ConnectOne Bank Review: Savings and Checking
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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.
Overview
ConnectOne Bank is mostly located in New Jersey and New York. The bank offers a variety of checking and savings accounts and certificates of deposit but only some accounts can be opened online. The savings account you can open online has a decent rate of 3% annual percentage yield (APY) but requires a $2,500 minimum balance to earn it. ConnectOne is part of the Allpoint network, so customers have access to more than 55,000 ATMs worldwide and send money quickly to friends and family with Zelle.
We do not review the bank’s CDs because it doesn’t offer the most common terms we rate but some of the bank’s offerings, including a no-penalty CD, have worthwhile rates.
No overdraft fees.
Competitive rate on savings accounts.
Large, free, nationwide ATM network.
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. There is a solid 3.00% APY on the account, although customers must carry a relatively high $2,500 minimum balance to earn the interest rate. Balances below $2,500 don’t earn interest and those over $250,000 earn a little more — 3.10% APY.
If you’re just starting out with your savings, you could find on-par rates elsewhere without needing that much to qualify for the APY.
ConnectOne Bank Connection Plus Savings
Checking
The only checking account available to open online is the Connect Money Market Checking account, which is a hybrid checking and savings account. You’ll earn 2.00% APY on balances under $25,000 here but there is a steep minimum opening deposit of $1,000. The account comes with a free debit card, but you’ll have to order and pay for checks, if you want to use them.
You'll want to keep a permanent average daily balance of at least $5,000 in the account at all times because if you drop below that, you’ll pay a $10 monthly service fee.
ConnectOne Bank is part of the Allpoint ATM network, so you will have access to 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 about 60 branches scattered across parts of New Jersey and New York and West Palm Beach, Florida. But for ATMs, you’ll have access to the large Allpoint network of more than 55,000 ATMs.
ConnectOne Bank has mobile apps for Google and Apple that have decent star ratings — 4 and 4.6 stars respectively at the time of writing. You can use the app for the standard services, including depositing checks.
For customer service, you can send the bank a secure message online or call from Monday to Friday, 7 a.m. to 7 p.m. ET and Saturday from 8 a.m. to 2 p.m. ET.
The bank’s website does a good job of showing the rates you’ll earn and the monthly fees you might pay, and it has a decent FAQ section. But NerdWallet had to connect with customer service to find out the hours and get a link to the fee schedule to confirm overdraft fees, which is one reason the bank's customer experience rating is just average.
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. You don’t pay interest on it until you use it.
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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.