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Updated on Tuesday, April 14, 2015
When I initially signed onto Bank5 Connect to check out account options, I was met with a pleasant surprise. In big bold font right next to “High-Interest Checking” was a nice number- 0.76 percent APY. I figured I must’ve been reading it wrong. An interest rate of 0.76 percent seemed like an impossibly good deal. Surely there had to be a catch.
But Bank5 Connect’s High-Interest Checking holds up to its advertisement. The only requirement is to keep a $100 balance, but no stress if you fall below that amount – with no minimum balance requirements or sneaky fees, Bank5 Connect High-Interest Checking is a safe bet.
Like other online only banks Bank5 Connect doesn’t have to shoulder the expense of pricey real estate, live teller salaries, and other brick and mortar banking expenses – which means more savings and perks passed on to you, the user.
You can open a High-Interest Checking account through the Bank5 Connect website or by calling the customer service number, 1-855-522-2655. The minimum opening deposit requirement is just $10 and can be funded through an online transfer from an external checking account, direct deposit, mobile deposit, check, or credit card.
Though you need $10 to open account you will not be penalized if your balance falls below. Bank5 Connect’s High-Interest Checking is among the top fee-free accounts.
- No monthly maintenance fee
- No fees at domestic SUM Network ATMs
- Reimbursement up to $15 for out of network ATM fees
- No minimum balance requirements
- No early closure fee
- Free first order of checks
- Free cashiers checks
- Free incoming wires
The account also comes with a debit card with a sweet perk of its own- a debit rewards program. Earn 1 point for every $2 spent using Bank5’s UChoose debit card and redeem points for various items online- vacation packages, gift cards, electronics, etc. The daily purchase limit on the card is $1,000.
Finally, the Bank5 Connect High-Interest Checking account comes with all the staples of online banking convenience- online bill pay, e-statements, e-check deposit, mobile banking, and quick person-to-person payment options.
Bank5 Connect also earned an “A” Transparency Score for creating a simple product with partial ATM reimbursement, disclosure of fees, no minimum requirements and real overdraft protection.
While you can avoid ATM charges by using your UChoose debit card at any ATM within the SUM Network, you are responsible for fees charged by ATMs outside that network should you exceed the $15 monthly fee reimbursement allowance. The bonus reimbursement ATM coverage is also limited to domestic ATMs. Travel internationally and you’ll be on the hook for all fees.
In addition to checking, Bank5 Connect offers a savings account that can be linked for free overdraft protection. If you find yourself in a position of non-sufficient funds however, you’ll be responsible for the $15 overdraft fee.
High interest and low fees make Bank5 Connect’s High-Interest checking account a top option. Thanks to those features, it is consistently ranked among the best accounts compared to its competitors. But further research into the customer experience suggests reason for concern.
Despite an absence of physical branches, many online only banks have exceptionally high rated customer service. I had a hard time finding similarly complimentary reviews of Bank5 Connect, so I called in to customer service to check it out for myself.
While the wait time was minimal, my representative wasn’t particularly well informed. She had a hard time recounting some of the most basic account features I had been reading about online. Her responses to my questions were so dubious and unsure that I actually called back later with the hope of being connected to a more authoritative source. My second representative proved a better experience, but I can still see why Bank5 Connect might not be winning a people’s choice award winner any time soon.
Bank5 Connect High Yield Checking vs. Simple
Though the interest rate on Bank5 Connect’s High Yield Checking Account blows Simple’s out of the water (with Simple coming in at a weak 0.01 percent), Simple has the top-notch money management tools and excellent customer service representatives noticeably absent at Bank5 Connect. Where Simple provides a user-friendly experience, Bank5 Connect provides yield. Both options are first-rate on the debatably most important checking account features though- freedom from fees and transparency.
Bank5 Connect High Yield Checking vs. Ally Bank Checking
Ally Bank is another online only option boasting low fees. Interest rates on checking start at 0.10 percent, an improvement from those at Simple but a far cry from those at Bank5 Connect. For users with a balance greater than $15,000, the rate jumps to 0.60 percent, but that’s a pretty major requirement considering the small $100 balance required at Bank5 Connect.
Ally customer service is also well rated. Though Ally’s money management tools are not as comprehensive as Simple’s, for basic checking account needs, Ally is consistently a top contender in ratings and customer reviews.
Should You Use Bank5 Connect High Yield Checking?
A minimal fee structure paired with shockingly high interest makes Bank5 Connect High Yield Checking an option worth considering, but I would recommend taking customer service for a test run before singing up. Even when you bank online, you need to feel secure in where and with whom you leave your money.