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.
Note: TIAA has acquired EverBank, rebranding the bank as TIAA Bank. The acquisition completed on June 12, 2018.
The Yield accounts at TIAA Bank do not charge monthly maintenance fees. There is no amount required to keep in the accounts to avoid fees. You will earn interest on any amount you have deposited in the account.
TIAA Bank guarantees that their account offerings will earn the top five percent interest in the nation. This makes them a competitive bank in the field of high-interest rates.
Business accounts are available through TIAA Bank. Your business can earn the high interest rates you earn with personal banking. There are checking accounts for small businesses and non profits. Interest earning and basic business checking accounts are available. Money market accounts, CDs, and credit cards are also available for your business.
The Yield Checking account offers a one-year spotlight APY. The rate for one year is much higher than the regular interest rates. This rate is only for new customers. Earn interest on any amount above $5,000, but less than $250,000.
After the one-year spotlight APY, the rate drops. The account still earns interest, but lower than the first year. The interest you earn after the first year depends on the amount you have in the account. The rates drop by almost one whole percentage point for balances under $10,000.
The high interest earning accounts have a high required opening balance. You must have $5,000 to open the Yield Pledge Checking, Yield Pledge Money Market, and Yield Pledge CD accounts. Once you open one of these accounts, you will earn the top five percent of yields on your money. TIAA Bank ensures the top interest rates on these accounts.
To open the TIAA Bank accounts with the high interest rates you must have $5,000. TIAA Bank does offer a basic checking and savings account. These accounts only require $25 to open. There is no monthly fee as long as you keep $25 in the account. The basic CDs only required $1,000 to open. These basic accounts get lower interest rates, but still competitive.
TIAA Bank does reimburse fees charged at ATMs, but only if your account balance is over $5,000. TIAA Bank does not charge fees for using their ATMs. The fees are only for other bank ATMs.