ConnectOne Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Saturday, August 1, 2020

ConnectOne Bank’s checking account options

Totally Free Checking

Totally Free Checking lives up to its name, being a simple checking account that charges no monthly fee; however, it is restricted to New York and New Jersey residents.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

ConnectOne’s Totally Free Checking account has no minimum maintaining balance requirement or monthly fee, and it offers access to over 9,000 fee-free ATMs, including participating 7-Eleven and Sunoco terminals. It also includes the following features:

  • Free check imaging
  • Easy-to-read monthly statement
  • Free MasterCard debit card
  • Free online banking with bill pay
  • Overdraft protection (subject to credit approval)

Overdraft protection is tied to an approved line of credit, so while there is no overdraft fee, you may be charged interest costs unless you pay off the overdraft immediately.

How to get the Totally Free Checking account

As mentioned above, you’ll need to visit a physical ConnectOne Bank location to open a Totally Free Checking account, as it’s not available online. When you visit a branch, you should bring your home address, Social Security and a form of valid ID, such as your driver’s license, military ID, state ID or passport. You’ll also need information on your funding source for the account, such as a checking account or debit card.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Simply Better Checking

A no-fee, no-frills, no-minimum checking account for New Jersey and New York residents only.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: Up to $10 per statement cycle, with an average daily balance of at least $500 and direct deposit
  • Overdraft fee: $35

Simply Better Checking is open to residents of New York or New Jersey only. Like the Totally Free Checking account, the Simply Better account has no minimums or monthly fees, and charges no ATM fees either. There is a high overdraft fee that can only be avoided by setting up a backup credit line for overdraft transfers.

One benefit the Simply Better Checking account has over the Totally Free Checking account is the up to $10 per cycle ATM fee refund from non-network ATMs, with a qualifying balance and direct deposit. As with other ConnectOne Bank checking accounts, Simply Better offers a complimentary debit card, check imaging and online banking with bill pay.

How to get the Simply Better Checking account

As mentioned above, the Simply Better Checking account is one of the few accounts at ConnectOne Bank that you can open online. You can also visit a branch. To open the account, simply click through the online application form. Whether you open your account online or in a branch, you’ll need to provide personal information, such as your home address, along with documents including your Social Security number, and a form of valid ID. You’ll also need to fund the account with a checking account, debit card or other funding source.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Consumer Interest Checking

Consumer Interest Checking is the only checking account in the ConnectOne Bank stable that pays interest.
APYMinimum Balance to Earn APY
0.15%$1,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with a $1,000 minimum balance
  • ATM fee: $0
  • ATM fee refund: Up to $10 a month, with a $1,000 average daily balance and direct deposit
  • Overdraft fee: $35

Like the Simply Better Checking account, the Consumer Interest Checking account reimburses non-network ATM fees up to $10 per month, with a $1,000 average balance and direct deposit. That $1,000 average daily balance is also required to waive the monthly maintenance fee. Interest is paid in two tiers, with accounts below $1,000 currently earning nothing. Beyond these distinctions, the Consumer Interest Checking account is similar to other ConnectOne Bank checking accounts, providing online banking and bill pay, a MasterCard debit card and free check imaging. The same overdraft fee applies to this account as well, unless backed up with an approved credit line account.

How to get the Consumer Interest Checking account

As mentioned above, you can’t open a Consumer Interest Checking account online, so you’ll have to visit a branch. Applications require personal information, such as your home address, along with documentation, such as a form of valid ID. Acceptable ID options include your passport, driver’s license, military ID or state ID. You’ll also need your Social Security number and a funding source for the account.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

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How ConnectOne’s checking accounts compare

ConnectOne checking accounts are straightforward, with little in the way of extra features or benefits. The accounts benefit from their low fee structure and minimums, although all of the accounts have high overdraft fees that can only be avoided with a backup credit line. Only one of ConnectOne’s checking accounts pays interest, and it’s a moderate rate that falls right about at the national average. Rates are not competitive with the best rates for checking accounts available nationally.

ConnectOne Bank’s savings account options

Statement Savings

ConnectOne Bank’s primary savings option has no monthly fee and no minimum balance requirements.
APYMinimum Balance to Earn APY
0%$0
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

Statement Savings is a simple, classic savings account. You don’t have to deposit any money at all to open the account, but you earn the same rate of interest regardless of how large or small your deposits are.

There is no fee for this account, except for the overdraft fee; this fee can be reduced to interest charges only with a backup credit line account.

Per federal regulations, certain transactions in excess of six per statement cycle could lead to your account ultimately being closed or converted to a checking account. This account also comes with free online banking and fee-free ATM access at the bank’s terminals.

