Bank5 Connect Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Bank5 Connect, like other online banks, has accounts with no monthly fees and higher savings rates than many brick-and-mortar institutions. It has a simple mobile-friendly platform and free access to a huge ATM network. Bank5 Connect is not available to people who live in Massachusetts or Rhode Island. For those residents, the territory is covered by the bank’s brick-and-mortar parent company, BankFive.
No monthly fees.
ATM fee rebates.
Low minimum opening deposits.
Highly rated mobile apps.
No branch access.
Product reviews
Savings
Bank5 Connect's savings account earns 1.50% APY. The rate is higher than the national average savings rate of 0.38%, but there are other online savings accounts that offer better yields.
The account has a $100 minimum balance to earn interest and no monthly fees with online statements.
» Looking for an even better interest rate? Check out the best high-yield savings accounts
Bank5 Connect High Interest Savings Account
Checking
Bank5 Connect offers a quality checking account with a highly competitive annual percentage yield of 2.00%. To earn the APY, you have to maintain a minimum $100 balance.
The bank gives up to $15 per month reimbursed for fees outside of Bank5 Connect's ATMs. The bank is currently part of the SUM ATM network but will no longer be part of SUM after October 1, 2025. The checking account has a low opening minimum deposit of $10 and no maintenance fees if you forgo paper statements (otherwise it's $1 monthly).
» Want to compare accounts? Take a look at the best checking accounts
Bank5 Connect High Interest Checking
Certificates of deposit
Bank5 Connect's regular certificates of deposit are available in various shorter terms, ranging from three months to three years. Most banks offer longer terms, such as four and five years — and accordingly, higher maximum yields. A minimum $500 deposit is required to open a CD, compared to some banks' minimum of up to $10,000.
Bank5 Connect has another type of CD, Investment CDs, which allow additional deposits after opening. There's only one term available, 24 months, but it has an attractive yield of 3.20% APY.
» Want to see rates side by side? Check out the best CD rates
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 3.20% | $500 |
| 6 months | 3.20% | $500 |
| 1 year | 3.20% | $500 |
| 15 months | 3.50% | $500 |
| 1.5 years | 3.50% | $500 |
| 21 months | 3.20% | $500 |
| 2 years | 3.20% | $500 |
| 3 years | 0.85% | $500 |
Bank5 Connect High-Yield CD
Customer experience & overdraft fees
Customer experience
Online chat support is available on weekdays. There is no 24/7 live customer support, but you can get a U.S.-based representative on the phone during Eastern time business hours, some weekday evening hours and on weekends.
With the bank’s high-rated mobile app, you can deposit checks, pay bills, transfer funds and more. Bank5's website is user-friendly in that information about accounts, rates and fees is generally easy to find.
Overdraft fees
Bank5 Connect offers overdraft protection transfers from a linked account for free. Many larger banks charge for this service.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, Happen Bank, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.