Bank5 Connect Review: Checking, Savings and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.1
Bank5 Connect, like other online banks, has accounts with no monthly fees and higher savings rates than many brick-and-mortar institutions. It has a simple mobile-friendly platform and free access to a huge ATM network. Bank5 Connect is not available to people who live in Massachusetts or Rhode Island. For those residents, the territory is covered by the bank’s brick-and-mortar parent company, BankFive.
Pros
- No monthly fees.
- ATM fee rebates.
- Low minimum opening deposits.
- Highly rated mobile apps.
Cons
- No branch access.
Full review
Bank5 Connect
Savings
Savings
Member FDIC
3.9
/5 NerdWallet ratingBank5 Connect's savings account earns 1.50% APY. The rate is higher than the national average savings rate of 0.43%, but there are other online savings accounts that offer better yields.
The account has a $100 minimum balance to earn interest and no monthly fees with online statements.
Checking
Checking
Member FDIC
4.5
/5 NerdWallet ratingBank5 Connect offers a quality checking account with a highly competitive annual percentage yield of 2.30%.
To earn the APY, you have to maintain a minimum $100 balance, but it’s a relatively small requirement compared to those of other banks.
The bank gives access to thousands of free ATMs and up to $15 per month reimbursed for fees outside of Bank5 Connect's ATMs. The checking account has a low opening minimum deposit of $10 and no maintenance fees if you forgo paper statements (otherwise it's $1 monthly).
Certificates of deposit
CD
Member FDIC
2.5
/5 NerdWallet ratingBank5 Connect's regular certificates of deposit are available in various shorter terms, including six, 12, 18, 21 and 36 months. Most banks offer longer terms, such as four and five years — and accordingly, higher maximum yields. A minimum $500 deposit is required to open a CD, compared to some banks' minimum of up to $10,000.
» COMPARE: Best CD rates
Bank5 Connect has another type of CD, Investment CDs, which allow additional deposits after opening. There's only one term available, 24 months, but it has an attractive yield of 3.30% APY.
Customer experience
4.2
NerdWallet ratingOnline chat support is available on weekdays. There is no 24/7 live customer support, but you can get a U.S.-based representative on the phone during Eastern time business hours, some weekday evening hours and on weekends.
With the bank’s high-rated mobile app, you can deposit checks, pay bills, transfer funds and find an ATM. Bank5's website is user-friendly; information about accounts, rates and fees is generally easy to find.
Overdraft fees
4.8
NerdWallet ratingBank5 Connect offers overdraft protection transfers from a linked account for free — many larger banks charge for this service.
How does Bank5 Connect compare?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
