ConnectOne Bank Review: Savings, Checking and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
ConnectOne Bank is mostly located in New Jersey and New York and is part of the Allpoint network, so customers have access to more than 55,000 ATMs worldwide. The bank offers a variety of checking and savings accounts and certificates of deposit.
No overdraft fees.
Competitive rate on savings accounts.
Large, free, nationwide ATM network.
No minimum opening deposits on some checking accounts.
Extended phone customer service hours.
Monthly fees (though they are avoidable).
High minimum balance requirements to avoid fees.
Limited branch access.
High minimum balance to earn strong savings rate.
Product reviews
Savings
ConnectOne Bank’s online savings account, also known as Connection Plus Savings, has no monthly fee or minimum balance requirements. There is a solid 3.75% APY on the account, although customers must carry a relatively high $2,500 minimum balance to earn the interest rate. The rate is 3.85% for balances of $250,000 or more, and balances below $2,500 don’t earn interest.
ConnectOne Bank Connection Plus Savings
Checking
Customers who want to earn interest on their checking account can open a Connect Money Market Checking account and earn 3.40% APY. There is a $1,000 minimum deposit required to open the account. If the balance drops below $5,000, customers will be subject to a $10 monthly fee.
ConnectOne Bank is part of the Allpoint ATM network, so customers can access more than 55,000 fee-free ATMs.
The bank offers several other checking accounts, most of which are available to open at a branch in New York, New Jersey and Florida.
ConnectOne Bank Connect Money Market Checking
Customer experience & overdraft fees
Customer experience
ConnectOne Bank has limited branch access that’s restricted to parts of New Jersey and New York and West Palm, Florida. But ConnectOne Bank is also part of the large Allpoint network, giving customers access to more than 55,000 ATMs worldwide.
ConnectOne Bank posts updates on X (Twitter), and its mobile apps for Google and Apple have decent star ratings. Customers can deposit checks using the bank's mobile app.
Overdraft fees
As of September 2022, ConnectOne Bank no longer charges overdraft fees to personal bank accounts.
ConnectOne Bank allows customers to apply for an overdraft line of credit to cover potential overdrafts.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.