Bank5 Connect Review: Pros and Cons

Bank5 Connect is an online bank offering a wide range of financial products and services, including checking and savings accounts, certificates of deposit (CDs), and money market accounts. They also offer a lineup of credit cards, mortgages, and foreign exchange services. 

With top online banks offering high yields on checking and savings accounts these days, you're probably wondering how Bank5 Connect compares. In this review of the bank's deposit products and credit cards, we'll let you know what to expect. 

What Is Bank5 Connect?

Bank5 Connect is an online bank that was formed in 2013. It's a division of Massachusetts-based community bank BankFive, which has roots dating back to 1855. Bank5 Connect is an FDIC-member institution, so customer deposits are fully protected up to $250,000 per depositor. 

What Does It Offer?

Here's a closer look at the key features of Bank5 Connect's deposit products and credit cards:

High-Interest Checking

Bank5 Connect's high-interest checking account stands out for two reasons: it offers a very generous 2.00% APY on balances above $100, and it provides cash back rewards when you make a purchase with your Bank5 Connect debit card at participating retailers.

Key Features: 

• No monthly fees 
• Earn 2.00% APY on balances over $100
• Cash back rewards at participating retailers 
• Free credit score tracking
• Free ATM usage 
• Free first order of checks 

It's worth noting that while Bank5 Connect does not have its own ATM network, it does not charge fees for ATM withdrawal transactions. Additionally, when you incur fees from the ATM provider, Bank5 Connect will reimburse them up to a maximum of $15 per month. If you use ATMs frequently, you'll likely exceed the $15 limit, which could be a concern. 

High-Interest Savings

Bank5 Connect offers two savings accounts: Savings Connect and Jumbo Savings. Neither account charges any monthly fees, but there are some key differences. Here's a breakdown of the two accounts: 

Savings Connect 

• No monthly fees 
• 1.50% APY 
• Minimum deposit of $10 
• Minimum required to earn APY is $100 
• FDIC-insured 

Jumbo Savings

• No monthly fees  
• 4.05% APY 
• Minimum deposit of $25,000 
• Minimum required to earn APY is $25,000
• FDIC-insured 

Bank5 Connect allows you to cover accidental overdrafts by linking your savings account to a Connect Checking account. 

Certificates of Deposit (CDs) 

If you are looking to maximize your interest potential without market risk, Bank5 Connect gives you the option of locking your funds into a CD for a set period. Each term has a low minimum deposit amount of only $500, and rates are competitive with similar terms from other online banks. However, the maximum term is only 36 months, whereas most financial institutions offer terms of up to 60 months. 

Money Market Account

The Bank5 Connect Money Market Account is a no-fee account that offers an attractive APY, low minimum deposit, check writing privileges, and the ability to earn cash back rewards when you use your Bank5 Connect debit card.

Key Features: 

• No monthly fees
• 3.03% APY 
• Minimum deposit is $100 
• Minimum required to earn APY is $100 
• Free first order of checks 
• Deposits are FDIC-insured 

Note that this account does not offer ATM access. Access is only available via online banking or through the mobile app. Also, while this won't apply to most, balances over $1,000,000 do not earn interest. 

Credit Cards

Most online banks' credit card offerings are limited. But Bank5 Connect offers a wide range of credit cards through its credit card partner, Elan Financial Services. I counted eight different personal credit cards in the lineup, including cash back and travel rewards cards, a no-annual-fee card, a low introductory rate card, and a secured card for building credit. Here's a closer look at the Bank5 Connect Travel Rewards+ Card: 

Key Features: 

• Welcome offer of up to 25,000 points (valued at up to $250)
• $99 annual fee; fee waived for the first year
• Earn 4X points on eligible travel, gas station, EV charging, entertainment, and recreation purchases 
• Earn 1.5X points on all other eligible purchases 
• Complimentary Priority Pass Airport Lounge membership (free passes not included) 

While you will find better credit card offerings (including better welcome offers) elsewhere, if you like the idea of having your credit card and bank accounts under the same roof, Bank5 Connect gives you that option. 

Are There Any Fees?

Bank5 Connect does not charge monthly maintenance fees for its deposit accounts, including its checking, savings, and money market accounts. 

How Does Bank5 Connect Compare?

If you're shopping for an online bank, Bank5 has a lot to offer. However, it's far from the only option available. Tab Bank, which we recently reviewed, is similar to Bank5 Connect in that it provides an attractive savings APY as well as cash back rewards on purchases. While its cash back rate is lower than Bank5 Connect's, it offers higher savings APYs.

PiBank offers a higher savings APY than both Bank5 Connect and TAB Bank, but that's the only product it offers. There are no checking, money market, or CD accounts available. 

How Do I Open An Account?

You can open an account online by heading to Bank5 Connect's website and clicking on the Open Account page. You must be a U.S. resident at least 18 years of age and live in a state other than Massachusetts or Rhode Island to be eligible to open an account. Residents of those two states can open an account with the parent bank, BankFive. When opening your account online, you will be required to provide your Social Security Number (SSN), a valid ID, and a way to fund your new account.

Is It Safe And Secure?

As a well-established online bank, you should consider Bank5 Connect safe to deal with. It takes the privacy and security of its customers seriously, using encryption to ensure the secure transmission of information of data. 

How Do I Contact Bank5 Connect?

You can contact Bank5 Connect by telephone, online chat (including video chat), or by submitting an online contact form. To call customer support, dial 1-855-55BANK5. Support is available Monday through Wednesday from 7:30 AM to 5 PM ET, Thursday through Friday from 7:30 AM to 7 PM ET, Saturday from 7:30 AM to 3 PM ET, and Sunday from 11 AM to 3 PM ET. 

Is It Worth It?

If you're looking for more than just a high-yield savings account from your online bank, then Bank5 Connect is worth considering. I like that it offers a decent savings APY and the potential to earn cash back on your debit card purchases. I also like its money market account, which features a solid APY, a low minimum balance requirement, and cash back rewards. 

Unfortunately, Bank5 Connect doesn't have its own surcharge-free ATM network. While it reimburses customers for up to $15 in other bank ATM fees each month, it's not much if you frequently use ATMs. Also, to get Bank5 Connect's highest savings APY through the Jumbo Savings account, you need to deposit at least $25,000, which puts it out of reach for the average saver. If you're looking for an alternative to Bank5 Connect, check out TAB Bank. 

Check out Bank5 Connect here >>

Bank5 Connect Features