At a glance

4.3

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Bank5 Connect is best for those seeking high-yield CDs and/or an interest-bearing checking account with a low minimum balance requirement.

Highlights

ATM Fee Refunds
Low Fees

Overall

Bank5 Connect offers a savings account, checking account and CDs with above-average yields and low minimum balance requirements.

Pros

The balance requirements across the bank’s deposit products are low.
The bank’s checking and savings accounts don’t charge monthly maintenance fees.
Bank5 Connect High-Interest Checking account customers receive $15 of out-of-network ATM fees reimbursed per statement cycle and they can potentially receive early direct deposit.

Cons

There are higher APY options at some other online banks.
Residents of Massachusetts and Rhode Island are ineligible for accounts at Bank5 Connect.

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Bank5 Connect banking products

3.8

Bankrate Score

Compare top savings rates

FEATURES

1.50% APY

APY last updated between 12/14 and 12/20.

$100 minimum balance for APY

$100 minimum deposit to open

Bank5 Connect savings overview

Only $10 is needed to open the Bank5 Connect High-Interest Savings account, and there’s no monthly fee. But a deposit of at least $100 is needed to start earning interest.

While the savings yield is higher than the national average, it’s lower than what many other online banks pay out.

Bank5 Connect has a jumbo savings account that offers a very competitive yield for people who deposit at least $25,000.

Pros

The minimum balance required to open an account is low.
The account doesn’t charge a monthly maintenance fee.

Cons

At least $100 is needed to start earning interest; most competitors pay interest on any balance.
Much higher APYs can be found at other online banks.

Rate history for Bank5 Connect's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 12/14 and 12/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.9

Bankrate Score

Compare top CD rates

FEATURES

0.85% – 4.50% APY

APY last updated between 12/14 and 12/20.

$500 minimum balance for APY

$500 minimum deposit to open

6 months – 3 years

Bank5 Connect CD overview

The minimum balance requirement for Bank5 Connect’s CDs is on the lower end: Just $500 is required to open a CD.

Bank5 Connect offers seven terms of CDs, including an add-on CD called a 24-month Investment CD, that range from six months to three years. Most of the APYs are fairly competitive, except for the 3-year CD, which comes with a much lower APY.

Pros

Bank5 Connect offers a range of shorter-term CDs that have competitive APYs.
The minimum balance requirements to open a CD are lower than some other banks.
There’s a 2-year add-on CD option.

Cons

Savers looking for a CD with a term longer than three years will have to look elsewhere.
CDs with higher APYs can be found elsewhere.
The 3-year CD earns a much lower yield than other terms offered.
In addition to an early withdrawal penalty, a $30 CD closeout fee applies to closed CDs prior to maturity date.

Rate history for Bank5 Connect's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Bank5 Connect

APY

APY last updated between 12/14 and 12/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Bank5 Connect checking overview

The Bank5 Connect High-Interest Checking account offers a competitive yield for a checking account, and you only need $10 to open. To earn interest, however, you’ll need a minimum balance of at least $100.

In addition to paying interest, the account also earns cash back on debit card purchases. What’s more, the account offers early direct deposit, which may help you access your direct deposit up to two days earlier than usual.

There are no monthly maintenance charges, and Bank5 Connect won’t charge you a fee for using an out-of-network ATM. If you use ATMs outside of its free network, Bank5 will reimburse you up to $15 per statement cycle.

Bank5 Connect customers can send money to friends and family using the Pay People feature.

Also, there is no charge for your first order of checks with the High-Interest Checking account.

Pros

The account offers a competitive yield for a checking account.
There is no monthly charge.
Bank5 Connect won’t charge you a fee for using an out-of-network ATM.
Debit card purchases earn cash back.

Cons

Most banks offer interest on any balance. With the High-Interest Checking account, a minimum of $100 is needed to earn interest.
There’s a $1 fee for receiving paper statements.

