Bank5 Connect Review 2025
Written by
Edited by
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
Overview
Bank5 Connect — the online division of the Massachusetts-based BankFive — is best for customers comfortable solely banking online. The online bank offers the full suite of deposit products, including several certificates of deposit (CDs), checking, savings and money market accounts. However, if you’re a resident of Massachusetts or Rhode Island, you won’t be able to open an account at Bank5 Connect.
Highlights:
ATM Fee Refunds Low Fees Reward CheckingHighlights:
CDs
Checking
Savings
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 = 4.4/5
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 = 4.2/5
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.
Overall
Bank5 Connect generally offers high yields, but it depends on the account. Competitive accounts include various CDs and the High-Interest Checking account, which earns a top-notch APY in addition to earning cash back at select retailers through Bank5 Connect’s website. Bank5 Connect generally charges few fees, but watch out for a couple of miscellaneous fees, including a CD closeout fee (in addition to early withdrawal penalties), which usually isn’t charged by other banks.
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.
-
Bank5 Connect High-Interest Checking account customers receive $15 of out-of-network ATM fees reimbursed per statement cycle.
Cons
-
Depending on the account, there are higher APY options at some other online banks.
-
Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.
We want to know what you think about Bank5 Connect
Do you have experience with Bank5 Connect? Let us know your thoughts.
Bank5 Connect Bank banking products
Bank5 Connect Savings account
Pros
-
The minimum balance required to open an account is low.
-
The account doesn’t charge a monthly maintenance fee.
-
You can make unlimited, fee-free withdrawals out of this account.
Cons
-
At least $100 is needed to start earning interest.
-
Much higher APYs can be found at other online banks.
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
-
Bank5 Connect’s CDs generally offer competitive yields.
-
The minimum balance requirements to open a CD are lower than some other banks.
-
There’s a two-year add-on CD option, which allows you to make additional deposits any time during the term.
Cons
-
Savers looking for a CD with a term longer than three years will have to look elsewhere.
-
The 3-year CD earns a much lower yield than other terms offered.
-
In addition to an early withdrawal penalty, a $30 CD closeout fee applies to closed CDs prior to maturity date.
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 High-Interest Checking account
Pros
-
The account offers a competitive yield for a checking account, which can be earned by depositing just $100.
-
There is no monthly charge.
-
Bank5 Connect doesn’t charge out-of-network ATM fees and provides $15 per statement cycle in ATM surcharge rebates.
-
Debit card purchases earn cash back.
Cons
-
There’s a $1 fee for receiving paper statements.
How Bank5 Connect compares to other banks
Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between June 11, 2025 and June 17, 2025.
|
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:
No banks found
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. |
|---|---|---|
|
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 June 11, 2025 and June 17, 2025.
|
||
| 1.50% | 1.50% | |
|
Minimum balance for APY
|
||
| $100.00 | $0.00 | |
|
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.
|
||
| $750 | $750 | |
| 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. | 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. | |
|
|
N/A
|
|
|
N/A
|
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
| CD closeout fee | $30 |
Customer experience
Customer support. 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.
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 — less than 300 users collectively. Customers can pay bills online, send money through Zelle and access TransUnion credit reports.
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.
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.
