Bank5 Connect is strictly an Internet based bank, with no brick and mortar bank locations. This Internet bank is a division of BankFive out of Fall River, MA, that has been in business for nearly 160 years. Like most online banks Bank5 Connect can offer better rates because they do not invest any money in maintaining a building.
Bank5 is a division of a long-running bank out of Massachusetts, which definitely gives it some structure and backbone. They have made a great effort to offer everything that a traditional bank offers such as checking accounts, savings accounts, and CDs. In addition to the standard bank services Bank5 Connect also offers online bill pay, eStatements, and free mobile banking. There are three basic accounts Bank5 Connect customers can choose from. There are checking, savings, and CDs available. Each account comes with its own unique features and services with competitive rates and fees. The basic Bank5 Connect accounts can be broken down as follows: Checking: deposit money into an account and then write checks against the balance. Bank5 checking comes with more modern-day flexibility.
Savings: put money aside for a rainy day, to earn interest, or to save toward a major purchase.
Certificate of Deposit: a safe and secure investment with a solid return
There is a very low minimal payment required to open a checking account. An account can be secured for as little as $10.00. Checking accounts with balances of $100 or higher will be eligible to draw interest at a rate of .76% APY.
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