ConnectOne Bank Connection Plus Savings Account 2024 Review
ConnectOne Bank's Connection Plus Savings Account could be a great option for savers who can make a larger minimum opening deposit. The APY is competitive and there's no monthly maintenance fee to drain your interest earnings.
ConnectOne Bank offers a tiered savings account that rewards you with higher APYs for higher balances. You'll need a minimum of $2,500 to open this account, which is a bit higher than other savings options. But you'll get some features and benefits that other savings accounts may lack.
Saving with ConnectOne Bank could be a good fit for people who:
- Can make a larger opening deposit
- Tend to maintain higher balances in savings
- Want to get a competitive rate with no monthly fee
- Would like to be able to access their savings at ATMs fee-free
You can apply for this savings account online in minutes. You can make your initial deposit by linking an external bank account and transferring funds if you're not already a ConnectOne Bank customer.
ConnectOne Bank also has branch locations if you'd like to apply for a different savings account option in person.
ConnectOne Bank Connection Plus Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Fruitful High Yield Savings Account
Fruitful helps you grow your savings with an above-average rate and no monthly fees. There's no minimum deposit required to open an account or earn the highest APY, which is slightly better than what ConnectOne Bank offers. You won't be able to withdraw cash at ATMs, but Fruitful allows unlimited transfers.
Read our full Fruitful High Yield Savings Account review.
MyBankingDirect High Savings Account
MyBankingDirect's high-yield savings account offers one of the best savings rates, with no monthly fees. You'll need $500 to open an account and deposits are FDIC-insured. If you're looking for other banking products, MyBankingDirect also offers checking accounts and CDs to help you manage and grow your money. .
Read our full MyBankingDirect High Yield Savings Account review.
Rising Bank High Yield Savings Account
Rising Bank's high-yield savings account features a top-tier APY with a $1,000 minimum opening deposit requirement. You can open an account online in minutes, and you'll also have access to mobile banking. Rising Bank is notable for offering superior customer service to savers.
Read our full Rising Bank High Yield Savings Account review.
TAB Bank High Yield Savings Account
TAB Bank offers an outstanding rate to savers with a $0 minimum deposit requirement. You'll need to have a balance of at least $0.01 to earn interest and there are no monthly fees or balance caps. There's no ATM access with this account but you'll be able to manage your savings via online and mobile banking.
Read our full TAB Bank High Yield Savings Account review.
Interest Rates
Does ConnectOne Bank have one of the best high-yield savings accounts?
The APY is well above what you might find at a traditional bank or credit union. Based on our comparison of other online savings accounts, the rate isn't the highest but it's still worth a look.
When comparing savings accounts at online banks, it's important to consider:
- How much you'll need to deposit initially
- Minimum balance requirements to earn interest
- How rates apply
Some banks let you earn the same APY, regardless of balance. So you might earn a 5.00% APY whether you save $5 or $50,000.
Other banks tier rates as an incentive to encourage you to maintain a higher balance. That's how the Connection Plus Savings account works.
With tiered rate accounts, you have to consider whether you'll be able to deposit enough money to unlock a higher rate tier. If not, you may be better off with a savings account that lets you earn the same rate on all balances.
Also, take note that some banks cap your interest earnings once you reach a certain balance. The high APY might look attractive, until you read the fine print to see that it only applies to the first $1,000 you save.
Fees
Online savings accounts are usually fee-friendly but they aren't all alike. Here's how the fees at ConnectOne Bank add up.
Other Service Fees - ConnectOne Bank Connection Plus Savings Account
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Dormant account fee | $5 |
| Returned item fee | $15 |
| Stop payment | $25 |
| Outgoing domestic wire transfer | $25 |
| Outgoing international wire transfer | $40 |
| Research fee | $25/hour |
ATM Access
ConnectOne Bank does offer a debit card with its Connection Plus Savings Account.
That's convenient if you'd like to be able to withdraw cash. You can use the card fee-free at more than 55,000 Allpoint ATMs.
When considering a savings account with ATM access, it's helpful to look at whether the bank offers ATM fee refunds. These are rebates for fees you pay to use another bank's ATM.
Some banks refund all foreign ATM fees; others offer limited refunds or none at all. If you withdraw cash regularly, it's good to know how much you might pay to use another bank's machine.
Account Management
Once you open a ConnectOne Bank savings account, you'll be able to manage it online or via mobile banking.
If you live in New York or New Jersey, you can also visit ConnectOne Bank branches. Phone banking is another option for managing your account.
Here's how you can deposit funds into your account:
- Use the remote check deposit feature in the ConnectOne Bank mobile app
- Transfer funds from existing ConnectOne Bank accounts
- Link an external bank account to transfer funds
- Set up direct deposit through your employer
- Deposit cash or checks at a ConnectOne Bank branch
You can withdraw money using an ACH transfer or request a paper check to be mailed to you. You'll also have ATM access, as mentioned.
Note: You can only open a Connection Plus Savings Account online.
FDIC Insurance
FDIC insurance covers you in the unlikely event of a bank failure.
Should your bank go belly-up, the FDIC steps in to ensure that you get some of your deposits back. The current FDIC coverage limit is $250,000 per depositor, per account ownership type, per bank.
ConnectOne Bank is a member FDIC institution. So you can rest assured that your deposits are covered up to the limit.
What to Look for in a Savings Account
Should you choose an online savings account or a traditional bank? A bank or a credit union? And what kind of features should a savings account have?
Those are all good questions to ask since savings accounts aren't all alike. If you're shopping around for a new place to save, here are a few things to consider.
- Interest rate and APY
- Minimum opening deposit requirements
- Minimum balance requirements to earn interest or avoid a fee
- Monthly service fees, if any
- Other fees, such as excess withdrawal fees or wire transfer fees
- Online and mobile banking features
- ATM or debit card access
- Branch banking access
- Savings features and money management tools
- Deposit and withdrawal limits
- Overdraft protection
- Customer service and reputation
- Overall user experience
It's helpful to compare savings accounts at online banks first since rates tend to be higher while fees are usually lower. From there, you can consider savings accounts from traditional banks and credit unions.
Frequently Asked Questions
Is ConnectOne Bank a good bank?
ConnectOne Bank could be a good bank for savers who want to earn competitive rates and don't mind a larger opening deposit. You may consider a different bank if you need a lower opening deposit requirement. Comparing customer reviews on sites like Trustpilot or the Better Business Bureau can help you evaluate a bank's reputation.
What is the safest bank for savings?
The safest bank for savings is one that's FDIC-insured and has a sizable footprint in the banking industry. Statistically, a larger bank that has a decades-long history is less likely to fail than a smaller bank that's only been around for a few years. Regardless of where you save, FDIC coverage can protect you should the bank fail.
What other accounts does ConnectOne Bank offer?
Besides online savings accounts, ConnectOne Bank also offers checking accounts, money market accounts and high-yield CDs. You can find business accounts here as well, along with loans and credit cards.
