Bank5 Connect Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.5

Bankrate Score

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Highly Rated App

Low Fees

The Bank5 Connect is best for those seeking a competitive savings rate with a low minimum balance requirement.

  • CDs
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    4.3
  • Savings
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    4.4
  • Checking
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Overall

    4.5

    Bankrate Score

    Bank5 Connect offers a savings account, checking account and CDs with competitive yields and low minimum balance requirements.

    What we like

    • The balance requirements across the bank’s deposit products are low.

    • The bank’s checking and savings accounts don’t charge monthly maintenance fees.

    What we don't

    • There are higher APY options at some other banks.

    • You can’t open an account if you live in Massachusetts or Rhode Island.

    CD rates

    4.3

    Bankrate Score

    The minimum balance requirement for Bank5 Connect’s CDs is on the lower end: You only need $500 to open a CD.

    Bank5 Connect offers six terms of CDs, including an add-on CD called a 24-month Investment CD on its website.

    Bank5 Connect doesn’t offer a CD longer than three years, but it offers a nice selection of CDs that mature between six months and three years.

    What we like

    • Bank5 Connect offers a range of short-term CDs that have competitive APYs.

    • The minimum balance requirements to open a CD are lower.

    What we don't

    • Those looking for a CD with a term longer than three years will have to look elsewhere.

    • There are CDs with higher APYs elsewhere.

    Savings accounts

    4.4

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The Bank5 Connect High-Interest Savings account offers a competitive yield and you only need $10 to open the account. You will, however, need to deposit at least $100 in order to start earning interest.

    What we like

    • The minimum balance required to open an account is low.

    • The account doesn’t charge you a monthly maintenance fee.

    • The rate is competitive.

    What we don't

    • You need $100 in order to start earning interest. Elsewhere, you can earn interest on any balance.

    • There are higher APY options at some other banks.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    The Bank5 Connect High-Interest Checking account offers a competitive yield for a checking account and you only need $10 to open the account. To earn interest, however, you will need a minimum balance of at least $100.

    There are no monthly maintenance charges and Bank5 Connect won’t charge you a fee for using an out-of-network ATM. If you use ATMs outside of its free network, it will reimburse you up to $15 per statement cycle.

    Bank5 Connect customers can send money to friends and family using the Pay People feature.

    What we like

    • The account offers a competitive rate.

    • There is no monthly charge.

    • Bank5 Connect won’t charge you a fee for using an out-of-network ATM.

    What we don't

    • Some banks offer interest on $0.01 and up. With the High-Interest Checking account, you need $100 to earn interest.

    • There are higher APY options at some other banks.

    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 on weekdays.

    • 7:30 a.m. EST to 3 p.m. on Saturday.

    • 11 a.m. EST 3 p.m. on Sunday.


    Bank5 Connect also makes available a live chat representative on its website.

    The Bank5 Connect Mobile app has a perfect score on the Apple app store. But it only has 12 reviews. The app is currently rated 4.3 stars on Google Play.

    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.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates.