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368 Reviews

Bank5 Connect

Online Banking With Great Service
The online-only bank offers checking, savings, and CD accounts with competitive interest rates, 100% deposit insurance, and great customer service.

Overview

Bank5 Connect is an online-only extension of BankFive, a long-established bank chartered in 1855 and headquartered in Massachusetts.

Bank5 Connect offers a checking account, savings account, and certificates of deposit with all your deposits insured, even above FDIC limits. The bank has no physical branches, allowing them to offer you low fees and higher interest rates paid on your deposits than brick-and-mortar traditional banks.

Suppose you are looking for competitive interest rates, easy online banking with access to a mobile app, and excellent customer service. In that case, you should consider opening a checking, savings, or CD account with Bank5 Connect. Bear in mind that they don’t offer other products like loans, mortgages, etc., so you should be comfortable with using other banks or financial institutions for these.

Bank5 Connect Online Banking

Bank5 Connect offers a mobile banking app that provides you with the ability to bank wherever you are without being physically in a branch. The app is free to download and use and offers easy-to-navigate online and mobile banking services. Bank5 Connect customer service representatives are available to answer any questions and provide bank-related information on the phone. The app also makes available a live chat to contact Bank5 Connect customer service.

Bank5 Connect Mobile App

Bank5 Connect offers free mobile banking through a mobile banking app available for iOS and Android. With a perfect score on the Apple app store and 4.3 stars on Google Play, it’s easy to see why this app is a favorite among customers. With Bank5 Connect, you can deposit checks, transfer funds, pay bills, and so much more, all from your phone. With this app, you can access mobile deposit, bill pay, peer-to-peer money transfer, and an ATM locator, as well as all the features of online banking. To keep you secure, the app comes with a fingerprint login.

Bank5 Connect: Checking, Savings, and CD Accounts

High-Interest Checking Account

The Bank5 Connect high-interest checking account has no monthly fees, competitive interest rates, and access to thousands of in-network ATM locations. If you have to use out-of-network ATMs, you get up to $15 in ATM fees reimbursed each month.

There is a minimum deposit of $10 to open an account, and you must keep a minimum balance of $100 to earn interest in the account. You also get the first round of basic checks for free and free transfers to and from your accounts to external ones.

The Bank5 Connect checking account comes with a debit card that allows you to earn points from purchases made at thousands of retail locations.

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 to avoid overdraft fees.

High-Interest Savings Account

Bank5 Connect’s savings account is similar to the checking account but with a better savings rate. The withdrawals from your savings account are limited to six every four weeks. If you need to make more than those six withdrawals, there is a $10 per transaction fee.

Offering competitive rates, the savings account has no monthly maintenance fees, although there is a minimum deposit of $10 to open an account. If you want to earn interest, you must keep a minimum balance of $100 in the account. There is a charge of $1 for paper statements delivered by post.

You can set up your savings account as overdraft protection for your checking accounts. Suppose you purchase with your debit card and there are not enough funds in your checking account. In that case, the funds needed to make that purchase will be automatically transferred to your checking account, avoiding any overdraft fees.

Certificate of Deposit Accounts

Bank5 Connect also offers certificate of deposit accounts. With CDs, you can get higher interest rates in exchange for leaving your savings in the account for a set period of time (the CD term). However, if you want to make early withdrawals, you will face a penalty equivalent to three months’ worth of interest for six-month CDs and six months’ worth of interest for longer-term CDs.

How to Bank With Bank5 Connect  

If you are looking for an online-only bank, you may find Bank5 Connect a good choice because it offers competitive interest rates. Since it only provides checking, savings, and certificate of deposit accounts, you may have to be ok with finding other banks or financial institutions to provide other banking services, like loans or mortgages.

Anyone 18 and older and a U.S. citizen or resident alien can open Bank5 Connect’s banking products. You will need to provide your Social Security number, a valid ID issued by the U.S. government, your previous home address, and something to fund your new accounts, such as a credit card, debit card, checking account, or savings account.

The usual wait to process and open your account is ten business days. After your accounts are opened, you can add further funds to them using electronic transfers, mobile deposits, or check sent by mail.

Accounts can be funded via electronic transfers from external banks, mobile deposits, or by paper check sent by mail.

FAQs About Bank5 Connect (3)

  • Is Bank5 Connect FDIC insured?

    Bank5 Connect is an online division of BankFive, a community bank based in Massachusetts that opened in 1855. BankFive is a Federal Deposit Insurance Corporation (FDIC) member and a Depositors Insurance Fund (DIF) member bank. This means that all your deposits at Bank5 Connect are insured 100% in full, above FDIC limits. For general information about FDIC and DIF coverage, go to: www.FDIC.gov and www.DIFxs.com

  • Is Bank5 Connect a good bank for a checking account?

    Suppose you are looking for a checking account that earns a high interest rate and an online-only bank. Bank5 may be a good choice for you. The bank also offers savings and CD accounts, but for any other banking products like mortgages or loans, you may have to use a different bank or financial institution instead.

  • Where is Bank5 Connect located?

    Bank5 is the online division of BankFive, which is headquartered at 79 North Main Street. Fall River, MA 02720 in Massachusetts.

Bank5 Connect

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Bank5 Connect Products and Services

Banking
Banking

High-interest checking account

No monthly fees, competitive interest rates, and access to thousands of in-network ATM locations.

Learn more

Savings account

Competitive interest rates, no monthly maintenance fees, and a minimum deposit of $10 to open an account.

Learn more

CD account

Get higher interest rates in exchange for leaving your savings in the account for a set period of time.

Learn more

Why Us

100% Deposit Insurance

All your deposits at Bank5 Connect are insured 100% in full, above FDIC limits.

Excellent Customer Service

You can speak with an experienced customer service representative, located in the U.S. to answer questions and offer advice by phone, email or live chat.

Online and Mobile Banking

Manage your banking and accounts on the go with a top-rated mobile app available for Android and iOS.

Open a Bank5 Connect Account

Open a high-interest checking account, a savings account, or a CD account with an online bank focused on customer service and 100% deposit insurance.

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