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Bank5 Connect Review 2022

Updated December 2, 2022
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.3 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 5 stars out of 5

About Bankrate Score

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Overview

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

Highlights

  • Highly Rated App
  • Low Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
4.35
%
APY
Rating: 4.6 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

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

  • Checkmark

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

Cons

  • There are higher APY options at some other banks.

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

Bank5 Connect bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Bank5 Connect savings overview

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.

Pros

  • Checkmark

    The minimum balance required to open an account is low.

  • Checkmark

    The account doesn’t charge a monthly maintenance fee.

  • Checkmark

    The rate is competitive.

Cons

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

  • Higher APYs can be found at other banks.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.6 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.