Bank5 Connect review: Online high-interest checking and savings accounts with no monthly service fees

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Overall bank rating

Pros and cons

Bank5 Connect High-Yield Savings Account review

The Bank5 Connect High-Yield Savings Account is a solid high-yield savings account. You’ll just need to maintain at least $100 in your account daily to earn interest. You also won’t need to worry about monthly service fees. 

Bank5 Connect High-Interest Checking Account review

The Bank5 Connect High-Interest Checking Account has free overdraft protection, monthly reimbursements on out-of-network ATM fees, and cash back from select retailers.

Like the bank’s savings account, you’ll need to maintain at least $100 in the checking account to earn interest. 

Bank5 Connect High-Yield Certificate of Deposit review

Bank5 Connect High-Yield Certificate of Deposit have a low minimum opening deposit and good interest rates. The bank has a unique 2-year CD worth exploring if you would like to deposit more money into a CD before it matures.

The bank won’t be the strongest option if you’re looking for a variety of CD terms — it only has term lengths between six months and three years.

How Bank5 Connect works

Bank5 Connect is the online operation of the Massachusetts-based bank Bank5.

You may open up a bank account at one of Bank5’s 13 branches in Massachusetts or Rhode Island, or an online-only bank account with Bank5 Connect. 

Customers have access to thousands of fee-free ATMs nationwide through the SUM ATM network. You’ll also be refunded up to $15 each month in out-of-network ATM fees. 

Customer service is available by phone or live chat from 7:30 a.m. to 5 p.m. ET on weekdays, 7:30 a.m. to 3 p.m. ET on Saturdays, or 11 a.m. to 3 p.m. PT on Sundays. 

Bank5 Connect’s mobile app has 4.3 out of 5 stars in the Google Play Store and a perfect 5-star rating in the Apple store.

The bank is FDIC insured. Up to $250,000 is secure in an individual bank account. 

Is Bank5 Connect trustworthy?

Bank 5 Connect hasn’t been reviewed by the Better Business Bureau, yet. However, its parent company Bank 5 has received an A+ rating from the BBB.

A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if Bank5 Connect is an ideal bank for you.

Bank5 Connect hasn’t been involved in any recent public scandals. 

Bank5 Connect vs. Ally 

If you’re looking to open a money market account, your go-to option will be Ally because Bank5 Connect doesn’t have one.

For savings accounts and CDs though, it could be a bit of a toss-up. Both banks offer competitive interest rates, so it might ultimately depend on minor preferences like minimum opening deposit requirements.

Bank5 Connect vs. Alliant Credit Union

Bank5 Connect and Alliant Credit Union share a lot of similarities. Both institutions offer high-interest savings and checking accounts with no monthly service fees. You may also get reimbursements on out-of-network ATM fees, and customer service by phone or live chat. 

Your decision might ultimately come down to whether you prefer a bank to a credit union or vice versa. Credit unions require membership to open accounts. At Alliant, the easiest way to become a member is to join Foster Care to Success, but you can also join if you’re a member of certain organizations or you live in parts of Illinois. 

It also may depend on which account you’d like to open.

Alliant Credit Union has the greatest variety of accounts. Bank 5 has fewer options.

Frequently asked questions

Is Bank5 Connect secure? 

Bank5 Connect is an FDIC-insured bank, which means you may safely store up to $250,000 in an individual bank account or $500,000 in a joint account.

Can you open a Bank5 Connect account for a minor?

You’ll need to be at least 18 years old to open an online account with Bank5 Connect. 

If you live in Rhode Island or Massachusetts, you’re eligible to open a kid’s bank account at a local branch. However, if you live outside of Rhode Island or Massachusetts, you’ll have to consider other banks.

What is the ATM withdrawal limit for Bank5 Connect?

You may take out up to $500 per day from an ATM.