Bank fees

Fee	Charged?
Overdraft fee	$15
Non-sufficient funds fee	$15
Monthly maintenance fee	None
Out-of-network ATM fee	None
Excessive transaction fee	None
CD closeout fee	$30

About Bank5 Connect

Bank5 Connect is an online-only division of BankFive, a Massachusetts-based bank that received its charter in 1855.

Bank5 Connect offers a savings account, a checking account and certificates of deposit. Like many online banks, it offers competitive rates.

Bank experience

Bank5 Connect phone representatives are available every day of the week but not 24/7. You can reach someone:

7:30 a.m. to 5 p.m. Eastern time on Monday, Tuesday and Wednesday.
7:30 a.m. to 7 p.m. Eastern time on Thursday and Friday.
7:30 a.m. to 3 p.m. Eastern time on Saturday.
11 a.m. to 3 p.m. Eastern time on Sunday.

Live chat representatives are also available on the Bank5 Connect website Monday through Friday from 8 a.m. to 4:30 p.m. Eastern time.

Bank5 Connect also offers video chatting during the week from 9 a.m. to 5 p.m. Eastern. That’s a feature not commonly seen at banks.

The Bank5 Connect Mobile app has a perfect score on the Apple app store, but it has just over 50 reviews. The app is rated 4.2 stars on Google Play.

How Bank5 Connect compares to other banks

Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between Dec. 14, 2024 and Dec. 20, 2024.

Selected bank Bank5 Connect savings account Member FDIC Bankrate score Rating: 3.8 stars out of 5 3.8 Bankrate Savings rating = 3.8/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable iGOBanking.com savings account Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate Savings rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
1.50%	1.50%
Minimum balance for APY
$100.00	$100.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$750	$750

Only $10 is needed to open the Bank5 Connect High-Interest Savings account, and there’s no monthly fee. But a deposit of at least $100 is needed to start earning interest. While the savings yield is higher than the national average, it’s lower than what many other online banks pay out. Bank5 Connect has a jumbo savings account that offers a very competitive yield for people who deposit at least $25,000.	IGOBanking offers two savings accounts: iGOsavings, the product scored for this review, and iGOsavings Plus. Both require no minimum monthly balance and charge no monthly fee. IGOsavings, the simpler of the two accounts, offers the same APY on all balances. The rate is well above the national average but lower than can be found at other banks and credit unions. Both accounts offer the ability to deposit checks with a mobile device. The iGOsavings Plus account, meanwhile, pays the same APY, but customers can earn a bonus rate if they maintain a minimum average monthly balance of $1,000 in an iGOchecking account. The bonus rate only applies to balances up to $25,000. Any balance above that threshold earns the standard APY. The iGOsavings Plus account has three balance tiers: $5,000 or less $5,001-$25,000 More than $25,000 The lowest balance tier earned the highest yield during Bankrate’s review. Both the first and second tier earned a reward credit. The third, and highest balance tier, earned the same APY as the middle tier but earned no bonus credit. The iGOsavings Plus account reimburses ATM fees up to $15 each statement cycle, giving customers flexibility to use any ATM without incurring a fee up to the limit.

The minimum balance required to open an account is low The account doesn’t charge a monthly maintenance fee	Both the iGOsavings Plus and the iGOSavings accounts charge no monthly fee No minimum deposit is required to open either savings account Customers can earn a bonus rate by meeting certain requirements The iGOsavings Plus account reimburses ATM fees up to $15 a month	N/A
At least $100 is needed to start earning interest; most competitors pay interest on any balance Much higher APYs can be found at other online banks	The bonus rate applies only on balances up to $25,000 The iGOsavings Plus account’s lowest balance tier ($5,000 or less) earns the highest APY You’ll need to open the iGOchecking account and keep $1,000 in it to earn the iGOsavings Plus bonus rate	N/A

Selected bank Bank5 Connect CD Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate CD rating = 3.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Barclays Bank CD Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate CD rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 14, 2024 and Dec. 20, 2024.
4.25%	4.15%
Minimum deposit
$500.00	$0.00
Term
1 yr	1 yr

BankFive offers a solid lineup of CD terms, ranging from six months to five years. Though all CDs can be opened with a small deposit, most of the yields are paltry. Moreover, BankFive doesn’t offer special certificates, like bump-up or no-penalty CDs.	Barclays offers competitive yields on many of its CDs and doesn’t require a minimum opening deposit. But you’ll have to deposit some money within 14 days of opening the CD to maintain the account.

