Bank5 Connect Review: Great Rates, Outstanding Service
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Nupur Gambhir
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
Quick Take:Â Bank5 Connect is an online-only bank that offers checking accounts, savings accounts and certificates of deposit. Interest rates are competitive, and customer service is a top priority. Bank5 Connect is a division of BankFive, a brick-and-mortar bank with locations in Massachusetts and Rhode Island.
Bank5 Connect is an online bank that keeps things refreshingly simple. It offers a small lineup of checking, savings, and CD accounts with competitive rates, low minimums, and no unnecessary bells and whistles. Backed by a long-established regional bank, Bank5 Connect blends digital convenience with a more traditional, no-nonsense approach to everyday banking — making it a solid option for people who want straightforward accounts that don’t nickel-and-dime them.
Bank5 Connect Checking Accounts
Bank5 Connect offers a single interest-earning checking account designed to keep things simple while still offering perks.
Key features
- Earn interest with a minimum balance of $100
- No monthly maintenance fees
- Cash back on debit card purchases
- Free first order of checks
- $10 minimum opening deposit
Best For
Everyday checking
Earning interest
Online Banking
No-fees
Low deposits
Earn interest and receive cash back on your debit card purchases
Bank5 Connect offers a checking account that has a low minimum deposit, cash back rewards and earns you interest.Â
Fees
None
APY
Min Opening
$10
Pros
- Low minimum deposit
- Funds are FDIC-insured
- Higher APY than most checking accountsÂ
Cons
- High interest is only up to $3,000
- No branch accessÂ
- Must maintain at least $100 balanceÂ
Quick Take
Bank5 Connect checking accounts help you earn a higher interest than most checking accounts, offer cash back rewards and have a nominal minimum deposit to open an account.Â
Show Pros, Cons and More
Hide Pros, Cons and More
Bank5 Connect Savings Accounts Â
Bank5 Connect offers two savings options — Connect Savings and Jumbo Savings — geared toward both everyday savers and customers with larger balances.
- Connect Savings: Requires just a $10 opening deposit and earns interest once your balance reaches $100
- Jumbo Savings: Designed for higher balances, with a $25,000 minimum deposit and a higher APY at that balance
- All deposits are FDIC-insured, providing standard protection for your savings
Best For
Everyday checking
Earning interest
Online Banking
No-fees
Low deposits
Two savings accounts appeal to beginners or those with a large amount of cash
Bank5 Connect is ideal for people who want a simple and no-hassle savings account they can manage entirely online. It works if you value low fees and a clean digital experience over in-branch banking.
Fees
None
APY
Min Opening
$10 to $25,000
Pros
- No monthly maintenance requirement Â
- Low minimum deposit for Connect SavingsÂ
- FDIC-insured
Cons
- High balance required if you want to earn a high APY
- No physical branches
Quick Take
Bank5 Connect keeps savings simple while still offering meaningful upside for customers who can maintain higher balances. With no monthly fees and a low $10 minimum to get started, Connect Savings is accessible for beginners, while Jumbo Savings rewards larger balances with a competitive APY. Both accounts are fully online and FDIC-insured, making them a solid fit for savers who value straightforward digital banking and clear tradeoffs.
Show Pros, Cons and More
Hide Pros, Cons and More
Bank5 Connect CD Accounts Â
Bank5 Connect offers a straightforward lineup of CDs with flexible term lengths and a low barrier to entry.
Key details
- Terms range from 3 to 36 months
- $500 minimum deposit
- Earn up to , depending on the term
- All CDs are FDIC-insured
Best For
Everyday checking
Earning interest
Online Banking
No-fees
Low deposits
Flexible terms to match your savings timeline
With CD terms from 3 to 36 months, Bank5 Connect makes it easy to lock in a rate without a big upfront commitment and costs just $500 to get started.
