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Bank5 Connect Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Competitive rates on all accounts
  • ATM fee reimbursement
  • Low opening required amounts
  • No monthly maintenance fees

Cons:

  • Limited personal deposit accounts
  • External transfers only for checking
  • Daily withdrawal amounts low
  • Customer service not always available

What You Need to Know

Bank5 Connect offers competitive interest rates on all accounts. The rates are much higher than your typical brick and mortar bank rates. They are competitive with other online accounts. Interest rates are not tiered. Any amount over $100 earns the most competitive rate.

To get cash from a Bank5 Connect account, you can access any ATMs in the SUM network. If you withdraw money from an ATM that is not in the SUM network, Bank5 Connect will reimburse you the ATM fee. Bank5 Connect will reimburse up to $15 each month in ATM fees.

Bank5 Connect has low opening required amounts. The checking and savings account only require $10 to open. The CDs require $500 to open. To earn interest on the checking and savings account you must have $100 in the accounts.

Bank5 Connect accounts do not have monthly maintenance fees. There is not a required balance to keep in the account. To earn interest, you must have $100 in the checking and savings account. However, you will not be charged a fee for not having that balance.

Bank5 Connect does not offer a wide variety of accounts. Only personal deposit accounts are available. Those accounts include a checking account, savings account, and CDs. CD terms range from 6-months to 36-month terms. They also offer one investment CD. That term is a 24-month CD. There are no business accounts offered through Bank5 Connect.

Only money in a Bank5 checking account can be transferred to an external bank account. You cannot transfer funds from the Bank5 Connect savings to an external account. You must transfer the money from the Bank5 Connect checking account.

The Bank5 Connect checking account has daily withdrawal and purchase limits. You can only withdraw $500 each day from an ATM. There is a daily purchase limit of $1,000 with your debit card. If you need to spend more money, you must contact a Bank5 Connect representative.

Bank5 Connect customer service are not available 24/7. Their hours vary depending on the day. They open at 7:30 a.m. every day, except Sunday. They open at 11:00 a.m. on Sunday. They are open until 5:00 p.m. Monday thru Wednesday, and 7:00 p.m. Thursday and Friday. They close at 3:00 p.m. Saturday and Sunday. Online chat is available Monday thru Friday from 8:00 a.m. to 4:30 p.m. All times are Eastern Standard Time.

Cool Things

Investment CD

Bank5 Connect offers a 24-month investment CD. This CD requires $500 to open. Once the CD is open, you can add money to the CD for the term of the CD. Deposit money into this account until the maturity date of the CD. Money cannot be deposited to other Bank5 Connect CDs, only the investment CD. The investment CD earns competitive interest rates.

History

Bank5 Connect is an online-only bank. There are no physical branch locations. Bank5 Connect is an online division of BankFive. BankFive headquarters are in Fall River, Massachusetts. BankFive has been around for over 160 years.

Bank5 Connect offers personal deposit accounts. Those accounts include a savings and checking account, and CDs. The interest rates for each of these accounts are competitive with other online accounts.

Awards and Recognition

  • Named one of the Best Checking Accounts by Nerdwallet in 2018

Giving Back

BankFive started a charitable foundation in 2011. By 2015, the foundation had reached their goal of raising $1 million. They provide support to the schools and organizations in their communities. They serve low-to-moderate income households. They also help the elderly, veterans, youth programs, and the homeless. Coastline Elderly Services and Partners in Housing have received BankFive funding. They also support Community Autism Resources.

Frequently Asked Questions

Is Bank5 Connect FDIC insured?

Yes. Bank5 Connect is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.

How do I access my money?

With ATM or debit cards, checks, or bill pay. Access money with electronic transfers, People Pay, or by calling customer service. Customers can withdraw $500 from their checking account at an ATM each day.

Does Bank5 Connect offer mobile banking?

Yes. With the mobile app, you can upload checks, transfer money, see account balances, and pay bills. You can transfer money between Bank5 Connect accounts, but not to other bank accounts. That must be done online.

Is Bank5 Connect free?

Yes. Bank5 Connect accounts do not have monthly maintenance fees. There is no required amount to keep in the accounts. The CDs have a fee if you withdraw money before the maturity date.

Is Bank5 Connect a good bank?

There are no monthly fees or required balances. The interest rates for all their accounts are competitive with other online accounts. The amounts required to open accounts are low. Bank5 Connect is an entirely online bank account. Customer service has specific hours.

Is Bank5 Connect secure online?

If unauthorized transactions take place in your account, notify Bank5 Connect immediately. If you do, you will lose no more than $50. You must notify the bank before 60 days to get your money back. Bank5 Connect encrypts personal information. They limit the employees who see customer personal information.

Does Bank5 Connect offer competitive interest rates?

Yes. Bank5 Connect offers competitive interest rates. Their rates are much higher than typical brick and mortar bank rates. Account interest rates are competitive with other online accounts.

Can I use Bank5 Connect for my business accounts?

No. Bank5 Connect only offers personal deposit accounts at this time. No business accounts are available.

How is Bank5 Connect online banking different from the online banking my bank offers?

These accounts are entirely online. There are no branch locations. The interest rates are much higher than your typical brick and mortar bank rates.

Do Bank5 Connect checking accounts pay interest?

Yes. The Bank5 Connect checking account earns interest. The rate is competitive with other online checking accounts.

How do I reach customer service?

By phone, email, or through online chat.

Does Bank5 Connect offer bill pay?

Yes. Bank5 Connect accounts offer free bill pay.

Can I deposit cash?

No. Make deposits by direct deposit, electronic transfers, or uploading a check. You can call a customer service representative or send a check in the mail.

How long do transfers take?

Transfers typically take two business days to fund after the deposit. It could take longer for various reasons.

Can I sign up for direct deposit to Bank5 Connect accounts?

Yes. Have money directly deposited into Bank5 Connect accounts.

Bank Contact Information

Bank5 Connect
79 North Main Street
Fall River, MA 02720
1-855-552-2655

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