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Bank5 Connect is the online banking division of BankFive, a Massachusetts-based bank founded in 1855. It has been providing online banking products and services to customers since 2013. Today, it offers savings, checking, and certificate of deposit (CD) accounts with higher-than-average annual percentage yields (APYs), all of which come with customer service available seven days a week.
Because Bank5 Connect offers Depositors Insurance Fund (DIF) protection, you’ll get more than the standard $250,000 Federal Deposit Insurance Corp. (FDIC) coverage. The bank offers 100% coverage for your deposits regardless of balance. Learn more about what sets this institution apart in this Bank5 Connect review.
All rates and fees are current as of March 22, 2024, and are subject to change.
Bank5 Connect
| Checking accounts | Earn 2.70% APY on balances over $100 |
| Savings accounts: | Open with as little as $10 |
| CD rates: | Earn up to 5.05% APY |
Pros
- 100% deposit insurance (even over $250,000)
- No monthly fees
- Video banking customer service
Cons
- Minimum balance requirement for all accounts
- Minimum opening deposit for all accounts
- Paper statement fee
If you’re looking for a bank that lets you earn interest on both your checking and savings accounts, then Bank5 Connect fits the bill. It offers some of the highest yields on the market in both categories, eliminating the need to spread your money out over various banks to chase APYs.
Another reason to choose Bank5 Connect is its 100% deposit insurance guarantee. Most banks cap your insured deposits at $250,000, but because Bank5 Connect has additional DIF insurance, you can store all of your money here without fear. This makes it a great all-in-one option for simplifying your banking experience.
Like most online banks, Bank5 Connect doesn’t have any in-person locations. If you’re used to getting in-person help for opening an account or managing your funds, Bank5 Connect isn’t the bank for you. That said, it does offer four ways to get in touch with its customer service team, including video calls, so you won’t be entirely on your own if you need help.
One other drawback is that Bank5 Connect’s highest savings APY requires you to deposit $25,000 in your account. This can be a lot of money for the average consumer. If you can’t meet that threshold then Bank5 Connect’s standard savings APY isn’t so impressive, meaning you might want to look elsewhere.
Bank5 Connect rates and products
Bank5 Connect offers a high-interest checking account with one of the highest APYs on the market. It also offers two savings accounts with varying APYs depending on how much you deposit. Finally, it provides a range of CD terms that have great short-term APYs but lackluster long-term APYs.
| Bank5 Connect product | APY |
| High-interest checking | 2.70% on balances over $100 |
| Jumbo savings | 5.10% on balances over $25,000 |
| High-interest savings | 1.50% on balances over $100 |
| CDs | 0.85% to 5.05% |
Checking accounts
| Bank5 Connect checking account features | |
| Minimum opening deposit | $10 |
| Minimum balance to earn APY | $100 |
| Top APY | 2.70% |
| Monthly fees | $0 |
| Paper statement fee | $1 |
| Debit card replacement fee | $10 |
| Stop payment fee | $15 |
| Monthly ATM surcharge rebate | $15 |
| First order of checks | Free |
| Debit card daily purchase limit | $1,500 |
| Daily ATM withdrawal limit | $500 |
You won’t pay any fees to open a Bank5 Connect High-Interest Checking account; it’s a completely free checking account. You just need $10 to open the account, and once it’s open you’ll need to maintain a balance of at least $100 to earn the 2.70% APY—otherwise, you won’t earn anything.
When you open your account, you’ll also get a debit card that lets you access thousands of ATMs nationwide. If you use an ATM outside of Bank5 Connect’s network, you can get reimbursed for up to $15 in ATM surcharges every month. Another perk is the ability to earn cash back rewards on every purchase. In case you overdraft your account, Bank5 Connect offers overdraft protection when you link your savings account.
Unfortunately, Bank5 Connect doesn’t offer a checking account bonus for signing up. However, the ability to receive your direct deposits up to two days early and schedule recurring bill payments online somewhat makes up for it.
Savings accounts
| Bank5 Connect savings account features | |
| Minimum opening deposit | $10 to $25,000 |
| Minimum balance to earn APY | $100 to $25,000 |
| APY | 1.50% to 5.10% |
| Monthly fees | $0 |
| Paper statement fee | $1 |
| Overdraft transfer | Free |
| Deposit insurance | 100% |
Bank5 Connect’s standard savings account—the High-Interest Savings—has somewhat of a misleading name, as it only offers 1.50% APY. This isn’t even close to the rates offered by the best high-yield savings accounts. To earn this APY, you need to have a $10 minimum opening deposit and maintain at least a $100 balance.
The more impressive APY is only available with the Jumbo Savings account where you can earn up to 5.10% APY as long as you maintain a $25,000 minimum balance. While this is a great APY, it’s a rather high balance requirement. Learn more about the typical requirements for high-interest savings accounts.
Both accounts also offer the same early deposit feature as the checking account. You can also access your money on the go with the Bank5 Connect mobile app.
Bank5 Connect savings rates compared to current top rates*
While Bank5 Connect is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Certificates of deposit
| Bank5 Connect CD features | |
| Minimum opening deposit | $500 |
| Available term lengths | 6 months to 3 years |
| Top APY | 5.05% for 6-month term |
| Interest credited | Monthly |
| Automatic renewal | Yes |
| Maturity grace period | 10 days |
| Early closeout fee | $30 |
| Early withdrawal penalty | 3 months’ interest for terms less than 1 year6 months’ interest for terms over 1 year |
If you’re looking for a place to store your money while earning above-average APYs, Bank5 Connect’s high-yield CDs could be a good option. Its 5.05% APY for a 6-month term is among the best CD rates on the market right now. Not sure if CDs are the right pick for you? Check out this primer on CDs to learn more about the pros and cons of this investment.
Interest on your account is compounded and credited monthly. You are allowed to withdraw your interest before the term is over without penalty, but it will lower your APY. Withdrawing any of your principal before maturity, however, will result in an early withdrawal penalty. This will be three months of interest for terms under a year and six months of interest for terms over a year. You’ll also need to pay a $30 early closeout fee on top of that.
Compare Bank5 Connect alternatives
Is Bank5 Connect right for you?
Overall, we think Bank5 Connect is a good option for someone interested in earning high APYs without dealing with multiple banks. Bank5 Connect’s offerings all provide higher-than-average rates with no monthly fees. That said, if in-person customer service or not having to deal with minimum account balances are important to you, then you’d be better served at another bank.
Frequently asked questions
Is Bank5 Connect legitimate?
Yes, Bank5 Connect is a legitimate bank that’s been around since 2013. It’s the online division of BankFive, a Massachusetts bank that’s been around since 1855.
What is Bank5 Connect’s routing number?
Bank5 Connect’s routing number is 211370642. You’ll need this to link your account to an external bank.
Is Bank5 Connect FDIC insured?
Yes, Bank5 Connect is FDIC-insured. What’s more, it also has DIF insurance to protect your deposits over the standard $250,000 limit.
