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Bank5 Connect VS Citibank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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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
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Good rates with Citi Accelerate Savings
  • Variety of accounts available
  • Low opening required amounts
  • ATM fee reimbursement for some accounts

Cons:

  • Regular account rates not competitive
  • Competitive rates have requirements
  • Accounts have monthly fees
  • Competitive CD rates require a high amount
Bank5 Connect Review

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.

Read the full Bank5 Connect review.

Citibank Review

The Citi Accelerate Savings accounts offer competitive interest rates. These accounts are opened as packages. There are five packages to choose. The Citi Accelerate Savings account offers competitive interest rates. Those rates are competitive with other online accounts. This account is only offered to people who apply online. You can apply through Citibank online, CitiMobile, or Citiphone Banking.

Citi offers a good variety of bank accounts. They offer checking and savings accounts. They offer a wide variety of CD terms, with 16 different term options. Citi offers a variety of account packages that fit your banking needs. The packages vary depending on your account balance amounts.

There is not a required amount to open Citi Accelerate Savings accounts. The checking accounts do not have an opening required amount. But, to waive the monthly fees, you must have a set account balance. The minimum opening balance for CDs varies between markets. To earn the most competitive rates for some CDs requires a balance of over $25,000.

The Citigold account package offers ATM reimbursement. To qualify to be a Citigold member, you must have combined Citi account balances over $200,000. Once you qualify, Citi will reimburse you for any ATM fees charged by other banks or ATM providers. This is only for consumer accounts.

Most other account interest rates with Citi are not competitive. The Citi Accelerate Savings account offers rates competitive with other online accounts. There are also a few CD terms that offer competitive rates. Most other Citi account rates compare to typical bank rates.

To earn the most competitive rates with the Citi Accelerate Savings account, you must meet set requirements. These requirements help to waive the monthly fees. All the Citi Accelerate Savings accounts must be opened in a package. That means opening other Citi accounts that link to the Accelerate Savings account.

Each account has a monthly fee. The savings and checking account fees range from $10 to $30. There are ways to waive the monthly fees for each account. Having a set amount of direct deposit into the account can waive the fees. Having a set account balance can also waive the monthly fee. The balances required to waive the fees are high. It can range from $1,500 to $200,000 depending on the account.

Most Citi CD terms do not offer competitive interest rates. Only the six, 12, and 18-month CDs offer rates competitive with other online CDs. To earn the most competitive rates for the 12 and 18-month CDs requires a balance of $25,000. All the other CD rates are not competitive with other online CD accounts.

Read the full Citibank review.

Favorite Rates

CIT Bank
Savings 08/21/2019
APY 2.30%
Rate 2.27%
For APY $100
Monthly Fee $0.00
Checkbook No
$25k+ balance or $100+/month deposit for 2.30% APY. Member FDIC.
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TIAA Bank
MMA 08/21/2019
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.09%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
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Capital One
MMA 08/21/2019
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
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State Farm Bank
MMA 08/21/2019
APY 2.00%
Intro Rate 1.98%
Intro Duration 12 Months
Post Intro 1.00%
For APY $1,000
Monthly Fee $10.00
To Avoid Fee $500
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
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