The offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here's an explanation of how we make money and our Advertiser Disclosure.

Bank5 Connect review 2024: Accounts, rates, fees, and more

Learn more about this online bank’s high-yield, no-fee account options.

Ivana Pino
·Senior Writer
5 min read

Bank5 Connect is the online division of BankFive, a Massachusetts-based community bank that was first founded in 1855. Bank5 Connect operates exclusively online and has no physical branches. It offers a range of banking products and services including high-interest certificates of deposit (CDs), checking accounts, high-yield savings accounts, and more.

See our picks for the 10 best online banks in 2024>>

Here’s a look at the products offered by Bank5 Connect:

  • High-yield CDs: Bank5 Connect offers CDs with terms ranging from six months to 36 months and interest rates as high as 5.05%. You’ll need a minimum of $500 to open a CD; if you withdraw funds before the end of the term, you’ll incur an early withdrawal penalty equal to three months’ interest if the CD term is less than one year, or six months’ interest if the CD term is one year or greater.

  • High-interest checking: Bank5 Connect’s high-interest checking account requires a minimum opening deposit of $100. Once your account is open, you can earn 2.70% APY as long as you maintain a minimum balance of $100. There are no monthly maintenance fees associated with this account, and you can even earn cash back with your Bank5 Connect debit card.

  • High-interest savings accounts: Bank5 Connect’s high-yield savings account is a tiered account, with higher rates offered on higher balances. To open an account, you’ll need to deposit a minimum of $10 and maintain at least $100 in your account to earn the advertised rate of 1.50% APY. Savers with a larger balance can take advantage of the jumbo savings account and earn up to a 5.10% APY with a minimum opening deposit and minimum balance of $25,000. There are no monthly fees associated with this account.

  • Money market accounts: Bank5 Connect offers two types of money market accounts. Its Accelerator Money Market account requires a minimum opening deposit and minimum balance of $5,000 to earn the highest rate of 5.04% APY. The Connect Money Market account offers a lower 1.00% APY with a minimum opening deposit and minimum balance of $100. There are no monthly maintenance fees associated with these accounts, and account holders can access their funds via check and debit card.

  • Credit cards: Bank5 Connect offers a number of credit cards, including rewards credit cards, cash-back credit cards, and secured credit cards.

  • Foreign currency: Bank5 Connect offers currency services for customers traveling abroad. Its online foreign currency ordering page allows customers to get the currency they need at a competitive rate with next-day delivery.

Here’s a rundown of the fees you might encounter as a Bank5 Connect customer:

Read more: What are bank fees, and how do I avoid them?

Here are some of the pros and cons to consider before becoming a Bank5 Connect customer:

Pros:

  • No monthly account fees: Bank5 Connect does not charge any monthly maintenance fees for its accounts.

  • Overdraft protection: Bank5 Connect customers can take advantage of its free overdraft protection services by linking two Bank5 Connect accounts. Funds from one account can be used to cover overdrafts in the other.

  • Competitive interest rates on deposits: Bank5 Connect offers APYs as high as 5% for some of its savings accounts, CDs, and money market accounts.

Cons:

  • No physical branches: Bank5 Connect is the online division of BankFive; it does not have any physical branch locations for customers to visit.

  • Does not offer CD terms beyond three years: Bank5 Connect’s CD terms only go up to 36 months, which may not be the most practical option for savers with longer-term goals.

  • Steep minimum deposit requirements: In order to qualify for the highest rates on some of its savings products, you’ll need to make a larger minimum deposit and maintain a higher minimum balance.

Bank5 Connect prides itself on its stellar customer service. Representatives are available to chat via telephone at 1-855-55BANK5 (855-552-2655) during the following hours:

  • Monday through Wednesday from 7:30 a.m. to 5 p.m. ET

  • Thursday through Friday from 7:30 a.m. to 7 p.m. ET

  • Saturdays from 7:30 am to 3 p.m. ET

  • Sundays from 11 a.m. to 3 p.m. ET

You can also reach a representative via live chat Monday through Friday from 8 a.m. to 4:30 p.m. ET, or video chat Monday through Friday from 9 a.m. to 5 p.m. ET.

Customers can also email a customer service representative at any time.

Bank5 Connect’s mobile app is available for download on the App Store and Google Play and has a rating of 4.9 and 4.2 stars, respectively. Customers can use the app to review account balances and transactions, transfer funds between accounts, deposit checks, pay bills, and more.

Bank5 Connect notes that, beginning in August, as part of its commitment to reducing its environmental impact, it will combine checking, savings, and money market accounts with the same account owner(s) into a single monthly paper statement to reduce paper waste and fuel consumption.

Yes, Bank5 Connect is an FDIC-insured bank.

Bank5 Connect's routing number is 211370642.

Yes. You can add your Bank5 Connect debit card to Apple Pay and make purchases with any compatible Apple device.