ConnectOne Bank Review: Savings, Checking and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
3.5
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.
Best for: Banking customers mostly 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
- No overdraft fees.
- Competitive rate on savings accounts.
- Large, free, nationwide ATM network.
- No minimum opening deposits on checking accounts.
- Extended phone customer service hours.
Cons
- Low rates on CDs.
- Monthly fees (though they are avoidable).
- High minimum balance requirements to avoid fees.
- Limited branch access.
- High minimum balance to earn strong savings rate.
Full review
Savings
Savings
Member FDIC
4.0
/5 NerdWallet ratingConnectOne Bank’s online savings account, also known as OneConnection Savings, has no monthly fee or minimum balance requirements. There is a solid 4.60% APY on the account, although customers must carry a relatively high $2,500 minimum balance to earn the interest rate. The rate is 4.70% for balances of $250,000 or more, and balances below $2,500 don’t earn interest.
Checking
Checking
Member FDIC
3.5
/5 NerdWallet ratingCustomers who want to earn interest on their checking account can open an Impact Money Market Checking account and earn 0.20% APY on balances over $2,500. If their balance drops below $2,500, the account no longer awards interest, and customers will be subject to a $10 monthly fee. To open this account, a customer must use funds they have at another institution.
ConnectOne Bank is part of the Allpoint ATM network, so customers 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.
Certificates of deposit
CD
Member FDIC
2.0
/5 NerdWallet ratingConnectOne 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. You can find better CD rates at online banks and credit unions.
Customer experience
3.5
NerdWallet ratingConnectOne 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 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
4.0
NerdWallet ratingAs of September 2022, ConnectOne Bank no longer charges overdraft fees to personal bank accounts.
ConnectOne Bank also allows customers to apply for an overdraft line of credit to cover potential overdrafts.
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.
