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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.
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 Bank5 Connect to the competition
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
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Bank5 Connect High-Interest Checking account review
The Bank5 Connect High Interest Checking account has a solid APY, but you’ll need to meet the minimum balance to earn interest.