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.

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The Good

Account services
Low minimum deposit

Account Services

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.

No monthly maintenance fee
Free online banking, bill pay, eStatements
Free mobile banking
UChoose Debit Rewards program
Free ATMs anywhere and at anytime
0.76% APY

Savings: put money aside for a rainy day, to earn interest, or to save toward a major purchase.

Free online banking/eStatements
Free mobile banking
Savings can be used to cover overdrafts of checking account
2.05% APY on balances of $100 and up

Certificate of Deposit: a safe and secure investment with a solid return

Only a $500 minimum deposit
No monthly maintenance fees associated with Bank5 Connect CDs
Connect CDs have terms of 6, 12, 18, 24, and 36 months
- 6-Month CD: 1.45% APY
- 12-Month CD: 2.55% APY
- 18-Month CD:1.75% APY
- 21-Month CD (special): 2.40% APY
- 24-Month 'Investment' CD: 2.70% APY
- 36-Month CD: 2.90% APY
Investment CD has a term of 24 months
All Bank5 Connect CDs are FDIC insured for up to $250,000
All Bank5 Connect CDs are also DIF insured for over $250,000
Once the CD matures, clients have the opportunity to deposit additional funds and roll it over into a new term

Low Minimum Deposit

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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The Bad

Customer service
No physical branches

Customer Service

Customer service online chat is only available M-F, 8-4:30 eastern. There is a lot of smaller print, including the disclaimer that the interest rate may change after the account is opened, and that fees may reduce earnings.

No Physical Branches

Bank5 doesn't have any actual branch locations to visit in case of a problem. There are a few disclaimers on their site, rejecting responsibility in some specific situations. Potential customers should carefully read all the small print. Other common concerns include:

Inability to lend money to Bank5 Connect clients
Rates can change on savings accounts at anytime

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The Bottom Line

There are a variety of online banks available these days, and if I were opening an account, I would be cautious of this one. While it is an FDIC bank, if there were issues with the account, I am not sure what the procedure might be to straighten out the issue. A major plus is that this bank is blended in with a very established bank that does have a physical address. Bottom line, this bank may be just as reliable as the competition, but will just need to be looked over a bit closer before signing on the dotted line. Those that use Bank5 Connect can expect the following from their service:

Competitive rates and fees
Quality online banking features
No branch locations
Limited customer service

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David Springfield, MO

I opened a checking and savings account. I made the minimum deposit of $10 for each account using my debit card with my current bank. As expected, the money was taken out of my account instantly. I emailed customer service the next business day asking when I could expect to receive my login information. I was told it would be a couple days which was fine. I received my login information a few days later. I logged in and tried to set up bill pay, but a message popped up stating I did not have any eligible accounts. I chatted online with customer service informing them of my situation. They informed me they hold the initial deposits and first mobile deposit for five business days. I have to wait until after the five business days hold before I can even set up bill pay. I made the deposits with my debit card so I am not sure why it is necessary to put a five day hold on them. I was going to close my account because of this reason alone, but decided to try Bank5 Connect out a few weeks first since the accounts are already open.

6 years ago