Bank5 Connect Review – Online Banking: High Interest Savings and Control

With the operation of Bank5 Connect as a fully online bank, they are able to offer a combination of high interest rates on deposits and very low fees for banking services. Because of this combination, Bank5 Connect must be one of the banks you check out if you are looking for an online bank that pays very high interest rates.

About Bank5 Connect Online banking

Bank5 Connect may seem like a banking newcomer since it was only technically launched in July 2013. However, it is actually the online-only extension of BankFive, a long-established bank founded in 1855 and based in Fall River, Massachusetts. The bank itself has a dozen offices in Massachusetts, plus two in Rhode Island.

But Bank5 Connect was created to be strictly an online bank. The absence of physical branches and full online operation allow the bank to keep operating costs low and interest rates paid on deposits high.

Bank5 Connect offers the full range of banking products, including checking accounts, savings accounts and CDs. All of them pay incredibly high interest.


The business of the day: Chase is now offering a $ 225 cash bonus when opening a Total Checking® account. No minimum deposit and all deposits are FDIC insured up to a maximum of $ 250,000 per depositor.

Basic functions of Bank5 Connect Online

Bank5 Connect offers all of the basic features that consumers expect from online banking, and a few others.

Choose the Debit Rewards program. Earn points with your Visa Bank5 Connect debit card. They can be redeemed for thousands of items online, including vacation packages, gift cards, electronics, and other items, through the UChoose Rewards website. You earn 1 point for every $ 2 you spend, on point-of-sale or online purchases.

The Visa debit card can also be added to Apple Pay to make purchases available on all compatible Apple devices.

Pay people. This is Bank5 Connect’s person-to-person payment system. You can send money to family and friends by email, text, or phone. When you transfer money using this method, no bank account information is shared.

ATM network. Bank5 Connect is an online bank, so it does not have local branches (outside of Massachusetts and Rhode Island). But they participate in the SOMME network which has thousands of ATMs across the country. As a Bank5 Connect customer, you will not pay any fees to use the network’s ATMs.

Educational resources and planning tools. Bank5 Connect offers a variety of calculators to help you make decisions about lending, investing, and planning for retirement. For example, it offers a calculator of the affordability of a car, how long it will take to pay off a credit card, how much will your investments be worth in the future, the traditional IRA versus the Roth IRA, and how much. long will your retirement savings last. There are dozens more.

Account protection. All Bank5 Connect accounts are protected by FDIC insurance up to $ 250,000 per depositor.

Bank5 Connect online savings products

Bank5 Connect offers checking and savings accounts, as well as certificates of deposit.

Login Verification

This is the interest-bearing current account of Bank5 Connect. He currently pays 0.76% APY on balances over $ 100 (as of December 2018). The account is accompanied by checks and a Visa Bank5 Connect debit card.

Connect Checking comes with the following features:

  • Minimum opening balance, $ 10
  • No monthly service fees
  • Online banking, bill payment and monthly electronic statements
  • Mobile banking
  • Your first order of basic checks is free
  • No fees for using an ATM, and you will be reimbursed up to $ 15 per statement cycle for ATM fees charged by other banks

You will also find that Bank5 Connect has some of the lowest checking account fees in the banking industry. In the table below, you can see that the returned items cost only $ 7, while the insufficient funds charge is only $ 15. Most banks, even online banks, charge anywhere from $ 32 to $ 39 for the same fees.

Current account fees

Note that their fee for paper statements is only $ 1. This applies to statements for checking or savings accounts. That’s considerably lower than typical paper statement fees, which range between $ 3 and $ 6 per statement, even with other banks.

Bank5 Connect High Interest Savings Account

The Bank5 Connect High Interest Savings Account currently pays one of the highest interest rates available on savings in the industry. The current rate is 2.05% APY on balances of $ 100 or more (as of December 2018).

The Bank5 Connect High Interest Savings Account includes the following:

  • Minimum opening deposit, $ 10 (although you will need a minimum of $ 100 to earn interest on the account)
  • Free online banking and electronic statements
  • Mobile banking
  • The account can be used to provide overdraft protection on your checking account
  • Funds can be withdrawn by online funds transfer, telephone transfer, check request or via the Visa Bank5 Connect debit card linked to the account
  • As with all bank savings accounts, you are limited to a maximum of six withdrawal transactions per monthly statement cycle. If you exceed this limit, a fee of $ 10 will be charged for each transaction exceeding the limit.

