UPDATE 8/16/2016: No longer available.
ConnectOne Bank is currently featuring a series of Promotional CDs, which require a minimum opening deposit of $500, with no balance cap.
- 10-month CD - 1.00% APY
- 11-month CD - 1.10% APY
- 13-month CD - 1.30% APY
- 15-month CD - 1.50% APY
While these specials do not appear on ConnectOne Bank’s website, I was able to confirm with several of the branch locations that this is a bank-wide offering.
According to CSR, the Early Withdrawal Penalty is 6 months interest for terms greater than twelve months, and 3 months interest for terms less than twelve months.
Thank you to DA reader, cdqueen, for her Forum post about these Promotional CDs.
Headquartered in Englewood Cliffs, New Jersey, ConnectOne Bank’s market area is primarily northern New Jersey, but not long ago expanded into the New York City area.
Opening any of the Promotional CDs require a visit to any of 20 New Jersey branches, located in Berkeley Heights, Boonton, Cresskill, Englewood Cliffs, Fort Lee, Hacksensack, Holmdel, Madison, Morristown, Newark, Oakland, Ridgewood, Saddle River (2), Springfield, Summit, Union (3) and West New York.
ConnectOne Bank has recently opened a full-service branch in New York City (Madison Avenue) and also has a Private Client Center in Princeton, New Jersey.
ConnectOne Bank does have an “Open Personal Account” page, which initiates the opening of an account, but an in-person visit to a branch is required to complete the process.
ConnectOne Bank (FDIC Certificate # 57919) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.37% (excellent) based on March 31, 2016 data. In the past year, ConnectOne Bank has increased its total deposits by $399.85 million, an excellent annual growth rate of 16.01%. Please refer to our financial overview of ConnectOne Bank for more details.
In its eleventh year of operation, ConnectOne Bank was established in 2005 as the North Jersey Community Bank. The Bank’s name was changed in 2013, following the acquisition of Citizens Community Bank. Two years ago, ConnectOne Bank acquired Union Center National Bank and is currently the 7th largest bank in New Jersey, with assets in excess of $4 billion.
How the CDs Compare
When compared to the 98 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to New Jersey residents, ConnectOneBank’s 10-month Promotional CD APY currently ranks second.
When compared to the 230 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to New Jersey residents, ConnectOneBank’s 13-month CD Promo APY currently shares the top spot with Fort Knox Federal Credit Union’s 14-month CD Special.
When compared to the 180 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to New Jersey residents, ConnectOneBank’s 15-month CD Promo APY currently ranks second.
The above rates are accurate as of 7/1/2016.