Skip to Main Content

Bank5 Connect Review 2023

Updated January 6, 2023
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

On This Page

At a glance

4.4
Rating: 4.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 3.9 stars out of 5

About Bankrate Score

Overview

Bank5 Connect is best for those seeking an interest-bearing checking account with a low minimum balance requirement.

Highlights

  • Low Fees
  • ATM Fee Refunds
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer: No minimum balance to open. No minimum deposit.
Bank logo
Member FDIC
Savings Account
4.40
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees and earn $250 with direct deposit (terms apply)
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info
As of 7/12/2023
Rating: 4.7 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Easy application. No minimum balance. High yield.

Overall

Bank5 Connect offers a savings account, checking account and CDs with above-average yields and low minimum balance requirements.

Pros

  • Checkmark

    The balance requirements across the bank’s deposit products are low.

  • Checkmark

    The bank’s checking and savings accounts don’t charge monthly maintenance fees.

Cons

  • There are higher APY options at some other online banks.

  • Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.

Bank5 Connect banking products

3.9
Rating: 3.9 stars out of 5
Bankrate Score
Invest Rate
1.50% APY
Info
Loan
$100 minimum deposit to open

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.

Pros

  • Checkmark

    The minimum balance required to open an account is low.

  • Checkmark

    The account doesn’t charge a monthly maintenance fee.

Cons

  • At least $100 is needed to start earning interest. Some competitors pay interest on any balance.

  • Higher APYs can be found at other online banks.

Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 7/12/2023
Rating: 5 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer: No minimum balance to open. No minimum deposit.

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.

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.

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.

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.