-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
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:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No required balance or account fees
- High account interest rates
- Variety of terms lengths of CDs
- Personal loans available
Cons:
- Only savings account and CDs offered
- Must link accounts to another bank
- No ATM or debit card offered
- Opening balance for CDs is $500
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.
There is no required amount to open the account or to keep in the account. Marcus does not have monthly maintenance fees. You start earning interest on anything over $1 in the high yield savings account.
Marcus offers very competitive interest rates on their savings account and CD accounts. The interest rates are competitive with other online-only accounts. They are much higher than your typical bank rates.
Many different term lengths of CDs are available. Marcus offers nine different CD term lengths from six months to six years. The longer the term, the higher interest rate you earn. All the CD interest rates are very competitive with other online-only banks.
The personal loans offered through Marcus do not have fees. The loans are a fixed-rate interest loan. You can borrow up to $40,000. These loans can be to consolidate debt or for home improvement projects. The loans range in length from 36 to 72 months.
Marcus only offers deposit accounts of CDs and a high yield savings account. Checking accounts, money market accounts, and business accounts are not offered.
Since Marcus does not offer checking accounts, you cannot transfer money between Marcus checking and savings accounts. The easiest way to deposit money into your Marcus savings account is to link to an external bank account. You can also send a wire or check. Marcus does not charge a fee to send or receive a wire transfer, but the external bank might.
Marcus does not offer an ATM or debit card for the high yield savings account. To access your money, you must transfer the money back into your external bank account. You can also request a wire transfer.
To open any CD with Marcus, $500 is required. That amount opens the CD and is the amount needed to start earning interest. The interest rates vary depending on the term length of the CD. The longer the CD term, the higher the interest rates.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.