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Compare Bank5 Connect banking products: Savings, Checking, and CDs

Offers essential interest-bearing checking and savings options with no monthly fees.

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Bank5 Connect
Bank5 Connect packs a punch with its unique features — no monthly fees, interest-bearing accounts, out-of-network ATM reimbursements and a rewards debit card. But it’s low daily withdrawal and purchasing limits make it hard to access your money.

What banking products does Bank5 Connect offer?

Bank5 Connect offers four personal banking account options:

Personal banking

  • Bank5 Connect High-Interest Checking account. This account offers free ATMs, a debit card with rewards, no monthly maintenance fees and a 0.76% APY — higher than the national average of 0.4% for checking accounts.
  • Bank5 Connect High-Interest Savings account. Earn 1.90% APY on balances over $100.
  • Bank5 Connect CD. Choose between six terms with variable APYs ranging from 1.45% to 2.30%.
  • Bank5 Connect Investment CD. Unlike most CDs, you can add funds to this high-yield account anytime, but there’s a fixed 24-month term and you’ll need at least $500 to get started.

Why should I open an account at Bank5 Connect?

In addition to standard bank features like FDIC-insured deposits and mobile banking, Bank5 Connect has:

  • No monthly fees. Account holders never pay a monthly maintenance fee with Bank5 Connect.
  • Additional protection for funds. The FDIC insures deposits up to $250,000, while the Depositor’s Insurance Fund or DIF takes it a step further and covers 100% of all deposits above the FDIC’s limit.
  • High APYs. Bank5 Connect’s 0.76% APY on its checking account is above the national average.
  • Rewards debit card. Earn cash back and other rewards when you use your Bank 5 Connect debit card.
  • Educational tools. Use Bank5 Connect’s suite of calculators to help you tackle your personal finance goals.

What should I look out for?

Potential drawbacks of Bank5 Connect include:

  • Low withdrawal limit. Bank5 Connect’s checking account has a $500 daily withdrawal limit.
  • Daily purchase limit. The Bank5 Connect debit card has a $1,000 daily purchase limit, although you can call customer service for an extension.
  • Required minimum balance for APY. You must have at least $100 in your account to earn interest.
  • No branches. This bank is online-only, so it’s not ideal for those who want to bank in-person.
  • Limited offerings. While Bank5Connect offers checking and savings accounts, it doesn’t offer business accounts and other services.

Compare Bank5 Connect to the competition

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
Take advantage of a high-interest online savings account with no fees, no minimums and more.
UFB Direct High Yield Savings
Finder Rating: 3.6 / 5: ★★★★★
UFB Direct High Yield Savings
Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account.
SoFi Money
Finder Rating: 4.3 / 5: ★★★★★
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

Bank5 Connect customer service

Chat with a Bank5 Connect customer service representative by:

  • Filling out the contact form on the website
  • Starting a live chat on its website weekdays from 8 a.m. to 4:30 p.m. ET
  • Calling 855-552-2655:
      • Monday to Wednesday from 7:30 a.m. to 5 p.m. ET
      • Thursday to Friday from 7:30 a.m. to 7 p.m. ET
      • Saturday from 7:30 a.m. to 3 p.m. ET
      • Sunday from 11 a.m. to 3 p.m. ET

Bottom line

Bank5 Connect may be a good fit for those who want a fee-free, interest-bearing checking or savings account. But if you’re after an account with no restrictions on withdrawals and purchases, shop around for other accounts before you decide.

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