Bank5 Connect: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Jumbo Savings | 4 |
| Checking | 4 |
| Money market account | 4.25 |
| CD | 3.75 |
| Trustworthiness | 4 |
| Total | 4 |
Bank5 Connect Pros and Cons
| Pros | Cons |
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About Bank5 Connect
Bank5 Connect is the online operation of the Massachusetts-based bank Bank5.
You may open an online-only bank account with Bank5 Connect if you live in any state other than Massachusetts or Rhode Island. If you're a resident of Massachusetts or Rhode Island you can open bank accounts at a Bank5 branch, though.
Customers have access to thousands of fee-free ATMs nationwide through the SUM ATM network. You'll also be refunded up to $15 each month in out-of-network ATM fees.
Customer service is available by phone or live chat from 7:30 a.m. to 5 p.m. ET on weekdays, 7:30 a.m. to 3 p.m. ET on Saturdays, or 11 a.m. to 3 p.m. PT on Sundays.
Bank5 Connect's mobile app has 4.3 out of 5 stars in the Google Play Store and a perfect 5-star rating in the Apple store.
The bank is FDIC-insured. Up to $250,000 is secure in an individual bank account.
Is Bank5 Connect Trustworthy?
Bank 5 Connect hasn't been reviewed by the Better Business Bureau, yet. However, its parent company Bank 5 has received an A+ rating from the BBB.
Bank5 Connect hasn't been involved in any recent public scandals.
Bank5 Connect FAQs
Is Bank5 Connect legitimate?
Bank5 Connect is an FDIC-insured bank, which means you may safely store up to $250,000 in an individual bank account or $500,000 in a joint account.
Can you open a Bank5 Connect account for a minor?
You'll need to be at least 18 years old to open an online account with Bank5 Connect If you live in Rhode Island or Massachusetts, you're eligible to open a kid's bank account at a local branch. However, if you live outside of Rhode Island or Massachusetts, you'll have to consider other banks.
What is the ATM withdrawal limit for Bank5 Connect?
You may take out up to $500 per day from an ATM.
Bank5 Connect Bank Accounts Review
Bank5 Connect Savings Account
no monthly service fee
1.50%
$10
Pros
Cons
- Must keep at least $100 in account to earn interest
- Interest compounded and deposited monthly
- FDIC insured
The Bank5 Connect Savings Account is a solid high-yield savings account. You'll just need to maintain at least $100 in your account daily to earn interest. You also won't need to worry about monthly service fees.
Bank5 Connect Jumbo Savings Account
no monthly service fee
4.05%
$25,000
Pros
Cons
Bank5 Connect is a solid online option for a fee-free high-interest savings or checking account.
Bank5 Connect Jumbo Savings Account- Bank5 Connect is the online subsidiary of BankFive
- Link to Bank5 Connect High-Interest Checking Account for overdraft protection
- Member FDIC
- Offers Depositors Insurance Fund (DIF) protection; FDIC insurance covers up to $250,000 for individual accounts, but DIF offers additional insurance on more than $250,000; all of your money in this account will be insured
- Interest compounded monthly, paid monthly
The Bank5 Connect Jumbo Savings Account is a good savings account for those who have at least $25,000 to deposit (and can maintain that balance in the account). It has an early direct deposit feature that lets you access your paycheck up to two days early.
Bank5 Connect High-Interest Checking Account
no monthly service fee
2.70%
$10
Pros
Cons
- Must keep at least $100 in account to earn interest
- Earn cash back if you use your debit card at select retailers; options from retailers can be seen through online or mobile banking
- Free overdraft protection that links your checking account to a savings account
- Interest compounded and deposited monthly
- FDIC insured
The Bank5 Connect Checking Account has free overdraft protection, monthly reimbursements on out-of-network ATM fees, and cash back from select retailers.
Like the bank's savings account, you'll need to maintain at least $100 in the checking account to earn interest.
Bank5 Connect Accelerator Money Market Account
no monthly service fee
3.96%
$5,000
Pros
Cons
- Online bank with no branches
- Thousands of nationwide, in-network ATMs through SUM network
- Customer service options include phone calls, live chat, video calls, and email. Live chat and video calls are available Monday through Friday, while phone calls are available every day of the week.
- Interest compounds and deposits monthly
- FDIC-insured
You might like the Bank5 Connect Accelerator Money Market Account if you want a banking option that lets you earn a competitive interest rate while having several ways to access your money. The bank's money market account comes with a debit card and free checks.
The bank also has the Connect Money Market Account which has a lower minimum opening deposit but a less competitive interest rate.
Bank5 Connect High-Yield CD
0.85% to 4.40%
$500
Pros
Cons
- Term lengths between 6 months and 3 years
- 3 months interest early withdrawal penalty for terms under 1 year, 6 months interest early withdrawal penalty for terms of 1 year or more
- A 2-year investment CD allows you to make deposits after opening the account
- FDIC insured
Bank5 Connect High-Yield CDs have a low minimum opening deposit and good interest rates. The bank has a unique 2-year CD worth exploring if you would like to deposit more money into a CD before it matures.
The bank won't be the strongest option if you're looking for a variety of CD terms — it only has term lengths between six months and three years.
How Bank5 Connect Compares
Bank5 Connect vs. Ally
Both banks offer similar types of bank accounts — the accounts all earn interest and have minimal common bank fees. Choosing between Bank5 Connect and Ally might ultimately depend on minor preferences like minimum opening deposit requirements.
Ally is a better choice for bank accounts with low minimum opening deposits. Its savings, checking, CD, and money market account can be opened with $0 upfront.
Bank5 Connect offers slightly higher rates for savings, CD, and money market accounts. Keep in mind rates can fluctuate so this could change in the future.
Bank5 Connect vs. Alliant Credit Union
Bank5 Connect and Alliant Credit Union share a lot of similarities. Both institutions offer high-interest savings and checking accounts with no monthly service fees. You may also get reimbursements on out-of-network ATM fees, and customer service by phone or live chat.
Your decision might ultimately come down to whether you prefer a bank to a credit union or vice versa. Credit unions require membership to open accounts. At Alliant, the easiest way to become a member is to join Foster Care to Success, but you can also join if you're a member of certain organizations or you live in parts of Illinois.
It also may depend on which account you'd like to open. Alliant Credit Union has the greatest variety of accounts. Bank 5 has fewer options.
Why You Should Trust Us: How We Reviewed Bank5 Connect
For our Bank5 Connect review, we rated bank products and services using our editorial standards. At Business Insider, we rate products on a scale from one to five stars. We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.
For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
