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
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.
» 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.
3.5 / 5.0
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.
Updated July 24, 2017.
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:
— Among the very best
— Very good; only minor caveats for most customers
— Good; issues that might make a difference to some customers
— Fair; make sure strengths and weaknesses are a good match for you
— Poor; proceed with great caution
(or below) — Best to avoid