ConnectOne Bank Online Savings Account - One of the Few at the Top


UPDATE 4/21/20 Online Savings Account rate fell from 1.75% to 1.50% APY.

Deal Summary: Online Savings Account, 1.75% APY, $2.5k minimum, $250k maximum.

Availability: Nationwide

ConnectOne Bank (ConnectOne) had a history of offering very competitive CDs. In 2017, ConnectOne came out with online CDs that were nationally available. In 2018, ConnectOne came out with the online savings account called OneConnection Savings. Unlike the online CDs, the savings account never had a noteworthy rate, and a review of it was never done. That has now changed by the fact that its rate has been holding while others have been falling. Its current rate of 1.75% APY is now a top rate for online savings accounts without requirements. With a few other banks also offering an APY of 1.75% on their online savings accounts, I wouldn’t call this rate exceptional, but it’s noteworthy. Thanks to DA reader ichaelm who mentioned this account and rate in the DA Forum.

1.00*%$2.5k-ConnectOne BankOneConnection Savings - Online
Rates as of June 26, 2022.

There is no rate guarantee, so I would expect this rate to eventually fall. ConnectOne has kept this rate very consistent in the last two years. The account had a 1.80% APY when we first began tracking it two years ago. It soon increased to 1.82% APY where it remained until last March when it finally had a rate reduction. Surprisingly, it fell only to 1.75% APY, and it didn’t fall when April began. I asked the customer service representative (CSR) today about any upcoming rate changes, and she wasn’t aware of any.

Account Features

The top rate of the OneConnection Savings (currently 1.75% APY) only applies to balances from $2.5k to $250k. Balances under $2.5k earn no interest while balances above $250k earn only 0.30% APY. Note, this is not a blended APY. The entire balance of $250,001 and above earns only 0.30% APY. Thus, it’ll be important to ensure your balance remains under this.

The ConnectOne website is light on account details, and account disclosures are only provided after you submit your personal information in the online application. Below are a few important account details listed on ConnectOne’s website:

  • $2,500 minimum initial deposit
  • No monthly maintenance fees
  • Fees for excessive transaction are $10 per item (exceeding six withdrawals per cycle)
  • Interest is compounded daily
  • A free mobile app is available with Remote Check Deposit capability

I received additional details by calling ConnectOne (844-266-2548). After about 5 minutes of holding, I was connected to a knowledgeable CSR who provided the following account details:

  • In the application process, there’s no credit inquiry (so no hard pull). They just do a Chexsystem verification.
  • If the initial deposit is done via ACH, the size limit is $50k
  • Beneficiaries cannot be designated in the application. However, after the application you can contact ConnectOne and designate up to four beneficiaries on the account. Beneficiaries' social security numbers are not required.
  • External Transfer Service (via ACH) has small transfer limits: $3k per day for incoming and outgoing
  • Up to 4 external accounts can be linked for the External Transfer Service
  • ConnectOne allows ACH transfers initiated from your other bank without size limitations.
  • Outgoing wire transfers are not allowed. Incoming wire transfers are allowed.

The External Transfer Service has a small $3k daily limit for both incoming and outgoing transfers. Unfortunately, this is typical for small banks that offer online accounts. This is where the large, well-established online banks often have an advantage. Not only are their limits typically much higher, but their transfer service is often much easier to use.

Banks will usually allow ACH transfers initiated at your other banks without any dollar limits. That is the case for ConnectOne. So if you plan to maintain a large balance at ConnectOne, it would be wise to use another bank's ACH transfer service.


Headquartered in Englewood Cliffs, New Jersey, ConnectOne Bank expanded its market area in 2017, when it began offering its Personal CDs on a nationwide basis. In 2018, it began offering its OneConnection Savings nationwide in all 50 states through its online application.

According to the online application, accounts may be opened by “U.S. Citizens and U.S. Residents.”

The first page of the online application states this cautionary note,

Please note, pressing the "back" arrow / button will terminate your application and the data will be lost. For security purposes, we will not store data and the application should be completed in one online session.

ConnectOne Bank has 36 full-service branches in New Jersey and New York.

Bank Overview

ConnectOne Bank has an overall health grade of "A" at, with a Texas Ratio of 6.19% (excellent) based on December 31, 2019 data. In the past year, ConnectOne Bank has increased its total non-brokered deposits by $658 million, an excellent annual growth rate of 19.4%. Please refer to our financial overview of ConnectOne Bank (FDIC Certificate # 57919) for more details.

In its 15th year of operation, ConnectOne Bank was originally established in 2005 as the North Jersey Community Bank. Following the acquisition of Citizens Community Bank, the Bank re-branded in 2013. A year later, ConnectOne Bank acquired Union Center National Bank (Union, NJ). ConnectOne Bank is currently the eighth largest bank headquartered in New Jersey, with assets in excess of $6.17 billion and more than 74,000 customer accounts.

How the Online Savings Account Compare

When compared to 185 savings accounts and 154 money market accounts tracked by, without activity requirements and are available nationwide, ConnectOneBank’s online savings account APY currently shares the top spot with four other banks.*

The above rates are accurate as of 4/17/2020.

To search for the best rates, either nationwide or state-specific, please refer to DA’s Savings Account Rates and Money Market Account Rates page.

*We continue to diligently work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at may not reflect the latest rates published by the banks and credit unions.

Related Pages: New York savings accounts, savings accounts, nationwide deals, Internet banks

  |     |   Comment #1
No interest for deposits below $2500.00 is a hard pill to swallow. No thanks moving on to something else.
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