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Bank5 Connect Review 2022

Published January 2022 by Mary Wisniewski

AT A GLANCE
4.6

Bankrate Score

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Highly Rated App

Low Fees

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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    5.0
  • Checking
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    4.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Overall

    4.6

    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.

    • Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.

    CD rates

    4.3

    Bankrate Score

    The minimum balance requirement for Bank5 Connect’s CDs is on the lower end: Just $500 is required 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 offers a 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

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

    • CDs with higher APYs can be found elsewhere.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    The Bank5 Connect High-Interest Savings account offers a competitive yield and only $10 is needed to open the account. But a deposit of at least $100 is needed to start earning interest.

    What we like

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

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

    • The rate is competitive.

    What we don't

    • At least $100 is needed to start earning interest. Some competitors pay interest on any balance.

    • Higher APYs can be found at other banks.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Upgrade

    Member FDIC

    Checking account

    0.00 % APY

    $ 0

    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, Bank5 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 1 cent and up. With the High-Interest Checking account, $100 is needed 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 time on weekdays.

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

    • 11 a.m. Eastern time 3 p.m. on Sunday.



    Live chat representatives are also available on the Bank5 Connect website.

    The Bank5 Connect Mobile app has a perfect score on the Apple app store, but it has fewer than 50 reviews. The app is rated 4.2 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.