- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
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.
3.5/5 NerdWallet rating
Bank5 Connect offers one savings account, High-Interest Savings, which, true to its name, has an attractive 1.50% APY. This rate far exceeds the national average of 0.46% APY.
The account has a $100 minimum balance to earn interest and no monthly fees with online statements.
4.5/5 NerdWallet rating
Bank5 Connect offers a quality checking account with a highly competitive annual percentage yield of 2.70%.
To earn the APY, you have to maintain a minimum $100 balance, but it’s a relatively small requirement compared to those of other banks. Just keep an eye out for Bank5’s daily usage limits for ATM withdrawals and debit card purchases, $500 and $1,000 respectively. Other banks have these, but Bank5 Connect’s are on the low side.
The bank gives access to about 6,600 free ATMs and up to $15 per month reimbursed for fees outside of Bank5 Connect's ATMs. 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).
Certificates of deposit
2.0/5 NerdWallet rating
Bank5 Connect's regular certificates of deposit, Connect CDs, are available in terms of six, 12, 18, 21 and 36 months. Most banks offer longer terms, such as four and five years — and accordingly, higher maximum yields. Still, its rate for a three-year CD of 0.85% APY stands far above the national average of 1.39% APY. A minimum $500 deposit is required to open a CD, compared to some banks' minimum of up to $10,000.
» COMPARE: Best CD rates
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 3.30% APY.
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 find an ATM. Bank5's website is user-friendly; information about accounts, rates and fees is generally easy to find.
The bank’s $15 overdraft fee is notably lower than what many of the largest banks charge, around $35. The bank caps the number of possible overdraft fees in a single day at six, meaning that overdrawing multiple times in a day could cost you up to $90.
Bank5 also offers overdraft protection transfers from a linked account for free — many larger banks charge for this service.
How does Bank5 Connect compare?
SoFi Checking and Savings
CIT Bank Platinum Savings
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.
at SoFi Bank, N.A.
at CIT Bank
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, banking 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.