Bank5 Connect High-Interest Checking account review
Earn 0.2% APY — but make sure you meet the minimum balance requirement.
The Bank5 Connect High-Interest Checking account has no monthly fee and offers 0.2% APY. But to start earning interest, you’ll need at least $100. And the account is not available in Massachusetts or Rhode Island.
$0 per month
Minimum deposit to open
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With a Bank5 Connect High-Interest Checking account, you don’t have to worry about paying or avoiding a monthly maintenance fee. Plus you’ll get ATM fee reimbursements and earn a solid rate on your money at 0.2% APY.
But to earn interest, you’ll need to keep at least $100 in your checking account. And your account is capped at a $1,000 daily purchasing limit — unless you call customer service to adjust the limit.
How do I open a Bank5 Connect High-Interest Checking account?
Open an account in eight steps:
- Go to the provider’s site and follow the steps to apply.
- From the Bank5 Connect website, click or tap Open account and Continue.
- Choose your state.
- Check Connect checking to select the account type.
- Customize your account options, including e-statements and overdraft protection.
- Read and accept the account disclosures and agreements.
- Enter your personal information.
- Follow the prompts to fill in your funding information and complete your account.
To open a Bank5 Connect account, you’ll need to meet these requirements:
- US citizen or resident
- At least 18 years old
- Live in a state other than Massachusetts or Rhode Island
During the account opening process, you’ll need to supply your:
- Social Security number
- Government-issued ID
- Personal information, including date of birth and address
What are the benefits of a Bank5 Connect High-Interest Checking account?
With this high interest checking account, you’ll gain these benefits:
- No monthly fee. Bank without monthly maintenance fees holding you back.
- Solid interest rate. While Bank4 Connect’s 0.2% APY isn’t the most competitive APY we’ve seen on an interest checking account, it’s still higher than the national average.
- ATM reimbursements. If you incur a fee from using an out-of-network ATM, Bank5 Connect will reimburse you up to $15 for each statement cycle.
What should I look out for?
Consider these limitations of a Bank5 Connect High-Interest Checking account:
- No ATM deposits. You can only withdraw funds from ATMs. Your deposit options are direct deposit, bank transfers, mobile check deposits or mailed checks.
- Minimum balance to earn interest. While you only need $10 to open an account, you’ll need at least $100 to start earning interest.
- Not available in every state. Bank5 Connect is unavailable to Massachusetts and Rhode Island residents.
- Daily purchasing limit. You can’t spend more than $1,000 a day, but you can call customer service to adjust this limit.
If you’re looking for a checking account with high yields and no purchasing limits, compare other high interest checking account options.
Bank5 Connect‘s ATM network and feesBank5 Connect partners with SUM Network ATMs to give you free access to thousands of ATMs nationwide. And if you use an out-of-network ATM, Bank5 Connect will reimburse you up to $15 every statement cycle for other banks’ surcharges.
Compare Bank5 Connect High-Interest Checking with other checking accounts
How do I deposit or withdraw my money?
Here’s how you can fund and spend your hard-earned money:
- Direct deposit
- Bank to bank transfer
- Mobile check deposit
- Mailed check
- External transfer
- Bill pay
- Pay People service to transfer money to individuals
Frequently asked questions
How long does it take to open my high interest checking account after I apply?
It takes up to two business days to open your account after Bank5 Connect approves your application.
What is the daily ATM withdrawal limit?
You can withdraw up to $500 a day with a Bank5 Connect High-Interest Checking account.