Fees
None
APY
Up to
Min Opening
$10 to $25,000
Pros
- Interest compounds daily
- CD rates can earn up to 3.50% APY
- Lower minimum deposit compared to other CDs
Cons
- Limited liquidityÂ
- Early withdrawal penaltyÂ
Quick Take
Bank5 Connect CDs are a solid option if you want flexible term choices without needing a large upfront deposit. With competitive rates and FDIC protection, they work well for savers looking to lock in returns on a relatively short- or mid-term timeline.
Show Pros, Cons and More
Hide Pros, Cons and More
Bank5 Connect Money Market Accounts Â
Bank5 Connect offers a money market account with the following features:Â
- Minimum deposit for money market is $1,000
- CDs are FDIC-insured
- Terms are from 6-months to 36-months
- You can earn up to 3.03% APY
Best For
Everyday checking
Earning interest
Online Banking
No-fees
Low deposits
High APYs and liquidity so your account works for you
Bank5 Connect’s money market account offers a competitive APY with the flexibility to access your cash when needed, making it a practical middle ground between savings and checking.
Fees
None
APY
Up to 3.03%
Min Opening
$100
Pros
- No monthly maintenance fees
- Money market rates can earn up to 3.03% APY
- Low minimum depositÂ
Cons
- Online only/no physical branchesÂ
- Customer service is limited to certain hours
Quick Take
Bank5 Connect’s money market account offers a higher rate than its standard savings options while keeping your funds accessible. With a competitive APY and a relatively low minimum deposit, it’s a practical place to park extra cash without locking it into a CD.
Show Pros, Cons and More
Hide Pros, Cons and More
Banking Experience Â
The banking experience at Bank5 Connect is very good, and customer service is a clear priority. The mobile app and online banking make it easy to do everything you need to do, and real live customer service agents are available daily if you have questions. You can call 1-855-552-2655. Here are the hours to contact agents via phone:Â
- Monday – Wednesday: 7:30 am to 5:00 pm EST Â
- Thursday – Friday: 7:30 am to 7:00 pm EST Â
- Saturday: 7:30 am to 3:00 pm ESTÂ Â
- Sunday: 11:00 am to 3:00 pm EST
You get free ATM access through the nationwide SUM network, and you can get reimbursed up to $15 per statement period for using another ATM. Bank5 Connect’s app on Google Play is rated as 4.2, while in the Apple Store the rating is 4.9.
How Does Bank5 Connect Compare?
Choosing a new bank is an important decision, so you’ll want to shop around. Here are some other online-only banks to consider.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
None
$0 or $15, with options to waive
$0 to $22 per month
APY
APY
APY
N/A
Up to
Min Opening
Min Opening
Min Opening
$10
$0
$50 to $1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
None
$5 monthly, waivable
$5 monthly — can be waived
APY
APY
APY
Min Opening
Min Opening
Min Opening
$10 to $25,000
$0
$50
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
None
No monthly service fee
Early withdrawal penalties will apply
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$10 to $25,000
$1,000
$1,000
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
None
No monthly service fee
$12 to $25
APY
APY
APY
Up to 3.03%
to
Up to
Min Opening
Min Opening
Min Opening
$100
$25
$50
Bank5 Connect vs. Salem Five Direct
Salem Five Direct is another Massachusetts-based online-only bank and is the online division of Salem Five. It also offers deposit products — checking, savings and CD accounts — only. Salem Five Direct pays lower interest on checking accounts but higher interest on savings.
Bank5 Connect vs. DiscoverÂ
Discover Bank is an online bank that is a division of Discover Card, so it also offers credit cards and loans. The Discover Bank checking account pays 1% cash back on up to $3,000 in debit card purchases each month.
Bank5 Connect vs. Bank of AmericaÂ
Bank5 Connect has more of a regional presence, while Bank of America has multiple nationwide locations. If you have higher balances, Bank of America may be a better fit. Bank5 Connect, however, has a checking account option that offers a competitive APY and cash back rewards.Â
Final Take Â
Bank5 Connect is a good choice if you’re looking for an online bank that pays high interest, even on relatively small deposits. Even if you’re not 100% behind the idea of an online-only bank, the highly-rated customer service should help ease your mind. And fee-free ATMs nationwide are another top feature.
