At a glance

Overview

Bank5 Connect — the online division of the Massachusetts-based BankFive — is best for customers comfortable solely banking online. The online bank offers the full suite of deposit products, including several certificates of deposit (CDs), checking, savings and money market accounts. However, if you’re a resident of Massachusetts or Rhode Island, you won’t be able to open an account at Bank5 Connect.

Highlights:

ATM Fee Refunds Low Fees Reward Checking

Highlights:

ATM Fee Refunds Low Fees Reward Checking

4.5

Bankrate Score

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

CDs

3.9 /5

Checking

4.9 /5

Savings

3.8 /5

Overall

Bank5 Connect generally offers high yields, but it depends on the account. Competitive accounts include various CDs and the High-Interest Checking account, which earns a top-notch APY in addition to earning cash back at select retailers through Bank5 Connect’s website. Bank5 Connect generally charges few fees, but watch out for a couple of miscellaneous fees, including a CD closeout fee (in addition to early withdrawal penalties), which usually isn’t charged by other banks.

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.

Cons

Depending on the account, 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 Bank banking products

Bank5 Connect Savings account

3.8

/5

See methodology Compare savings rates

Pros

The minimum balance required to open an account is low.
The account doesn’t charge a monthly maintenance fee.
You can make unlimited, fee-free withdrawals out of this account.

Cons

At least $100 is needed to start earning interest.
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 2/14 and 2/20.

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.

Bank5 Connect certificates of deposits

3.9

/5

See methodology Compare CD rates

Pros

Bank5 Connect’s CDs generally offer competitive yields.
The minimum balance requirements to open a CD are lower than some other banks.
There’s a two-year add-on CD option, which allows you to make additional deposits any time during the term.

Cons

Savers looking for a CD with a term longer than three years will have to look 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 2/14 and 2/20.

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.

Bank5 Connect High-Interest Checking account

4.9

/5

See methodology Compare checking rates

Pros

The account offers a competitive yield for a checking account, which can be earned by depositing just $100.
There is no monthly charge.
Bank5 Connect doesn’t charge out-of-network ATM fees and provides $15 per statement cycle in ATM surcharge rebates.
Debit card purchases earn cash back.

Cons

There’s a $1 fee for receiving paper statements.

Compare more: Bankrate's best saving account offers

How Bank5 Connect compares to other banks

Compare different account types offered by Bank5 Connect. Annual percentage yields (APYs) shown were updated between Feb. 14, 2025 and Feb. 20, 2025.

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 Bankrate score Rating: 0 stars out of 5 N/A Bankrate Savings rating = 0.0/5 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 Feb. 14, 2025 and Feb. 20, 2025.
4.25%	N/A
Minimum balance for APY
$100,000.00	N/A
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.
$2,125	N/A

Bank5 Connect’s savings account earns a lackluster yield compared to other online savings accounts. While only $10 is required to open an account, a $100 minimum balance is required to earn interest.	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.

Only $10 is required to open an account. The account doesn’t charge a monthly 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
Other online savings accounts offer much higher yields.	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 Feb. 14, 2025 and Feb. 20, 2025.
3.95%	4.00%
Minimum deposit
$500.00	$0.00
Term
1 yr	1 yr

Bank5 Connect offers a wide range of CD terms, almost all of which offer high yields, to boot. The minimum opening deposit requirement is relatively manageable. but it’s larger than most other online banks require. The shorter terms tend to offer higher yields, and those looking for terms longer than three years will need to look elsewhere.	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.

Bank5 Connect CDs generally offer high yields, save some exceptions. The minimum deposit requirement, lower than many other banks require, is relatively manageable. The online bank’s two-year CD allows you to make additional deposits throughout the account’s term. 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
Many online banks don’t have a minimum deposit requirement. Bank5 Connect doesn’t offer CDs longer than three years. 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

Bank fees

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

Customer experience

Customer support. 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.

Digital experience. Bank5 Connect customers have 24/7 access to their accounts via the bank’s website and its mobile app, which is available for both iOS and Android users. Both versions of the app score well, but not many users have rated the app — less than 300 users collectively. Customers can pay bills online, send money through Zelle and access TransUnion credit reports.

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.

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 2/14 and 2/20. APY last updated between 2/14 and 2/20	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.
02/04/2025	4.25%	0.61%
01/28/2025	4.25%	0.56%
01/07/2025	1.50%	0.56%
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%
02/27/2024	1.50%	0.59%

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 2/14 and 2/20. APY last updated between 2/14 and 2/20	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.
02/04/2025	0.85%	1.54%
01/07/2025	0.85%	1.43%
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%
02/27/2024	0.85%	1.39%

Bank5 Connect Review 2025

The Bankrate promise

At a glance

Overview

Highlights:

Highlights:

Overall

Pros

Cons

We want to know what you think about Bank5 Connect

Bank5 Connect Bank banking products

Bank5 Connect Savings account

Pros

Cons

Rate history for Bank5 Connect's Savings account

Bank5 Connect certificates of deposits

Pros

Cons

Rate history for Bank5 Connect's CD accounts

Bank5 Connect High-Interest Checking account

Pros

Cons

How Bank5 Connect compares to other banks

Bank fees

Customer experience

Review methodology

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