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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.

Updated

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Money Market
0.60%
$0
$100
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
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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.

Frequently asked questions

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