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ConnectOne Bank Review

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ConnectOne Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


Founded in 2005, ConnectOne Bank has $5 billion in assets and deposits totaling $4 billion, ranking it as a large bank. ConnectOne Bank, whose headquarters are in Englewood Cliffs, New Jersey, lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. On the whole, ConnectOne Bank is a solid contender in your bank search, with a score of 4.2 out of 5 stars from the SmartAsset experts. ConnectOne Bank provides customers with a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, ConnectOne Bank's standard checking does not carry a monthly fee. Locating a checking account with no monthly fee and a savings account with a high interest rate at the same bank is your best option for getting the most income from your deposits while having easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

ConnectOne Bank has a savings rate of 0.15%, which is poor compared to other U.S. banks. Its one-year and five-year term lengths CDs earn at a rate of 1.41% and 2.63%, respectively, while its highest-yielding money market account earns at an APY of 0.25%. Given its below average savings rate, you should consider choosing another bank to earn more on your deposits.

How ConnectOne Bank's Savings Rates Compare

ConnectOne Bank Savings 0.15 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

ConnectOne Bank generally has extremely low fees in comparison to other U.S. banks. With no monthly fee, ConnectOne Bank's checking account is perfect for those who want an easy checking account. ConnectOne Bank unfortunately does not reimburse out-of-network ATM fees, which means you'll have to search for a ConnectOne Bank ATM or eat the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

ConnectOne Bank is a brick-and-mortar bank, with 22 total branches in New Jersey and New York. It also offers access to mobile and web apps for straightforward access and banking on the go. ConnectOne Bank's online and mobile banking services get poor feedback from users. The ConnectOne Bank mobile app scored a 3.2 out of 5 (with 18 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize ConnectOne Bank's mobile app to control your finances by looking at current statements, sending and receiving funds as well as reaching customer service. ConnectOne Bank receives an outstanding consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.2/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

SmartAsset Average: 4.8

ConnectOne Bank is a large bank with $5 billion in assets and deposits totaling $4 billion. It has a strong Texas Ratio of 10.50%, denoting a tiny chance of failure. Additionally, ConnectOne Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare ConnectOne Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.15% APY $1000
Certificates of Deposit
  • 12 Month: 1.41% APY
  • 24 Month: 2.12% APY
  • 36 Month: 2.28% APY
  • 48 Month: 2.94% APY
  • 60 Month: 2.63% APY
$500 for all terms
Money Market Account 0.25% APY $2500

ConnectOne Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. ConnectOne Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. ConnectOne Bank's CD rates are fair compared to the national average.

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Find a ConnectOne Bank Near Me

ConnectOne Bank has 22 locations in the U.S.

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