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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Written by Chanelle Bessette
Lead Writer
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Edited by Sara Clarke
Assistant Assigning Editor
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ConnectOne Bank
  • Savings
  • Checking
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

3.5

NerdWallet rating 
The bottom line:

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 some 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

ConnectOne Bank Connection Plus Savings
ConnectOne Bank Connection Plus Savings

Savings

Member FDIC

4.0

/5
 NerdWallet rating 
APY
4.60%
With $2,500 min. balance for APY
Bonus
N/A

ConnectOne Bank’s online savings account, also known as Connection Plus 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

ConnectOne Bank Connect Money Market Checking
ConnectOne Bank Connect Money Market Checking

Checking

Member FDIC

3.0

/5
 NerdWallet rating 
Monthly fee
$10.00
Waived with $5,000 minimum balance
APY
3.40%
With $0 min. balance for APY
Bonus
N/A

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.

Certificates of deposit

ConnectOne Bank Time Deposit
ConnectOne Bank Time Deposit

CD

Member FDIC

1.5

/5
 NerdWallet rating 
1-year APY
2.00%
Minimum deposit
$500

ConnectOne Bank offers a one-year CD as well as a few atypical CD terms ranging from seven to 23 months. Every CD term has a minimum opening balance of $500. The bank’s one-year CD earns 2.00% APY. You can find better CD rates at online banks and credit unions. Though the bank offers certificates of deposit, they are not the most common terms and some cannot be opened online, so we did not include them as part of the overall bank rating.

Customer experience

3.5

NerdWallet rating 

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

3.5

NerdWallet rating 

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.

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.