At a glance

4.5

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

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

Overall

Bank5 Connect offers a savings account, checking account and CDs with above-average 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.
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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Bank5 Connect banking products

3.8

Bankrate Score

Compare top savings rates

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

The minimum balance required to open an account is low.
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.

Rate history for Bank5 Connect's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Bank5 Connect CD overview

The minimum balance requirement for Bank5 Connect’s CDs is on the lower end: Just $500 is required to open a CD.

Bank5 Connect offers seven terms of CDs, including an add-on CD called a 24-month Investment CD, that range from six months to three years. Most of the APYs are fairly competitive, except for the 3-year CD, which comes with a much lower APY.

Pros

Bank5 Connect offers a range of shorter-term CDs that have competitive APYs.
The minimum balance requirements to open a CD are lower than some other banks.
There’s a 2-year add-on CD option.

Cons

Savers looking for a CD with a term longer than three years will have to look elsewhere.
CDs with higher APYs can be found elsewhere.
The 3-year CD earns a much lower yield than other terms offered.
In addition to an early withdrawal penalty, a $30 CD closeout fee applies to closed CDs prior to maturity date.

Rate history for Bank5 Connect's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.9

Bankrate Score

Compare top checking rates

Bank5 Connect checking overview

The Bank5 Connect High-Interest Checking account offers a competitive yield for a checking account, and you only need $10 to open. To earn interest, however, you’ll need a minimum balance of at least $100.

In addition to paying interest, the account also earns cash back on debit card purchases. What’s more, the account offers early direct deposit, which may help you access your direct deposit up to two days earlier than usual.

There are no monthly maintenance charges, and Bank5 Connect won’t charge you a fee for using an out-of-network ATM. If you use ATMs outside of its free network, Bank5 will reimburse you up to $15 per statement cycle.

Bank5 Connect customers can send money to friends and family using the Pay People feature.

Also, there is no charge for your first order of checks with the High-Interest Checking account.

Pros

The account offers a competitive yield for a checking account.
There is no monthly charge.
Bank5 Connect won’t charge you a fee for using an out-of-network ATM.
Debit card purchases earn cash back.

Cons

Most banks offer interest on any balance. With the High-Interest Checking account, a minimum of $100 is needed to earn interest.
There’s a $1 fee for receiving paper statements.

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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 does Bank5 Connect compare to other banks?

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

Bank5 Connect is best for customers who are comfortable solely banking online. Moreover, robust yields on its CDs and checking account make it a good choice for customers looking to open those accounts.
Yes, Bank5 Connect accounts are FDIC-insured up to the limit allowed by law: $250,000 per depositor, per account type.
Yes, Bank5 Connect is the online-only division of BankFive (Fall River Five Cents Savings Bank), which was chartered in 1855.

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.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank5 Connect APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	1.50%	0.57%
05/07/2024	1.50%	0.59%
04/02/2024	1.50%	0.58%
03/05/2024	1.50%	0.57%
01/02/2024	1.50%	0.58%
12/05/2023	1.50%	0.57%
11/07/2023	1.50%	0.60%
10/03/2023	1.50%	0.58%
09/05/2023	1.50%	0.57%
08/01/2023	1.50%	0.54%
07/11/2023	1.50%	0.53%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank5 Connect APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	0.85%	1.41%
06/04/2024	0.85%	1.42%
05/07/2024	0.85%	1.41%
04/02/2024	0.85%	1.40%
03/12/2024	0.85%	1.41%
02/06/2024	0.85%	1.40%
12/05/2023	0.85%	1.41%
10/03/2023	0.85%	1.40%
09/05/2023	0.85%	1.37%
08/01/2023	0.85%	1.31%
07/11/2023	0.85%	1.29%

Bank5 Connect Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Bank5 Connect

Bank5 Connect banking products

Bank5 Connect savings overview

Pros

Cons

Rate history for Bank5 Connect's Savings account

Bank5 Connect CD overview

Pros

Cons

Rate history for Bank5 Connect's CD accounts

Bank5 Connect checking overview

Pros

Cons

Bank fees

About Bank5 Connect

Bank experience

How does Bank5 Connect compare to other banks?

Bank5 Connect vs. Ally Bank

Bank5 Connect FAQs

Who is Bank5 Connect best for?

Is Bank5 Connect safe?

Is Bank5 Connect a legitimate bank?

Review methodology

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