Bank5 Connect Review: Checking, Savings, and CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Wednesday, July 1, 2020

Bank5 Connect’s checking account option

High-Interest Checking

True to its name, this is a high-interest earning checking account with minimal fees and requirements.
APYMinimum Balance to Earn APY
0.25%
$100
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $15 per statement cycle
  • Overdraft fee: $15

It’s not often you find a low-cost checking account with such a high interest rate and such a low balance requirement to earn it. This account also offers a free first order of basic checks, as well as free mobile banking, online banking and bill-pay capabilities. There is a $1 fee if you opt for paper over free electronic statements.

magnifying glass

How Bank5 Connect’s checking account compares

This account’s interest rate is more than four times the national average and you can earn that rate on a balance as low as $100, which definitely makes it stand out against some of the best checking account options out there. Its lack of fees, user-friendly interface, and generous ATM refund policy don’t hurt, either.

Bank5 Connect’s savings account option

High-Interest Savings

This account offers an even more impressive rate than the checking account.
APYMinimum Balance to Earn APY
1.10%
$100
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $100
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $15

This account’s rate is even better than the impressive one offered on the bank’s checking account, and it offers the ability to earn that interest on a balance as low as $100. Like the checking account, this account charges a $1 monthly fee if you choose to receive paper statements. Since this is a savings account, it’s subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month. If you exceed this limit, there is a $10 fee on each additional withdrawal and the bank can opt to convert your savings account into a checking account if you go over the limit too many times.

magnifying glass

How Bank5 Connect’s savings account compares

The rate on Bank5 Connect’s savings account is definitely on par with those of some of the best online savings account options available. It even beats some of these out with its low deposit and balance requirements. The bank’s easy-to-navigate online and mobile banking services earn it some extra points as well.

Bank5 Connect’s CD rates

Connect CDs

Both the bank’s promotional and standard CDs offer competitive rates with reasonable requirements.
TermAPYMinimum Balance Requirement
6 months0.75%
$500
12 months1.15%
$500
18 months1.05%
$500
21 month CD Special1.10%
$500
24 month Investment CD1.15%
$500
36 months1.20%
$500
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 3 months’ worth of interest on terms less than 1 year and 6 months’ worth of interest on terms longer than one year.

Bank5 Connect offers CD maturities in terms from 6 months to 3 years, with a low $500 minimum opening deposit and no monthly maintenance fees. In addition to the more standard Connect CDs, the bank’s Investment CD and 21 Month CD Special offer very high promotional rates.

When your CD matures, you’ll have the chance to add additional funds to it and roll it over to begin a new term. Also, Bank5 Connect will not charge a fee for you to move money between your Bank5 Connect accounts and accounts at other financial institutions.

magnifying glass

How Bank5 Connect’s CD rates compare

All of Bank5 Connect’s CD rates rank higher or on par with those on our list of the best CD rates available, and with a smaller required opening deposit than most. They’re also all higher than the national average for their term lengths, which is definitely another selling point.

How to open Bank5 Connect’s banking products

Bank5 Connect’s checking and savings accounts and CDs are easily opened online for anyone who is 18 and older and a U.S. citizen or U.S. resident alien. Information that you’ll need includes your Social Security number, a valid government-issued ID, your previous home address (if you’ve lived at your current home address less than two years), and something to fund your new account, such as a credit card, debit card, checking account or savings account.

Overall review of Bank5 Connect’s banking products

All of Bank5 Connect’s personal banking products offer competitive rates and minimal fees and requirements, which make them easily stand out against the competition. That, along with the fact that you can easily open them online and easily perform most banking tasks there as well, makes them a no-brainer if you’re on the hunt for a high-interest-earning banking product.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?