Bank5 Connect Review 2022
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
CDs
Checking
Savings
About Bankrate Score
Hover for moreOverview
Bank5 Connect is best for those seeking a competitive savings rate with a low minimum balance requirement.
Highlights
- Highly Rated App
- Low Fees
Overall
Bank5 Connect offers a savings account, checking account and CDs with competitive yields and low minimum balance requirements.
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.
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
Bank5 Connect savings overview
Pros
-
The minimum balance required to open an account is low.
-
The account doesn’t charge a monthly maintenance fee.
-
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.
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
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.
