Savings Accounts & Time Deposits

• For Time Deposit terms 32 days and greater, the interest is compounded daily and posted to the account on a monthly basis

Yes! You will receive an annual statement for your account and one when the Time Deposit closes. You may also receive a 1099 form for tax filing purposes if more than $10.00 in interest is earned, excluding IRA Time Deposits.

As soon as the account has been funded, you will begin to earn interest.

You will receive a maturity notice by mail prior to the maturity date of your Time Deposit. At this point, you can notify the bank, (by phone, in a branch, or by emailing [email protected]) if you decide to close the Time Deposit.

If you choose to close the Time Deposit you will receive the amount in your account upon maturity in one of the following methods:

• A check can be mailed to you
• Funds can be transferred into your other existing ConnectOne Bank checking, savings, or Money Market checking account
• Upon request, we can transfer the funds back to your original funding Financial Institution

If you don’t notify the bank that you’d like to close the Time Deposit, your account will automatically renew after 10 calendar days for the term indicated in your Time Deposit disclosure at the prevailing rate. More information can be found in the Time Deposit Truth-In-Savings disclosure.

We recommend contacting us at 844-266-2548 or [email protected] to renew your Time Deposit to a different term.

Please note, when opening a new ConnectOne Bank account online, you are not able to fund that account using an existing Time Deposit. Please select the 'Deposit Later' funding option when completing your application and contact us at 844-266-2548 to fund your new account.

If you don’t notify the bank that you’d like to close the Time Deposit, your account will automatically renew after 10 calendar days for the term indicated in your Time Deposit disclosure at the prevailing rate. More information can be found in the Time Deposit Truth-In-Savings disclosure.