Bank5 Connect Review 2026
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Edited by
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At a glance
Overview
Bank5 Connect is the online division of the Massachusetts-based BankFive. The online bank offers the full suite of deposit products, including several certificates of deposit (CDs), checking, and savings. Some of the accounts earn decent to good rates, too. Plus, the bank generally charges few fees, including no monthly maintenance fees. If you’re a resident of Massachusetts or Rhode Island though, you won’t be able to open an account at Bank5 Connect.
Highlights:
ATM Fee Refunds Low Fees Reward CheckingHighlights:
CDs
Checking
Savings
MMA
Customer Experience
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.8/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bank5 Connect pros and cons
Pros
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Low minimum opening deposit requirements.
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No monthly maintenance fees.
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ATM fee reimbursement.
Cons
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There are higher APYs at other online banks.
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Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.
Bank5 Connect Bank banking products
Bank5 Connect Savings account
Pros
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Low minimum opening balance required.
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No monthly maintenance fee.
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No limits on fee-free withdrawals.
Cons
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At least $100 is needed to start earning interest.
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Much higher APYs can be found at other online banks.
While Bank5 Connect’s Connect Savings account does pay a higher yield than the national average, it’s much lower than what many other online banks pay out. One scenario that might make this account worth it is to use it as an overdraft protection backup for Bank5’s excellent interest checking account. You can keep some money in this account while growing the majority of your savings in an account with a higher APY. Or, if you have substantial savings, you can open the bank’s Jumbo Savings account, which requires $25,000 or more to open and earn APY, but pays a pretty competitive yield.
Rate history for Bank5 Connect's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bank5 Connect certificates of deposits
Pros
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Minimum balance requirement is low.
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Many other banks require a $1,000 minimum deposit or more.
Cons
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No terms longer than three years.
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Higher APYs can be found elsewhere.
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The 3-year CD earns a much lower yield than other terms offered.
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Early withdrawal penalty is on the steeper side.
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Extra penalty on top of early withdrawal penalty for closing a CD before maturity.
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No specialty CDs (such as bump-up or no-penalty CDs).
If you want to keep your savings at Bank5Connect, the money market account will do more for you than its savings account. It earns a better rate — a solid one for a money market account — though you can still find higher rates with a high-yield savings account.
Some of the bank’s seven CD terms pay decent, if not competitive, rates. The exception is the bank’s 3-year CD, which is its longest term and comes with a much lower APY than any of the other CDs. But perhaps the most important thing to know about Bank5 Connect’s CDs is that they charge an unusual fee if you want to close your CD early: a CD close-out fee of $30 in addition to the early withdrawal penalty, which is on the steeper side too.
Rate history for Bank5 Connect's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Bank5 Connect Money Market Account overview
Pros
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Competitive yield.
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No monthly fees.
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Check-writing privileges and a debit card.
Cons
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$1 fee for paper statements.
If you want to keep your savings at Bank5Connect, the money market account will do more for you than its savings account. It earns a better rate — a solid one for a money market account — though you can still find higher rates with a high-yield savings account.
Expert Insight
You get a quirky perk with this account — cash back on purchases you make with the connected debit card. If you’re planning on buying, say, a couch or some other big purchase you can make with a debit card — this might be great for you. But don’t let a cash back reward entice you into spending money that you didn’t want or mean to, especially out of a savings account.
Yuliya Goldshteyn
Editor, Deposits
Bank5 Connect High-Interest Checking account
Pros
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Competitive yield for a checking account.
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No monthly maintenance charge.
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ATM fee rebates.
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Debit card purchases earn cash back.
Cons
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There’s a $1 fee for receiving paper statements.
The Bank5 Connect High-Interest Checking account is unique in its offerings. You can get a competitive yield here (as long as you keep $100 in the account) and you can also earn cash back on debit card purchases. It’s not common to be able to do both.
The account has some other standout features too: up to $15 in rebates for out-of-network ATM fees per statement cycle, early direct deposit and your first order of checks is free.
Customer experience
Customer support. Bank5 Connect phone representatives are available every day of the week but not 24/7 like some other online banks. You can reach someone:
- 7:30 a.m. to 5 p.m. Eastern time on Monday, Tuesday and Wednesday.
- 7:30 a.m. to 7 p.m. Eastern time on Thursday and Friday.
- 7:30 a.m. to 3 p.m. Eastern time on Saturday.
- 11 a.m. to 3 p.m. Eastern time on Sunday.
Live chat representatives are also available on the Bank5 Connect website Monday through Friday from 8 a.m. to 4:30 p.m. Eastern time.
Bank5 Connect also offers video chatting during the week from 9 a.m. to 5 p.m. Eastern. That’s a feature not commonly seen at banks.
Digital experience. Bank5 Connect customers have 24/7 access to their accounts via the bank’s website and its mobile app, which is available for both iOS and Android users. Both versions of the app score well, but not many users have rated the app — only about 300 users collectively. Customers can pay bills online, send money through Zelle and access TransUnion credit reports. Bank5’s website also makes it easy to see the rates they offer at any given time, as well as the schedule of the fees they charge so you can avoid surprises.
How Bank5 Connect compares to other banks
Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between March 14, 2026 and March 20, 2026.
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Selected bank
Bank5 Connect savings account
Bankrate score
3.8
Bankrate Savings rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
savings account
Bankrate score
N/A
Bankrate Savings rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between March 14, 2026 and March 20, 2026.
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| 1.50% | N/A | |
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Minimum balance for APY
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| $100.00 | N/A | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $750 | N/A | |
| Bank5 Connect’s savings account earns a lackluster yield compared to other online savings accounts. While only $10 is required to open an account, a $100 minimum balance is required to earn interest. | N/A | |
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
