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Bank5 Connect Review: Checking, Savings & CDs

Banking, Banks & Credit Unions, Checking Accounts, Savings Accounts
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Bank5 Connect
NerdWallet’s rating: 4.0 / 5.0

4.0 stars out of 5

Bank5+Connect
Learn more
at Bank5 Connect
 Like other top online-only banks with low overhead, Bank5 Connect offers fee-free accounts and higher savings rates than most brick-and-mortar competitors. Its online and mobile banking platforms are customer-friendly, important features for a bank with no physical branches.

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 and are reimbursed for out-of-network fees, up to a limit.
  • The overdraft fee policy could be costly for repeat offenders.

» MORE: NerdWallet’s best online checking accounts

Our Ratings
Checking accounts4.5 stars out of 5
Savings & money market accounts
4.0 stars out of 5
Certificates of deposit (CDs)4.5 stars out of 5
Customer experience4.0 stars out of 5
Overdraft fees3.5 stars out of 5
Overall4.0 stars out of 5

Read on for more details about Bank5 Connect checking and savings accounts, CDs, customer experience and overdraft fees.

Checking

4.5 stars out of 5
4.5 / 5.0
Bank5 Connect offers one interest checking account with a stellar annual percentage yield of 0.76%. Qualifying for the high-yield interest is relatively affordable; you just have to maintain a minimum $100 balance.

ProsCons
  • There’s no monthly service fee.
  • The $15 overdraft fee is below what many banks charge, but there's no cap on how many of them Bank5 Connect can charge you per day.
  • A $10 minimum deposit makes it easy to open an account.
  • The bank offers access to over 7,000 free ATMs and reimburses up to $15 per month in fees racked up outside the ATM network.

Account reviewed for rating: High-Interest Checking

Savings

4.0 stars out of 5
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.
  • None.
  • 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 stars out of 5
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.
  • The longest term available is three years. Many banks offer five-year terms, and a few have terms longer than that.
  • There are no monthly fees.

Customer experience

4.0 stars out of 5
4.0 / 5.0
To provide a good customer experience, 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 on accounts, rates and fees is generally easy to find. Chat support is available, and you can get a representative on the phone during 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 give the app 4 out of 5 stars.

Overdraft fees

3.5 stars out of 5
3.5 / 5.0
Bank5 Connect’s overdraft policies are a mixed bag.

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. But the bank doesn’t cap how many times you can rack up the fee in a single day, meaning that being overdrawn could cost you $15 many times over.

However, unlike some other banks, Bank5 Connect doesn’t charge an additional fee for keeping a negative balance over several days. Nor does it charge for an overdraft protection transfer from a linked account when your checking account is overdrawn, as most banks do.

Juan Castillo is a staff writer at NerdWallet, a personal finance website. Email: jcastillo@nerdwallet.com. Twitter: @JCastilloNerd.


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