Learn more:

CD Bank5 Connect

Bank5 Connect CDs are available in six different terms: 6, 12, 18, 21, 24 and 36 months. They earn premium interest even for online banks.

Bank5 Connect CDs have the following qualifications and characteristics:

  • Minimum opening balance, $ 500
  • There is no monthly service fee required on Bank5 Connect CDs
  • The Bank5 Connect investment CD is for 24 months, currently paying 2.70% APY (as of November 2018). You can transfer funds to this CD at any time from an external checking account, or even combine it with your Connect checking account. You will earn the original CD rate on the additional funds.

The prices on Bank5 Connect CDs are as follows (as of December 2018):

CD Bank5 Connect

Penalties for early withdrawal. The penalty is three months ‘interest if the CD has a term of less than one year, and six months’ interest for a term of one year or more.

Learn more:

How to open an account with Bank5 Connect online banking

To open a Bank5 Connect account, you must be at least 18 years of age and be a U.S. citizen or a U.S. resident alien.

You will need the following documents to open an account:

  • Social Security number
  • Valid ID (driver’s license, state ID, military ID, or passport)
  • Your current address, and previous address if you have lived at the current address for less than two years
  • A source of funding for your account (This may include a credit card, debit card, checking account, or savings account.)

The entire application process takes place online. You will select the specific account you want to open, along with any associated account options. You will then be presented with various disclosures and account agreements, which you will need to acknowledge having read and understood.

You will then need to provide basic information about the applicant (full name, date of birth, occupation, employer and other required information).

You can fund your account by wire transfers from external banks, mobile deposits, or by mailed paper check. And of course, once your account is open and up and running, you can add direct deposit.

You will receive your checks and debit card within 10 business days of opening and funding your account.

Once your account is operational, you can log into your account from the Bank5 Connect home page

Login page URL

Account security

Bank5 Connect uses 128-bit encryption to protect the transmission of your information between you and the bank. Encryption technology ensures secure transmission of information while encoding the transmitted data, using a mathematical formula to scramble the data.

Bank5 Connect mobile app

The app has all the functionality of online banking including Bill Pay. But the mobile app also adds mobile check deposit capability, as well as fingerprint login functionality. However, a weak point of the mobile app is that it does not support external transfers.

The mobile application is available for download from the App Store and Google Play.

Read more: Best mobile banking apps

Customer service

Bank5 Connect can be reached by phone, live chat or email. Telephone contact is available at the following times (all Eastern hours):

  • Monday to Wednesday, 7:30 a.m. to 5:00 p.m.
  • Thursday and Friday from 7:30 a.m. to 7:00 p.m.
  • Saturday, 7:30 a.m. to 3:00 p.m.
  • Sunday, 11:00 a.m. to 3:00 p.m.
  • Live chat is available Monday through Friday, 8:00 a.m. to 4:30 p.m.

Frequently asked questions Bank5 Connect

Q: Why are Bank5 Connect’s fees so much lower than other banks?

A: Like other online banks, Bank5 Connect does not operate a physical bank branch network. This saves money on the cost of staff and real estate, allowing the bank to charge much lower fees than traditional banks. This is the same reason that Bank5 Connect is able to pay interest rates on your deposit accounts that are so much higher than your local bank, and even some of the major central banks.

Q: Does Bank5 Connect have limits on ATM transactions?

A: Yes. Your daily ATM withdrawal limit with a Bank5 Connect bank account is $ 500. The daily purchase limit is $ 1,000, but they may allow you to exceed that limit if you call the bank.

Q: Why does Bank5 Connect limit withdrawals from savings accounts to a maximum of six per monthly statement cycle?

A: This is actually not Bank5 Connect or any other bank, it is federal law. Through Federal Regulation D Withdrawals from savings accounts are limited to a maximum of six per monthly statement cycle. Much of this is to differentiate savings accounts and money markets from checking accounts.

Q: What is the difference between a Bank5 Connect CD and an investment CD?

A: The investment CD has a duration of 24 months only. But the most basic difference is that it allows you to add deposits to your CD and earn interest at the original rate of the CD. Other Bank5 Connect CDs do not offer this privilege.


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David A. Albanese

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