Skip to Main Content

Bank5 Connect Review 2024

Updated January 23, 2024
Bankrate logo

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 .

On This Page

At a glance

4.5
Rating: 4.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.9 stars out of 5

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 3.8 stars out of 5

About Bankrate Score

Overview

Bank5 Connect is best for those seeking high-yield CDs and/or an interest-bearing checking account with a low minimum balance requirement.

Highlights

  • Low Fees
  • ATM Fee Refunds
Compare offers
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/23/2024
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 2/23/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $300 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 2/23/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Bank5 Connect offers a savings account, checking account and CDs with above-average 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.

  • Checkmark

    Bank5 Connect High-Interest Checking account customers receive $15 of out-of-network ATM fees reimbursed per statement cycle and they can potentially receive early direct deposit.

Cons

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

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

Bank5 Connect banking products

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Invest Rate
1.50% APY
Info
Loan
$100 minimum deposit to open

Bank5 Connect savings overview

Only $10 is needed to open the Bank5 Connect High-Interest Savings account, and there’s no monthly fee. But a deposit of at least $100 is needed to start earning interest.

While the savings yield is higher than the national average, it’s lower than what many other online banks pay out.

Bank5 Connect has a jumbo savings account that offers a very competitive yield for people who deposit at least $25,000.

Pros

  • Checkmark

    The minimum balance required to open an account is low.

  • Checkmark

    The account doesn’t charge a monthly maintenance fee.

Cons

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

  • Much higher APYs can be found at other online banks.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Bank5 Connect
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
5.10
%
APY
APY
Info
As of 2/23/2024
Rating: 4.7 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer:

Bank fees

Fee Charged?
Overdraft fee $15
Non-sufficient funds fee $15
Monthly maintenance fee None
Out-of-network ATM fee None
Excessive transaction fee None
CD closeout fee $30

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.

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 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. 

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.

How does Bank5 Connect compare to other banks?

Bank5 Connect vs. Ally Bank

As online-only banks, both Bank5 Connect and Ally Bank offer robust yields on its deposit products. If you’re looking for the highest yield on a CD regardless of term, Bank5 Connect is the better choice over Ally. However, Ally offers a wider range of terms and offers standard, bump-up and no-penalty CDs. Bank5 Connect only offers standard CDs.

Ally’s savings account offers a much higher yield and its ATM network is much larger than Bank5 Connect’s network. Moreover, Ally offers a money market account, personal loans and investment accounts, making Ally a better option for those looking to consolidate their finances under one roof. Lastly, residents of Massachusetts and Rhode Island are ineligible to open accounts at Bank5 Connect, making Ally their only choice between the two.

Bank5 Connect FAQs

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.