Bank5 Connect Review 2020

Published May 2020 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

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Highly Rated App

Low Fees

The Bank5 Connect High-Interest Savings account doesn’t have a maintenance fee and you only need $10 to open one. Bank5's 24-month Investment CD may be a good fit for those looking to add additional funds to their CD during a two-year period. It's an ideal choice for a person looking for an online bank with low fees and competitive rates.

  • CDs
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    3.9
  • Savings
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    4.9
  • Checking
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    4.1
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.60 % APY

    $ 0

    Min. balance for APY

    Wealthfront

    Member FDIC

    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    4.3

    Bankrate Score

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

    What we like

    • Both the Bank5 Connect High-Interest Savings account and the Bank5 Connect High-Interest Checking account don’t have maintenance fees.

    • Both the Bank5 Connect High-Interest Savings account and the Bank5 Connect High-Interest Checking account only require $10 to open each account.

    • The Bank5 Connect High-Interest Checking account reimburses up to $15 in out-of-network ATM fees charged by other banks per statement cycle.

    What we don't

    • You need $100 to earn interest on both the Bank5 Connect High-Interest Savings account and the Bank5 Connect High-Interest Checking. Many accounts earn interest on $0.01 and up.

    • There are higher-APY options at some other banks.

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

    CD rates

    3.9

    Bankrate Score

    All of the Bank5 Connect CDs only require $500 to open one. Bank5 Connect currently offers six terms of CDs. This includes an add-on CD called a 24-month Investment CD on its website. The 24-month Investment CD is for savers who want to add to their CD after opening it.

    Even though Bank5 Connect doesn’t offer a CD longer than three years, it has a good selection of CDs between six months and three years.

    What we like

    • Every bank doesn’t have an add-on CD. So the 24-month Investment CD may be a good fit for those looking to add additional funds to their CD during the term.

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

    What we don't

    • Those looking for a CD with a term longer than three years will have to look elsewhere. Bank5 Connect’s longest CD term is its three-year CD.

    • There are CDs with higher APYs.

    • Some banks have a lower minimum deposit requirement on their CDs.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    The Bank5 Connect High-Interest Savings account offers a competitive annual percentage yield (APY). You only need $10 to open the account. But you do need $100 in order to start earning interest.

    What we like

    • Only $10 is required to open the Bank5 Connect High-Interest Savings account.

    • The Bank5 Connect High-Interest Savings account doesn’t have a maintenance fee.

    • An ATM card is available upon request for the Bank5 Connect High-Interest Savings account.

    What we don't

    • You need $100 in order to start earning interest. There are a lot of accounts that earn interest on any balance.

    • There are higher-APY options at some other banks.

    Checking accounts

    4.1

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Wealthfront

    Member FDIC

    Checking account

    0.35 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    The Bank5 Connect High-Interest Checking account offers a competitive yield for a checking account. You only need $10 to open the account. But you need a minimum balance of $100 in order to earn interest. Bank5 Connect High-Interest Checking customers can get their first order of basic checks free.

    Bank5 Connect customers can send money using the Pay People feature. This Popmoney-powered feature doesn’t have a charge for standard delivery, which means the money should be received within three business days. Bank5 Connect customers can also use Apple Cash to send and receive money.

    What we like

    • Only $10 is required to open the Bank5 Connect High-Interest Checking account.

    • The Bank5 Connect High-Interest Checking account reimburses up to $15 in out-of-network ATM fees charged by other banks per statement cycle.

    • The Bank5 Connect High-Interest Checking account offers Bill Pay through both the Bank5 Connect mobile app and Bank5 Connect online banking.

    • The first order of basic checks is free with the Bank5 Connect High-Interest Checking account.

    • 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. At Bank5 Connect, you need $100 to earn interest with the High-Interest Checking account.

    • There are higher-APY options at some other banks.

    Bank experience

    Bank5 Connect phone representatives are available from 7:30 a.m. EST to 5 p.m. on Monday-Wednesday. The phone hours are 7:30 a.m. EST to 7 p.m. on Thursday and Friday. On weekends, the phone hours are 7:30 a.m. EST to 3 p.m. on Saturday and 11 a.m. to 3 p.m. on Sunday.

    During the week, you can also live chat with a Bank5 Connect representative from 8 a.m. to 4:30 p.m. EST on Monday through Friday.

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

    The Bank5 Connect Visa debit card is compatible with Apple Pay.

    About Bank5 Connect

    Bank5 Connect started in 2013. Bank5 Connect is an online division of BankFive, which has been around since 1855 and is based in Massachusetts. BankFive has 13 full-service branches and lending offices in Massachusetts and Rhode Island.

    Bank5 Connect has a savings account, a checking account and CDs.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.