How to get the Statement Savings account

As mentioned above, you’ll need to visit a branch to open a Statement Savings account. It cannot be opened online. Bring your home address, Social Security and a form of valid ID when you visit a branch to open your account, along with a way to fund your account, such as a checking account.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

OneConnection Savings

This online-only savings account offers higher yields but requires a larger opening deposit.
APYMinimum Balance to Earn APY
0.90%$2,500
0.30%$250,001
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35

ConnectOne Bank’s online savings account is known as the OneConnection Savings account. This account pays tiered interest in three levels. The highest-interest tier runs from $2,500 to $250,000, so it could appeal to a large range of savers.

The account offers free online and mobile banking, including remote check deposit. Certain transfers are restricted to six per month, as with all savings and money market accounts. Excess transactions could cause the account to be closed or converted into a checking account. This account has no ATM access.

How to get the OneConnection Savings account

As mentioned above, you can open the OneConnection Savings account online, as it’s not restricted to New York and New Jersey residents. Click on the online application link and provide the requested information, which will include your home address, your Social Security number and valid identification. Your passport, state ID, driver’s license or military ID will suffice. You should also provide a way to fund your account, such as through your current checking account.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

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How ConnectOne Bank’s savings accounts compare

Both ConnectOne Bank savings accounts are basically fee-free, but they are worlds apart in terms of interest paid. The Statement Savings account offers less than the national average, but the OneConnection account pays out nearly eight times the national average. In fact, the interest rate on the online-only savings account puts it among the best available national savings rates in the country, for deposits between $2,500 and $250,000.

ConnectOne Bank’s CD account options

Regular CDs

ConnectOne Bank’s regular CDs have low minimum balances and a wide range of maturities to choose from.
TermAPYMinimum Balance to Earn APY
90 days0.30%$500
179 days0.45%$500
6 months0.55%$500
12 months0.65%$500
14 months2.63%$500
18 months0.75%$500
24 months0.75%$500
36 months 0.75%$500
48 months0.75%$500
60 months0.75%$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 7 days’ interest, for maturities of 7 to 31 days; 90 days’ interest, for maturities of 32 days to 6 months; 180 days’ interest, for maturities of greater than 6 months and less than 24 months; 360 days’ interest, for maturities greater than 24 months

ConnectOne Bank’s CDs range in maturity from 90 days to five years. A relatively low $500 minimum deposit is enough to open an account. Interest is compounded daily and credited weekly for maturities of 6 months or less or monthly for longer maturities.

There are no jumbo CDs available at ConnectOne Bank, so rates are the same regardless of the amount deposited, as long as they meet the minimum. The 14-month CD is an online-only CD that is not available in a branch. Otherwise, there are no promotional CDs currently available.

CDs automatically renew at ConnectOne Bank. To avoid autorenewal, you’re granted a 10-day grace period after maturity in which to withdraw funds before the early withdrawal penalty kicks in.

How to get a regular CD account

The personal CD account at ConnectOne Bank is one of the few accounts that you can open online as these accounts are available nationwide. After clicking the online application link, you can open your account by providing basic personal and financial information, such as your Social Security number, home address and a form of valid ID, such as your driver’s license, military ID or passport. You’ll also have to fund the account.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

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How ConnectOne Bank’s CD rates compare

CD rates at ConnectOne Bank are very good. Except for the two shortest maturities, all CD terms trounce the national average rates. In many cases, CD rates are among the very best you can find, falling just short of the best available national CD rates.

ConnectOne Bank’s money market account options

Money Market Checking

Exclusively for clients in New York or New Jersey, ConnectOne Bank’s Money Market Checking requires no minimum balance to open.
APYMinimum Balance to Earn APY
0.20%$1,000
0.25%$2,500
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10; $0 with average daily balance of $1,000 or more
  • ATM fee: $0
  • ATM fee refund: none
  • Overdraft fee: $35

Unlike many money market accounts, ConnectOne Bank’s version doesn’t require a high opening deposit. However, customers have to clear the $1,000 threshold if they want to earn interest and avoid a monthly maintenance fee.

As with the bank’s checking and savings account, the money market account provides free online banking with bill pay, free ATM access within the 9,000-plus strong ATM network and free check imaging. You can also contact customer service via telephone 24/7.

Certain transactions are limited to six per monthly cycle; excess transactions can result in the account being closed or converted to a regular checking account.

