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Bank5 Connect is the online operation of Bank5.
Bank5 Connect; Insider
The bottom line: Bank5 Connect is a solid online option for a fee-free Bank5 Connect High-Yield Savings Account or Bank5 Connect High-Interest Checking Account. But other online banks or credit unions may have bank accounts for minors or offer higher interest rates.
Overall bank rating
FeatureInsider rating (out of 5)Savings4.25Checking4.25CD3.75Trustworthiness4Total4
Pros and cons
ProsCons
Good interest rate on savings account
Earn interest on checking accounts
No monthly service fees
No out-of-network ATM fees
Receive a refund of up to $15 for fees charged by out-of-network ATMs each month
No money market accountOther online banks and credit unions may offer higher interest rates Interest compounded monthly, not dailyHigh CD early withdrawal penalties and limited terms
Bank5 Connect High-Yield Savings Account review
The Bank5 Connect High-Yield 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 High-Interest Checking Account review
The Bank5 Connect High-Interest Checking Account is on par with popular high-interest checking accounts at other financial institutions when it comes to providing perks. It 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 High-Yield Certificate of Deposit review
Bank5 Connect High-Yield Certificate of Deposit 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 works
Bank5 Connect is the online operation of the Massachusetts-based bank Bank5.
You may open up a bank account at one of Bank5’s 13 branches in Massachusetts or Rhode Island, or an online-only bank account with Bank5 Connect.
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.
A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if Bank5 Connect is an ideal bank for you.
Bank5 Connect hasn’t been involved in any recent public scandals.
How Bank5 Connect compares
We compared Bank5 Connect to two other financial institutions with online accounts: Ally Bank and Alliant Credit Union.
Bank5 Connect
Ally
Alliant Credit Union
Savings APY
Bank5 Connect High-Yield Savings Account
Savings APY
Ally High Yield Savings Account
Savings APY
Alliant High-Rate Savings Account
Checking APY
Bank5 Connect High-Interest Checking Account
Checking APY
Ally Interest Checking Account
Checking APY
Alliant High-Interest Checking Account
Bank5 Connect High-Yield Savings AccountAlly High Yield Savings AccountAlliant High-Rate Savings Account
Bank5 Connect, Ally, and Alliant Credit Union share a lot of similarities.
All three financial 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. It’s also the only institution to offer kids and teen bank accounts.
Bank5 has the fewest options. Ally offers the same accounts as Bank5, plus a money market account.
Frequently asked questions
Is Bank5 Connect secure?
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.