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Bank5 Connect Review 2024

Updated January 23, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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CDs

Rating: 3.9 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

  • ATM Fee Refunds
  • Low Fees
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/15/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
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Promoted offer:
Bank logo
Member FDIC
Savings Account
5.25
%
APY
APY
Info Icon
As of 10/15/2024
Rating: 4.8 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/15/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.

Overall

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

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    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.

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We want to know what you think about Bank5 Connect

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Bank5 Connect banking products

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Invest Rate Icon
1.50% APY
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Savings Icon
$100 minimum balance for APY
Loan Icon
$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 Icon

    The minimum balance required to open an account is low.

  • Checkmark Icon

    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 Icon
    National average APY
    How do we get this data?
    Info Icon
Compare Offer
Sponsored Offer
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This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.

Bank logo
Member FDIC
Savings Account
4.10
%
APY
APY
Info Icon
As of 10/15/2024
Rating: 4.9 stars out of 5
Info Icon
$0
Min balance for APY
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 Bank5 Connect compares to other banks

Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between Oct. 8, 2024 and Oct. 14, 2024.

Selected bank
Bank5 Connect savings account
Bank5 Connect Logo
Member FDIC
Bankrate score
Rating: 3.8 stars out of 5
3.8
Info Icon
Most comparable
iGOBanking.com savings account
iGOBanking.com Logo
Member FDIC
Bankrate score
Rating: 3.9 stars out of 5
3.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
Info Icon
1.50% 1.50%
Minimum balance for APY
$100.00 $100.00
Estimated earnings
Info Icon
$750 $750
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. 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.
  • The minimum balance required to open an account is low
  • The account doesn’t charge a monthly maintenance fee
  • Both the iGOsavings Plus and the iGOSavings accounts charge no monthly fee
  • No minimum deposit is required to open either savings account
  • Customers can earn a bonus rate by meeting certain requirements
  • The iGOsavings Plus account reimburses ATM fees up to $15 a month
    N/A
  • 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
  • The bonus rate applies only on balances up to $25,000
  • The iGOsavings Plus account’s lowest balance tier ($5,000 or less) earns the highest APY
  • You’ll need to open the iGOchecking account and keep $1,000 in it to earn the iGOsavings Plus bonus rate
    N/A

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.