ConnectOne Bank


Overview / Commentary
844-266-2548
301 Sylvan Avenue
Englewood Cliffs, NJ 07632

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.

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

Posted by: |

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

Posted by: |

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

Posted by: |

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.

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Health

Health Grade Components

Overall
FDIC Certificate #57919
Year Established2005
Employees412
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.86%
Return on Equity - YTD13.71%
Annual Interest Income$72.6MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$7.45B$7.28B
LoansQ1 2021vs Q1 2020$6.20B$5.99B
DepositsQ1 2021vs Q1 2020$5.98B$5.53B
Equity CapitalQ1 2021vs Q1 2020$1.03B$937.8MM
Loan Loss AllowanceQ1 2021vs Q1 2020$80.6MM$54.2MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$77.3MM$66.0MM
Real Estate OwnedQ1 2021vs Q1 2020$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not ConnectOne Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

ConnectOne Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.65%*$2.5k*$250kOneConnection Savings - Online
OTHER TIERS: 0.30% $250k+
0.05%--Statement Savings
0.05%--Business Savings

ConnectOne Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%*$750k*-Impact Money Market
OTHER TIERS: 0.25% $2.5k - $750k
0.35%*$750k*-Business Impact Money Market
OTHER TIERS: 0.25% $2.5k - $750k
0.25%*$2.5k*-Money Market
OTHER TIERS: 0.05% $1k - $2.5k
0.25%*$2.5k*-Business Money Market
OTHER TIERS: 0.05% $1k - $2.5k

ConnectOne Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%$1k-Consumer Interest Checking
0.05%$1k-Business Interest Checking

ConnectOne Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$500-24 Month CD
0.50%$500-36 Month CD
0.50%$500-48 Month CD
0.50%$500-60 Month CD
0.50%$500-Business 24 Month CD
0.50%$500-Business 36 Month CD
0.50%$500-Business 48 Month CD
0.50%$500-Business 60 Month CD
0.35%$500-18 Month CD
0.35%$500-Business 18 Month CD
0.25%$500-90 Day CD
0.25%$500-179 Day CD
0.25%$500-6 Month CD
0.25%$500-12 Month CD
0.25%$500- Business 90 Day CD
0.25%$500-Business 179 Day CD
0.25%$500-Business 6 Month CD
0.25%$500-Business 12 Month CD

ConnectOne Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$500-24 Month IRA
0.50%$500-36 Month IRA
0.50%$500-48 Month IRA
0.50%$500-60 Month IRA
0.35%$500-18 Month IRA
0.25%$500-90 Day IRA
0.25%$500-179 Day IRA
0.25%$500-6 Month IRA
0.25%$500-12 Month IRA
Locations

Availability

New York Area

Interactive local rates map


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