Bank5 Connect Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance

CDs
Checking
Savings
About Bankrate Score
Overview
Bank5 Connect is best for those seeking high-yield CDs and/or an interest-bearing checking account with a low minimum balance requirement.
Highlights
- Low Fees
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 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 = 4.7/5
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 = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Bank5 Connect offers a savings account, checking account and CDs with above-average yields and low minimum balance requirements.
Pros
-
The balance requirements across the bank’s deposit products are low.
-
The bank’s checking and savings accounts don’t charge monthly maintenance fees.
Cons
-
There are higher APY options at some other online banks.
-
Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.
Bank5 Connect banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/27/2023
Bank5 Connect savings overview
While the savings yield is higher than the national average, it’s lower than what many other online banks pay out.
Pros
-
The minimum balance required to open an account is low.
-
The account doesn’t charge a monthly maintenance fee.
Cons
-
At least $100 is needed to start earning interest; some competitors pay interest on any balance.
-
Higher APYs can be found at other online banks.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bank5 ConnectAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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 = 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.
Bank fees
Fee | Charged? |
---|---|
Overdraft fee | $15 |
Non-sufficient funds fee | $15 |
Monthly maintenance fee | None |
Out-of-network ATM fee | None |
Excessive transaction fee | None |
CD closeout fee | $30 |
About Bank5 Connect
Bank5 Connect is an online-only division of BankFive, a Massachusetts-based bank that received its charter in 1855.
Bank5 Connect offers a savings account, a checking account and certificates of deposit. Like many online banks, it offers competitive rates.
Bank experience
Bank5 Connect phone representatives are available every day of the week but not 24/7. 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.
The Bank5 Connect Mobile app has a perfect score on the Apple app store, but it has just over 50 reviews. The app is rated 4.2 stars on Google Play.
How does Bank5 Connect compare to other banks?
Bank5 Connect vs. Ally Bank
As online-only banks, both Bank5 Connect and Ally Bank offer robust yields on its deposit products. If you’re looking for the highest yield on a CD regardless of term, Bank5 Connect is the better choice over Ally. However, Ally offers a wider range of terms and offers standard, bump-up and no-penalty CDs. Bank5 Connect only offers standard CDs.
Ally’s savings account offers a much higher yield and its ATM network is much larger than Bank5 Connect’s network. Moreover, Ally offers a money market account, personal loans and investment accounts, making Ally a better option for those looking to consolidate their finances under one roof. Lastly, residents of Massachusetts and Rhode Island are ineligible to open accounts at Bank5 Connect, making Ally their only choice between the two.
Bank5 Connect FAQs
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.