Bank5 Connect review: Top-tier interest rates on checking, savings, CDs, and more

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As the digital arm of BankFive, Bank5 Connect offers attractive rates and minimal fees on its checking, savings, and CD accounts. But what truly sets it apart is its offer of unlimited deposit insurance — a rare feature in the banking world. 

About Bank5 Connect

Bank5 Connect has been providing online banking services to customers since 2013. It's the digital-only division of BankFive, a Massachusetts bank that's been around since 1855. 

One of Bank5 Connect's most distinctive features is its unlimited deposit insurance. While most banks only offer FDIC insurance up to $250,000, Bank5 Connect provides additional coverage through the Depositors Insurance Fund (DIF). This means that all of your deposits, regardless of amount, are fully insured.

Bank5 Connect’s high-yield CDs offer up to 5.05% APY, while its high-interest checking offers up to 2.70% APY. You can also earn high APYs with two savings accounts and two money market accounts. 

While Bank5 Connect doesn'tyour banking here withoutocations, it does offer robust customer service. You can access your money through ATMs or external account transfers. Depositing money is also easy with direct deposit, external transfers, mobile check deposit, and phone or mail deposit. Just keep in mind you can't deposit cash.

Bank5 Connect accounts

Bank5 Connect's accounts don't have monthly fees, but they do have minimum balance and opening deposit requirements. 

Checking account

The Bank5 Connect Checking Account is particularly attractive for those who want to earn a high interest rate on their everyday spending money. The 2.70% APY is significantly higher than what most traditional banks offer on savings accounts, let alone checking accounts.

To earn this APY, you just need to maintain a minimum balance of $100. This account also comes with a debit card that earns cash back rewards on certain purchases. You can use the card to make free withdrawals from the SUM® Network. If you can't find an in-network ATM, you can receive up to $15 in ATM fee reimbursements each statement cycle.

Other features of the Bank5 Connect checking account include a free first order of checks, the ability to access your direct deposit two days early, and online bill pay.

Savings accounts

Bank5 Connect offers two savings account options: the Connect Savings account and the Jumbo Savings account. As the name suggests, the Jumbo Savings is meant for those who can maintain a large minimum balance — $25,000 — in exchange for an APY of 5.10%. 

The Connect Savings requires just $10 to open an account and $100 to earn the 1.50% APY.

Money market accounts

Bank5 Connect's two money market accounts — the Connect Money Market and the Accelerator Money Market — offer a blend of savings and checking features. Both accounts come with check-writing privileges and a Visa debit card, making them a flexible option for those who want easy access to their savings..

The Accelerator Money Market earns 5.05% APY, but you'll need a $5,000 minimum deposit to open the account and earn interest. The Connect Money Market account has a much lower 1.00% APY, but the $100 minimum deposit and required balance are also more manageable if you're working on building up your savings.

CDs

Bank5 Connect offers CDs with terms ranging from 6 to 36 months. You’ll only need $500 to open an account. 

While most of Bank5 Connect's CDs don't allow you to add funds once your account is open, it does offer a special 24-month Investment CD that provides 3.30% APY and lets you add funds anytime during your two-year term. 

You'll pay an early withdrawal penalty for all CDs if you want to take out money before the term ends. Bank5 Connect keeps it simple: the penalty is three months of interest if the term is less than a year or six months of interest if the term is a year or greater. There is also a $30 CD early closeout fee.

After the end of the term, you'll have a 10-day grace period to withdraw funds. Otherwise, the CD will auto-renew at the current interest rate for the same term.

Other Bank5 Connect products and services

Beyond its personal bank accounts, Bank5 Connect also offers several credit cards, including balance transfer, cash back, and travel rewards cards. 

For international travelers or those dealing with foreign transactions, Bank5 Connect offers a convenient foreign currency exchange service. You can order over 70 different currencies and receive next-day delivery, making it easier to prepare for international trips or handle cross-border transactions.

