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.
giantbank.com accounts are free. The checking and money market accounts do not have a monthly maintenance fee. There is no required amount to keep in either of the accounts. CDs only have a fee if you withdraw the money before the maturity date.
The giantbank.com checking account earns interest. You can have money directly deposited into the checking account. There is not a monthly fee. The required amount to open the checking account is only $100.
The accounts at giantbank.com earn competitive interest rates. The rates are slightly lower than other online-only accounts. However, they are much higher than other brick and mortar bank rates. The interest rates for the accounts are tiered. The more money you have in the account, the higher the interest rates you earn.
giantbank.com has a variety of ATMs in network that customers are not charged a fee for using. If a different financial institution charges a fee, giantbank.com will refund the fee.
To earn the highest interest rates, giantbank.com requires a large account balance. The money market account requires a $100,000 balance to earn the highest rates. MMA balances over $1,000 earn interest, just a slightly lower rate. The checking account requires $10,000 in the account to earn the highest interest rates. The CDs require $2,500 to open and earn interest.
giantbank.com only offers personal deposit accounts. There are no business accounts available. The personal deposit accounts include checking and money market accounts, and CDs. There is only one checking and money market account to choose from. The CDs range in terms from 91-days to 5-years.
The amount required to open a giantbank.com money market account or CDs is high. The money market account requires $1,000 to open. Each of the different CD terms require $2,500 to open. There is no monthly fee for the money market account.
giantbank.com accounts offer person to person payment through PayPal. There is a fee for each transaction. The fee is $0.50 per transaction made. You can upload bank information into Quicken or QuickBooks for a fee.