Bank5 Connect Bank Review

Is Bank5 Connect a good bank?

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Bank5 Connect

Bank5 Connect operates as an online-only bank that offers checking accounts, savings accounts, and certificates of deposit (CDs). It was established in 2013 as an extension of BankFive—a community bank based in Massachusetts. While BankFive's offerings are focused on the local community, Bank5 Connect is a national bank that works with customers in any state.

Wondering if Bank5 Connect would be a good fit for your needs? Keep reading for a full review of this online bank's account offerings.

  • Pros and Cons
  • Company Overview
Pros and Cons
Pros
  • Competitive APY on all accounts

  • Low minimum deposits required to earn interest

  • Savings account can be used for overdraft protection on checking account

Cons
  • No physical bank locations

  • Few account options

  • No loans, credit cards, or other financial services

Company Overview
  • Official Website www.bank5connect.com
  • Bank Product Offerings Checking, savings, and certificates of deposit (CDs)
  • Customer Service Available seven days a week by phone (855-552-2655), email, or an online chat representative (though hours may vary for each mode of communication).
  • Year Founded 2013

Who Is Bank5 Connect Best For?

Bank5 Connect will appeal to customers looking for competitive interest rates on key banking services like checking and savings accounts. It may be a good fit if you:

  • Seek high yields
  • Have simple banking needs
  • Prefer banking online
  • Don't mind using another bank for loans, mortgages, retirement accounts, etc.

What Does Bank5 Connect Offer?

While Bank5 Connect is good at what it does, it has a fairly narrow range of products and services. Bank5 Connect offers the following types of accounts:

High-Interest Checking Account

Bank5 Connect checking accounts come with zero fees, competitive interest rates, and favorable ATM policies.

Other features of Bank5 Connect's checking account include:

  • Minimum deposit of $10 required to open an account
  • 0.20% APY (as of September 2, 2020)
  • Minimum balance of $100 required to earn interest
  • Thousands of in-network ATMs
  • Up to $15 in ATM fees reimbursed per month for out-of-network ATMs
  • Cashback rewards for using the debit card linked to your account
  • Free first round of basic checks
  • No monthly fees
  • Free transfers to and from accounts with other institutions
  • $1 fee for paper statements delivered by mail

You can set up your savings account as overdraft protection for your checking account to avoid overdraft fees. If you use your debit card for an amount your checking account can't cover, the funds will be automatically withdrawn from your savings account.

High-Interest Savings Account

Bank5 Connect's savings account is essentially a pared-down version of its checking account. In exchange for fewer features, you'll earn significantly more interest—0.40% APY, as of Nov. 5, 2020.

A full list of savings account features includes:

  • Minimum deposit of $10 required to open an account
  • Minimum balance of $100 required to earn interest
  • No monthly fees
  • Can be set up as overdraft protection for a Bank5 Connect checking account

Savings accounts are limited to six withdrawals every four weeks. Every withdrawal after those first six will incur a fee of $10 per transaction.

Certificates of Deposit

Bank5 Connect also offers CDs, which are a secure savings vehicle. You get higher interest rates for “locking in” your money for a set period, but you'll face a penalty for any early withdrawals. Check the chart below for current CD rates, all of which require a minimum deposit of $500.

Certificates of Deposit Rates (as of November 5, 2020)
Term APY
6 months 0.35%
12 months 0.40%
18 months 0.45%
21 months 0.45%
36 months 0.55%

Bank5 Connect also offers a special 24-month "Investment CD." While most CDs lock-in deposits once the CD is acquired, this special CD allows customers to continue contributing to the CD throughout the term. It earns 0.55% APY. While you can contribute additional funds, penalty fees for early withdrawals still apply.

If you withdraw funds from a CD before it has matured, you will face a penalty fee. Six-month CDs will face a penalty equal to three months' worth of interest. Longer-term CDs will face a penalty equal to six months' worth of interest.

Bank5 Connect Customer Service

Bank5 Connect's customer service representatives are available seven days a week via phone or email. Customers can call 1-855-552-2655 Monday through Friday between 7:30 a.m. and 5 p.m. Eastern Standard Time, or on Saturday between 7:30 a.m. and 3 p.m., or on Sunday between 11 a.m. and 3 p.m. There's also an online chat feature that is staffed with customer service representatives Monday through Friday from 8 a.m. to 4:30 p.m.

How to Bank With Bank5 Connect

Setting up a Bank5 Connect account is a straightforward process that resembles the process to open a bank account with any institution. However, being an online-only bank, the entire application process takes place online. Prepare to provide personal information, such as a valid ID and the account with money you'll use to fund your Bank5 Connect account.

Final Verdict

BENEFITS

If you're looking for an online banking experience with competitive yields, Bank5 Connect is a solid option. The account minimums—$10 to open accounts and $100 to start receiving interest—make it an attractive option for both small and large depositors. Extended customer service hours and an easy-to-use chat app make it easy for many customers to leave physical bank branches behind.

DRAWBACKS

Bank5 Connect's biggest weak spot is that it only offers three things—a checking account, a savings account, and CDs. It doesn’t offer a money market account or loan services. If you need these services, you'll have to go through a different institution. And while the digital customer service features are fully developed, some customers will miss the in-person service they get at their local branch.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Bank5 Connect. "About Us." Accessed Aug. 13, 2020.

  2. Bank5 Connect. "High-Yield Checking." Accessed Aug. 13, 2020.

  3. Bank5 Connect. "Frequently Asked Questions." Accessed May 13, 2020.

  4. Bank5 Connect. "High-Interest Savings." Accessed Nov. 5, 2020.

  5. Bank5 Connect. "High-Yield Certificates of Deposit." Accessed Aug. 13, 2020.

  6. Bank5 Connect. "24-Month Investment CD." Accessed Nov. 5, 2020.

  7. Bank5 Connect. "Contact Us." Accessed Aug. 13, 2020.