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Bank5 Connect Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, Checking Accounts, Savings Accounts
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bank5-connect-review

NerdWallet’s rating: 4.0 / 5.0

Bank5+Connect
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at Bank5 Connect
Bank5 Connect, like many online banks, offers fee-free accounts and higher savings rates than many brick-and-mortar competitors. With a mobile-friendly platform and access to a robust ATM network, Bank5 Connect is a solid choice for a no-frills online bank.

The bottom line

  • There are no monthly fees on Bank5 Connect deposit accounts
  • Checking and savings accounts earn outstanding APYs
  • Customers have access to thousands of free ATMs; fees for using out-of-network ATMs are reimbursed up to a certain amount per statement cycle

» MORE: NerdWallet’s best online checking accounts

Checking

4.5 / 5.0

Bank5 Connect offers one interest-bearing checking account with a highly competitive annual percentage yield of 0.76%. Qualifying for the high yield is relatively affordable; you just have to maintain a minimum $100 balance.

ProsCons
  • There’s no monthly service fee
  • A $10 minimum deposit makes it easy to open an account
  • The bank offers access to over 7,200 free ATMs and reimburses up to $15 per month in fees racked up outside the ATM network
  • The daily ATM withdrawal limit is $500 and daily debit card purchase limit is $1,000
Account reviewed for rating: High-Interest Checking

Savings

4.0 / 5.0

Bank5 Connect offers one account, High-Interest Savings, which, true to its name, has an attractive 0.90% APY.

ProsCons
  • There’s no monthly service fee
  • It only takes a $100 minimum balance to earn interest

Account reviewed for rating: High-Interest Savings

» MORE: NerdWallet’s best high-yield online savings accounts

Certificates of deposit

4.5 / 5.0

Bank5 Connect has two types of CDs, each with attractive rates well above national averages. A minimum $500 deposit is required to open an account.

Connect CDs are available in terms of six, 12, 18, 24 and 36 months. Rates range from 0.85% APY on a six-month term to 1.50% APY on a three-year term.

Another product, the Investment CD, is available only in two-year terms and has a 1.30% APY.

ProsCons
  • Annual percentage yields are strong across the board
  • There are no monthly fees
  • The longest term available is three years; many banks offer five-year terms, and a few have terms longer than that

» MORE: NerdWallet’s Best CD rates

Bank experience

3.5 / 5.0

To provide a good experience for customers, banks that have no physical branches must put a premium on strong online and mobile platforms and customer phone support. Bank5 Connect delivers on those fronts.

Its website is user-friendly; information about accounts, rates and fees is generally easy to find. Online chat support is available, and you can get a representative on the phone during Eastern time business hours, some weekday evening hours and on weekends.

With the bank’s mobile app, you can deposit checks, pay bills, transfer funds and find an ATM. Android and iOS users rate the app 4 out of 5 stars.

Overdraft fees

3.5 / 5.0

Bank5+Connect
Learn more
at Bank5 Connect
The bank’s $15 overdraft fee isn’t cheap, though it’s notably lower than the national median of $34. The bank caps the number of possible overdraft fees in a single day to six, meaning that overdrawing multiple times in a day could cost you up to $90.

If your account is in the negative for over seven days, Bank5 Connect will charge you $5 per day, up to 30 days, after which point the bank will close the account.

The good news is that Bank5 offers overdraft protection transfers from a linked account for free, which is rare among banks.

Juan Castillo is a former NerdWallet staff writer.  NerdWallet staff writer Amber Murakami-Fester contributed to this report. Email: amufe@nerdwallet.com.  Twitter: @iamyams.

Updated July 24, 2017.


Ratings methodology

NerdWallet’s overall rating is a weighted average of each category: checking, savings, CDs, customer experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing tech and customer service. Several Nerds contribute to each financial institution’s ratings to ensure consistency and accuracy.

What the ratings mean:
5 stars out of 5 — Among the very best
4.5 stars out of 5 — Very good; only minor caveats for most customers
4 stars out of 5 — Good; issues that might make a difference to some customers
3.5 stars out of 5 — Fair; make sure strengths and weaknesses are a good match for you
3 stars out of 5 — Poor; proceed with great caution
2.5 stars out of 5 (or below) — Best to avoid