ConnectOne Bank Review: Savings, Checking and CDs

ConnectOne Bank offers some compelling features, including a large ATM network and an above-average APY on certain savings balances.

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Overall bank rating

ConnectOne Bank
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

ConnectOne Bank is 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, some of which offer solid interest rates.

 

Best for: Banking customers in New Jersey or New York who want a large ATM network and who have at least $2,500 to earn the highest savings account interest rate.

Pros

  • Customers have access to more than 55,000 fee-free ATMs via the Allpoint network.
  • The OneConnection Savings account has a 0.60% APY for balances between $2,500 and $249,999.99.
  • Solid interest rates on certificates of deposit.

Cons

  • Branch locations are limited to New Jersey and New York.
  • High overdraft fee.
  • High minimum balance to earn the highest APY for savings.

Full review

ConnectOne Bank Online Savings Account

ConnectOne Bank Online Savings Account

4.0

NerdWallet rating 

ConnectOne Bank’s online savings account, also known as OneConnection Savings, has no monthly fee or minimum balance requirements. There is a solid 0.60% APY on the account, although customers must carry a relatively high $2,500 minimum balance to earn the interest rate. The rate drops to 0.30% for balances of $250,000 or more, and balances below $2,500 don’t earn interest.

ConnectOne Bank Consumer Interest Checking

ConnectOne Bank Consumer Interest Checking

4.5

NerdWallet rating 
Monthly Fee

$0

Customers who want to earn interest on their checking account can open a Consumer Interest Checking account and earn 0.05% APY on balances over $1,000. If their balance drops below $1,000, the account no longer awards interest, and customers will be subject to a $10 monthly fee.

ConnectOne Bank’s Simply Better Checking account doesn’t earn interest, but it also has no minimum balance, unlimited check writing and up to $10 in foreign ATM fee reimbursements per month if a customer maintains a $500 average balance and uses direct deposit.

ConnectOne Bank is part of the Allpoint ATM network, so customers have access to more than 55,000 fee-free ATMs.

ConnectOne Bank Time Deposit

ConnectOne Bank Time Deposit

3.5

NerdWallet rating 
1-year APY

0.25%

3-year APY

0.50%

5-year APY

0.50%

Minimum Deposit

$0

ConnectOne Bank offers CD terms ranging from three months to five years. Every CD term has a minimum opening balance of $500. The bank’s one-year CD earns 0.25% APY, its three-year CD earns 0.50%, and its five-year CD earns 0.50% APY.

Banking experience

3.0

NerdWallet rating 

ConnectOne Bank has limited branch access that’s restricted to parts of New Jersey and New York. 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 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

3.5

NerdWallet rating 

ConnectOne Bank charges a $35 fee for customers who overdraft their account. The bank also offers overdraft protection in the form of an overdraft line of credit; availability is subject to customer credit approval. The APR range for the overdraft line of credit varies; if you qualify for a revolving line of credit, the APR is 14%, whereas a personal unsecured loan could have an APR of 14.5% or 15%.

ConnectOne Bank also allows customers to make overdraft protection transfers from linked accounts for free to cover potential overdrafts.

ConnectOne Bank Online Savings Account

ConnectOne Bank Online Savings Account

4.0

NerdWallet rating 

ConnectOne Bank’s online savings account, also known as OneConnection Savings, has no monthly fee or minimum balance requirements. There is a solid 0.60% APY on the account, although customers must carry a relatively high $2,500 minimum balance to earn the interest rate. The rate drops to 0.30% for balances of $250,000 or more, and balances below $2,500 don’t earn interest.

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.