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

ConnectOne Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
02 Jun
9:38
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ConnectOne Bank’s checking account options

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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

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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

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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

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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

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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.

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John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/connectone-bank/

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