ConnectOne Bank 13-Month and 23-Month CDs Are New Rate Leaders

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Deal Summary: Time Deposits (CDs) – 13-month (3.30% APY) and 23-month (3.60% APY), $500 minimum deposit

Availability: Nationwide through online application

New Jersey-based ConnectOne Bank (ConnectOne) ended the week by raising the rates on its 13-month and 23-month Time Deposits. (ConnectOne no longer uses “CD”: the new term is Time Deposit – TD for short. To minimize any confusion, I’m using CD.)

Following increases of 20 bps and 30 bps, the 13-month CD now earns 3.30% APY, with the 23-month offering 3.60% APY. The minimum opening deposit for either CD is $500, with the maximum amount that can be funded online capped at $1 million.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.60%$500-ConnectOne Bank23 Month CD
3.60%$500-ConnectOne Bank23 Month IRA
3.50%$500-ConnectOne Bank13 Month CD
3.50%$500-ConnectOne Bank13 Month IRA
Rates as of December 5, 2022.

Both CDs are also offered as IRA CDs (Traditional), earning the same stated APYs with the same funding requirements. IRA CDs are not available online; they can only be opened in-branch.

As stated in the Fixed Rate Time Deposit disclosure, the Early Withdrawal Penalty for the 13- and 23-month CDs reads as follows:

We will impose a penalty if you withdraw any or all of the funds before the maturity date. The penalty imposed will equal 180 days of interest on your account. The early withdrawal penalty will be deducted from the interest earned. If you have not earned enough interest on your account or if the interest has already been paid to you, the penalty will be deducted from the principal.

ConnectOne has a fairly good FAQs page. Some of the questions addressed include,

How can I fund my account?

    You can fund your new ConnectOne Bank through ACH transfer from your account at another bank. If you are already a ConnectOne Bank client, you can transfer funds from one of your other ConnectOne accounts.

What happens once my Time Deposit matures?

    If you choose to close the Time Deposit you will receive the amount in your account upon maturity in one of the following methods:

    • A check can be mailed to you.
    • Funds can be transferred into your other existing ConnectOne Band checking, savings, or Money Market checking account.
    • Upon request, we can transfer the funds back to your original funding financial Institution.

Can I designate “Pay On Death” (POD) beneficiaries on my account?

    PODs are not available to be added while opening an account online. However, a POD may be added once your account is open. Please contact us for assistance.

    Please note, an account cannot have more than four PODs

Availability

Headquartered in Englewood Cliffs, New Jersey, ConnectOne Bank expanded its market area about five years ago, when it began offering CDs on a nationwide basis. According to the online application, CDs may be opened online by “U.S. Citizens and U.S. Residents.”

Opening a 13-month and/or 23-month CD can be done online. Make sure you click on the specific term-length you want to open, as the ConnectOne Bank online application is customized based on the term-length chosen.

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.

Opening a CD can also be done at any of the 14 New Jersey branches or ten New York branches (Manhattan, Queens, Long Island, Orange County, Rockland County, and Westchester County). ConnectOne Bank has recently expanded into Florida, with a branch on North Flagler Drive in West Palm Beach.

Bank Overview

ConnectOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.80% (excellent) based on June 30, 2022 data. In the past year, ConnectOne Bank has increased its total non-brokered deposits by $475.27 million, an excellent annual growth rate of 8.72%. Please refer to our financial overview of ConnectOne Bank (FDIC Certificate # 57919) for more details.

ConnectOne Bank was originally established in 2005 as the North Jersey Community Bank. Following the acquisition of Citizens Community Bank, the ConnectOne re-brand occurred in 2013. Three more New Jersey banks were acquired in the past eight years: Union Center National Bank (2014), Greater Hudson Bank (2019), and Bank of New Jersey (2020). ConnectOne Bank is currently the sixth largest bank headquartered in New Jersey, with assets in excess of $8.8 billion and more than 93,000 customer accounts.

