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Bank5 Connect High-Interest Checking account review

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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

Fee

0.20%

APY

$10

Minimum deposit to open

Details

APY0.20%
Fee$0 per month
Minimum deposit to open$10
ATMsBank5 gives you free access to thousands of SUM Network ATMs nationwide and reimburses up to $15 per statement cycle
ATM transaction fee$0
ATM fee rebatesup to $15 per statement cycle
Out-of-network ATM fee$0
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Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

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:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the Bank5 Connect website, click or tap Open account and Continue.
  3. Choose your state.
  4. Check Connect checking to select the account type.
  5. Customize your account options, including e-statements and overdraft protection.
  6. Read and accept the account disclosures and agreements.
  7. Enter your personal information.
  8. Follow the prompts to fill in your funding information and complete your account.

Eligibility

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

Required information

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 fees

Bank5 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

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
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.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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Compare up to 4 providers

How do I deposit or withdraw my money?

Here’s how you can fund and spend your hard-earned money:

Deposits

  • Direct deposit
  • Bank to bank transfer
  • Mobile check deposit
  • Mailed check

Withdrawals

  • External transfer
  • Bill pay
  • Checks
  • 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.

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