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Bank5 Connect Review: Checking, Savings and CDs

Banking, Banks & Credit Unions, Checking Accounts, Savings Accounts
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NerdWallet’s rating: 4.0 / 5.0

Learn more
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


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.

  • 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


4.0 / 5.0

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

  • 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

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.

  • There are no monthly fees
  • Rates are average, and 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

3.0 / 5.0

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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.

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:  Twitter: @iamyams.

Updated November 8, 2017.

Ratings methodology

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.