How the 13-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the ConnectOne Bank 13-month CD. The following table compares the 13-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 23-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the ConnectOne Bank 23-month CD. The following table compares the 23-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 9/17/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
fdic
  |     |   Comment #1
I have dealt with B&M branches, horrible bank. I will stay away
P_D
  |     |   Comment #2
Just wanted to mention that I was shocked to receive a letter from Navy Federal after transacting a small ACH debit from my savings account there. It stated that they do not allow ACH debits from savings accounts, only credits. Wow, that was a surprise. At least out of "courtesy" they honored the debit this one time. I give them credit for that (no pun intended). Who knew? Never did an ACH debit from Navy before. (PS it was a PULL, not a push).

This kind of non-standard "gotcha" policy is something that I find disturbing. For me this was not a very important transaction, but what if it was? I did not expect NFCU to have a trap like this. Coupled with their lackluster deals in this round of rate increases it looks like another former favorite of mine is slipping down the list.

Such is the nature of this industry. Today's darling is tomorrow's dog. Very few consistently remain on the honor roll over time. Have to stay on your toes (Which means it takes up more of your time and increases reliability risk when doing critical transactions. So you need to be compensated for it in higher returns than competing investments). Overall I am appalled at how inefficient the retail consumer banking system is. It is a century behind the times.  And the government monetary system is even worse.  No surprise that crypto is such a hot topic.  It takes everything the government has to try to shut it down to squash the competition.
alan1
  |     |   Comment #3
I'm not clear how Comment #2 relates to Ken Tumin's article on ConnectOne Bank, nor why P_D felt it necessary to conclude his comment on Navy with another of his political screeds.

Of course, had P_D bothered to read Navy Federal's disclosures he would not have been taken by "surprise". And if P_D can't be bothered to read disclosure statements, he could have read any one of a number of Ken Tumin's articles on Navy Federal (as well as other material posted on this site) and avoided being "shocked".

As to P_D finding this "disturbing", I am saddened to learn that P_D is disturbed.
P_D
  |     |   Comment #4
The left is so filled with hate. They're polluting the Internet with it and blaming it on the other side.

I thought they were for a clean environment.

And if it wasn't for double standards, they'd have no standards at all.
111
  |     |   Comment #10
I see that alan1 is all distraught about P_D, yet again - ”political screeds”, etc., etc.. One would think that with all this apparent angst, alan1 himself would literally be aghast if he were ever to have been found to have made any comments even remotely political here.

However, poor Tommy Tuberville, current Senator from Alabama, would certainly beg to differ. That poor gentleman is no doubt still shuddering from the repercussions of alan1's attack on him a while back, on this very blog!
Choice
  |     |   Comment #11
Alan, is not a lone ranger but/to paraphrase one that wants the owner to manage the site as advertised/represented (at the end of day) and posters to reflect on what their obligations are all about. If you want a friend, get a dog!
blazer9
  |     |   Comment #5
#2 and #4
Quit filling our Website with your BULL S++T
alan1
  |     |   Comment #7
blazer9 -- I can understand your frustration, but please try to adhere to the site's comment policies; please don't descend to his level. That's what certain types aim for. His whole purpose is to divert attention away from the ConnectOne Bank article, and toward P_D.
P_D
  |     |   Comment #8
These guys are hoot!

They make the conversation about P_D and then accuse P_D of making the conversation about himself.

Wish I could post an emoji but not even sure I could find one weird enough to describe that behavior.
blazer9
  |     |   Comment #6
Your Reputation is beginning to Suck.
mffarrell
  |     |   Comment #9
Beginning? Don’t feed the troll.
LoneRanger
  |     |   Comment #12
P_D is 'shocked,' disturbed,' and simply 'appalled' on a topic completely unrelated to the coverage of ConnectOne's banking products. He's clutching his pearls so tight that it's cut off the oxygen to his brain.
alan1
  |     |   Comment #13
LoneRanger -- The first sentence of your comment is spot on. As to the second sentence, please allow me to quote an excerpt from my Comment #7 in response to Comment #5:

"I can understand your frustration, but please try to adhere to the site's comment policies; please don't descend to his level."

Comment #2 can be addressed without getting into questions related to oxygen flow. Thank you.
LoneRanger
  |     |   Comment #14
Alan1 - Your observation, "As to P_D finding this "disturbing", I am saddened to learn that P_D is disturbed." was superfluous.

Comment #2 can be addressed without getting into questions related to his mental state. Thank you.
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Availability: Nationwide through online application

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Availability: Nationwide through online application

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