How to get a Money Market Checking account

As mentioned above, you’ll need to visit a branch to open a Money Market Checking account, as you cannot open this account online. When you go into a ConnectOne Bank location, bring a form of valid ID, such as your driver’s license, military ID, state ID or passport, along with your Social Security number and personal information. You’ll also need to provide a funding source for the account, such as a checking account or debit card.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

Impact Money Market

The Impact Money Market account, which is exclusively for New York and New Jersey customers, pays a premium rate on larger deposits.
APYMinimum Balance to Earn APY
0.25%$2,500
0.55%$750,000
  • Minimum opening deposit: $2,500
  • Monthly account maintenance fee: $10; $0 if the balance falls below $2,500 on any day of the week.
  • ATM fee: $0
  • ATM fee refund: N/A
  • Overdraft fee: $35

For those who can muster a $2,500 deposit, the Impact Money Market account provides rewards, with a rate that jumps from 0% APY to 0.25% APY that’s quite competitive for a money market account. One thing to note is that the enhanced rate is only paid on savings between $2,500 to $749,999.99. In other words, customers earn 0% interest on deposits from $0 to $2,499.99, even if they otherwise qualify for the higher rate.

Certain transactions are limited to six per month, such as transfers by check, telephone, or debit card. The bank reserves the right to either close the account or convert it to a checking account in the event of excess transactions, and a $10 fee will be charged for each instance.

How to get an Impact Money Market account

As mentioned above, the Impact Money Market account is one of the few account options at ConnectOne Bank that can be opened online. Via the online application on the bank’s website, provide a form of valid ID, such as your passport, driver’s license, military ID, or state ID and information on your funding source. You’ll also need your home address and Social Security number to get started.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

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How ConnectOne Bank’s money market accounts compare

The standard rates on ConnectOne Bank’s money market accounts is just a bit below the national average. The best available rate is found in the middle tier of the Impact Money Market account, which almost quadruples that average. However, that still places the rate below the best available money market rates that you can find nationwide.

ConnectOne Bank’s IRA account options

IRA CDs

ConnectOne Bank’s IRA CDs follow the same structure as the bank’s non-IRA CDs, right down to the minimums required, rates paid and terms allowed.
TermAPYMinimum Balance to Earn APY
90 days0.30%$500
179 days0.45%$500
6 months0.55%$500
12 months0.65%$500
18 months0.75%$500
24 months0.75%$500
36 months0.75%$500
48 months0.75%$500
60 months0.75%$500
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Early withdrawal penalty: 7 days’ interest, for maturities of 7 to 31 days; 90 days’ interest, for maturities of 32 days to 6 months; 180 days’ interest, for maturities of greater than 6 months and less than 24 months; 360 days’ interest, for maturities greater than 24 months

IRA CDs have the same requirements and restrictions as the bank’s regular CDs.

IRA CDs automatically renew, and you have 10 days to pull out your money without triggering the early withdrawal penalty. Interest is compounded daily and paid weekly for maturities of 6 months or less or monthly for longer maturities. Rates are fixed and do not vary based on the amount invested.

As these CDs are in an IRA account, taking money out of the account as a whole may trigger taxes and IRS penalties.

How to get a ConnectOne Bank IRA CD account

As mentioned above, just like with the bank’s non-IRA CDs, you can open any maturity of CD online in an IRA. Most IRA CDs can also be opened in a branch. As with other ConnectOne Bank accounts, you’ll need to provide information to open the account, including a form of valid ID and information on your funding source, such as a checking account. The bank will also need your home address and Social Security number to get started.

SEE DETAILS Secured

on ConnectOne Bank’s secure website

Member FDIC

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How ConnectOne Bank’s IRA accounts compare

IRA CD rates at ConnectOne Bank are very high. As with the bank’s non-IRA CDs, rates for every maturity, with the exception of the two shortest terms, are well above the national averages. The standout account, the 15-month online CD, runs very close to the best available national IRA CD rates.

Overall review of ConnectOne Bank

By and large, ConnectOne Bank offers accounts with low or nonexistent fees and account minimums. From checking and savings to CDs, IRAs and money market accounts, customers can find nearly any type of account they might need.

However, as a regional bank, many accounts are restricted to New York and New Jersey residents only. A handful of accounts, including CDs and the online savings account, are available nationally. This is good news for savers, as the online savings account, also dubbed the ConnectionOne Savings account, has one of the very best APYs that you can get from any bank in the country.

Many of the bank’s CD offerings are also attractive, particularly the online-only, 15-month CD. Customers have to pick and choose to get the best accounts though, as the standard checking and savings account offerings are uninspiring, at least when it comes to interest earned.

Those looking for free accounts with some level of basic servicing can find a home at ConnectOne Bank.

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