We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Explore Bank5 Connect’s suite of bank accounts
Offers essential interest-bearing checking and savings options with no monthly fees.
What banking products does Bank5 Connect offer?Bank5 Connect offers four personal banking account options:
- 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 with leading bank and credit union accounts
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 lineBank5 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
Read more on this topic
Explore Community First Credit Union’s suite of bank accounts Community First Credit Union offers big-bank account features to a limited Northeast Florida membership.
Compare CD vs. savings account Compare pros, cons, interest rates, features, fees and more.
Compare CD vs. bond Explore the differences between CDs and bonds to learn which is right for you.
Explore Mutual of Omaha Bank’s suite of accounts Full line of banking and investing options, but limited physical locations
Explore Commerce Bank’s suite of bank accounts Explore this regional bank’s pros, cons and account options.
Explore Golden 1 Credit Unions suite of bank accounts Features a comprehensive list of checking and savings accounts to California residents.
Explore Alaska USA Federal Credit Union’s suite of bank accounts Offers 24/7 customer support and a suite of accounts to four states.
Explore KeyBank’s suite of bank accounts This regional bank offers 20+ checking and savings accounts in 15 states.
Explore America First Credit Union’s suite of bank accounts Offers high APYs and plenty of variety, but it only services five states.
Explore Delta Community Credit Union’s suite of bank accounts Features free accounts and 24/7 phone support for metro Atlanta and Delta employees.