NerdWallet’s rating: 4.0 / 5.0
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
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.
4.0 / 5.0
Bank5 Connect offers one account, High-Interest Savings, which, true to its name, has an attractive 0.90% APY.
Certificates of deposit
2.5 / 5.0
Bank5 Connect has two types of CDs. There are Investment CDs that allow additional deposits after opening and Connect CDs that don’t. But in either case, Bank5 Connect offers average interest rates compared to other online banks. A minimum $500 deposit is required to open an account.
The Investment CD is available only in two-year terms and has a 1.30% APY. Connect CDs are available in terms of six, 12, 18, 24 and 36 months (no five-year term is available). Rates range from 0.85% APY on a six-month term to 1.50% APY on a three-year term. Some banks offer rates as high as 2% APY for 3-year CDs.
» MORE: NerdWallet’s Best CD rates
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.
3.0 / 5.0
The good news is that Bank5 offers overdraft protection transfers from a linked account for free, which is rare among banks.
Updated November 8, 2017.
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, 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 technology, customer service and innovation.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.