The opening minimum deposit is reasonable. A handful of BankFive’s CDs offer solid yields. Additional deposits can be made after opening a CD. Most CDs can be opened online.	Barclays doesn’t have a minimum deposit requirement. Barclays offers a competitive yield. Interest on Barclays CDs compounds daily. Offers a 14-day grace period in which funds can be withdrawn from the CD without penalties.	N/A
BankFive’s four-year CD must be opened at a branch. Much higher yields can be found elsewhere.	Barclays doesn’t have competitive yields on CDs with terms under a year. The bank does not offer any special CDs, such as bump-up or step-up CDs.	N/A

Bank5 Connect vs. Ally Bank

As online-only banks, both Bank5 Connect and Ally Bank offer robust yields on its deposit products. If you’re looking for the highest yield on a CD regardless of term, Bank5 Connect is the better choice over Ally. However, Ally offers a wider range of terms and offers standard, bump-up and no-penalty CDs. Bank5 Connect only offers standard CDs.

Ally’s savings account offers a much higher yield and its ATM network is much larger than Bank5 Connect’s network. Moreover, Ally offers a money market account, personal loans and investment accounts, making Ally a better option for those looking to consolidate their finances under one roof. Lastly, residents of Massachusetts and Rhode Island are ineligible to open accounts at Bank5 Connect, making Ally their only choice between the two.

Bank5 Connect FAQs

Bank5 Connect is best for customers who are comfortable solely banking online. Moreover, robust yields on its CDs and checking account make it a good choice for customers looking to open those accounts.
Yes, Bank5 Connect accounts are FDIC-insured up to the limit allowed by law: $250,000 per depositor, per account type.
Yes, Bank5 Connect is the online-only division of BankFive (Fall River Five Cents Savings Bank), which was chartered in 1855.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank5 Connect APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
10/01/2024	1.50%	0.57%
09/03/2024	1.50%	0.61%
05/07/2024	1.50%	0.59%
04/02/2024	1.50%	0.58%
03/05/2024	1.50%	0.57%
01/02/2024	1.50%	0.58%
12/26/2023	1.50%	0.56%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Bank5 Connect APY APY last updated between 12/14 and 12/20. APY last updated between 12/14 and 12/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/03/2024	0.85%	1.40%
10/01/2024	0.85%	1.41%
09/03/2024	0.85%	1.42%
08/06/2024	0.85%	1.43%
07/02/2024	0.85%	1.41%
06/04/2024	0.85%	1.42%
05/07/2024	0.85%	1.41%
04/02/2024	0.85%	1.40%
03/12/2024	0.85%	1.41%
02/06/2024	0.85%	1.40%
01/02/2024	0.85%	1.41%
12/26/2023	0.85%	1.39%

Bank5 Connect Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Bank5 Connect

Bank5 Connect banking products

Bank5 Connect savings overview

Pros

Cons

Rate history for Bank5 Connect's Savings account

Bank5 Connect CD overview

Pros

Cons

Rate history for Bank5 Connect's CD accounts

Bank5 Connect checking overview

Pros

Cons

Bank fees

About Bank5 Connect

Bank experience

How Bank5 Connect compares to other banks

Bank5 Connect vs. Ally Bank

Bank5 Connect FAQs

Who is Bank5 Connect best for?

Is Bank5 Connect safe?

Is Bank5 Connect a legitimate bank?

Review methodology

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