ConnectOne Bank Review

Overview

Started in 2005, ConnectOne Bank has assets totaling $9.72 billion as well as deposits totaling $7.57 billion, classifying it as a large bank. ConnectOne Bank, whose headquarters are in Englewood Cliffs, New Jersey, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. On the whole, ConnectOne Bank is a solid contender in your bank search, with a rating of 4.2 out of 5 stars from the SmartAsset team. ConnectOne Bank offers the full selection of product offerings, including savings accounts, checking accounts, money market accounts, CDs and mortgage products. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, ConnectOne Bank's standard checking account does not have a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high interest rate at the same institution is your best option for returning the most income on your deposits while maintaining convenient access to your funds.

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

ConnectOne Bank has a savings rate of 0.05%, which is poor as compared against the national average. ConnectOne Bank's CD rates are 3.80% and 3.60% for the seven-month and twenty-three-month term lengths, respectively, while its highest-yielding money market account has an APY of 3.50%. Given ConnectOne Bank's below average savings rate, you should think about taking a look at other banks for savings accounts.

How ConnectOne Bank's Savings Rates Compare

ConnectOne Bank generally has extremely low fees compared to the national average. ConnectOne Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a simple account. ConnectOne Bank unfortunately doesn't refund out-of-network ATM charges, which means you'll have to find a ConnectOne Bank ATM or eat the fee.

ConnectOne Bank is a brick-and-mortar bank, with 24 total branches in New Jersey and New York. With mobile and web apps, ConnectOne Bank makes mobile banking convenient, even on the go. ConnectOne Bank's online and mobile banking platforms receive poor scores from customers. Out of 18 customer reviews on iOS and Android platforms, the ConnectOne Bank mobile app has an overall rating of 3.2 out of 5 (compared to the national average of 3.8). You can utilize ConnectOne Bank's app to manage your finances by looking at monthly statements, sending and receiving money as well as reaching support representatives. ConnectOne Bank gets a superb consumer satisfaction rating based on relatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

ConnectOne Bank ranks as a large bank owning assets totaling $9.72 billion and $7.57 billion in deposits. It has a strong Texas Ratio of 4.32%, 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

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.

Products Offered

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 taking a look elsewhere 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 in comparison to other U.S. banks.

Find a ConnectOne Bank Near Me

ConnectOne Bank has 24 branches in the U.S.