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Bank5 Connect Savings Account Review

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Bank5 Connect is an internet-based bank that offers certificates of deposit (CDs), checking, and savings accounts to its users. The bank is an online division of BankFive MHC, a Massachusetts-based bank that has been in service for 160 years. Bank5 Connect offers among the highest competitive interest rates for its banking accounts, including a 2.05% APY for its savings account and 0.76% for checking.
 
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How is Bank5 Connect rated?

Breakdown

4.0/5
Rates and fees
4.8/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
4.5/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.3 / 5 (Excellent)

Bank5 Connect is a great option for customers who are looking to switch from their regular brick-and-mortar banks to online banking. The company's online savings account has little restrictions, and comes with greater than average interest and APY rates that helps customers grow their savings at a quicker pace. Bank5 Connect and its parent company, BankFive MHC, have great customer reviews on Trustpilot, which shows their commitment to customers and their queries.

Bank5 Connect Account Features

Balance Requirements - 4.8 / 5

Bank5 Connect offers a high annual percentage yield (APY) of 2.05%. This rate comes as standard, but it only applies if clients maintain a minimum balance of $100 on their savings account. The account includes other useful perks, such as free mobile and online banking, free eStatements, and the ability to cover checking overdrafts if you link a Bank5 Connect checking account. The account does not include a debit card, but customers can obtain one by opening a checking account. Finally, it's important to note that APY rates are always subject to change, so percentages can increase or decrease after customers open their account.

APY (Annual Percentage Yield)

2.05%
Interest Compounded
Monthly
Integration with Other Online Accounts
Checking
Bonus Offers/Customer Perks
Free online and mobile banking, free eStatements, savings can be used to cover overdraft from checking account. Free person-to-person payment.
Mobile App
Yes
Debit/ATM Card
No
No-Fee ATM
No-Fee at Network ATMs
Reimbursement for Domestic ATMs

Bank5 Connect Fees and Restrictions

Rates and fees - 4 / 5

One of the benefits of a Bank5 Connect's savings account is its minimal set of fees and restrictions. Clients only need $10 to open an account, and the minimum needed for it to earn interest is $100. Users don't have to pay any maintenance fees and there are no penalties for having no money on an account. There are no withdrawal or transfer limits, either, although users can set limits to ATM cash withdrawal to a specific amount acceptable to Bank5 Connect. However, the account follows Regulation D's limit of 6 transactions per month, charging $10 for each transaction that goes above limit. Other fees include $15 on overdraft fees per item, with a maximum of 6 overdrafts fees per day, and $25 on garnishments and levies. As of January 1, Bank5 Connect also charges $1 per bank statement sent through mail, urging customers to opt for their eStatement service.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
$10
Minimum Balance for Promotional APY
$100
Minimum Balance to Avoid Penalty
$0

Bank5 Connect Reputation & Financial Strength

Financial Stability & Ratings - 4.5 / 5

Bank5 Connect receives high remarks on Trustpilot, with a solid 8.1 score based on 195 reviews. The reviews praise Bank5 Connect's high APY, customer care, and their website and app's ease of use. Bank5 Connect does not have a profile with the Better Business Bureau, but its parent company, BankFive, does. The bank has a strong A+ score, with only one complaint on record that was resolved directly. Bank5 Connect's phone and online support are not available 24/7, but clients can call during working hours on weekdays and weekends.
Year Founded
2013
Consumer Financial Protection Board (CFPB) Complaints
0

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media
BBB Rating
A+
BBB Total Complaints
1
BBB Resolved Complaints
1
Customer Support Hours
Mon-Wed: 7:30 am-5:00 pm EST, Thu-Fri: 7:30 am-7:00 pm EST, Sat: 7:30 am-3:00 pm EST, Sun: 11:00 am-3:00 pm EST
Live Help 24/7
No

Company Profile

Full Name
Bank5 Connect Savings Account
Company Website
https://www.bankfive.com/Personal
Headquarters
79 N Main St, Fall River, MA, 02720

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Top Rated
Our Partner
4.30% APY on Savings Account
  • $0 monthly balance
  • 60,000 ATMs
  • Easy cash access
  • 24/7 live customer support
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