Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
High interest rate
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
$10 minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Cons
Need to keep at least $100 in account to earn interest
Highlights
More Information
Must keep at least $100 in account to earn interest
Interest compounded and deposited monthly
FDIC insured
Additional Reading
Read our review
The Bank5 Connect High-Yield Savings Account is a solid high-yield savings account. You’ll just need to maintain at least $100 in your account daily to earn interest. You also won’t need to worry about monthly service fees.
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
High interest rate
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Offers more federal insurance than most banks
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Receive direct deposits up to 2 days early with early direct deposit
Cons
High minimum opening deposit
Must maintain $25,000 balance to earn interest
$1 paper statement fee
Interest compounds monthly, not daily
Highlights
More Information
Bank5 Connect is the online subsidiary of BankFive
Link to Bank5 Connect High-Interest Checking Account for overdraft protection
Member FDIC
Offers Depositors Insurance Fund (DIF) protection; FDIC insurance covers up to $250,000 for individual accounts, but DIF offers additional insurance on more than $250,000; all of your money in this account will be insured
Interest compounded monthly, paid monthly
Additional Reading
Read our review
The Bank5 Connect Jumbo Savings Account is a good savings account for those who have at least $25,000 to deposit (and can maintain that balance in the account). It has an early direct deposit feature that lets you access your paycheck up to two days early.
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
$500 opening deposit
Cons
Limited term length options
Standard-to-high early withdrawal penalties
Highlights
More Information
Term lengths between 6 months and 3 years
3 months interest early withdrawal penalty for terms under 1 year, 6 months interest early withdrawal penalty for terms of 1 year or more
A 2-year investment CD allows you to make deposits after opening the account
FDIC insured
Additional Reading
Read our review
Bank5 Connect CDs have a low minimum opening deposit and good interest rates. The bank has a unique 2-year CD worth exploring if you would like to deposit more money into a CD before it matures.
The bank won’t be the strongest option if you’re looking for a variety of CD terms — it only has term lengths between six months and three years.
How Bank5 Connect works
Bank5 Connect is the online operation of the Massachusetts-based bank Bank5.
You may open an online-only bank account with Bank5 Connect if you live in any state other than Massachusetts or Rhode Island. If you’re a resident of Massachusetts or Rhode Island you can open bank accounts at a Bank5 branch, though.
Customers have access to thousands of fee-free ATMs nationwide through the SUM ATM network. You’ll also be refunded up to $15 each month in out-of-network ATM fees.
Customer service is available by phone or live chat from 7:30 a.m. to 5 p.m. ET on weekdays, 7:30 a.m. to 3 p.m. ET on Saturdays, or 11 a.m. to 3 p.m. PT on Sundays.
Bank5 Connect’s mobile app has 4.3 out of 5 stars in the Google Play Store and a perfect 5-star rating in the Apple store.
The bank is FDIC insured. Up to $250,000 is secure in an individual bank account.
Is Bank5 Connect trustworthy?
Bank 5 Connect hasn’t been reviewed by the Better Business Bureau, yet. However, its parent company Bank 5 has received an A+ rating from the BBB.
A good BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to see if Bank5 Connect is an ideal bank for you.
Bank5 Connect hasn’t been involved in any recent public scandals.
Bank5 Connect vs. Ally
If you’re looking to open a money market account, your go-to option will be Ally because Bank5 Connect doesn’t have one.
For savings accounts and CDs though, it could be a bit of a toss-up. Both banks offer competitive interest rates, so it might ultimately depend on minor preferences like minimum opening deposit requirements.
Bank5 Connect vs. Alliant Credit Union
Bank5 Connect and Alliant Credit Union share a lot of similarities. Both institutions offer high-interest savings and checking accounts with no monthly service fees. You may also get reimbursements on out-of-network ATM fees, and customer service by phone or live chat.
Your decision might ultimately come down to whether you prefer a bank to a credit union or vice versa. Credit unions require membership to open accounts. At Alliant, the easiest way to become a member is to join Foster Care to Success, but you can also join if you’re a member of certain organizations or you live in parts of Illinois.
It also may depend on which account you’d like to open.
Alliant Credit Union has the greatest variety of accounts. Bank 5 has fewer options.
Frequently asked questions
Is Bank5 Connect secure?
Bank5 Connect is an FDIC-insured bank, which means you may safely store up to $250,000 in an individual bank account or $500,000 in a joint account.
Can you open a Bank5 Connect account for a minor?
You’ll need to be at least 18 years old to open an online account with Bank5 Connect.
If you live in Rhode Island or Massachusetts, you’re eligible to open a kid’s bank account at a local branch. However, if you live outside of Rhode Island or Massachusetts, you’ll have to consider other banks.
What is the ATM withdrawal limit for Bank5 Connect?
You may take out up to $500 per day from an ATM.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles. You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Below are links to some of her most popular stories:
Are banks open today? Here’s a list of US bank holidays for 2023
Best CD rates
Best High-yield savings accounts
These banks and credit unions allow you to exchange foreign currency at a branch, over the phone, or online
Four reasons why your debit card might be denied even when you have money
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
Earn 5.30% APY with GreenState Credit Union, or choose from more than 30 insured banks and credit unions with today’s top rates. Raisin offers one account to maximize your savings.