Who is Bank5 Connect?
Our Bank5 Connect review found that they started up in July 2013 as is an extension of BankFive, which was founded in 1855. Bank5 Connect is best known for their offerings of superior interest rates and excellent customer service. Bank5 Connect is an online only bank, which means they can offer higher interest rates because they don’t have to pay the fees of a brick and mortar bank.
This Bank5 Connect review has found a variety of different benefits from being their customer.
- Free online banking
- Free mobile banking
- Easy to use checking accounts and savings accounts.
- Customer service is offered through email, chat or phone.
- Positive comments about customer service from current customers.
- Bank5 Connect has easy navigation and answers any question you might have of how to full access all the resources of online-only banking.
- The opening balance to open a savings or checking account is only $10.
- CDs in terms from 6 to 36 months.
- There aren’t any monthly fees for their CD accounts.
- There checking and savings account don’t have any monthly fees, but you will be charged fees for overdraft, stopped payments, insufficient funds or returned deposited items.
Free online banking, free mobile banking, and easy to use checking accounts with savings account additions is what sets Bank5 Connect apart.
Our Bank5 Connect Review also uncovered a few drawbacks to their service. The interest rates for their savings, checking and CD accounts are competitive with other online banks. But, there are some negative sides of these accounts.
- Checking and savings accounts will only earn interest if the balance in the account is over $100.
- You will be charged $10 per transaction if you have more than 6 transactions within a calendar month from your savings account.
- The account can take upwards of 24 hours for approval in some situations.
As with all accounts, knowing exactly what the fees are before you open an account is necessary.
If Bank5 Connect a Good Fit For You?
In conclusion of this Bank5 Connect review we can tell you that the interest rates are competitive and if you are looking for an account with low fees, competitive interest rates where your money can grow, Bank5 Connect could be the bank for you.
Bank5 Connect is still a young and new bank, but the customers seem happy with the interest rates. The customer service is still under debate, and we have yet to contact the bank to work with their agents.
79 North Main Street
Fall River, MA 02720
Customer Service Number