational questions and: 1) I get a representative almost immediately and 2) that representative is polite, knowledgeable, professional, and genuinely helpful. They are just plain honest and will follow thru without question.
It’s almost like having a personal banker at the local office… maybe just more convenient.
Yes, they have a deposit limit of 250K (actually a max limit to earn interest), which could be a little inconvenient, but I think it represents just good banking (to minimize deposit base fluctuations). Fine in my book.
I wish them continued good going for the future.
PTF
Programmer Should Be Fired
• When setting up log in, website requires password to include at least one special character, a list of acceptable special character is given. After typing in, website says certain special characters are not allowed, which were not used.
• After talking with two different CSRs, special characters cannot be used, period. Are you kidding me?
• Cannot log in after set up until following business day. Is that a joke?
Was Thinking About It, But....
Great current rate, but according to their webpage, if you decide to cash out a CD upon maturity, they send you a check in the mail. If you have another account with them, you can dump the principal into that account. Perhaps this is a common practice, but I'd rather not have any large checks floating around in any of the mail services. Would be nice if you could ACH it back to your original bank.
Demands Text Message Verification For Every Little Thing
I could not interact with this bank, over the phone or online, could not manage money, login or speak to anyone without being required to do text message verification every time. I asked their customer service what happens if one travels overseas where they won't have access to their US phone number and was told one would be out of luck. I said this wasn't possible and was told by the representative he would check more on that. After 30 minutes on hold he came back saying he couldn't find any info. I closed my newly opened account because of this. Do not want to be cut off from my money and I do not live glued to a phone. I do not want to use text messages for online or phone banking. These are excessive and para noid security measures, which I don't face with any other banks. This bank offered good rate on their savings account and I was able to open the account online, even though this required a lot of additional document uploading and a lot of back and forth over messages and over the phone with their manager and employees. After all that time had been wasted I had to move the money back out and close the account because every step requires text message verification, I don't need this. The bank needs to straighten out their policies, they're not usable by a normal adult person.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57919 |
| Year Established | 2005 |
| Employees | 505 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.6% |
| Return on Equity - YTD | 11.94% |
| Annual Interest Income | $164.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.84B$7.71B |
| Loans | Q2 2022vs Q2 2021 | $7.20B$6.34B |
| Deposits | Q2 2022vs Q2 2021 | $6.73B$6.22B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.15B$1.05B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $82.7MM$78.7MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $70.9MM$75.9MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $316.00K$0 |