Bank5 Connect fees

On the whole, Bank5 Connect doesn't charge a lot of fees. For example, its accounts don't have monthly or overdraft maintenance fees. However, there are a couple of fees you can expect: 

• Paper statement fee: $1
• Returned deposited item: $7
• Debit card replacement fee: $10
• Stop payment: $15
• CD closeout fee: $30

Bank5 Connect banking experience

Because Bank5 Connect is an online-only bank, you'll need to be comfortable accessing your account completely through a website or mobile app. It can be a big change if you're used to traditional banks with physical branches.

Online and mobile banking platform

Bank5 Connect's online banking portal is robust, with 24/7 account access, online bill pay, monthly statements, and more. You can also activate debit card reward offers, transfer money, and chat with customer service through your online account.

Signing up for an online account gives you access to the Bank5 Connect mobile app. It allows you to use Zelle to send payments to friends and family, locate the nearest ATM, deposit checks, and pay bills. 

Customers think highly of the app — it has 4.9 out of 5 stars on the App Store (out of 75 reviews) and 4.2 out of 5 stars on Google Play (out of 200 reviews). Many users say the app works well and is easy to use. However, some have had problems with mobile check deposit or using Zelle successfully.

Customer service 

Bank5 Connect offers multiple ways to get in touch:

• Phone support: Available 7 days a week with extended hours
• Live chat: Available Monday through Friday, 8 a.m. to 4:30 p.m. ET
• Video chat: A unique offering available Monday through Friday, 9 a.m to 5 p.m. ET
• Email support

The video chat option is particularly noteworthy, as it provides a face-to-face interaction that many online banks lack. Bank5 Connect reviews are positive — it has 4.3 stars on Trustpilot, much higher than other financial institutions. 

How Bank5 Connect stacks up

When considering Bank5 Connect, it's important to understand how it stacks up against other online banks. 

Bank5 Connect stands out in several key areas. First and foremost is its unlimited deposit insurance, a feature that sets it apart from most competitors. For high-balance savers, this provides an unparalleled level of security. 

Additionally, Bank5 Connect's high-yield checking account, offering a 2.70% APY, outperforms many competitors' savings accounts, let alone their checking options. This makes it an attractive choice for those who want to earn significant interest on their everyday money.

However, Bank5 Connect isn't without its limitations. Unlike some larger online banks, it doesn't offer a 24/7 customer service option, which might be a dealbreaker for some customers. 

While Bank5 offers checking, savings, CDs, and credit cards, its product lineup as extensive as what you might find with banks like Ally or Capital One 360. Bank5 Connect also lacks any physical locations, unlike Capital One 360, which could be a drawback if you occasionally need in-person banking services.

Who is Bank5 Connect best for?

Bank5 Connect is an excellent choice for:

1. Savers with a heft balance. The unlimited deposit insurance is a major draw for those with large amounts to save.
2. Users who like banking online. If you're comfortable managing your finances entirely online, Bank5 Connect's digital platform is robust and user-friendly.
3. Customers looking for the highest yields. With competitive rates on checking, savings, and CDs, it's great for those looking to maximize their interest earnings.
4. Those adverse to bank fees. The lack of monthly maintenance fees and other common charges makes it attractive for those who want to minimize banking costs.

However, Bank5 Connect may not be the best fit for:

1. Those who frequently use cash. With no physical branches or cash deposit options, it's not ideal for those who frequently deal with cash.
2. Those who prefer in-person banking. If you value face-to-face interactions for all your banking needs, an online-only bank might not be the right choice.
3. Customer who need immediate access to their money. The daily ATM withdrawal limit and transfer processing times might be inconvenient for some.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

Frequently asked questions

The bottom line

For those with a lot of savings, Bank5 Connect can be a good option The 100% deposit insurance is a huge selling point if you want to keep all of your money in one place instead of scattering it around at different banks. Because Bank5 Connect has every major type of deposit account, you could do all of your banking in one spot.

Evenyou might find the lack of brick-and-mortar branches jarring. You won't be able to make cash deposits, which could also be another huge drawback. However, this is a limitation of most online banks and not unique to Bank5 Connect. We'd recommend Bank5 Connect to people who want to consolidate their finances while earning far-above-average APYs.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.