ConnectOne Bank is a full service bank based out of Englewood Cliffs, New Jersey with 23 locations throughout New Jersey and New York and their newest branch in West Palm Beach, Florida.
Their deposit accounts are FDIC-insured and can be opened online by consumers in all 50 states.
They offer variable-rate deposit accounts such as savings accounts and money market accounts as well as fixed-rate CDs (certificates of deposit).
Their fixed-rate CDs come in terms ranging from 90 days to 5 years and three different money market accounts to choose from – a regular money market account, their Connect Money Market account and the Impact Money Market account.
To see if any of these products may be right for you, continue reading our review below.
ConnectOne Bank CD Rates + Account Details
All ConnectOne Bank CDs come with a minimum deposit requirement of $500 and are federally insured by the FDIC up to the applicable limits.
CD Rates
| CD Term | APY |
| 90 day | 0.25% |
| 6 months | 0.25% |
| 7 months | 3.80% |
| 12 months | 0.25% |
| 13 months | 4.50% |
| 18 months | 3.60% |
| 23 months | 3.60% |
| 24 months | 0.50% |
| 34 months | 2.25% |
| 36 months | 0.50% |
| 46 months | 2.35% |
| 48 months | 0.50% |
| 58 months | 2.45% |
| 60 months | 0.50% |
To put these offers above into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.90% APY and 0.98% APY, respectively, according to FDIC data.
That said, there are a number of online banks and nationally available credit unions now paying over the 4.00% APY and 4.50% APY mark, respectively, for the same CD terms.
Compounding and Crediting Interest
For CDs with terms of 32 days or more (which is every ConnectOne Bank CD currently), interest is compounded daily and credited back to your account monthly.
For CDs with terms of 31 days or less, interest is still compounded daily but credited back to your account weekly.
Grace Period and Early Withdrawal Fees
Upon the maturity of your ConnectOne Bank CD, you will have a 10 calendar day grace period in which you can modify your CD or close it out entirely. If nothing is done during this grace period, your CD will automatically renew with the same term and going APY (annual percentage yield) at that time.
If closing out your CD, be sure to contact the bank to let them know and to determine how you will be paid. You can elect to have them mail you a check, transfer the funds to another ConnectOne Bank account, or transfer the funds back to the original bank or credit union that initially funded the CD.
If you need access to funds in your CD prior to its maturity, you will incur an early withdrawal fee. ConnectOne Bank’s early withdrawal fees are less stringent than most online banks.
The early withdrawal fee is 7 days’ interest. This penalty will pull the funds from the interest you’ve earned. If you haven’t yet earned interest or it has already been paid to you, then they may take this fee from your principal.
ConnectOne Bank Money Market Accounts and Online Savings
If you’d prefer to open a variable-rate deposit account where you can access your funds at any time, you have a few options from ConnectOne Bank.
These options are as follows:
- OneConnection Savings account – Up to 3.35% APY
- Money Market account – Up to 0.20% APY
- Connect Money Market account – Up to 3.10% APY
- Impact Money Market account – Up to 2.10% APY
The exact interest rate and APY that you receive on these products is dependent on your balance amount.
OneConnection Savings Rate
| Balance | APY |
| $0 – $2,499.99 | 0.00% |
| $2,500 – $249,999.99 | 3.25% |
| $250k + | 3.35% |
To put these yields into context, the national average for a savings account sits at just 0.24% APY according to the FDIC, however, there are now a number of online banks offering yields above 3.50% APY on all balances.
Money Market Rate
| Balance | APY |
| $0 – $999.99 | 0.00% |
| $1,000 – $2,499.99 | 0.05% |
| $2,500 + | 0.20% |
To put these yields into context, the current national average for a money market account sits at just 0.29% APY according to FDIC data.
Connect Money Market Rate
| Balance | APY |
| $0 – $24,999.99 | 3.00% |
| $25k + | 3.10% |
ConnectOne Bank’s Connect Money Market account is their most competitive money market account at this time. It has a low balance requirement and still earns a solid yield.
Impact Money Market Rate
| Balance | APY |
| $0 – $2,499.99 | 0.00% |
| $2,500 – $49,999.99 | 1.90% |
| $50k – $749,999.99 | 2.00% |
| $750k + | 2.10% |
Final Thoughts
While ConnectOne Bank only has a physical presence in New Jersey and New York, their deposit accounts can be opened online by consumers throughout the country.
Their fixed-rate CDs are their most competitive product currently, with their promotional 13 month CD holding the highest APY.
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