Bank5 Connect Review 2024
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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
- ATM Fee Refunds
- Low Fees
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 = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
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.
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.
Overall
Bank5 Connect offers a savings account, checking account and CDs with above-average yields and low minimum balance requirements.
Pros
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The balance requirements across the bank’s deposit products are low.
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The bank’s checking and savings accounts don’t charge monthly maintenance fees.
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Bank5 Connect High-Interest Checking account customers receive $15 of out-of-network ATM fees reimbursed per statement cycle and they can potentially receive early direct deposit.
Cons
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There are higher APY options at some other online banks.
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Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.
Bank5 Connect banking products
APY last updated between 10/8 and 10/14.
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.
Bank5 Connect has a jumbo savings account that offers a very competitive yield for people who deposit at least $25,000.
Pros
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The minimum balance required to open an account is low.
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The account doesn’t charge a monthly maintenance fee.
Cons
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At least $100 is needed to start earning interest; most competitors pay interest on any balance.
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Much higher APYs can be found at other online banks.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Bank5 ConnectAPYAPY last updated between 10/8 and 10/14.APYAPY last updated between 10/8 and 10/14.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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.
This is a sponsored offer rated 4 stars or higher for competitive rate, 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 = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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.
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.
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 Bank5 Connect compares to other banks
Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between Oct. 8, 2024 and Oct. 14, 2024.
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
iGOBanking.com savings account
Bankrate score
3.9
Bankrate Savings rating = 3.9/5 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. |
Search for or select a bank:
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 Oct. 8, 2024 and Oct. 14, 2024.
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1.50% | 1.50% | |
Minimum balance for APY
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$100.00 | $100.00 | |
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 | $750 | |
Only $10 is needed to open the Bank5 Connect High-Interest Savings account, and there’s no monthly fee. But a deposit of at least $100 is needed to start earning interest. While the savings yield is higher than the national average, it’s lower than what many other online banks pay out. Bank5 Connect has a jumbo savings account that offers a very competitive yield for people who deposit at least $25,000. | IGOBanking offers two savings accounts: iGOsavings, the product scored for this review, and iGOsavings Plus. Both require no minimum monthly balance and charge no monthly fee. IGOsavings, the simpler of the two accounts, offers the same APY on all balances. The rate is well above the national average but lower than can be found at other banks and credit unions. Both accounts offer the ability to deposit checks with a mobile device. The iGOsavings Plus account, meanwhile, pays the same APY, but customers can earn a bonus rate if they maintain a minimum average monthly balance of $1,000 in an iGOchecking account. The bonus rate only applies to balances up to $25,000. Any balance above that threshold earns the standard APY. The iGOsavings Plus account has three balance tiers: $5,000 or less $5,001-$25,000 More than $25,000 The lowest balance tier earned the highest yield during Bankrate’s review. Both the first and second tier earned a reward credit. The third, and highest balance tier, earned the same APY as the middle tier but earned no bonus credit. The iGOsavings Plus account reimburses ATM fees up to $15 each statement cycle, giving customers flexibility to use any ATM without incurring a fee up to the limit. | |
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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.
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